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Kahn Brothers

Q1 2018 13F · by Thomas Kahn, portfolio manager

As of
Mar 31, 2018
Filed
May 1, 2018
US stock
$628M · prev $637M
Positions
31 · prev 31
Options notional
$0
Documents
1· no amendments

Picture80.4% US stock

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

  • US stock listed on a US exchange 80.4%
  • Foreign stock not listed in the US 19.6%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves30 since the prior filing

The book

Concentrated · behaves like 15 equal-sized positions

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

Low turnover · 10% a year, about 9.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions44% of US stock

  1. unresolved Citigroup Inc trimmed−1.28 pp trimmed−1.2810.2%
  2. BP BP p.l.c. trimmed−0.21 pp trimmed−0.219.1%
  3. NYT New York Times Co. trimmed+0.22 pp trimmed+0.228.7%
  4. BB BlackBerry Limited trimmed+0.20 pp trimmed+0.208.2%
  5. unresolved Merck trimmed−0.28 pp trimmed−0.287.8%

Positions31 in this filing · 1 exited

unresolvedCitigroup Inc10.20%948,482$64Mtrimmed−3%−1.28 pp15 q
BPBP p.l.c.9.08%1,405,605$57Mtrimmed−2%−0.21 pp6 q
NYTNew York Times Co.8.67%2,257,362$54Mtrimmed−22%+0.22 pp15 q
BBBlackBerry Limited8.18%4,463,510$51Mtrimmed−2%+0.20 pp15 q
unresolvedMerck7.85%904,387$49Mtrimmed−2%−0.28 pp15 q
unresolvedGlaxosmithkline PLC7.66%1,230,642$48Madded+8%+1.31 pp6 q
AGOAssured Guaranty, LTD7.15%1,240,092$45Madded+17%+1.50 pp5 q
MBIMBIA Inc.6.82%4,625,960$43Madded+1%+1.54 pp15 q
SEBSeaboard Corporation5.29%7,789$33Mtrimmed−1%−0.14 pp15 q
NYCBFlagstar Bank, National Association4.57%2,203,594$29Madded+16%+0.68 pp15 q
HOLXHologic Inc3.92%657,997$25Mtrimmed−5%−0.72 pp15 q
PTENPatterson-UTI Energy Inc3.81%1,365,612$24Mtrimmed−2%−1.22 pp15 q
NTPIFNam Tai Property Inc3.61%1,820,255$23Mtrimmed−2%−0.05 pp15 q
STLSterling Bancorp3.13%870,635$20Mtrimmed−2%−0.32 pp15 q
PFEPfizer Inc.3.11%549,944$20Mtrimmed−1%−0.05 pp15 q
VOXXVOXX International Corporation Class A2.89%3,658,725$18Mtrimmed−1%−0.35 pp15 q
TPHSTrinity Place Hldgs Inc1.00%968,129$6Mheld—15 q
unresolvedIdt Corp Cl B0.64%640,743$4Mtrimmed−0%−0.43 pp15 q
unresolvedIdw Media0.54%75,408$3Mtrimmed−4%−0.03 pp11 q
unresolvedGenie Energy0.32%400,085$2Mtrimmed−1%+0.04 pp15 q
NVSNovartis AG0.28%22,010$2Mtrimmed−17%−0.07 pp15 q
RFLRafael Holdings, Inc. Class B0.25%320,326$2Mnew+0.25 ppnew
BMYBristol-Myers Squibb Co.0.20%19,750$1Madded+4%+0.02 pp15 q
XOMExxon Mobil Corp0.20%16,934$1Mtrimmed−1%−0.02 pp15 q
ORIOld Republic International Corporation0.16%48,000$1Mheld—15 q
BACBank of America Corporation0.12%26,127$783,549trimmed−5%−0.01 pp6 q
CVXChevron Corporation0.09%5,048$575,674added+25%+0.01 pp15 q
NAVINavient Corporation0.08%39,150$513,648trimmed−27%−0.03 pp15 q
ZDGEZedge, Inc.0.07%138,264$442,445trimmed−0%+0.01 pp8 q
unresolvedAmerican Tel & Tel0.06%11,300$402,845added+7%0.00 pp6 q
CMCSAComcast Corp0.05%8,924$304,933trimmed−7%−0.01 pp15 q
unresolvedStraight Path Comm—−17,950—exited−0.51 pp—

Source

Form
13F-HR
Reading
8 defects · 7 unresolved
Accession
0001039565-18-000005
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 security outside the official 13F list — CUSIP 030177109 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2018-03-31
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2018-03-31