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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
+3.71%
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
$341M
AUM Growth
-$133M
Cap. Flow
-$138M
Cap. Flow %
-40.3%
Top 10 Hldgs %
67.74%
Holding
88
New
3
Increased
3
Reduced
5
Closed
17

Top Buys

1
XELLL
Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085
XELLL
+$2M
2
TCPA
TransCanada PipeLines Limited 6.250% Junior Subordinated Notes due 2085
TCPA
+$1.96M
3
MERC icon
Mercer International
MERC
+$1.1M
4
ACGLN icon
Arch Capital Group Series G Preferred Stock
ACGLN
+$696K
5
WTFCN
Wintrust Financial Corp 7.875% Preferred Stock
WTFCN
+$527K

Top Sells

1
RJF icon
Raymond James Financial
RJF
+$51.5M
2
GS icon
Goldman Sachs
GS
+$44.2M
3
SIGI icon
Selective Insurance
SIGI
+$16.2M
4
EMR icon
Emerson Electric
EMR
+$10.5M
5
TVE
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
+$6.28M

Sector Composition

1 Financials 16.07%
2 Technology 12.41%
3 Materials 9.99%
4 Healthcare 9.12%
5 Real Estate 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MERC icon
1
Mercer International
MERC
$44M
$34.1M 9.98%
17,220,000
+520,000
+3% +$1.1M
GLW icon
2
Corning
GLW
$133B
$32.3M 9.45%
368,350
– –
AMGN icon
3
Amgen
AMGN
$198B
$30.3M 8.87%
92,500
– –
SRL icon
4
Scully Royalty
SRL
$80.7M
$29.2M 8.55%
3,416,664
– –
NTP
5
DELISTED
Nam Tai Property Inc.
NTP
$24.8M 7.27%
5,774,800
– –
GS icon
6
Goldman Sachs
GS
$314B
$18.5M 5.42%
21,050
-54,150
-72% -$44.2M
HLIO icon
7
Helios Technologies
HLIO
$2.68B
$16M 4.7%
300,000
– –
MTN icon
8
Vail Resorts
MTN
$5.27B
$11.2M 3.27%
84,000
– –
XOM icon
9
ExxonMobil
XOM
$611B
$9.58M 2.81%
79,600
– –
DFP
10
DELISTED
DELPHI FINL GROUP, INC 7.376% FXD TO FLTNG RT JR SUB
DFP
$8.06M 2.36%
328,790
– –
AMD icon
11
Advanced Micro Devices
AMD
$808B
$7.27M 2.13%
33,936
– –
TVE
12
Tennessee Valley Authority Power Bonds 1999 Series A due May 1 2029
TVE
$197M
$6.37M 1.87%
260,000
-260,000
-50% -$6.28M
WTFCN
13
Wintrust Financial Corp 7.875% Preferred Stock
WTFCN
$444M
$5.73M 1.68%
220,000
+20,000
+10% +$527K
AQNB
14
Algonquin Power & Utilities Corp Series 2019-A
AQNB
$357M
$5.11M 1.5%
200,000
– –
GE icon
15
GE Aerospace
GE
$364B
$4.66M 1.36%
15,125
– –
KKRT
16
KKR & Co 6.875% Subordinated Notes due 2065
KKRT
$552M
$4.63M 1.36%
180,000
– –
WSBCO
17
WesBanco Inc Preferred Stock Series B
WSBCO
$3.35M 0.98%
130,000
– –
TVC
18
Tennessee Valley Authority Power Bonds 1998 Series D due June 1 2028
TVC
$246M
$2.89M 0.85%
120,000
– –
TEL icon
19
TE Connectivity
TEL
$59.3B
$2.84M 0.83%
12,500
– –
ECCV
20
Eagle Point Credit Company 5.375% Notes due 2029
ECCV
$89.7M
$2.84M 0.83%
120,000
– –
FGSN
21
F&G Annuities & Life Inc 7.300% Junior Subordinated Notes due 2065
FGSN
$313M
$2.64M 0.77%
120,000
– –
OXLCG
22
Oxford Lane Capital Corp 7.95% Notes due 2032
OXLCG
$186M
$2.52M 0.74%
100,000
– –
GEV icon
23
GE Vernova
GEV
$284B
$2.47M 0.72%
3,780
– –
PRE.PRJ
24
DELISTED
PartnerRe Ltd. 4.875% Fixed Rate Non-Cumulative Redeemable Preferred Shares, Series J
PRE.PRJ
$2.05M 0.6%
120,000
– –
OXLCI
25
Oxford Lane Capital Corp 8.75% Notes due 2030
OXLCI
$2.05M 0.6%
80,000
– –
1
2 3 4

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SPIO
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HP
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TWM
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RGC
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IPW
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CCG
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IAT Reinsurance's Q4 2025 Portfolio in Review

As of Q4 2025, IAT Reinsurance held 88 positions worth $341M, down 28% from $475M the previous quarter. Its ten largest holdings account for 68% of the portfolio.

IAT Reinsurance withdrew a net $138M in Q4 2025, closing 17 positions and reducing 5 holdings. Its most notable exit was Raymond James Financial, an estimated $51.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 33% a quarter earlier, followed by Technology and Materials.

Against the trend, IAT Reinsurance opened a new position in Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085 worth $2M.

  • IAT Reinsurance's largest Q4 2025 buy was Xcel Energy Inc 6.25% Junior Subordinated Notes Series due 2085: 80,000 shares worth $2M.
  • IAT Reinsurance added most to Mercer International in Q4 2025, an estimated $1.1M increase.
  • IAT Reinsurance's biggest Q4 2025 reduction was Goldman Sachs, cutting an estimated $44.2M.
  • IAT Reinsurance fully exited Raymond James Financial in Q4 2025, selling an estimated $51.5M.
  • IAT Reinsurance's ten largest holdings make up 68% of its $341M portfolio in Q4 2025.
  • IAT Reinsurance opened 3 new positions and closed 17 in Q4 2025.
  • IAT Reinsurance's portfolio value fell 28% quarter-over-quarter to $341M.

Based on IAT Reinsurance's 13F filing for Q4 2025, filed 10 Feb 2026.