Kahn Brothers

Q3 2015 13F · by Thomas Kahn, portfolio manager

As of: Sep 30, 2015
Filed: Nov 9, 2015
US stock: $540M · prev $593M
Positions: 38 · prev 40
Options notional: $0
Documents: 1· no amendments

Picture71.2% US stock

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

US stock listed on a US exchange 71.2%
Foreign stock not listed in the US 28.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves32 since the prior filing

+2.5 pp in · −2.2 pp out

New 1 +0.57 pp
Added 8 +1.92 pp
Trimmed 20 −1.77 pp
Exited 3 −0.42 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions48% of US stock

unresolved Citigroup Inc trimmed−0.18 pp trimmed−0.1810.3%
HOLX Hologic Inc trimmed+0.99 pp trimmed+0.999.7%
PFE Pfizer Inc. trimmed−0.31 pp trimmed−0.319.7%
NYCB Flagstar Bank, National Association trimmed−0.22 pp trimmed−0.229.3%
unresolved Merck trimmed−0.56 pp trimmed−0.569.2%

Positions38 in this filing · 3 exited


unresolvedCitigroup Inc	10.32%	1,123,525	$56M	trimmed−0%	−0.18 pp	5 q
HOLXHologic Inc	9.72%	1,342,012	$53M	trimmed−1%	+0.99 pp	5 q
PFEPfizer Inc.	9.72%	1,671,039	$52M	trimmed−6%	−0.31 pp	5 q
NYCBFlagstar Bank, National Association	9.26%	2,771,049	$50M	trimmed−9%	−0.22 pp	5 q
unresolvedMerck	9.20%	1,006,208	$50M	trimmed−1%	−0.56 pp	5 q
NYTNew York Times Co.	8.60%	3,934,982	$46M	trimmed−0%	−0.48 pp	5 q
unresolvedBp PLC	5.80%	1,025,901	$31M	added+12%	−0.35 pp	5 q
MBIMBIA Inc.	5.05%	4,485,956	$27M	added+30%	+1.54 pp	5 q
SEBSeaboard Corporation	4.99%	8,759	$27M	held	—	5 q
BBBlackBerry Limited	4.10%	3,609,402	$22M	added+9%	−0.46 pp	5 q
NTPIFNam Tai Property Inc	4.08%	3,613,582	$22M	added+24%	+1.71 pp	5 q
STLSterling Bancorp	2.91%	1,058,445	$16M	trimmed−0%	+0.28 pp	5 q
PTENPatterson-UTI Energy Inc	2.65%	1,088,571	$14M	added+7%	−0.59 pp	5 q
ORIOld Republic International Corporation	2.45%	845,861	$13M	trimmed−24%	−0.49 pp	5 q
VOXXVOXX International Corporation Class A	2.22%	1,616,520	$12M	added+5%	+0.08 pp	5 q
unresolvedStraight Path Comm	1.76%	235,111	$10M	trimmed−2%	+0.43 pp	5 q
TPHSTrinity Place Hldgs Inc	1.35%	1,169,693	$7M	trimmed−0%	−0.20 pp	5 q
unresolvedIdt Corp Cl B	1.28%	483,996	$7M	trimmed−1%	−0.21 pp	5 q
unresolvedGenie Energy	0.64%	418,248	$3M	trimmed−1%	−0.11 pp	5 q
unresolvedIdw Media	0.57%	80,690	$3M	new	+0.57 pp	new
NVSNovartis AG	0.49%	28,543	$3M	added+1%	+0.02 pp	5 q
NAVINavient Corporation	0.42%	204,161	$2M	trimmed−39%	−0.61 pp	5 q
unresolvedGlaxosmithkline	0.41%	57,500	$2M	trimmed−1%	0.00 pp	5 q
BMYBristol-Myers Squibb Co.	0.32%	28,800	$2M	held	—	5 q
unresolvedFirst Niagara Finl Gp Inc	0.25%	130,553	$1M	trimmed−1%	+0.04 pp	5 q
XOMExxon Mobil Corp	0.24%	17,684	$1M	held	—	5 q
CMCSAComcast Corp	0.22%	20,762	$1M	trimmed−5%	0.00 pp	5 q
IBMInternational Business Machines Corporation	0.19%	7,158	$1M	held	—	5 q
unresolvedLandmark Savings Bank	0.13%	28,361	$723,489	trimmed−16%	−0.01 pp	5 q
unresolvedBank of America Corp	0.13%	43,996	$685,457	trimmed−7%	−0.01 pp	5 q
unresolvedMonsanto	0.13%	8,298	$708,155	trimmed−5%	−0.03 pp	5 q
unresolvedSlm Corp	0.08%	59,600	$441,040	trimmed−41%	−0.09 pp	5 q
CVXChevron Corporation	0.07%	4,888	$385,565	held	—	5 q
unresolvedAmerican Tel & Tel	0.07%	11,780	$383,793	added+1%	−0.03 pp	5 q
unresolvedGeneral Electric Co	0.07%	15,000	$378,300	held	—	5 q
unresolvedAstoria Financial	0.05%	17,685	$284,729	held	—	5 q
KEYKeyCorp	0.03%	13,668	$177,821	held	—	5 q
unresolvedVolvo	0.02%	10,000	$95,500	held	—	5 q
unresolvedCtm Media Cl A	—	−7,839	—	exited	−0.32 pp	—
NEUNewMarket Corporation	—	−870	—	exited	−0.07 pp	—
FL8Flushing Financial Corp	—	−9,445	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 24 defects · 17 unresolved
Accession: 0001039565-15-000006
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 66166W101 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 89656D101 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2015-09-30

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