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IAT Reinsurance Portfolio holdings

AUM $310M
1-Year Est. Return 13.37%
This Fund
S&P 500
This Quarter Est. Return
-2.6%
1 Year Est. Return
+13.37%
3 Year Est. Return
+22.45%
5 Year Est. Return
+25.65%
10 Year Est. Return
+209.01%
AUM
$518M
AUM Growth
+$28.9M
Cap. Flow
+$29.4M
Cap. Flow %
5.67%
Top 10 Hldgs %
70.82%
Holding
85
New
6
Increased
1
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
WFC.PRQ
Wells Fargo & Co.
WFC.PRQ
+$2.45M
2
SREA
Sempra 5.750% Junior Subordinated Notes due 2079
SREA
+$1.46M
3
NI.PRB
NiSource Inc. Depositary Shares representing 1/1,000th ownership interest in a share of 6.50% Series B Preferred Stock and 1/1,000th ownership interest in a share of Series B-1 Preferred Stock
NI.PRB
+$621K
4
CSWCZ
Capital Southwest 7.75% Notes due 2028
CSWCZ
+$505K
5
IEH
INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI)
IEH
+$309K

Top Sells

Rank Stock Value
1
BA icon
Boeing
BA
+$3.12M
2
DCP.PRB
DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRB
+$747K
3
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$708K
4
DUKB
Duke Energy Corp 5.625% Junior Subordinated Debentures due 2078
DUKB
+$628K
5
SLMBP
SLM Corp Series B
SLMBP
+$144K

Sector Composition

Rank Sector Weight
1 Financials 25.87%
2 Materials 25.69%
3 Industrials 7.65%
4 Real Estate 6.34%
5 Consumer Discretionary 4.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$42.3M
$133M 25.69%
16,480,000
– –
GS icon
2
Goldman Sachs
GS
$300B
$36M 6.95%
111,500
– –
NTP
3
DELISTED
Nam Tai Property Inc.
NTP
$31.8M 6.14%
5,774,800
– –
RJF icon
4
Raymond James Financial
RJF
$33.8B
$30.9M 5.98%
298,125
– –
SRL icon
5
Scully Royalty
SRL
$77.3M
$24.9M 4.81%
3,416,664
– –
MTN icon
6
Vail Resorts
MTN
$5.32B
$21.1M 4.09%
84,000
– –
AMGN icon
7
Amgen
AMGN
$208B
$20.5M 3.97%
92,500
– –
HLIO icon
8
Helios Technologies
HLIO
$2.57B
$19.8M 3.83%
300,000
– –
SIGI icon
9
Selective Insurance
SIGI
$5.65B
$19.2M 3.71%
200,000
– –
GLW icon
10
Corning
GLW
$119B
$12.9M 2.49%
367,350
– –
JEF icon
11
Jefferies Financial Group
JEF
$12.6B
$12M 2.31%
360,872
– –
XOM icon
12
ExxonMobil
XOM
$644B
$8.54M 1.65%
79,600
– –
AMD icon
13
Advanced Micro Devices
AMD
$776B
$7.85M 1.52%
68,936
– –
DTW
14
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
$323M
$7.36M 1.42%
310,000
-30,000
-9% -$708K
EMR icon
15
Emerson Electric
EMR
$83.9B
$7.23M 1.4%
80,000
– –
BA icon
16
Boeing
BA
$171B
$5.79M 1.12%
27,400
-15,000
-35% -$3.12M
BX icon
17
Blackstone
BX
$102B
$3.53M 0.68%
38,000
– –
PFSW
18
DELISTED
PFSweb, Inc.
PFSW
$3.39M 0.65%
750,000
– –
TBB
19
AT&T 5.350% Global Notes due 2066
TBB
$1.05B
$3.08M 0.59%
130,000
– –
DCP.PRC
20
DELISTED
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
$3.02M 0.58%
120,000
– –
DO
21
DELISTED
Diamond Offshore Drilling, Inc.
DO
$2.97M 0.57%
208,583
– –
ECCV
22
Eagle Point Credit Company 5.375% Notes due 2029
ECCV
$90.1M
$2.62M 0.51%
120,000
– –
WFC.PRQ
23
DELISTED
Wells Fargo & Co.
WFC.PRQ
$2.52M 0.49%
+100,000
New +$2.45M
CVX icon
24
Chevron
CVX
$392B
$2.52M 0.49%
16,000
– –
RILYZ icon
25
BRC Group Holdings 5.25% Senior Notes due 2028
RILYZ
$2.48M 0.48%
140,000
– –
1
2 3

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PH
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IPW
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CCG
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TL
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FI
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BBWA
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IAT Reinsurance's Q2 2023 Portfolio in Review

As of Q2 2023, IAT Reinsurance held 85 positions worth $518M, up 5.9% from $489M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance deployed $29.4M of net new capital in Q2 2023, opening 6 new positions and adding to 1 existing holding. Its largest new stake was Wells Fargo & Co.: 100,000 shares worth $2.52M.

By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 26% a quarter earlier, followed by Materials and Industrials.

On the sell side, the largest reduction was Boeing, an estimated $3.12M trimmed.

  • IAT Reinsurance's largest Q2 2023 buy was Wells Fargo & Co.: 100,000 shares worth $2.52M.
  • IAT Reinsurance added most to INTEGRYS ENERGY GROUP INC 6% JR SUB NT DUE 8-1-2073 (WI) in Q2 2023, an estimated $309K increase.
  • IAT Reinsurance's biggest Q2 2023 reduction was Boeing, cutting an estimated $3.12M.
  • IAT Reinsurance fully exited DCP Midstream, LP 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units in Q2 2023, selling an estimated $747K.
  • IAT Reinsurance's ten largest holdings make up 71% of its $518M portfolio in Q2 2023.
  • IAT Reinsurance opened 6 new positions and closed 2 in Q2 2023.
  • IAT Reinsurance's portfolio value rose 5.9% quarter-over-quarter to $518M.

Based on IAT Reinsurance's 13F filing for Q2 2023, filed 4 Aug 2023.