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Kahn Brothers

Q3 2017 13F · by Thomas Kahn, portfolio manager

As of
Sep 30, 2017
Filed
Nov 7, 2017
US stock
$655M · prev $656M
Positions
34 · prev 34
Options notional
$0
Documents
1· 2 amendments

Picture77.6% US stock

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

  • US stock listed on a US exchange 77.6%
  • Foreign stock not listed in the US 22.4%
  • 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 · 15% a year, about 6.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions45% of US stock

  1. unresolved Citigroup Inc trimmed+0.70 pp trimmed+0.7011.2%
  2. NYT New York Times Co. trimmed+0.05 pp trimmed+0.059.3%
  3. unresolved Merck trimmed−0.13 pp trimmed−0.139.0%
  4. BP BP p.l.c. trimmed+0.88 pp trimmed+0.888.3%
  5. BB BlackBerry Limited trimmed+0.69 pp trimmed+0.697.6%

Revealed late, restated

restated 1 row corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Nov 6, 2017 ↗
restated 1 row corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Nov 7, 2017 ↗

Positions34 in this filing · 0 exited

unresolvedCitigroup Inc11.17%1,004,755$73Mtrimmed−2%+0.70 pp13 q
NYTNew York Times Co.9.32%3,113,217$61Mtrimmed−9%+0.05 pp13 q
unresolvedMerck8.99%918,730$59Mtrimmed−2%−0.13 pp13 q
BPBP p.l.c.8.27%1,407,735$54Mtrimmed−1%+0.88 pp4 q
BBBlackBerry Limited7.58%4,440,110$50Mtrimmed−2%+0.69 pp13 q
unresolvedGlaxosmithkline PLC6.33%1,021,135$41Mtrimmed−3%−0.61 pp4 q
MBIMBIA Inc.5.76%4,336,494$38Mtrimmed−3%−0.69 pp13 q
SEBSeaboard Corporation5.43%7,889$36Mtrimmed−5%+0.39 pp13 q
AGOAssured Guaranty, LTD5.20%900,835$34Madded+16%+0.26 pp3 q
VOXXVOXX International Corporation Class A4.77%3,651,902$31Madded+58%+1.88 pp13 q
PTENPatterson-UTI Energy Inc4.12%1,286,891$27Madded+39%+1.28 pp13 q
HOLXHologic Inc4.10%731,816$27Mtrimmed−8%−1.43 pp13 q
NYCBFlagstar Bank, National Association3.85%1,953,568$25Mtrimmed−0%−0.08 pp13 q
STLSterling Bancorp3.47%921,840$23Madded0%+0.21 pp13 q
PFEPfizer Inc.3.04%557,495$20Mtrimmed−3%+0.08 pp13 q
NTPIFNam Tai Property Inc2.42%1,985,680$16Madded0%+0.01 pp13 q
unresolvedStraight Path Comm1.55%56,168$10Mtrimmed−68%−3.19 pp13 q
unresolvedIdt Corp Cl B1.17%542,043$8Madded+1%0.00 pp13 q
TPHSTrinity Place Hldgs Inc1.04%968,129$7Mtrimmed−8%−0.10 pp13 q
unresolvedIdw Media0.58%78,530$4Madded+1%0.00 pp9 q
unresolvedGenie Energy0.41%405,719$3Madded+1%−0.06 pp13 q
NVSNovartis AG0.34%26,144$2Mtrimmed−0%+0.01 pp13 q
XOMExxon Mobil Corp0.21%16,784$1Mtrimmed−3%0.00 pp13 q
BMYBristol-Myers Squibb Co.0.19%19,050$1Mtrimmed−3%+0.02 pp13 q
ORIOld Republic International Corporation0.14%48,000$945,120held—13 q
NAVINavient Corporation0.12%51,983$780,784trimmed−29%−0.06 pp13 q
CMCSAComcast Corp0.11%19,318$743,357trimmed−8%−0.01 pp13 q
BACBank of America Corporation0.08%20,290$514,148trimmed−27%−0.02 pp4 q
CVXChevron Corporation0.07%4,048$475,640held—13 q
unresolvedAmerican Tel & Tel0.06%10,526$412,303added×2.1+0.03 pp4 q
unresolvedAstoria Financial0.04%11,185$240,478held—4 q
ZDGEZedge, Inc.0.04%138,918$266,722trimmed−11%−0.01 pp6 q
unresolvedMonsanto0.03%1,782$213,520trimmed−25%−0.01 pp13 q
IBMInternational Business Machines Corporation0.00%50$7,254trimmed−99%−0.08 pp13 q

Source

Form
13F-HR/A
Reading
30 defects · 10 unresolved
Accession
0001039565-17-000009
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 2017-09-30
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2017-09-30
  • 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 2017-09-30
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2017-09-30
  • 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 2017-09-30
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 66166W101 not on the Official 13(f) List for 2017-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2017-09-30