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Kahn Brothers

Q3 2018 13F · by Thomas Kahn, portfolio manager

As of
Sep 30, 2018
Filed
Oct 30, 2018
US stock
$651M · prev $628M
Positions
31 · prev 31
Options notional
$0
Documents
1· no amendments

Picture78.8% US stock

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

  • US stock listed on a US exchange 78.8%
  • Foreign stock not listed in the US 21.2%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves26 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

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

Low turnover · 8.7% a year, about 11.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions46% of US stock

  1. unresolved Citigroup Inc trimmed+0.24 pp trimmed+0.2410.2%
  2. BP BP p.l.c. trimmed−0.16 pp trimmed−0.169.9%
  3. unresolved Merck trimmed+1.00 pp trimmed+1.009.7%
  4. AGO Assured Guaranty, LTD added+1.09 pp added+1.098.2%
  5. BB BlackBerry Limited trimmed+0.91 pp trimmed+0.918.0%

Positions31 in this filing · 0 exited

unresolvedCitigroup Inc10.24%929,043$67Mtrimmed−1%+0.24 pp17 q
BPBP p.l.c.9.94%1,403,362$65Mtrimmed−0%−0.16 pp8 q
unresolvedMerck9.66%886,740$63Mtrimmed−1%+1.00 pp17 q
AGOAssured Guaranty, LTD8.24%1,271,100$54Madded+1%+1.09 pp7 q
BBBlackBerry Limited7.99%4,571,660$52Mtrimmed−1%+0.91 pp17 q
unresolvedGlaxosmithkline PLC7.66%1,241,516$50Madded0%−0.27 pp8 q
MBIMBIA Inc.7.47%4,551,610$49Mtrimmed−1%+0.83 pp17 q
NYCBFlagstar Bank, National Association6.29%3,951,906$41Madded+29%+0.82 pp17 q
NYTNew York Times Co.5.14%1,444,476$33Mtrimmed−20%−2.27 pp17 q
SEBSeaboard Corporation4.43%7,774$29Mheld—17 q
HOLXHologic Inc3.64%578,085$24Mtrimmed−5%−0.22 pp17 q
PFEPfizer Inc.3.64%537,309$24Mtrimmed−2%+0.48 pp17 q
PTENPatterson-UTI Energy Inc3.60%1,370,360$23Mtrimmed−1%−0.37 pp17 q
VOXXVOXX International Corporation Class A3.03%3,788,078$20Madded+4%−0.09 pp17 q
NTPIFNam Tai Property Inc2.88%2,203,255$19Madded+21%−0.28 pp17 q
STLSterling Bancorp2.31%683,635$15Mtrimmed−20%−0.87 pp17 q
TPHSTrinity Place Hldgs Inc0.90%964,384$6Mtrimmed−0%−0.11 pp17 q
unresolvedIdt Corp Cl B0.52%636,535$3Mtrimmed−0%−0.05 pp17 q
unresolvedIdw Media0.43%74,742$3Mtrimmed−0%−0.08 pp13 q
RFLRafael Holdings, Inc. Class B0.41%318,224$3Mtrimmed−0%−0.06 pp3 q
unresolvedGenie Energy0.33%395,877$2Mtrimmed−1%+0.02 pp17 q
NVSNovartis AG0.31%23,210$2Mheld—17 q
XOMExxon Mobil Corp0.22%16,722$1Mtrimmed−1%0.00 pp17 q
BMYBristol-Myers Squibb Co.0.19%19,950$1Mheld—17 q
ORIOld Republic International Corporation0.17%48,900$1Mheld—17 q
BACBank of America Corporation0.11%24,127$710,782trimmed−8%−0.01 pp8 q
CVXChevron Corporation0.08%4,148$507,217trimmed−18%−0.02 pp17 q
NAVINavient Corporation0.08%38,206$515,017held—17 q
unresolvedAmerican Tel & Tel0.07%12,667$425,358added+1%+0.01 pp8 q
ZDGEZedge, Inc.0.04%136,863$272,357trimmed−1%−0.04 pp10 q
CMCSAComcast Corp0.01%1,720$60,905trimmed−81%−0.04 pp17 q

Source

Form
13F-HR
Reading
8 defects · 7 unresolved
Accession
0001039565-18-000007
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 2018-09-30
  • A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2018-09-30