Kahn Brothers

Q3 2025 13F · by Thomas Kahn, portfolio manager

As of: Sep 30, 2025
Filed: Nov 12, 2025
US stock: $532M · prev $498M
Positions: 53 · prev 50
Options notional: $0
Documents: 1· no amendments

Picture88.5% US stock

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

US stock listed on a US exchange 88.5%
Foreign stock not listed in the US 11.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves39 since the prior filing

+8.6 pp in · −8.5 pp out

New 5 +4.12 pp
Added 5 +4.45 pp
Trimmed 27 −8.46 pp
Exited 2 −0.04 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions52% of US stock

Positions53 in this filing · 2 exited


CCitigroup Inc.	16.73%	876,660	$89M	trimmed−1%	+1.57 pp	3 q
BAYRYBayer AG S/	10.58%	6,787,253	$56M	added+1%	+0.39 pp	3 q
FLGFlagstar Bank, National Association	9.33%	4,296,752	$50M	trimmed−1%	+0.13 pp	3 q
DISThe Walt Disney Company	8.49%	394,524	$45M	added+1%	−1.28 pp	3 q
OGNOrganon & Co.	7.26%	3,616,845	$39M	added+4%	+0.48 pp	3 q
BPBP p.l.c.	7.03%	1,085,607	$37M	trimmed−4%	+0.24 pp	3 q
MRKMerck & Co., Inc.	6.85%	433,750	$36M	trimmed−12%	−0.95 pp	3 q
GOOGAlphabet Inc. Class C	6.17%	134,722	$33M	added+90%	+4.85 pp	2 q
SEBSeaboard Corporation	5.30%	7,724	$28M	trimmed−10%	+0.35 pp	3 q
IDTIDT Corporation Class B	3.86%	392,357	$21M	trimmed−1%	−1.58 pp	3 q
PFEPfizer Inc.	3.39%	707,144	$18M	trimmed−3%	−0.17 pp	3 q
SEGSeaport Entertainment Group Inc.	2.51%	583,364	$13M	new	+2.51 pp	new
BMYBristol-Myers Squibb Co.	2.31%	272,334	$12M	trimmed−51%	−2.81 pp	3 q
GSKGSK plc	2.12%	260,837	$11M	trimmed−60%	−2.97 pp	2 q
PTENPatterson-UTI Energy Inc	1.84%	1,885,460	$10M	trimmed−2%	−0.44 pp	3 q
MBIMBIA Inc.	1.44%	1,029,794	$8M	new	+1.44 pp	new
GNEGenie Energy Ltd	0.54%	191,872	$3M	trimmed−4%	−0.53 pp	3 q
XOMExxon Mobil Corp	0.38%	17,943	$2M	trimmed−6%	−0.03 pp	3 q
NVSNovartis AG	0.35%	14,326	$2M	trimmed−22%	−0.10 pp	3 q
FRFHFFairfax Fincl Hldg S/VTG	0.34%	1,018	$2M	held	—	3 q
WEDWebster Financial Corp	0.34%	30,173	$2M	added0%	+0.01 pp	3 q
CSXCSX Corporation	0.27%	40,731	$1M	held	—	3 q
FBAKFirst Nb Alaska	0.26%	4,990	$1M	trimmed−21%	−0.07 pp	3 q
TRMLFTourmaline Oil Corp	0.20%	24,409	$1M	trimmed−13%	−0.07 pp	3 q
MSFTMicrosoft Corp	0.19%	1,905	$986,694	held	—	3 q
JPMJPMorgan Chase & Co.	0.16%	2,668	$841,567	trimmed−4%	0.00 pp	2 q
AAPLApple Inc.	0.14%	2,992	$761,852	held	—	3 q
ARAntero Resources Corporation	0.11%	17,842	$598,777	trimmed−28%	−0.09 pp	3 q
BACBank of America Corporation	0.11%	11,126	$573,990	trimmed−6%	0.00 pp	3 q
HLNHaleon plc	0.11%	68,027	$610,202	trimmed−43%	−0.14 pp	3 q
SEICSEI Investments Co	0.11%	6,596	$559,670	held	—	3 q
IBMInternational Business Machines Corporation	0.08%	1,508	$425,497	held	—	3 q
PEYUFPeyto Expl & Dev Corp	0.08%	31,857	$415,157	trimmed−1%	−0.01 pp	3 q
AXPAmerican Express Company	0.07%	1,150	$381,984	new	+0.07 pp	new
AMAntero Midstream Corporation	0.07%	18,856	$366,560	held	—	3 q
DBDeutsche Bank Aktiengesellschaft	0.07%	10,000	$354,100	held	—	3 q
CVXChevron Corporation	0.06%	2,003	$311,045	trimmed−2%	0.00 pp	3 q
NVDANvidia Corp	0.06%	1,740	$324,784	new	+0.06 pp	new
PNCPNC Financial Services Group	0.06%	1,457	$292,755	trimmed−3%	0.00 pp	3 q
PEGPublic Service Enterprise Group Incorporated	0.06%	3,624	$302,459	held	—	3 q
VZVerizon Communications	0.06%	7,237	$318,066	trimmed−6%	−0.01 pp	3 q
BXBlackstone Inc.	0.05%	1,500	$256,275	held	—	3 q
NAVINavient Corporation	0.05%	20,600	$270,890	held	—	3 q
PEPPepsiCo, Inc.	0.05%	1,800	$252,792	held	—	3 q
PGProcter & Gamble Company	0.05%	1,767	$271,499	held	—	3 q
WRLCWindrock Ld Co	0.05%	569	$253,216	held	—	3 q
ZDGEZedge, Inc.	0.05%	82,904	$241,250	trimmed−2%	−0.02 pp	3 q
BNBrookfield Corporation	0.04%	3,380	$231,998	new	+0.04 pp	new
CMCSAComcast Corp	0.04%	6,380	$200,459	held	—	2 q
OBTOrange County Bancorp, Inc.	0.04%	8,000	$201,680	held	—	2 q
PIFYFPine Cliff Energy Ltd	0.04%	520,000	$235,479	trimmed−2%	−0.01 pp	2 q
RFLRafael Holdings, Inc. Class B	0.04%	158,674	$215,796	trimmed−1%	−0.02 pp	3 q
AGOAssured Guaranty, LTD	0.04%	2,590	$219,243	trimmed−94%	−0.73 pp	3 q
AIGAmerican International Group, Inc.	—	−2,349	—	exited	−0.04 pp	—
unresolvedTrinity Pl Hldgs Inc	—	−166,999	—	exited	0.00 pp	—