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Kahn Brothers

Q4 2014 13F · by Thomas Kahn, portfolio manager

As of
Dec 31, 2014
Filed
Feb 3, 2015
US stock
$580M · prev $615M
Positions
44 · prev 44
Options notional
$0
Documents
1· no amendments

Picture66.6% US stock

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

  • US stock listed on a US exchange 66.6%
  • Foreign stock not listed in the US 33.4%
  • 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

Low turnover · 5.9% a year, about 17.0 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions50% of US stock

  1. unresolved Citigroup Inc trimmed+0.74 pp trimmed+0.7411.1%
  2. unresolved Merck trimmed−0.38 pp trimmed−0.3810.3%
  3. PFE Pfizer Inc. trimmed+0.56 pp trimmed+0.5610.1%
  4. NYT New York Times Co. trimmed+1.33 pp trimmed+1.339.4%
  5. NYCB Flagstar Bank, National Association trimmed+0.22 pp trimmed+0.229.3%

Positions44 in this filing · 0 exited

unresolvedCitigroup Inc11.10%1,190,462$64Mtrimmed−3%+0.74 pp2 q
unresolvedMerck10.31%1,052,807$60Mtrimmed−5%−0.38 pp2 q
PFEPfizer Inc.10.11%1,883,217$59Mtrimmed−5%+0.56 pp2 q
NYTNew York Times Co.9.41%4,131,373$55Mtrimmed−7%+1.33 pp2 q
NYCBFlagstar Bank, National Association9.32%3,378,882$54Mtrimmed−4%+0.22 pp2 q
SEBSeaboard Corporation7.10%9,811$41Mtrimmed−8%+2.46 pp2 q
unresolvedBp PLC5.70%867,505$33Madded+3%−0.34 pp2 q
ORIOld Republic International Corporation4.95%1,963,215$29Mtrimmed−7%+0.03 pp2 q
BBBlackBerry Limited3.49%1,846,010$20Madded+19%+0.97 pp2 q
MBIMBIA Inc.3.26%1,981,842$19Mtrimmed−15%−0.23 pp2 q
STLSterling Bancorp3.18%1,283,584$18Mtrimmed−8%+0.29 pp2 q
NAVINavient Corporation3.16%849,483$18Mtrimmed−6%+0.57 pp2 q
VOXXVOXX International Corporation Class A2.57%1,703,259$15Mtrimmed−12%−0.36 pp2 q
PTENPatterson-UTI Energy Inc2.55%890,609$15Madded+42%−0.76 pp2 q
NTPIFNam Tai Property Inc2.41%2,943,022$14Mtrimmed−21%−1.27 pp2 q
HOLXHologic Inc2.04%1,420,442$12Mtrimmed−8%−4.06 pp2 q
unresolvedIdt Corp Cl B1.85%527,876$11Mtrimmed−20%+0.13 pp2 q
TPHSTrinity Place Hldgs Inc1.40%1,161,466$8Mtrimmed−3%+0.23 pp2 q
unresolvedSlm Corp1.25%711,411$7Mtrimmed−21%0.00 pp2 q
unresolvedStraight Path Comm0.87%266,604$5Mtrimmed−20%+0.02 pp2 q
NVSNovartis AG0.49%30,968$3Madded+2%+0.03 pp2 q
unresolvedGenie Energy0.49%458,914$3Mtrimmed−23%−0.19 pp2 q
unresolvedGlaxosmithkline0.38%51,000$2Mheld—2 q
BMYBristol-Myers Squibb Co.0.29%28,400$2Madded+3%+0.06 pp2 q
XOMExxon Mobil Corp0.28%17,684$2Mheld—2 q
CMCSAComcast Corp0.25%25,497$1Mtrimmed−4%+0.02 pp2 q
IBMInternational Business Machines Corporation0.20%7,158$1Mtrimmed−1%−0.02 pp2 q
unresolvedFirst Niagara Finl Gp Inc0.19%134,045$1Mtrimmed−3%0.00 pp2 q
unresolvedLandmark Savings Bank0.18%50,502$1Mtrimmed−26%−0.08 pp2 q
unresolvedMonsanto0.18%8,888$1Mheld—2 q
unresolvedBank of America Corp0.16%51,097$914,125trimmed−7%+0.01 pp2 q
CVXChevron Corporation0.12%5,988$671,734trimmed−6%0.00 pp2 q
unresolvedCtm Media Cl A0.12%8,356$710,260trimmed−19%0.00 pp2 q
unresolvedU S G Corp0.09%19,000$531,810held—2 q
unresolvedAstec Indus0.08%12,000$471,420held—2 q
unresolvedAmerican Tel & Tel0.07%12,040$404,423trimmed−2%0.00 pp2 q
unresolvedGeneral Electric Co0.07%15,000$379,050held—2 q
unresolvedQuestar Corp0.07%15,950$403,216held—2 q
NEUNewMarket Corporation0.06%880$355,106trimmed−2%0.00 pp2 q
FL8Flushing Financial Corp0.05%15,519$314,570held—2 q
unresolvedAstoria Financial0.04%17,685$236,272held—2 q
KEYKeyCorp0.04%15,200$211,280trimmed−2%+0.01 pp2 q
unresolvedPhi Inc Non-voting0.04%6,500$243,100trimmed−57%−0.06 pp2 q
unresolvedVolvo0.02%10,000$108,200held—2 q

Source

Form
13F-HR
Reading
27 defects · 21 unresolved
Accession
0001039565-15-000003
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 2014-12-31
  • A security outside the official 13F list — CUSIP 22944D104 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 46224101 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 716604202 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 89656D101 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2014-12-31