Kahn Brothers Kahn Brothers Group
Kahn Brothers Group is a value investment firm founded in the tradition of Benjamin Graham and long associated with the Kahn family of investors. The firm is known for deep-value security analysis, patience, and a multi-decade orientation to intrinsic value. Its filings are followed by classic value investors seeking Graham-and-Dodd style managers still active in public markets.
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pfizer
PFE
|
+$18.7M |
| 2 |
New York Times
NYT
|
+$16M |
| 3 |
Old Republic International
ORI
|
+$15.8M |
| 4 |
Citigroup
C
|
+$15.2M |
| 5 |
FLG
Flagstar Bank National Association
FLG
|
+$14.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.67% |
| 2 | Healthcare | 21.05% |
| 3 | Communication Services | 12.2% |
| 4 | Energy | 11.02% |
| 5 | Technology | 5.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
New York Times
NYT
$10.6B
| $67.6M | 11.64% |
4,261,658
-1,178,200
| -22% | -$16M |
|
|
2
Pfizer
PFE
$160B
| $58.2M | 10.01% |
2,002,346
-641,088
| -24% | -$18.7M |
|
|
3
Citigroup
C
$221B
| $56M | 9.63% |
1,074,173
-300,800
| -22% | -$15.2M |
|
|
FLG
4
Flagstar Bank National Association
FLG
$5.59B
| $55.1M | 9.48% |
1,089,889
-292,540
| -21% | -$14.2M |
|
|
5
Old Republic International
ORI
$10B
| $42.5M | 7.32% |
2,461,710
-963,218
| -28% | -$15.8M |
|
6
Patterson-UTI
PTEN
$4.71B
| $35.7M | 6.14% |
1,408,280
-562,200
| -29% | -$13.5M |
|
7
Merck
MRK
$376B
| $30.3M | 5.21% |
2,646,594
+1,359,091
| +106% | +$62.1M |
|
|
HOLX
8
DELISTED
Hologic
HOLX
| $30.2M | 5.19% |
1,349,570
-200,200
| -13% | -$4.41M |
|
|
VOXX
9
DELISTED
VOXX International Corporation Class A
VOXX
| $28M | 4.83% |
1,679,342
-657,750
| -28% | -$10.4M |
|
10
MBIA
MBI
$250M
| $25.5M | 4.39% |
2,135,230
-849,550
| -28% | -$9.79M |
|
11
BP
BP
$115B
| $25.3M | 4.36% |
636,635
+38,498
| +6% | +$1.43M |
|
12
Seaboard Corp
SEB
$4.08B
| $25.1M | 4.32% |
8,986
-4,400
| -33% | -$12.2M |
|
|
NTP
13
DELISTED
Nam Tai Property Inc.
NTP
| $19.6M | 3.38% |
2,747,667
-1,000,000
| -27% | -$7.56M |
|
|
STL
14
DELISTED
Sterling Bancorp
STL
| $15.1M | 2.61% |
1,132,740
-6,300
| -0.6% | -$76.6K |
|
15
Novartis
NVS
$302B
| $2.2M | 0.38% |
30,543
-2,232
| -7% | -$155K |
|
|
STRP
16
DELISTED
Straight Path Communications Inc.
STRP
| $2M | 0.34% |
244,047
-91,666
| -27% | -$601K |
|
17
ExxonMobil
XOM
$679B
| $1.81M | 0.31% |
17,934
| – | – |
|
|
FNFG
18
DELISTED
FIRST NIAGARA FINANCIAL GROUP INC
FNFG
| $1.59M | 0.27% |
149,382
-1,000
| -0.7% | -$10.8K |
|
19
BlackBerry
BB
$4.71B
| $1.49M | 0.26% |
200,000
-190,000
| -49% | -$1.34M |
|
20
Bristol-Myers Squibb
BMY
$137B
| $1.47M | 0.25% |
27,650
-650
| -2% | -$33.1K |
|
21
Comcast
CMCSA
$95.3B
| $1.27M | 0.22% |
48,688
-1,160
| -2% | -$27.9K |
|
22
Bank of America
BAC
$431B
| $888K | 0.15% |
57,021
| – | – |
|
23
Chevron
CVX
$403B
| $885K | 0.15% |
7,088
| – | – |
|
24
Astec Industries
ASTE
$1B
| $773K | 0.13% |
20,000
-106,000
| -84% | -$3.76M |
|
25
IBM
IBM
$222B
| $616K | 0.11% |
3,434
| – | – |
|
Similar funds
Kahn Brothers's Q4 2013 Portfolio in Review
As of Q4 2013, Kahn Brothers held 44 positions worth $581M, down 15% from $687M the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Kahn Brothers withdrew a net $91.9M in Q4 2013, closing 2 positions and reducing 30 holdings. Its most notable exit was FIRST PL FINL CORP DEL, an estimated $21 position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Healthcare and Communication Services.
Against the trend, Kahn Brothers added an estimated $62.1M to Merck.
- Kahn Brothers added most to Merck in Q4 2013, an estimated $62.1M increase.
- Kahn Brothers's biggest Q4 2013 reduction was Pfizer, cutting an estimated $18.7M.
- Kahn Brothers fully exited FIRST PL FINL CORP DEL in Q4 2013, selling an estimated $21.
- Kahn Brothers's ten largest holdings make up 74% of its $581M portfolio in Q4 2013.
- Kahn Brothers opened 0 new positions and closed 2 in Q4 2013.
- Kahn Brothers's portfolio value fell 15% quarter-over-quarter to $581M.
Based on Kahn Brothers Group's 13F filing for Q4 2013, filed 4 Feb 2014.