Kahn Brothers

Q3 2020 13F · by Thomas Kahn, portfolio manager

As of: Sep 30, 2020
Filed: Nov 6, 2020
US stock: $528M · prev $592M
Positions: 42 · prev 47
Options notional: $0
Documents: 1· no amendments

Picture78.5% US stock

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

US stock listed on a US exchange 78.5%
Foreign stock not listed in the US 21.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves43 since the prior filing

−0.3 pp in · +0.3 pp out

New 2 +0.08 pp
Added 4 −0.37 pp
Trimmed 30 +0.51 pp
Exited 7 −0.26 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.0% a year, about 19.9 years per position

Low
Moderate
High

Top 5 positions48% of US stock

unresolved Merck trimmed+0.53 pp trimmed+0.5312.6%
BMY Bristol-Myers Squibb Co. trimmed+0.61 pp trimmed+0.6110.7%
unresolved Glaxosmithkline PLC trimmed−0.47 pp trimmed−0.4710.0%
NYCB Flagstar Bank, National Association trimmed−1.33 pp trimmed−1.337.5%
unresolved Citigroup Inc trimmed−1.10 pp trimmed−1.107.0%

Positions42 in this filing · 7 exited


unresolvedMerck	12.62%	802,809	$67M	trimmed−13%	+0.53 pp	25 q
BMYBristol-Myers Squibb Co.	10.70%	935,977	$56M	trimmed−8%	+0.61 pp	25 q
unresolvedGlaxosmithkline PLC	10.04%	1,406,689	$53M	trimmed−7%	−0.47 pp	16 q
NYCBFlagstar Bank, National Association	7.54%	4,808,176	$40M	trimmed−7%	−1.33 pp	25 q
unresolvedCitigroup Inc	6.96%	851,141	$37M	trimmed−9%	−1.10 pp	25 q
AGOAssured Guaranty, LTD	6.71%	1,646,846	$35M	added+7%	+0.35 pp	15 q
BPBP p.l.c.	6.54%	1,975,239	$34M	added+4%	−0.98 pp	16 q
SEBSeaboard Corporation	6.01%	11,170	$32M	trimmed−10%	−0.16 pp	25 q
MBIMBIA Inc.	5.34%	4,648,274	$28M	trimmed−7%	−0.76 pp	25 q
VOXXVOXX International Corporation Class A	5.15%	3,532,376	$27M	trimmed−5%	+1.50 pp	25 q
PFEPfizer Inc.	4.82%	692,544	$25M	trimmed−9%	+0.60 pp	25 q
BBBlackBerry Limited	4.73%	5,439,576	$25M	trimmed−5%	+0.01 pp	25 q
PTENPatterson-UTI Energy Inc	3.67%	6,783,809	$19M	added+16%	+0.25 pp	25 q
NTPIFNam Tai Property Inc	3.06%	1,724,444	$16M	trimmed−8%	+1.07 pp	25 q
RFLRafael Holdings, Inc. Class B	1.22%	395,741	$6M	trimmed−6%	+0.20 pp	11 q
unresolvedIdt Corp Cl B	0.83%	667,672	$4M	trimmed−2%	+0.08 pp	25 q
unresolvedGenie Energy	0.62%	410,978	$3M	trimmed−3%	+0.09 pp	25 q
STLSterling Bancorp	0.60%	301,014	$3M	trimmed−19%	−0.13 pp	25 q
HOLXHologic Inc	0.53%	42,446	$3M	trimmed−49%	−0.26 pp	25 q
NVSNovartis AG	0.37%	22,698	$2M	held	—	25 q
TPHSTrinity Place Hldgs Inc	0.35%	1,321,638	$2M	trimmed−15%	−0.01 pp	25 q
VRAYQViewray Inc	0.28%	428,055	$1M	trimmed−29%	+0.05 pp	6 q
FBAKFirst Nb Alaska	0.18%	4,770	$948,992	trimmed−30%	−0.04 pp	6 q
VZVerizon Communications	0.18%	16,094	$957,432	trimmed−11%	+0.01 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.13%	3,250	$692,055	trimmed−2%	+0.03 pp	6 q
XOMExxon Mobil Corp	0.12%	18,120	$622,059	held	—	25 q
unresolvedAmerican Tel & Tel	0.08%	15,095	$430,358	trimmed−8%	−0.01 pp	16 q
unresolvedJp Morgan Chase	0.07%	3,581	$344,742	trimmed−8%	+0.01 pp	3 q
unresolvedIdw Media	0.07%	91,635	$366,540	trimmed−3%	+0.01 pp	21 q
BACBank of America Corporation	0.06%	14,207	$342,246	trimmed−20%	−0.01 pp	16 q
PFSProvident Financial Services, Inc.	0.06%	27,472	$335,158	new	+0.06 pp	new
CVXChevron Corporation	0.05%	3,948	$284,256	added+34%	+0.01 pp	25 q
CMCSAComcast Corp	0.05%	6,181	$285,933	trimmed−29%	−0.01 pp	25 q
PEPPepsiCo, Inc.	0.05%	2,000	$277,200	held	—	5 q
HOPEHope Bancorp, Inc.	0.04%	31,000	$235,135	trimmed−3%	−0.01 pp	6 q
NAVINavient Corporation	0.04%	23,286	$196,767	trimmed−8%	+0.01 pp	25 q
ZDGEZedge, Inc.	0.04%	151,214	$220,772	trimmed−5%	0.00 pp	18 q
KEYKeyCorp	0.02%	10,973	$130,907	trimmed−3%	0.00 pp	5 q
DBDeutsche Bank Aktiengesellschaft	0.02%	10,000	$84,000	new	+0.02 pp	new
CRCrew Energy Inc	0.01%	182,000	$47,320	held	—	7 q
LWAYLifeway Foods Inc	0.01%	10,000	$50,300	held	—	6 q
PEYUFPeyto Expl & Dev Corp	0.01%	35,000	$65,251	held	—	5 q
OBTOrange County Bancorp, Inc.	—	−16,400	—	exited	−0.07 pp	—
unresolvedSb One Banc	—	−20,245	—	exited	−0.07 pp	—
unresolvedCoal Creek Mining	—	−813	—	exited	−0.05 pp	—
GBCIGlacier Bancorp Inc	—	−6,265	—	exited	−0.04 pp	—
AAPLApple Inc.	—	−1,200	—	exited	−0.02 pp	—
NYTNew York Times Co.	—	−1,500	—	exited	−0.01 pp	—
VHIValhi, Inc.	—	−864	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 13 defects · 8 unresolved
Accession: 0001039565-20-000010
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 44625H100
A security outside the official 13F list — CUSIP 030177109 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 172967101 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 226533107 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 32112J106 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 44625H100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 448847309 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 44951N106 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 589331107 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 717046106 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 903514344 not on the Official 13(f) List for 2020-09-30

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