Kahn Brothers

Q4 2018 13F · by Thomas Kahn, portfolio manager

As of: Dec 31, 2018
Filed: Jan 29, 2019
US stock: $555M · prev $651M
Positions: 31 · prev 31
Options notional: $0
Documents: 1· no amendments

Picture78.4% US stock

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

US stock listed on a US exchange 78.4%
Foreign stock not listed in the US 21.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves26 since the prior filing

−2.0 pp in · +1.9 pp out

New 0 0.00 pp
Added 6 −1.96 pp
Trimmed 20 +1.93 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.8% a year, about 17.4 years per position

Low
Moderate
High

Top 5 positions47% of US stock

unresolved Merck trimmed+1.36 pp trimmed+1.3611.0%
BP BP p.l.c. trimmed−0.37 pp trimmed−0.379.6%
unresolved Citigroup Inc added−1.35 pp added−1.358.9%
AGO Assured Guaranty, LTD trimmed+0.47 pp trimmed+0.478.7%
unresolved Glaxosmithkline PLC added+1.03 pp added+1.038.7%

Positions31 in this filing · 0 exited


unresolvedMerck	11.02%	878,762	$61M	trimmed−1%	+1.36 pp	18 q
BPBP p.l.c.	9.57%	1,399,282	$53M	trimmed−2%	−0.37 pp	9 q
unresolvedCitigroup Inc	8.89%	947,093	$49M	added+2%	−1.35 pp	18 q
AGOAssured Guaranty, LTD	8.71%	1,261,585	$48M	trimmed−1%	+0.47 pp	8 q
unresolvedGlaxosmithkline PLC	8.69%	1,260,940	$48M	added+2%	+1.03 pp	9 q
NYCBFlagstar Bank, National Association	7.34%	4,327,379	$41M	added+10%	+1.05 pp	18 q
MBIMBIA Inc.	7.29%	4,531,910	$40M	trimmed−0%	−0.18 pp	18 q
BBBlackBerry Limited	5.88%	4,586,225	$33M	added0%	−2.11 pp	18 q
NYTNew York Times Co.	4.94%	1,230,122	$27M	trimmed−15%	−0.20 pp	18 q
SEBSeaboard Corporation	4.90%	7,689	$27M	trimmed−1%	+0.47 pp	18 q
PFEPfizer Inc.	4.21%	534,409	$23M	trimmed−1%	+0.57 pp	18 q
HOLXHologic Inc	4.08%	550,148	$23M	trimmed−5%	+0.44 pp	18 q
PTENPatterson-UTI Energy Inc	3.00%	1,607,797	$17M	added+17%	−0.60 pp	18 q
NTPIFNam Tai Property Inc	2.97%	1,899,150	$16M	trimmed−14%	+0.09 pp	18 q
VOXXVOXX International Corporation Class A	2.58%	3,618,662	$14M	trimmed−4%	−0.45 pp	18 q
STLSterling Bancorp	1.78%	599,291	$10M	trimmed−12%	−0.53 pp	18 q
TPHSTrinity Place Hldgs Inc	0.74%	951,732	$4M	trimmed−1%	−0.16 pp	18 q
unresolvedIdt Corp Cl B	0.71%	635,253	$4M	trimmed−0%	+0.19 pp	18 q
unresolvedIdw Media	0.47%	74,552	$3M	trimmed−0%	+0.04 pp	14 q
RFLRafael Holdings, Inc. Class B	0.45%	317,584	$3M	trimmed−0%	+0.04 pp	4 q
unresolvedGenie Energy	0.43%	393,645	$2M	trimmed−1%	+0.10 pp	18 q
NVSNovartis AG	0.35%	22,744	$2M	trimmed−2%	+0.04 pp	18 q
XOMExxon Mobil Corp	0.24%	19,822	$1M	added+19%	+0.02 pp	18 q
BMYBristol-Myers Squibb Co.	0.19%	19,950	$1M	held	—	18 q
ORIOld Republic International Corporation	0.18%	48,900	$1M	held	—	18 q
BACBank of America Corporation	0.10%	23,385	$576,207	trimmed−3%	−0.01 pp	9 q
CVXChevron Corporation	0.08%	4,148	$451,261	held	—	18 q
unresolvedAmerican Tel & Tel	0.07%	12,637	$360,660	trimmed−0%	0.00 pp	9 q
NAVINavient Corporation	0.06%	38,206	$336,595	held	—	18 q
ZDGEZedge, Inc.	0.06%	136,437	$333,998	trimmed−0%	+0.02 pp	11 q
CMCSAComcast Corp	0.01%	1,720	$58,566	held	—	18 q

Source

Form: 13F-HR
Reading: 2 defects · 7 unresolved
Accession: 0001039565-19-000001
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

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