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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
+7.2%
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
$541M
AUM Growth
+$36M
Cap. Flow
+$4.97M
Cap. Flow %
0.92%
Top 10 Hldgs %
71.21%
Holding
86
New
8
Increased
5
Reduced
2
Closed
4

Top Buys

Rank Stock Value
1
STT.PRD
State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
STT.PRD
+$5.02M
2
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$4.07M
3
DFP
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
+$3.43M
4
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
5
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
+$2M

Top Sells

Rank Stock Value
1
PFSW
PFSweb, Inc.
PFSW
+$5.58M
2
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$4.03M
3
DCP.PRC
DCP Midstream, LP 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
DCP.PRC
+$2.99M
4
TBB
AT&T 5.350% Global Notes due 2066
TBB
+$2.89M

Sector Composition

Rank Sector Weight
1 Materials 28.89%
2 Financials 26.61%
3 Industrials 5.9%
4 Real Estate 5.27%
5 Healthcare 5.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$42.3M
$156M 28.88%
16,480,000
– –
GS icon
2
Goldman Sachs
GS
$300B
$43M 7.95%
111,500
– –
RJF icon
3
Raymond James Financial
RJF
$33.8B
$33.2M 6.15%
298,125
– –
NTP
4
DELISTED
Nam Tai Property Inc.
NTP
$27.4M 5.07%
5,774,800
– –
AMGN icon
5
Amgen
AMGN
$208B
$26.6M 4.93%
92,500
– –
SRL icon
6
Scully Royalty
SRL
$77.3M
$20.8M 3.85%
3,416,664
– –
SIGI icon
7
Selective Insurance
SIGI
$5.65B
$19.9M 3.68%
200,000
– –
MTN icon
8
Vail Resorts
MTN
$5.32B
$17.9M 3.32%
84,000
– –
JEF icon
9
Jefferies Financial Group
JEF
$12.6B
$14.6M 2.7%
360,872
– –
HLIO icon
10
Helios Technologies
HLIO
$2.57B
$13.6M 2.52%
300,000
– –
GLW icon
11
Corning
GLW
$119B
$11.2M 2.07%
367,350
– –
AMD icon
12
Advanced Micro Devices
AMD
$776B
$10.2M 1.88%
68,936
– –
XOM icon
13
ExxonMobil
XOM
$644B
$7.96M 1.47%
79,600
– –
EMR icon
14
Emerson Electric
EMR
$83.9B
$7.79M 1.44%
80,000
– –
BA icon
15
Boeing
BA
$171B
$7.14M 1.32%
27,400
– –
DFP
16
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$5.26M 0.97%
222,812
+145,015
+186% +$3.43M
STT.PRD
17
DELISTED
State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
STT.PRD
$5.01M 0.93%
+200,000
New +$5.02M
BX icon
18
Blackstone
BX
$102B
$4.97M 0.92%
38,000
– –
TVE
19
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
$197M
$4.95M 0.92%
220,000
+190,000
+633% +$4.07M
DO
20
DELISTED
Diamond Offshore Drilling, Inc.
DO
$2.71M 0.5%
208,583
– –
ECCV
21
Eagle Point Credit Company 5.375% Notes due 2029
ECCV
$90.1M
$2.7M 0.5%
120,000
– –
MS.PRF icon
22
Morgan Stanley Series F Preferred Stock
MS.PRF
$859K
$2.5M 0.46%
+100,000
New +$2.5M
WFC icon
23
Wells Fargo
WFC
$261B
$2.46M 0.46%
50,000
– –
CVX icon
24
Chevron
CVX
$392B
$2.39M 0.44%
16,000
– –
DTW
25
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
$323M
$2.22M 0.41%
90,000
-180,000
-67% -$4.03M
1
2 3

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IAT Reinsurance's Q4 2023 Portfolio in Review

As of Q4 2023, IAT Reinsurance held 86 positions worth $541M, up 7.1% from $505M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

IAT Reinsurance's Q4 2023 filing shows 8 new, 5 increased, 2 reduced and 4 closed positions. Its largest new stake was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M. The largest sale was PFSweb, Inc., an estimated $5.58M.

By sector, the portfolio is most concentrated in Materials at 29% of assets, up from 28% a quarter earlier, followed by Financials and Industrials.

  • IAT Reinsurance's largest Q4 2023 buy was State Street Corporation Depository Shares, each representing a 1/4000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D: 200,000 shares worth $5.01M.
  • IAT Reinsurance added most to Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029 in Q4 2023, an estimated $4.07M increase.
  • IAT Reinsurance's biggest Q4 2023 reduction was DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077, cutting an estimated $4.03M.
  • IAT Reinsurance fully exited PFSweb, Inc. in Q4 2023, selling an estimated $5.58M.
  • IAT Reinsurance's ten largest holdings make up 71% of its $541M portfolio in Q4 2023.
  • IAT Reinsurance opened 8 new positions and closed 4 in Q4 2023.
  • IAT Reinsurance's portfolio value rose 7.1% quarter-over-quarter to $541M.

Based on IAT Reinsurance's 13F filing for Q4 2023, filed 8 Feb 2024.