Kahn Brothers

Q1 2025 13F · by Thomas Kahn, portfolio manager

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $494M · prev $581M
Positions: 55 · prev 53
Options notional: $0
Documents: 1· no amendments

Picture84.5% US stock

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

US stock listed on a US exchange 84.5%
Foreign stock not listed in the US 15.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves51 since the prior filing

+6.3 pp in · −6.5 pp out

New 7 +0.48 pp
Added 10 +5.83 pp
Trimmed 29 −6.19 pp
Exited 5 −0.34 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions47% of US stock

Positions55 in this filing · 5 exited


CCitigroup Inc.	12.59%	876,803	$62M	trimmed−26%	−0.20 pp	new
FLGFlagstar Bank, National Association	9.91%	4,216,986	$49M	added0%	+1.77 pp	new
MRKMerck & Co., Inc.	8.94%	492,275	$44M	trimmed−15%	−2.41 pp	new
BAYRYBayer AG S/	8.00%	6,573,693	$40M	added+27%	+0.47 pp	new
BPBP p.l.c.	7.86%	1,149,967	$39M	trimmed−28%	−0.73 pp	new
OGNOrganon & Co.	7.51%	2,493,384	$37M	added+36%	+1.46 pp	new
BMYBristol-Myers Squibb Co.	7.37%	597,428	$36M	trimmed−28%	+0.01 pp	new
DISThe Walt Disney Company	6.95%	348,175	$34M	trimmed−14%	+0.23 pp	new
unresolvedGlaxosmithkline PLC	6.44%	822,227	$32M	trimmed−22%	−1.02 pp	new
SEBSeaboard Corporation	4.81%	8,825	$24M	trimmed−2%	−0.07 pp	new
IDTIDT Corporation Class B	3.79%	365,536	$19M	added+11%	+1.62 pp	new
PFEPfizer Inc.	3.77%	735,189	$19M	trimmed−26%	−1.20 pp	new
AGOAssured Guaranty, LTD	3.31%	185,631	$16M	trimmed−37%	−0.73 pp	new
PTENPatterson-UTI Energy Inc	3.22%	1,937,260	$16M	trimmed−14%	+0.26 pp	new
GNEGenie Energy Ltd	0.62%	202,608	$3M	trimmed−30%	−0.19 pp	new
NVSNovartis AG	0.49%	21,909	$2M	added+25%	+0.14 pp	new
HLNHaleon plc	0.38%	184,309	$2M	trimmed−24%	−0.06 pp	new
WEDWebster Financial Corp	0.34%	32,254	$2M	added+50%	+0.17 pp	new
XOMExxon Mobil Corp	0.33%	13,818	$2M	trimmed−4%	+0.04 pp	new
FRFHFFairfax Fincl Hldg S/VTG	0.30%	1,018	$1M	held	—	new
FBAKFirst Nb Alaska	0.30%	6,290	$1M	added+32%	+0.13 pp	new
CSXCSX Corporation	0.29%	48,731	$1M	trimmed−2%	−0.01 pp	new
HOLXHologic Inc	0.25%	19,757	$1M	trimmed−23%	−0.11 pp	new
ARAntero Resources Corporation	0.20%	24,906	$1M	trimmed−17%	+0.05 pp	new
TRMLFTourmaline Oil Corp	0.17%	17,209	$830,000	new	+0.17 pp	new
BACBank of America Corporation	0.15%	17,275	$721,344	trimmed−7%	+0.02 pp	new
unresolvedJp Morgan Chase	0.14%	2,865	$703,000	trimmed−3%	+0.03 pp	new
MSFTMicrosoft Corp	0.14%	1,839	$690,620	held	—	new
AAPLApple Inc.	0.13%	2,792	$620,000	added+12%	+0.03 pp	new
SEICSEI Investments Co	0.10%	6,596	$512,000	added+28%	+0.04 pp	new
IBMInternational Business Machines Corporation	0.08%	1,508	$374,816	held	—	new
AMAntero Midstream Corporation	0.07%	18,856	$339,000	held	—	new
COFCapital One Financial	0.07%	1,971	$353,000	new	+0.07 pp	new
CVXChevron Corporation	0.07%	2,053	$343,000	new	+0.07 pp	new
PEGPublic Service Enterprise Group Incorporated	0.07%	4,374	$360,000	trimmed−3%	0.00 pp	new
VZVerizon Communications	0.07%	7,863	$357,000	trimmed−28%	−0.01 pp	new
CIThe Cigna Group	0.06%	841	$276,689	trimmed−11%	0.00 pp	new
PGProcter & Gamble Company	0.06%	1,700	$290,000	held	—	new
RFLRafael Holdings, Inc. Class B	0.06%	162,292	$303,234	trimmed−39%	−0.03 pp	new
LWAYLifeway Foods Inc	0.05%	10,000	$244,000	held	—	new
NAVINavient Corporation	0.05%	20,600	$260,178	trimmed−6%	−0.01 pp	new
PNCPNC Financial Services Group	0.05%	1,497	$263,000	added+3%	0.00 pp	new
PEPPepsiCo, Inc.	0.05%	1,800	$270,000	trimmed−5%	−0.01 pp	new
PEYUFPeyto Expl & Dev Corp	0.05%	19,807	$251,000	held	—	new
WRLCWindrock Ld Co	0.05%	569	$259,000	new	+0.05 pp	new
DBDeutsche Bank Aktiengesellschaft	0.05%	10,000	$238,000	held	—	new
AIGAmerican International Group, Inc.	0.04%	2,349	$204,000	new	+0.04 pp	new
BXBlackstone Inc.	0.04%	1,500	$210,000	new	+0.04 pp	new
WEYSWeyco Group Inc	0.04%	7,197	$219,000	new	+0.04 pp	new
ZDGEZedge, Inc.	0.04%	85,621	$199,941	trimmed−22%	−0.03 pp	new
NTPIFNam Tai Property Inc	0.04%	36,040	$204,000	trimmed−58%	0.00 pp	new
GTXGarrett Motion Inc.	0.02%	12,318	$103,000	trimmed−13%	0.00 pp	new
TPHSTrinity Place Hldgs Inc	0.01%	591,466	$28,967	trimmed−61%	0.00 pp	new
unresolvedIdw Media	0.00%	36,419	$11,306	trimmed−43%	−0.01 pp	new
VRAYQViewray Inc	0.00%	353,744	$0	held	—	new
CRCrew Energy Inc	—	−150,780	—	exited	−0.14 pp	—
VOXXVOXX International Corporation Class A	—	−103,808	—	exited	−0.11 pp	—
OBTOrange County Bancorp, Inc.	—	−8,000	—	exited	−0.04 pp	—
VTRSViatris Inc.	—	−13,623	—	exited	−0.03 pp	—
PIFYFPine Cliff Energy Ltd	—	−129,731	—	exited	−0.02 pp	—