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Kahn Brothers

Q1 2014 13F · by Thomas Kahn, portfolio manager

As of
Mar 31, 2014
Filed
May 7, 2014
US stock
$701M · prev $581M
Positions
42 · prev 42
Options notional
$0
Documents
1· no amendments

Picture68.7% US stock

Partial picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 68.7%
  • Foreign stock not listed in the US 31.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves34 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 48% a year, about 2.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions48% of US stock

  1. NYT New York Times Co. added+0.02 pp added+0.0211.7%
  2. PFE Pfizer Inc. added−0.32 pp added−0.329.7%
  3. unresolved Merck trimmed+3.93 pp trimmed+3.939.1%
  4. NYCB Flagstar Bank, National Association added−0.81 pp added−0.818.7%
  5. unresolved Citigroup Inc added−1.25 pp added−1.258.4%

Positions42 in this filing · 0 exited

NYTNew York Times Co.11.66%4,768,961$82Madded+12%+0.02 pp2 q
PFEPfizer Inc.9.69%2,112,819$68Madded+11%−0.32 pp2 q
unresolvedMerck9.14%1,128,415$64Mtrimmed−55%+3.93 pp2 q
NYCBFlagstar Bank, National Association8.67%3,778,561$61Madded+16%−0.81 pp2 q
unresolvedCitigroup Inc8.38%1,232,874$59Madded+15%−1.25 pp2 q
ORIOld Republic International Corporation6.39%2,729,441$45Madded+11%−0.93 pp2 q
PTENPatterson-UTI Energy Inc5.96%1,318,592$42Mtrimmed−6%−0.18 pp2 q
unresolvedBp PLC5.90%859,855$41Madded+65%+1.54 pp2 q
MBIMBIA Inc.5.08%2,541,239$36Madded+19%+0.69 pp2 q
HOLXHologic Inc4.78%1,556,979$33Madded+15%−0.41 pp2 q
SEBSeaboard Corporation4.31%11,513$30Madded+28%−0.01 pp2 q
VOXXVOXX International Corporation Class A4.07%2,083,294$28Madded+24%−0.76 pp2 q
unresolvedSlm Corp3.25%929,235$23Mtrimmed−5%−1.18 pp2 q
unresolvedNam Tai Property Inc3.17%3,775,903$22Madded+37%−0.21 pp2 q
STLSterling Bancorp2.42%1,336,371$17Madded+18%−0.19 pp2 q
unresolvedIdt Corp Cl B1.59%669,691$11Madded+38%+0.10 pp2 q
TPHSTrinity Place Hldgs Inc1.07%1,199,563$7Madded+18%−0.11 pp2 q
unresolvedGenie Energy0.94%660,108$7Madded+39%+0.10 pp2 q
BBBlackBerry Limited0.52%450,000$4Madded×2.3+0.26 pp2 q
NVSNovartis AG0.34%28,068$2Madded+3%−0.04 pp2 q
unresolvedStraight Path Comm0.31%336,274$2Madded+38%−0.03 pp2 q
XOMExxon Mobil Corp0.25%18,212$2Madded+2%−0.06 pp2 q
BMYBristol-Myers Squibb Co.0.22%29,650$2Madded+7%−0.03 pp2 q
unresolvedFirst Niagara Finl Gp Inc0.20%146,189$1Mtrimmed−2%−0.07 pp2 q
unresolvedLandmark Savings Bank0.20%72,364$1Madded×2.1+0.08 pp2 q
unresolvedPhi Inc Non-voting0.18%28,280$1Madded×4.4+0.13 pp2 q
CMCSAComcast Corp0.17%24,494$1Madded+1%−0.05 pp2 q
unresolvedBank of America Corp0.14%57,021$980,761held—2 q
unresolvedMonsanto0.14%8,898$1Mheld—2 q
CVXChevron Corporation0.12%6,788$807,161trimmed−4%−0.03 pp2 q
unresolvedCtm Media Cl A0.11%10,415$799,488added+36%+0.02 pp2 q
unresolvedAmerican Tel & Tel0.09%16,358$603,675added0%−0.01 pp2 q
IBMInternational Business Machines Corporation0.09%3,283$631,945held—2 q
unresolvedU S G Corp0.09%19,000$621,680trimmed−5%−0.01 pp2 q
unresolvedAstec Indus0.08%12,000$526,920trimmed−40%−0.05 pp2 q
unresolvedGeneral Electric Co0.06%15,000$388,350held—2 q
NEUNewMarket Corporation0.06%1,000$390,780held—2 q
unresolvedQuestar Corp0.05%15,950$379,291held—2 q
KEYKeyCorp0.04%18,569$264,423trimmed−16%−0.01 pp2 q
FL8Flushing Financial Corp0.03%10,119$213,207trimmed−9%−0.01 pp2 q
unresolvedAstoria Financial0.03%17,685$244,407held—2 q
unresolvedVolvo0.02%10,000$158,560held—2 q

Source

Form
13F-HR
Reading
26 defects · 21 unresolved
Accession
0001039565-14-000004
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • The filing disagrees with its own cover page — cover page declares value 698354596; table sums 700505354 (Δ 2150758) — kept, the table is the record
  • A row was set aside — invalid CUSIP 30177109
  • A row was set aside — invalid CUSIP 46265104
  • A row was set aside — invalid CUSIP 46224101
  • A row was set aside — invalid CUSIP 60505104
  • A row was set aside — invalid CUSIP 55622104
  • A row was set aside — invalid CUSIP 903514344
  • A row was set aside — invalid CUSIP 448847309
  • A row was set aside — invalid CUSIP 66166W101
  • A row was set aside — invalid CUSIP 78443P106
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 22944D104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 46224101 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 716604202 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 89656D101 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2014-03-31