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Kahn Brothers

Q3 2016 13F · by Thomas Kahn, portfolio manager

As of
Sep 30, 2016
Filed
Nov 1, 2016
US stock
$552M · prev $517M
Positions
35 · prev 37
Options notional
$0
Documents
1· no amendments

Picture63.7% US stock

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

  • US stock listed on a US exchange 63.7%
  • Foreign stock not listed in the US 36.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves29 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Low turnover · 12% a year, about 8.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions45% of US stock

  1. unresolved Merck trimmed+0.07 pp trimmed+0.0710.8%
  2. unresolved Citigroup Inc added+0.42 pp added+0.429.4%
  3. HOLX Hologic Inc trimmed+0.13 pp trimmed+0.138.7%
  4. unresolved Bp PLC added−0.31 pp added−0.318.3%
  5. NYT New York Times Co. trimmed−0.72 pp trimmed−0.728.1%

Positions35 in this filing · 2 exited

unresolvedMerck10.83%957,991$60Mtrimmed−1%+0.07 pp9 q
unresolvedCitigroup Inc9.40%1,108,395$52Madded+1%+0.42 pp9 q
HOLXHologic Inc8.68%1,234,514$48Mtrimmed−3%+0.13 pp9 q
unresolvedBp PLC8.31%1,304,710$46Madded+4%−0.31 pp9 q
NYTNew York Times Co.8.09%3,738,088$45Mtrimmed−1%−0.72 pp9 q
BBBlackBerry Limited6.28%4,343,060$35Madded+8%+1.06 pp9 q
MBIMBIA Inc.6.13%4,345,164$34Mtrimmed−0%+0.37 pp9 q
NYCBFlagstar Bank, National Association5.82%2,259,149$32Mtrimmed−11%−1.59 pp9 q
PFEPfizer Inc.5.64%919,757$31Mtrimmed−21%−2.25 pp9 q
unresolvedGlaxosmithkline4.96%632,040$27Madded+66%+1.77 pp9 q
SEBSeaboard Corporation4.87%8,679$27Mtrimmed−0%+0.03 pp9 q
NTPIFNam Tai Property Inc4.67%3,201,214$26Mtrimmed−3%+1.25 pp9 q
PTENPatterson-UTI Energy Inc4.23%1,044,756$23Mtrimmed−1%−0.11 pp9 q
STLSterling Bancorp3.21%1,012,364$18Mtrimmed−0%+0.12 pp9 q
TPHSTrinity Place Hldgs Inc1.88%1,061,651$10Mheld—9 q
unresolvedIdt Corp Cl B1.46%468,583$8Mtrimmed−1%+0.16 pp9 q
unresolvedStraight Path Comm0.99%213,856$5Mtrimmed−6%−0.23 pp9 q
VOXXVOXX International Corporation Class A0.94%1,728,361$5Mtrimmed−1%0.00 pp9 q
unresolvedIdw Media0.60%79,040$3Mtrimmed−1%+0.06 pp5 q
NAVINavient Corporation0.49%185,091$3Mheld—9 q
unresolvedGenie Energy0.43%405,701$2Mtrimmed−1%−0.10 pp9 q
NVSNovartis AG0.40%27,643$2Mheld—9 q
BMYBristol-Myers Squibb Co.0.28%28,583$2Mheld—9 q
XOMExxon Mobil Corp0.28%17,434$2Mheld—9 q
CMCSAComcast Corp0.21%17,242$1Mtrimmed−10%−0.03 pp9 q
IBMInternational Business Machines Corporation0.17%5,883$934,515trimmed−20%−0.05 pp9 q
ORIOld Republic International Corporation0.15%48,000$845,760trimmed−2%−0.03 pp9 q
unresolvedMonsanto0.13%6,932$708,456trimmed−3%−0.01 pp9 q
ZDGEZedge, Inc.0.10%156,320$534,614trimmed−1%−0.03 pp2 q
CVXChevron Corporation0.08%4,348$447,496trimmed−4%−0.01 pp9 q
unresolvedGeneral Electric Co0.08%15,000$444,300held—9 q
unresolvedBank of America Corp0.08%27,624$432,315trimmed−9%0.00 pp9 q
unresolvedSlm Corp0.07%52,650$393,296held—9 q
unresolvedAmerican Tel & Tel0.04%5,099$207,070trimmed−50%−0.04 pp9 q
unresolvedAstoria Financial0.03%11,185$163,301held—9 q
unresolvedLandmark Savings Bank—−8,307—exited−0.04 pp—
unresolvedFirst Niagara Finl Gp Inc—−15,853—exited−0.03 pp—

Source

Form
13F-HR
Reading
21 defects · 14 unresolved
Accession
0001039565-16-000013
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 2016-09-30
  • A security outside the official 13F list — CUSIP 30177109 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 3773W105 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 46265104 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 55622104 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 60505104 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2016-09-30