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Kahn Brothers

Q2 2015 13F · by Thomas Kahn, portfolio manager

As of
Jun 30, 2015
Filed
Jul 28, 2015
US stock
$593M · prev $592M
Positions
40 · prev 42
Options notional
$0
Documents
1· no amendments

Picture68.3% US stock

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

  • US stock listed on a US exchange 68.3%
  • Foreign stock not listed in the US 31.7%
  • 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 14 equal-sized positions

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

Low turnover · 12% a year, about 8.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions49% of US stock

  1. unresolved Citigroup Inc trimmed+0.66 pp trimmed+0.6610.5%
  2. PFE Pfizer Inc. trimmed−0.61 pp trimmed−0.6110.0%
  3. unresolved Merck trimmed−0.24 pp trimmed−0.249.8%
  4. NYCB Flagstar Bank, National Association trimmed+0.33 pp trimmed+0.339.5%
  5. NYT New York Times Co. trimmed−0.22 pp trimmed−0.229.1%

Positions40 in this filing · 2 exited

unresolvedCitigroup Inc10.50%1,126,965$62Mtrimmed−0%+0.66 pp4 q
PFEPfizer Inc.10.03%1,774,875$60Mtrimmed−2%−0.61 pp4 q
unresolvedMerck9.76%1,016,613$58Mtrimmed−1%−0.24 pp4 q
NYCBFlagstar Bank, National Association9.48%3,060,224$56Mtrimmed−6%+0.33 pp4 q
NYTNew York Times Co.9.08%3,943,832$54Mtrimmed−1%−0.22 pp4 q
HOLXHologic Inc8.73%1,359,812$52Mtrimmed−1%+1.04 pp4 q
unresolvedBp PLC6.15%912,326$36Madded+1%+0.16 pp4 q
SEBSeaboard Corporation5.32%8,759$32Mtrimmed−2%−0.92 pp4 q
BBBlackBerry Limited4.56%3,302,677$27Madded+40%+1.00 pp4 q
MBIMBIA Inc.3.51%3,461,356$21Madded+76%+0.43 pp4 q
PTENPatterson-UTI Energy Inc3.24%1,019,891$19Madded+4%+0.13 pp4 q
ORIOld Republic International Corporation2.94%1,115,157$17Mtrimmed−40%−1.79 pp4 q
STLSterling Bancorp2.63%1,060,827$16Mtrimmed−1%+0.20 pp4 q
NTPIFNam Tai Property Inc2.37%2,916,205$14Madded0%+0.42 pp4 q
VOXXVOXX International Corporation Class A2.14%1,533,920$13Mtrimmed−2%−0.28 pp4 q
TPHSTrinity Place Hldgs Inc1.55%1,172,693$9Madded+2%+0.17 pp4 q
unresolvedIdt Corp Cl B1.49%487,648$9Mtrimmed−2%0.00 pp4 q
unresolvedStraight Path Comm1.33%239,784$8Mtrimmed−4%+0.49 pp4 q
NAVINavient Corporation1.03%335,534$6Mtrimmed−45%−1.05 pp4 q
unresolvedGenie Energy0.75%422,705$4Mtrimmed−1%+0.18 pp4 q
NVSNovartis AG0.47%28,143$3Mtrimmed−9%−0.05 pp4 q
unresolvedGlaxosmithkline0.41%58,200$2Mheld—4 q
BMYBristol-Myers Squibb Co.0.32%28,800$2Madded+1%+0.01 pp4 q
unresolvedCtm Media Cl A0.32%7,839$2Mtrimmed−1%+0.21 pp4 q
XOMExxon Mobil Corp0.25%17,684$1Mheld—4 q
CMCSAComcast Corp0.22%21,962$1Mtrimmed−10%−0.01 pp4 q
unresolvedFirst Niagara Finl Gp Inc0.21%132,333$1Mheld—4 q
IBMInternational Business Machines Corporation0.20%7,158$1Mheld—4 q
unresolvedSlm Corp0.17%101,130$998,153trimmed−36%−0.08 pp4 q
unresolvedMonsanto0.16%8,704$927,765held—4 q
unresolvedLandmark Savings Bank0.14%33,826$820,619added+1%0.00 pp4 q
unresolvedBank of America Corp0.14%47,102$801,676trimmed−6%+0.01 pp4 q
unresolvedAmerican Tel & Tel0.10%11,710$610,852trimmed−1%+0.03 pp4 q
CVXChevron Corporation0.08%4,888$471,545trimmed−18%−0.03 pp4 q
unresolvedGeneral Electric Co0.07%15,000$398,550held—4 q
NEUNewMarket Corporation0.07%870$386,184trimmed−1%0.00 pp4 q
unresolvedAstoria Financial0.04%17,685$243,876held—4 q
FL8Flushing Financial Corp0.03%9,445$198,439trimmed−39%−0.02 pp4 q
KEYKeyCorp0.03%13,668$205,293trimmed−6%0.00 pp4 q
unresolvedVolvo0.02%10,000$124,010held—4 q
unresolvedQuestar Corp—−15,950—exited−0.06 pp—
unresolvedAstec Indus—−5,000—exited−0.04 pp—

Source

Form
13F-HR
Reading
24 defects · 17 unresolved
Accession
0001039565-15-000005
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 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 2015-06-30
  • A security outside the official 13F list — CUSIP 22944D104 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 89656D101 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2015-06-30