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Kahn Brothers

Q1 2016 13F · by Thomas Kahn, portfolio manager

As of
Mar 31, 2016
Filed
May 9, 2016
US stock
$534M · prev $560M
Positions
37 · prev 38
Options notional
$0
Documents
1· no amendments

Picture70.4% US stock

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

  • US stock listed on a US exchange 70.4%
  • Foreign stock not listed in the US 29.6%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves32 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Low turnover · 6.9% a year, about 14.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions44% of US stock

  1. unresolved Merck trimmed+0.23 pp trimmed+0.239.8%
  2. NYT New York Times Co. trimmed−0.34 pp trimmed−0.349.1%
  3. unresolved Citigroup Inc added−1.49 pp added−1.498.9%
  4. HOLX Hologic Inc trimmed−0.76 pp trimmed−0.768.6%
  5. NYCB Flagstar Bank, National Association trimmed+0.05 pp trimmed+0.058.1%

Positions37 in this filing · 1 exited

unresolvedMerck9.77%985,419$52Mtrimmed−3%+0.23 pp7 q
NYTNew York Times Co.9.07%3,887,388$48Mtrimmed−1%−0.34 pp7 q
unresolvedCitigroup Inc8.90%1,138,440$48Madded+1%−1.49 pp7 q
HOLXHologic Inc8.57%1,326,484$46Mtrimmed−2%−0.76 pp7 q
NYCBFlagstar Bank, National Association8.08%2,714,117$43Mtrimmed−1%+0.05 pp7 q
PFEPfizer Inc.8.01%1,442,543$43Mtrimmed−8%−1.04 pp7 q
MBIMBIA Inc.7.28%4,389,307$39Mtrimmed−0%+2.17 pp7 q
unresolvedBp PLC7.09%1,254,270$38Madded+15%+1.00 pp7 q
BBBlackBerry Limited6.05%3,995,360$32Madded+5%−0.25 pp7 q
SEBSeaboard Corporation5.32%9,459$28Mtrimmed−1%+0.40 pp7 q
NTPIFNam Tai Property Inc4.18%3,635,719$22Mtrimmed−0%+0.41 pp7 q
PTENPatterson-UTI Energy Inc3.52%1,067,461$19Mtrimmed−0%+0.64 pp7 q
STLSterling Bancorp3.03%1,015,361$16Mtrimmed−1%+0.06 pp7 q
VOXXVOXX International Corporation Class A1.55%1,851,361$8Madded+1%−0.17 pp7 q
unresolvedIdt Corp Cl B1.46%499,080$8Mtrimmed−1%+0.41 pp7 q
unresolvedStraight Path Comm1.41%243,254$8Mtrimmed−1%+0.66 pp7 q
TPHSTrinity Place Hldgs Inc1.38%1,064,651$7Mheld—7 q
unresolvedGlaxosmithkline1.00%131,950$5Madded+56%+0.39 pp7 q
ORIOld Republic International Corporation0.75%219,934$4Mtrimmed−73%−1.94 pp7 q
unresolvedGenie Energy0.62%434,532$3Mtrimmed−1%−0.25 pp7 q
NAVINavient Corporation0.42%187,471$2Mtrimmed−2%+0.03 pp7 q
NVSNovartis AG0.38%27,643$2Mheld—7 q
BMYBristol-Myers Squibb Co.0.34%28,583$2Madded+2%0.00 pp7 q
unresolvedIdw Media0.30%83,410$2Mtrimmed−1%−0.21 pp3 q
XOMExxon Mobil Corp0.27%17,434$1Mheld—7 q
CMCSAComcast Corp0.24%20,595$1Madded0%+0.03 pp7 q
IBMInternational Business Machines Corporation0.21%7,358$1Madded+3%+0.03 pp7 q
unresolvedMonsanto0.13%7,742$679,287trimmed−5%−0.01 pp7 q
unresolvedFirst Niagara Finl Gp Inc0.10%55,405$536,320trimmed−56%−0.14 pp7 q
unresolvedBank of America Corp0.10%38,942$526,496trimmed−2%−0.02 pp7 q
CVXChevron Corporation0.09%4,888$466,315held—7 q
unresolvedGeneral Electric Co0.09%15,000$476,850held—7 q
unresolvedAmerican Tel & Tel0.08%11,122$435,649trimmed−5%+0.01 pp7 q
unresolvedLandmark Savings Bank0.07%15,085$377,276trimmed−47%−0.06 pp7 q
unresolvedSlm Corp0.06%52,650$334,854trimmed−2%0.00 pp7 q
unresolvedAstoria Financial0.05%17,685$280,130held—7 q
KEYKeyCorp0.02%10,749$118,669trimmed−21%−0.01 pp7 q
unresolvedVolvo—−10,000—exited−0.02 pp—

Source

Form
13F-HR
Reading
22 defects · 16 unresolved
Accession
0001039565-16-000011
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 2016-03-31
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2016-03-31
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2016-03-31