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Kahn Brothers

Q3 2014 13F · by Thomas Kahn, portfolio manager

As of
Sep 30, 2014
Filed
Nov 6, 2014
US stock
$615M · prev $701M
Positions
44 · prev 42
Options notional
$0
Documents
1· no amendments

Picture66.7% US stock

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

  • US stock listed on a US exchange 66.7%
  • Foreign stock not listed in the US 33.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves38 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Moderate turnover · 35% a year, about 2.9 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions48% of US stock

  1. unresolved Merck trimmed+1.55 pp trimmed+1.5510.7%
  2. unresolved Citigroup Inc trimmed+1.98 pp trimmed+1.9810.4%
  3. PFE Pfizer Inc. trimmed−0.14 pp trimmed−0.149.6%
  4. NYCB Flagstar Bank, National Association trimmed+0.43 pp trimmed+0.439.1%
  5. NYT New York Times Co. trimmed−3.58 pp trimmed−3.588.1%

Positions44 in this filing · 1 exited

unresolvedMerck10.69%1,109,189$66Mtrimmed−2%+1.55 ppnew
unresolvedCitigroup Inc10.36%1,228,560$64Mtrimmed−0%+1.98 ppnew
PFEPfizer Inc.9.55%1,985,161$59Mtrimmed−6%−0.14 ppnew
NYCBFlagstar Bank, National Association9.10%3,524,813$56Mtrimmed−7%+0.43 ppnew
NYTNew York Times Co.8.08%4,427,396$50Mtrimmed−7%−3.58 ppnew
HOLXHologic Inc6.10%1,541,159$37Mtrimmed−1%+1.32 ppnew
unresolvedBp PLC6.04%844,455$37Mtrimmed−2%+0.14 ppnew
ORIOld Republic International Corporation4.92%2,118,895$30Mtrimmed−22%−1.47 ppnew
SEBSeaboard Corporation4.64%10,660$29Mtrimmed−7%+0.33 ppnew
NTPIFNam Tai Property Inc3.68%3,730,956$23Mnew+3.68 ppnew
MBIMBIA Inc.3.49%2,337,439$21Mtrimmed−8%−1.59 ppnew
PTENPatterson-UTI Energy Inc3.31%626,254$20Mtrimmed−53%−2.65 ppnew
VOXXVOXX International Corporation Class A2.93%1,938,736$18Mtrimmed−7%−1.14 ppnew
STLSterling Bancorp2.89%1,388,492$18Madded+4%+0.47 ppnew
NAVINavient Corporation2.59%899,585$16Mnew+2.59 ppnew
BBBlackBerry Limited2.52%1,556,050$15Madded×3.5+2.00 ppnew
unresolvedIdt Corp Cl B1.72%656,945$11Mtrimmed−2%+0.13 ppnew
unresolvedSlm Corp1.25%897,925$8Mtrimmed−3%−2.00 ppnew
TPHSTrinity Place Hldgs Inc1.17%1,199,563$7Mheld—new
unresolvedStraight Path Comm0.85%331,502$5Mtrimmed−1%+0.54 ppnew
unresolvedGenie Energy0.68%595,318$4Mtrimmed−10%−0.26 ppnew
NVSNovartis AG0.46%30,368$3Madded+8%+0.12 ppnew
unresolvedGlaxosmithkline0.38%51,000$2Mnew+0.38 ppnew
XOMExxon Mobil Corp0.27%17,684$2Mtrimmed−3%+0.02 ppnew
unresolvedLandmark Savings Bank0.26%68,606$2Mtrimmed−5%+0.06 ppnew
BMYBristol-Myers Squibb Co.0.23%27,650$1Mtrimmed−7%+0.01 ppnew
CMCSAComcast Corp0.23%26,435$1Madded+8%+0.06 ppnew
IBMInternational Business Machines Corporation0.22%7,258$1Madded×2.2+0.13 ppnew
unresolvedFirst Niagara Finl Gp Inc0.19%138,045$1Mtrimmed−6%−0.01 ppnew
unresolvedMonsanto0.16%8,888$999,995trimmed−0%+0.02 ppnew
unresolvedBank of America Corp0.15%54,749$933,471trimmed−4%+0.01 ppnew
CVXChevron Corporation0.12%6,388$762,216trimmed−6%0.00 ppnew
unresolvedCtm Media Cl A0.12%10,284$750,732trimmed−1%+0.01 ppnew
unresolvedPhi Inc Non-voting0.10%15,200$625,480trimmed−46%−0.08 ppnew
unresolvedU S G Corp0.08%19,000$522,310held—new
unresolvedAmerican Tel & Tel0.07%12,324$434,298trimmed−25%−0.02 ppnew
unresolvedAstec Indus0.07%12,000$437,640held—new
unresolvedGeneral Electric Co0.06%15,000$384,300held—new
NEUNewMarket Corporation0.06%900$342,918trimmed−10%0.00 ppnew
unresolvedQuestar Corp0.06%15,950$355,526held—new
FL8Flushing Financial Corp0.05%15,519$283,532added+53%+0.02 ppnew
unresolvedAstoria Financial0.04%17,685$219,117held—new
KEYKeyCorp0.03%15,573$207,588trimmed−16%−0.01 ppnew
unresolvedVolvo0.02%10,000$108,830held—new
unresolvedNam Tai Property Inc—−3,775,903—exited−3.17 pp—

Source

Form
13F-HR
Reading
27 defects · 21 unresolved
Accession
0001039565-14-000007
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • 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 3773W105
  • 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 2014-09-30
  • A security outside the official 13F list — CUSIP 22944D104 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 46224101 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 716604202 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 89656D101 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2014-09-30