Kahn Brothers

Q2 2017 13F · by Thomas Kahn, portfolio manager

As of: Jun 30, 2017
Filed: Aug 8, 2017
US stock: $656M · prev $581M
Positions: 34 · prev 35
Options notional: $0
Documents: 1· no amendments

Picture78.1% US stock

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

US stock listed on a US exchange 78.1%
Foreign stock not listed in the US 21.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves31 since the prior filing

+2.8 pp in · −2.7 pp out

New 0 0.00 pp
Added 7 +2.75 pp
Trimmed 23 −2.64 pp
Exited 1 −0.08 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions43% of US stock

unresolved Citigroup Inc trimmed−0.68 pp trimmed−0.6810.5%
NYT New York Times Co. trimmed+0.11 pp trimmed+0.119.3%
unresolved Merck trimmed−1.15 pp trimmed−1.159.1%
BP BP p.l.c. added−0.78 pp added−0.787.4%
unresolved Glaxosmithkline PLC added−0.68 pp added−0.686.9%

Positions34 in this filing · 1 exited


unresolvedCitigroup Inc	10.47%	1,026,581	$69M	trimmed−5%	−0.68 pp	12 q
NYTNew York Times Co.	9.27%	3,436,195	$61M	trimmed−7%	+0.11 pp	12 q
unresolvedMerck	9.12%	932,840	$60M	trimmed−1%	−1.15 pp	12 q
BPBP p.l.c.	7.39%	1,398,700	$48M	added0%	−0.78 pp	3 q
unresolvedGlaxosmithkline PLC	6.94%	1,055,085	$45M	added0%	−0.68 pp	3 q
BBBlackBerry Limited	6.89%	4,520,660	$45M	trimmed−0%	+0.86 pp	12 q
MBIMBIA Inc.	6.45%	4,483,598	$42M	added+1%	0.00 pp	12 q
HOLXHologic Inc	5.53%	799,465	$36M	trimmed−13%	−1.19 pp	12 q
SEBSeaboard Corporation	5.04%	8,277	$33M	trimmed−1%	−0.94 pp	12 q
AGOAssured Guaranty, LTD	4.94%	776,705	$32M	added×2.0	+2.48 pp	2 q
unresolvedStraight Path Comm	4.74%	173,186	$31M	trimmed−19%	+3.42 pp	12 q
NYCBFlagstar Bank, National Association	3.93%	1,962,891	$26M	trimmed−3%	−0.95 pp	12 q
STLSterling Bancorp	3.26%	918,779	$21M	trimmed−0%	−0.49 pp	12 q
PFEPfizer Inc.	2.96%	577,616	$19M	trimmed−13%	−0.97 pp	12 q
VOXXVOXX International Corporation Class A	2.89%	2,308,302	$19M	added+31%	+1.31 pp	12 q
PTENPatterson-UTI Energy Inc	2.84%	922,906	$19M	trimmed−1%	−1.06 pp	12 q
NTPIFNam Tai Property Inc	2.41%	1,979,060	$16M	added+3%	+0.14 pp	12 q
unresolvedIdt Corp Cl B	1.17%	536,039	$8M	added+32%	+0.28 pp	12 q
TPHSTrinity Place Hldgs Inc	1.14%	1,049,050	$7M	trimmed−1%	+0.99 pp	12 q
unresolvedIdw Media	0.58%	77,840	$4M	trimmed−1%	−0.09 pp	8 q
unresolvedGenie Energy	0.47%	401,716	$3M	trimmed−1%	−0.03 pp	12 q
NVSNovartis AG	0.33%	26,211	$2M	trimmed−6%	−0.03 pp	12 q
XOMExxon Mobil Corp	0.21%	17,234	$1M	trimmed−1%	−0.03 pp	12 q
NAVINavient Corporation	0.18%	72,738	$1M	trimmed−46%	−0.16 pp	12 q
BMYBristol-Myers Squibb Co.	0.17%	19,583	$1M	trimmed−31%	−0.10 pp	12 q
ORIOld Republic International Corporation	0.14%	48,000	$937,440	held	—	12 q
CMCSAComcast Corp	0.12%	20,896	$813,284	trimmed−23%	+0.01 pp	12 q
BACBank of America Corporation	0.10%	27,624	$670,158	held	—	3 q
IBMInternational Business Machines Corporation	0.08%	3,323	$511,177	trimmed−43%	−0.09 pp	12 q
CVXChevron Corporation	0.06%	4,048	$422,328	trimmed−7%	−0.02 pp	12 q
ZDGEZedge, Inc.	0.05%	155,236	$343,702	trimmed−0%	−0.03 pp	5 q
unresolvedMonsanto	0.04%	2,386	$282,407	trimmed−25%	−0.02 pp	12 q
unresolvedAmerican Tel & Tel	0.03%	4,944	$186,537	held	—	3 q
unresolvedAstoria Financial	0.03%	11,185	$225,378	held	—	3 q
unresolvedGeneral Electric Co	—	−15,000	—	exited	−0.08 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 10 unresolved
Accession: 0001039565-17-000005
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

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