IAT REINSURANCE CO LTD.

CIK 0001633625 · Q1 2026

13F Equity AUM

$309.6M

-9.3% QoQ

Positions

-3 QoQ

AUM Rank

#5,772

Top 46%

Skill Alpha (FF)

-2.7%/yr^ns

No Clear Edge

Rank #6,033 · Top 73%

vs S&P -12.5%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 45.6%Top 10: 66.7%Top 20: 83.6%

AMGN10.5%

NTP9.7%

NAM TAI G63907-10-2 PRIVATE8.9%

SRL8.6%

MERC7.9%

HLIO6.3%

XOM4.4%

ARGONAUT GROUP STATUTORY TR - CALL3.9%

MTN3.5%

GLW3.0%

Others (55)33.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Unclassified27.9%

Financial Services15.5%

Healthcare10.8%

Real Estate10.0%

Industrials8.2%

Basic Materials7.9%

Technology6.4%

Energy4.4%

Other9.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 65Median: 0.60%Avg: 1.54%

0–0.5%

29(5.3%)

0.5–1%

16(11.1%)

1–3%

10(16.9%)

3–5%

4(14.8%)

5%+

6(51.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 19Unique: 46vs 20 funds

0.3%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.5%

VANGUARD CAPITAL MANAGEMENT LLC

0.6%

STATE STREET CORP

0.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.7%

FMR LLC

0.6%

MORGAN STANLEY

0.4%

JPMORGAN CHASE & CO

0.4%

BANK OF AMERICA CORP /DE/

0.4%

GEODE CAPITAL MANAGEMENT, LLC

0.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased2Decreased0Exited8

New Positions

UBER0.2%

+11K

FIFTH THIRD BANCORP-…0.2%

+20K

RIGHTS PRESURANCE HO…0.0%

+250K

MYMX0.0%

+175

Increased

XEL 6.25 10/15/851.6%

+120K(+150%)

WTFC V7.875 PERP F2.0%

+20K(+9%)

Exited

-21,050

-20,000

-250,000

-5,000

-54,211

-54,211

ROOMSTORE INC - CM…

-43,661

CDVIQ

-500,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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