Kahn Brothers

Q4 2015 13F · by Thomas Kahn, portfolio manager

As of: Dec 31, 2015
Filed: Feb 8, 2016
US stock: $560M · prev $540M
Positions: 38 · prev 38
Options notional: $0
Documents: 1· no amendments

Picture70.3% US stock

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

US stock listed on a US exchange 70.3%
Foreign stock not listed in the US 29.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves32 since the prior filing

+0.8 pp in · −0.8 pp out

New 0 0.00 pp
Added 14 +0.76 pp
Trimmed 18 −0.80 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.9% a year, about 20.5 years per position

Low
Moderate
High

Top 5 positions48% of US stock

unresolved Citigroup Inc added+0.07 pp added+0.0710.4%
unresolved Merck added+0.34 pp added+0.349.5%
NYT New York Times Co. trimmed+0.81 pp trimmed+0.819.4%
HOLX Hologic Inc added−0.39 pp added−0.399.3%
PFE Pfizer Inc. trimmed−0.67 pp trimmed−0.679.1%

Positions38 in this filing · 0 exited


unresolvedCitigroup Inc	10.39%	1,124,085	$58M	added0%	+0.07 pp	6 q
unresolvedMerck	9.54%	1,010,927	$53M	added0%	+0.34 pp	6 q
NYTNew York Times Co.	9.41%	3,926,355	$53M	trimmed−0%	+0.81 pp	6 q
HOLXHologic Inc	9.33%	1,350,251	$52M	added+1%	−0.39 pp	6 q
PFEPfizer Inc.	9.05%	1,569,873	$51M	trimmed−6%	−0.67 pp	6 q
NYCBFlagstar Bank, National Association	8.03%	2,753,628	$45M	trimmed−1%	−1.23 pp	6 q
BBBlackBerry Limited	6.30%	3,801,352	$35M	added+5%	+2.20 pp	6 q
unresolvedBp PLC	6.09%	1,090,076	$34M	added+6%	+0.29 pp	6 q
MBIMBIA Inc.	5.11%	4,409,224	$29M	trimmed−2%	+0.06 pp	6 q
SEBSeaboard Corporation	4.92%	9,509	$28M	added+9%	−0.07 pp	6 q
NTPIFNam Tai Property Inc	3.77%	3,645,209	$21M	added+1%	−0.31 pp	6 q
STLSterling Bancorp	2.97%	1,023,363	$17M	trimmed−3%	+0.06 pp	6 q
PTENPatterson-UTI Energy Inc	2.88%	1,069,841	$16M	trimmed−2%	+0.23 pp	6 q
ORIOld Republic International Corporation	2.69%	809,092	$15M	trimmed−4%	+0.24 pp	6 q
VOXXVOXX International Corporation Class A	1.72%	1,828,400	$10M	added+13%	−0.50 pp	6 q
TPHSTrinity Place Hldgs Inc	1.17%	1,064,651	$7M	trimmed−9%	−0.18 pp	6 q
unresolvedIdt Corp Cl B	1.05%	503,161	$6M	added+4%	−0.23 pp	6 q
unresolvedGenie Energy	0.87%	437,413	$5M	added+5%	+0.23 pp	6 q
unresolvedStraight Path Comm	0.75%	244,693	$4M	added+4%	−1.01 pp	6 q
unresolvedGlaxosmithkline	0.61%	84,600	$3M	added+47%	+0.20 pp	6 q
unresolvedIdw Media	0.51%	83,870	$3M	added+4%	−0.06 pp	2 q
NVSNovartis AG	0.42%	27,643	$2M	trimmed−3%	−0.07 pp	6 q
NAVINavient Corporation	0.39%	191,421	$2M	trimmed−6%	−0.03 pp	6 q
BMYBristol-Myers Squibb Co.	0.34%	28,050	$2M	trimmed−3%	+0.02 pp	6 q
XOMExxon Mobil Corp	0.24%	17,434	$1M	trimmed−1%	0.00 pp	6 q
unresolvedFirst Niagara Finl Gp Inc	0.24%	125,729	$1M	trimmed−4%	−0.01 pp	6 q
CMCSAComcast Corp	0.21%	20,545	$1M	trimmed−1%	−0.01 pp	6 q
IBMInternational Business Machines Corporation	0.18%	7,158	$985,084	held	—	6 q
unresolvedMonsanto	0.14%	8,172	$805,110	trimmed−2%	+0.01 pp	6 q
unresolvedLandmark Savings Bank	0.13%	28,599	$751,309	added+1%	0.00 pp	6 q
unresolvedBank of America Corp	0.12%	39,774	$669,396	trimmed−10%	−0.01 pp	6 q
CVXChevron Corporation	0.08%	4,888	$439,724	held	—	6 q
unresolvedGeneral Electric Co	0.08%	15,000	$467,250	held	—	6 q
unresolvedAmerican Tel & Tel	0.07%	11,660	$401,221	trimmed−1%	0.00 pp	6 q
unresolvedSlm Corp	0.06%	53,600	$349,472	trimmed−10%	−0.02 pp	6 q
unresolvedAstoria Financial	0.05%	17,685	$280,207	held	—	6 q
KEYKeyCorp	0.03%	13,668	$180,281	held	—	6 q
unresolvedVolvo	0.02%	10,000	$93,830	held	—	6 q

Source

Form: 13F-HR
Reading: 23 defects · 17 unresolved
Accession: 0001039565-16-000007
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 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 2015-12-31
A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 928856400 not on the Official 13(f) List for 2015-12-31

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