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Kahn Brothers

Q2 2016 13F · by Thomas Kahn, portfolio manager

As of
Jun 30, 2016
Filed
Aug 9, 2016
US stock
$517M · prev $534M
Positions
37 · prev 37
Options notional
$0
Documents
1· no amendments

Picture65.6% US stock

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

  • US stock listed on a US exchange 65.6%
  • Foreign stock not listed in the US 34.4%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves31 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Low turnover · 9.0% a year, about 11.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions46% of US stock

  1. unresolved Merck trimmed+0.99 pp trimmed+0.9910.8%
  2. unresolved Citigroup Inc trimmed+0.08 pp trimmed+0.089.0%
  3. NYT New York Times Co. trimmed−0.26 pp trimmed−0.268.8%
  4. unresolved Bp PLC added+1.53 pp added+1.538.6%
  5. HOLX Hologic Inc trimmed−0.02 pp trimmed−0.028.6%

Positions37 in this filing · 1 exited

unresolvedMerck10.76%964,925$56Mtrimmed−2%+0.99 pp8 q
unresolvedCitigroup Inc8.98%1,094,170$46Mtrimmed−4%+0.08 pp8 q
NYTNew York Times Co.8.81%3,759,388$45Mtrimmed−3%−0.26 pp8 q
unresolvedBp PLC8.62%1,254,435$45Madded0%+1.53 pp8 q
HOLXHologic Inc8.55%1,276,984$44Mtrimmed−4%−0.02 pp8 q
PFEPfizer Inc.7.89%1,156,866$41Mtrimmed−20%−0.12 pp8 q
NYCBFlagstar Bank, National Association7.41%2,552,021$38Mtrimmed−6%−0.67 pp8 q
MBIMBIA Inc.5.76%4,355,207$30Mtrimmed−1%−1.52 pp8 q
BBBlackBerry Limited5.22%4,015,560$27Madded+1%−0.83 pp8 q
SEBSeaboard Corporation4.84%8,709$25Mtrimmed−8%−0.48 pp8 q
PTENPatterson-UTI Energy Inc4.34%1,051,381$22Mtrimmed−2%+0.82 pp8 q
NTPIFNam Tai Property Inc3.42%3,289,411$18Mtrimmed−10%−0.76 pp8 q
unresolvedGlaxosmithkline3.19%380,335$16Madded×2.9+2.19 pp8 q
STLSterling Bancorp3.09%1,015,361$16Mheld—8 q
TPHSTrinity Place Hldgs Inc1.58%1,061,651$8Mtrimmed−0%+0.20 pp8 q
unresolvedIdt Corp Cl B1.30%472,748$7Mtrimmed−5%−0.16 pp8 q
unresolvedStraight Path Comm1.22%228,438$6Mtrimmed−6%−0.19 pp8 q
VOXXVOXX International Corporation Class A0.94%1,741,361$5Mtrimmed−6%−0.61 pp8 q
unresolvedIdw Media0.54%79,530$3Mtrimmed−5%+0.24 pp4 q
unresolvedGenie Energy0.53%408,200$3Mtrimmed−6%−0.09 pp8 q
NVSNovartis AG0.44%27,643$2Mheld—8 q
NAVINavient Corporation0.43%185,091$2Mtrimmed−1%+0.01 pp8 q
BMYBristol-Myers Squibb Co.0.41%28,583$2Mheld—8 q
XOMExxon Mobil Corp0.32%17,434$2Mheld—8 q
CMCSAComcast Corp0.24%19,210$1Mtrimmed−7%0.00 pp8 q
IBMInternational Business Machines Corporation0.22%7,358$1Mheld—8 q
ORIOld Republic International Corporation0.18%49,000$945,210trimmed−78%−0.57 pp8 q
unresolvedMonsanto0.14%7,114$735,664trimmed−8%+0.01 pp8 q
ZDGEZedge, Inc.0.13%157,485$695,858new+0.13 ppnew
CVXChevron Corporation0.09%4,548$476,767trimmed−7%0.00 pp8 q
unresolvedGeneral Electric Co0.09%15,000$472,200held—8 q
unresolvedAmerican Tel & Tel0.08%10,101$436,464trimmed−9%0.00 pp8 q
unresolvedBank of America Corp0.08%30,500$404,735trimmed−22%−0.02 pp8 q
unresolvedSlm Corp0.06%52,650$325,377held—8 q
unresolvedLandmark Savings Bank0.04%8,307$210,416trimmed−45%−0.03 pp8 q
unresolvedFirst Niagara Finl Gp Inc0.03%15,853$154,408trimmed−71%−0.07 pp8 q
unresolvedAstoria Financial0.03%11,185$171,466trimmed−37%−0.02 pp8 q
KEYKeyCorp—−10,749—exited−0.02 pp—

Source

Form
13F-HR
Reading
22 defects · 16 unresolved
Accession
0001039565-16-000012
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 2016-06-30
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 514928100 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2016-06-30