Kahn Brothers

Q1 2017 13F · by Thomas Kahn, portfolio manager

As of: Mar 31, 2017
Filed: May 8, 2017
US stock: $581M · prev $592M
Positions: 35 · prev 35
Options notional: $0
Documents: 1· no amendments

Picture76.4% US stock

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

US stock listed on a US exchange 76.4%
Foreign stock not listed in the US 23.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves29 since the prior filing

+2.8 pp in · −2.8 pp out

New 1 +2.46 pp
Added 7 +0.33 pp
Trimmed 20 −2.69 pp
Exited 1 −0.08 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions46% of US stock

unresolved Citigroup Inc trimmed+0.22 pp trimmed+0.2211.2%
unresolved Merck trimmed+0.80 pp trimmed+0.8010.3%
NYT New York Times Co. trimmed+0.78 pp trimmed+0.789.2%
BP BP p.l.c. added−0.10 pp added−0.108.2%
unresolved Glaxosmithkline PLC added+2.20 pp added+2.207.6%

Positions35 in this filing · 1 exited


unresolvedCitigroup Inc	11.15%	1,083,425	$65M	trimmed−0%	+0.22 pp	11 q
unresolvedMerck	10.27%	940,119	$60M	trimmed−1%	+0.80 pp	11 q
NYTNew York Times Co.	9.16%	3,697,428	$53M	trimmed−1%	+0.78 pp	11 q
BPBP p.l.c.	8.17%	1,375,690	$47M	added+3%	−0.10 pp	2 q
unresolvedGlaxosmithkline PLC	7.62%	1,050,995	$44M	added+26%	+2.20 pp	2 q
HOLXHologic Inc	6.72%	918,399	$39M	trimmed−23%	−1.39 pp	11 q
MBIMBIA Inc.	6.45%	4,426,198	$37M	added+1%	−1.44 pp	11 q
BBBlackBerry Limited	6.03%	4,526,260	$35M	added+4%	+0.96 pp	11 q
SEBSeaboard Corporation	5.98%	8,333	$35M	trimmed−0%	+0.39 pp	11 q
NYCBFlagstar Bank, National Association	4.88%	2,030,651	$28M	trimmed−9%	−1.12 pp	11 q
PFEPfizer Inc.	3.93%	667,633	$23M	trimmed−22%	−0.79 pp	11 q
PTENPatterson-UTI Energy Inc	3.90%	933,606	$23M	trimmed−5%	−0.56 pp	11 q
STLSterling Bancorp	3.75%	920,779	$22M	trimmed−9%	−0.25 pp	11 q
AGOAssured Guaranty, LTD	2.46%	385,130	$14M	new	+2.46 pp	new
NTPIFNam Tai Property Inc	2.27%	1,915,260	$13M	trimmed−0%	−0.13 pp	11 q
VOXXVOXX International Corporation Class A	1.58%	1,763,561	$9M	added+1%	+0.19 pp	11 q
unresolvedStraight Path Comm	1.32%	212,806	$8M	trimmed−0%	+0.10 pp	11 q
unresolvedIdt Corp Cl B	0.89%	407,524	$5M	trimmed−12%	−0.56 pp	11 q
unresolvedIdw Media	0.67%	78,360	$4M	trimmed−0%	+0.01 pp	7 q
unresolvedGenie Energy	0.50%	404,201	$3M	trimmed−0%	+0.11 pp	11 q
NVSNovartis AG	0.36%	27,911	$2M	added+3%	+0.03 pp	11 q
NAVINavient Corporation	0.34%	135,493	$2M	trimmed−26%	−0.17 pp	11 q
BMYBristol-Myers Squibb Co.	0.27%	28,583	$2M	held	—	11 q
XOMExxon Mobil Corp	0.24%	17,334	$1M	held	—	11 q
IBMInternational Business Machines Corporation	0.17%	5,783	$1M	trimmed−2%	+0.01 pp	11 q
ORIOld Republic International Corporation	0.17%	48,000	$983,040	held	—	11 q
TPHSTrinity Place Hldgs Inc	0.15%	1,062,251	$864,055	added0%	−1.51 pp	11 q
BACBank of America Corporation	0.11%	27,624	$651,651	held	—	2 q
CMCSAComcast Corp	0.11%	27,017	$624,409	trimmed−17%	−0.08 pp	11 q
CVXChevron Corporation	0.08%	4,348	$466,845	held	—	11 q
unresolvedGeneral Electric Co	0.08%	15,000	$447,000	held	—	11 q
ZDGEZedge, Inc.	0.08%	155,953	$478,776	trimmed−0%	0.00 pp	4 q
unresolvedMonsanto	0.06%	3,196	$361,793	trimmed−52%	−0.06 pp	11 q
unresolvedAmerican Tel & Tel	0.04%	4,944	$205,423	trimmed−3%	0.00 pp	2 q
unresolvedAstoria Financial	0.04%	11,185	$229,404	held	—	2 q
unresolvedSlm Corp	—	−44,550	—	exited	−0.08 pp	—

Source

Form: 13F-HR
Reading: 10 defects · 11 unresolved
Accession: 0001039565-17-000004
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 security outside the official 13F list — CUSIP 030177109 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2017-03-31

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