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Kahn Brothers

Q4 2025 13F · by Thomas Kahn, portfolio manager

As of
Dec 31, 2025
Filed
Feb 12, 2026
US stock
$565M · prev $532M
Positions
54 · prev 53
Options notional
$0
Documents
1· no amendments

Picture86.0% US stock

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

  • US stock listed on a US exchange 86.0%
  • Foreign stock not listed in the US 13.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves41 since the prior filing

The book

Concentrated · behaves like 11 equal-sized positions

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

Low turnover · 1.2% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions56% of US stock

  1. C Citigroup Inc. trimmed+1.38 pp trimmed+1.3818.1%
  2. BAYRY Bayer AG S/ trimmed+2.36 pp trimmed+2.3612.9%
  3. FLG Flagstar Bank, National Association trimmed−0.02 pp trimmed−0.029.3%
  4. MRK Merck & Co., Inc. trimmed+1.17 pp trimmed+1.178.0%
  5. DIS The Walt Disney Company trimmed−0.54 pp trimmed−0.548.0%

Positions54 in this filing · 0 exited

CCitigroup Inc.18.11%876,278$102Mtrimmed−0%+1.38 pp4 q
BAYRYBayer AG S/12.94%6,754,291$73Mtrimmed−0%+2.36 pp4 q
FLGFlagstar Bank, National Association9.31%4,177,212$53Mtrimmed−3%−0.02 pp4 q
MRKMerck & Co., Inc.8.02%430,103$45Mtrimmed−1%+1.17 pp4 q
DISThe Walt Disney Company7.95%394,369$45Mtrimmed−0%−0.54 pp4 q
GOOGAlphabet Inc. Class C7.52%135,416$42Madded+1%+1.35 pp3 q
BPBP p.l.c.6.39%1,038,402$36Mtrimmed−4%−0.64 pp4 q
SEBSeaboard Corporation5.73%7,285$32Mtrimmed−6%+0.43 pp4 q
OGNOrganon & Co.4.61%3,629,451$26Madded0%−2.65 pp4 q
IDTIDT Corporation Class B3.55%392,011$20Mtrimmed−0%−0.31 pp4 q
PFEPfizer Inc.2.44%553,950$14Mtrimmed−22%−0.95 pp4 q
SEGSeaport Entertainment Group Inc.2.05%586,170$12Madded0%−0.46 pp2 q
BMYBristol-Myers Squibb Co.1.93%202,196$11Mtrimmed−26%−0.38 pp4 q
PTENPatterson-UTI Energy Inc1.88%1,742,013$11Mtrimmed−8%+0.04 pp4 q
GSKGSK plc1.55%178,696$9Mtrimmed−31%−0.57 pp3 q
MBIMBIA Inc.1.30%1,028,784$7Mtrimmed−0%−0.14 pp2 q
GNEGenie Energy Ltd0.46%190,312$3Mtrimmed−1%−0.08 pp4 q
XOMExxon Mobil Corp0.43%20,217$2Madded+13%+0.05 pp4 q
FRFHFFairfax Fincl Hldg S/VTG0.34%1,018$2Mheld—4 q
NVSNovartis AG0.33%13,678$2Mtrimmed−5%−0.02 pp4 q
WEDWebster Financial Corp0.33%29,833$2Mtrimmed−1%−0.01 pp4 q
FBAKFirst Nb Alaska0.26%4,920$1Mtrimmed−1%0.00 pp4 q
CSXCSX Corporation0.24%37,531$1Mtrimmed−8%−0.03 pp4 q
TRMLFTourmaline Oil Corp0.21%26,959$1Madded+10%+0.01 pp4 q
JPMJPMorgan Chase & Co.0.20%3,468$1Madded+30%+0.04 pp3 q
MSFTMicrosoft Corp0.20%2,392$1Madded+26%+0.01 pp4 q
AAPLApple Inc.0.15%3,092$840,591added+3%+0.01 pp4 q
HLNHaleon plc0.12%65,321$660,395trimmed−4%+0.01 pp4 q
BACBank of America Corporation0.10%10,484$576,620trimmed−6%−0.01 pp4 q
SEICSEI Investments Co0.10%6,596$541,003held—4 q
PEYUFPeyto Expl & Dev Corp0.09%31,857$527,850held—4 q
PNCPNC Financial Services Group0.08%2,257$471,103added+55%+0.02 pp4 q
DBDeutsche Bank Aktiengesellschaft0.07%10,000$385,600held—4 q
AMAntero Midstream Corporation0.06%18,856$335,448held—4 q
BXBlackstone Inc.0.06%2,300$354,522added+53%+0.01 pp4 q
IBMInternational Business Machines Corporation0.06%1,228$363,745trimmed−19%−0.02 pp4 q
NVDANvidia Corp0.06%1,740$324,680held—2 q
PEGPublic Service Enterprise Group Incorporated0.06%4,424$355,247added+22%0.00 pp4 q
VZVerizon Communications0.06%8,147$331,827added+13%0.00 pp4 q
CVXChevron Corporation0.05%2,003$305,277held—4 q
NAVINavient Corporation0.05%20,600$267,800held—4 q
PEPPepsiCo, Inc.0.05%1,800$258,336held—4 q
PIFYFPine Cliff Energy Ltd0.05%520,000$307,310held—3 q
PGProcter & Gamble Company0.05%1,867$267,559added+6%0.00 pp4 q
ZDGEZedge, Inc.0.05%82,558$270,790trimmed−0%0.00 pp4 q
AGOAssured Guaranty, LTD0.05%3,110$279,495added+20%+0.01 pp4 q
AXPAmerican Express Company0.04%610$225,669trimmed−47%−0.03 pp2 q
ARAntero Resources Corporation0.04%6,242$215,099trimmed−65%−0.07 pp4 q
BNBrookfield Corporation0.04%5,070$233,117held—2 q
CMCSAComcast Corp0.04%7,025$209,977added+10%0.00 pp3 q
OBTOrange County Bancorp, Inc.0.04%8,000$228,400held—3 q
WRLCWindrock Ld Co0.04%569$250,360held—4 q
RFLRafael Holdings, Inc. Class B0.01%59,246$69,910trimmed−63%−0.03 pp4 q
unresolvedTphgreenwich Trust Uni0.00%166,999$0new0.00 ppnew

Source

Form
13F-HR
Reading
8 defects · 1 unresolved
Accession
0001039565-26-000001
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 008997017 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 072730302 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 303901102 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 32112J106 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 717046106 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 722524105 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 89156V106 not on the Official 13(f) List for 2025-12-31
  • A security outside the official 13F list — CUSIP 97349V107 not on the Official 13(f) List for 2025-12-31