Kahn Brothers

Q4 2016 13F · by Thomas Kahn, portfolio manager

As of: Dec 31, 2016
Filed: Jan 31, 2017
US stock: $592M · prev $552M
Positions: 35 · prev 35
Options notional: $0
Documents: 1· no amendments

Picture76.9% US stock

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

US stock listed on a US exchange 76.9%
Foreign stock not listed in the US 23.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves32 since the prior filing

+14.9 pp in · −15.4 pp out

New 5 +13.87 pp
Added 3 +1.00 pp
Trimmed 19 −2.02 pp
Exited 5 −13.42 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 56% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions45% of US stock

unresolved Citigroup Inc trimmed+1.53 pp trimmed+1.5310.9%
unresolved Merck trimmed−1.36 pp trimmed−1.369.5%
NYT New York Times Co. trimmed+0.29 pp trimmed+0.298.4%
BP BP p.l.c. new+8.27 pp new+8.278.3%
HOLX Hologic Inc trimmed−0.57 pp trimmed−0.578.1%

Positions35 in this filing · 5 exited


unresolvedCitigroup Inc	10.93%	1,088,765	$65M	trimmed−2%	+1.53 pp	10 q
unresolvedMerck	9.47%	952,741	$56M	trimmed−1%	−1.36 pp	10 q
NYTNew York Times Co.	8.38%	3,728,898	$50M	trimmed−0%	+0.29 pp	10 q
BPBP p.l.c.	8.27%	1,310,360	$49M	new	+8.27 pp	new
HOLXHologic Inc	8.11%	1,197,404	$48M	trimmed−3%	−0.57 pp	10 q
MBIMBIA Inc.	7.89%	4,368,164	$47M	added+1%	+1.76 pp	10 q
NYCBFlagstar Bank, National Association	6.00%	2,231,263	$35M	trimmed−1%	+0.18 pp	10 q
SEBSeaboard Corporation	5.59%	8,370	$33M	trimmed−4%	+0.72 pp	10 q
unresolvedGlaxosmithkline PLC	5.42%	833,315	$32M	new	+5.42 pp	new
BBBlackBerry Limited	5.07%	4,355,810	$30M	added0%	−1.21 pp	10 q
PFEPfizer Inc.	4.72%	860,290	$28M	trimmed−6%	−0.92 pp	10 q
PTENPatterson-UTI Energy Inc	4.46%	980,351	$26M	trimmed−6%	+0.23 pp	10 q
STLSterling Bancorp	4.00%	1,012,364	$24M	held	—	10 q
NTPIFNam Tai Property Inc	2.40%	1,920,660	$14M	trimmed−40%	−2.27 pp	10 q
TPHSTrinity Place Hldgs Inc	1.66%	1,061,651	$10M	held	—	10 q
unresolvedIdt Corp Cl B	1.45%	461,917	$9M	trimmed−1%	−0.01 pp	10 q
VOXXVOXX International Corporation Class A	1.39%	1,745,861	$8M	added+1%	+0.45 pp	10 q
unresolvedStraight Path Comm	1.22%	213,356	$7M	trimmed−0%	+0.23 pp	10 q
unresolvedIdw Media	0.66%	78,660	$4M	trimmed−0%	+0.06 pp	6 q
NAVINavient Corporation	0.51%	182,391	$3M	trimmed−1%	+0.02 pp	10 q
unresolvedGenie Energy	0.39%	405,301	$2M	trimmed−0%	−0.04 pp	10 q
NVSNovartis AG	0.33%	27,071	$2M	trimmed−2%	−0.07 pp	10 q
BMYBristol-Myers Squibb Co.	0.28%	28,583	$2M	held	—	10 q
XOMExxon Mobil Corp	0.26%	17,334	$2M	trimmed−1%	−0.02 pp	10 q
CMCSAComcast Corp	0.19%	16,330	$1M	trimmed−5%	−0.02 pp	10 q
IBMInternational Business Machines Corporation	0.16%	5,883	$976,519	held	—	10 q
ORIOld Republic International Corporation	0.15%	48,000	$912,000	held	—	10 q
unresolvedMonsanto	0.12%	6,692	$704,071	trimmed−3%	−0.01 pp	10 q
BACBank of America Corporation	0.10%	27,624	$610,491	new	+0.10 pp	new
CVXChevron Corporation	0.09%	4,348	$511,760	held	—	10 q
unresolvedGeneral Electric Co	0.08%	15,000	$474,000	held	—	10 q
unresolvedSlm Corp	0.08%	44,550	$490,941	trimmed−15%	+0.01 pp	10 q
ZDGEZedge, Inc.	0.08%	156,320	$489,282	held	—	3 q
unresolvedAmerican Tel & Tel	0.04%	5,099	$216,860	new	+0.04 pp	new
unresolvedAstoria Financial	0.04%	11,185	$208,600	new	+0.04 pp	new
unresolvedBp PLC	—	−1,304,710	—	exited	−8.31 pp	—
unresolvedGlaxosmithkline	—	−632,040	—	exited	−4.96 pp	—
unresolvedBank of America Corp	—	−27,624	—	exited	−0.08 pp	—
unresolvedAmerican Tel & Tel	—	−5,099	—	exited	−0.04 pp	—
unresolvedAstoria Financial	—	−11,185	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 12 defects · 12 unresolved
Accession: 0001039565-17-000001
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 903514344
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 030177109 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 78443P106 not on the Official 13(f) List for 2016-12-31
A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2016-12-31

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