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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
+6.48%
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
$225M
AUM Growth
-$316M
Cap. Flow
+$912K
Cap. Flow %
0.41%
Top 10 Hldgs %
64.43%
Holding
88
New
6
Increased
5
Reduced
2
Closed
8

Top Buys

Rank Stock Value
1
MGRE
Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064
MGRE
+$5.11M
2
ET.PRE
Energy Transfer LP 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Unit
ET.PRE
+$3.02M
3
CVX icon
Chevron
CVX
+$2.41M
4
ATHS
Athene Holding Ltd 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064
ATHS
+$1.78M
5
J icon
Jacobs Solutions
J
+$1.78M

Top Sells

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
+$5.01M
2
MS.PRF icon
Morgan Stanley Series F Preferred Stock
MS.PRF
+$2.5M
3
DTW
DTE Energy Company 2017 Series E 5.25% Junior Subordinated Debentures due 2077
DTW
+$2.22M
4
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
5
SCE.PRM
SCE Trust VII 7.50% Trust Preference Securities
SCE.PRM
+$1.57M

Sector Composition

Rank Sector Weight
1 Financials 38.26%
2 Technology 11.85%
3 Industrials 9.41%
4 Consumer Discretionary 5.75%
5 Healthcare 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GS icon
1
Goldman Sachs
GS
$300B
$29.9M 13.29%
111,500
– –
SIGI icon
2
Selective Insurance
SIGI
$5.65B
$21.8M 9.7%
200,000
– –
RJF icon
3
Raymond James Financial
RJF
$33.8B
$14.2M 6.31%
298,125
– –
AMD icon
4
Advanced Micro Devices
AMD
$776B
$12.4M 5.53%
68,936
– –
GLW icon
5
Corning
GLW
$119B
$12.1M 5.38%
367,350
– –
MTN icon
6
Vail Resorts
MTN
$5.32B
$11.1M 4.95%
84,000
– –
AMGN icon
7
Amgen
AMGN
$208B
$7.11M 3.16%
92,500
– –
HLIO icon
8
Helios Technologies
HLIO
$2.57B
$6.7M 2.98%
300,000
– –
JEF icon
9
Jefferies Financial Group
JEF
$12.6B
$6.63M 2.95%
360,872
– –
MERC icon
10
Mercer International
MERC
$42.3M
$6.27M 2.79%
16,480,000
– –
EMR icon
11
Emerson Electric
EMR
$83.9B
$5.67M 2.52%
80,000
– –
BA icon
12
Boeing
BA
$171B
$5.29M 2.35%
27,400
– –
BX icon
13
Blackstone
BX
$102B
$4.99M 2.22%
38,000
– –
DFP
14
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$4M 1.78%
328,790
+105,978
+48% +$1.29M
TVE
15
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
$197M
$3.04M 1.35%
260,000
+40,000
+18% +$880K
WFC icon
16
Wells Fargo
WFC
$261B
$2.9M 1.29%
50,000
– –
DIS icon
17
Walt Disney
DIS
$167B
$2.82M 1.25%
23,070
– –
TVC
18
Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028
TVC
$246M
$2.66M 1.18%
120,000
+40,000
+50% +$895K
MGRE
19
Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064
MGRE
$413M
$2.55M 1.14%
+200,000
New +$5.11M
CVX icon
20
Chevron
CVX
$392B
$2.52M 1.12%
32,000
+16,000
+100% +$2.41M
J icon
21
Jacobs Solutions
J
$15.9B
$1.93M 0.86%
+15,173
New +$1.78M
SRL icon
22
Scully Royalty
SRL
$77.3M
$1.87M 0.83%
3,416,664
– –
TEL icon
23
TE Connectivity
TEL
$59.6B
$1.82M 0.81%
12,500
– –
SCHW
24
Charles Schwab
SCHW
$183B
$1.81M 0.8%
25,000
– –
MCD icon
25
McDonald's
MCD
$192B
$1.76M 0.78%
6,250
– –
1
2 3

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PH
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IPW
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CCG
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IAT Reinsurance's Q1 2024 Portfolio in Review

As of Q1 2024, IAT Reinsurance held 88 positions worth $225M, down 58% from $541M the previous quarter. Its ten largest holdings account for 64% of the portfolio.

IAT Reinsurance's Q1 2024 filing shows 6 new, 5 increased, 2 reduced and 8 closed positions. Its largest new stake was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M. The largest sale 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, an estimated $5.01M.

By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 27% a quarter earlier, followed by Technology and Industrials.

  • IAT Reinsurance's largest Q1 2024 buy was Affiliated Managers Group 6.750% Junior Subordinated Notes due 2064: 200,000 shares worth $2.55M.
  • IAT Reinsurance added most to Chevron in Q1 2024, an estimated $2.41M increase.
  • IAT Reinsurance's biggest Q1 2024 reduction was Vitesse Energy, cutting an estimated $932K.
  • IAT Reinsurance fully exited 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 in Q1 2024, selling an estimated $5.01M.
  • IAT Reinsurance's ten largest holdings make up 64% of its $225M portfolio in Q1 2024.
  • IAT Reinsurance opened 6 new positions and closed 8 in Q1 2024.
  • IAT Reinsurance's portfolio value fell 58% quarter-over-quarter to $225M.

Based on IAT Reinsurance's 13F filing for Q1 2024, filed 9 May 2024.