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 Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$790M |
| 2 |
Seaboard Corp
SEB
|
+$25.4M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$23.9M |
| 4 |
Assured Guaranty
AGO
|
+$14.4M |
| 5 |
GSK
GSK
|
+$13.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
New York Times
NYT
|
+$6.67M |
| 2 |
Old Republic International
ORI
|
+$1.02M |
| 3 |
ExxonMobil
XOM
|
+$46.4K |
| 4 |
HOLX
Hologic
HOLX
|
+$34.3K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.03% |
| 2 | Healthcare | 31.85% |
| 3 | Energy | 11.81% |
| 4 | Technology | 7.29% |
| 5 | Consumer Staples | 6.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Merck
MRK
$376B
| $89.5M | 11.19% |
11,183,324
+10,312,033
| +1,184% | +$790M |
|
2
Citigroup
C
$221B
| $77.3M | 9.66% |
1,103,291
+182,664
| +20% | +$12.2M |
|
3
BP
BP
$115B
| $69.8M | 8.73% |
1,702,335
+308,219
| +22% | +$12.9M |
|
|
4
Assured Guaranty
AGO
$3.27B
| $65.9M | 8.24% |
1,566,450
+326,930
| +26% | +$14.4M |
|
|
5
GSK
GSK
$105B
| $64.2M | 8.03% |
1,284,011
+262,771
| +26% | +$13.2M |
|
|
6
Seaboard Corp
SEB
$4.08B
| $54.8M | 6.85% |
13,250
+5,925
| +81% | +$25.4M |
|
|
FLG
7
Flagstar Bank National Association
FLG
$5.59B
| $54.6M | 6.82% |
1,822,597
+393,620
| +28% | +$12.7M |
|
8
MBIA
MBI
$250M
| $52.3M | 6.54% |
5,614,736
+1,202,254
| +27% | +$11.2M |
|
|
9
Bristol-Myers Squibb
BMY
$137B
| $46.2M | 5.77% |
1,018,280
+513,930
| +102% | +$23.9M |
|
10
BlackBerry
BB
$4.71B
| $41.5M | 5.19% |
5,563,690
+1,001,865
| +22% | +$8.7M |
|
11
Pfizer
PFE
$160B
| $34.9M | 4.37% |
849,541
+287,138
| +51% | +$11.4M |
|
12
Patterson-UTI
PTEN
$4.71B
| $22.7M | 2.83% |
1,969,510
+260,381
| +15% | +$3.35M |
|
|
NTP
13
DELISTED
Nam Tai Property Inc.
NTP
| $21.8M | 2.72% |
2,232,705
+356,176
| +19% | +$3.47M |
|
|
VOXX
14
DELISTED
VOXX International Corporation Class A
VOXX
| $16.5M | 2.06% |
3,967,546
+429,789
| +12% | +$1.76M |
|
|
HOLX
15
DELISTED
Hologic
HOLX
| $16.3M | 2.04% |
339,702
-742
| -0.2% | -$34.3K |
|
|
16
New York Times
NYT
$10.6B
| $15.4M | 1.93% |
472,272
-200,240
| -30% | -$6.67M |
|
17
Rafael Holdings
RFL
$112M
| $12.4M | 1.55% |
437,968
+121,565
| +38% | +$2.09M |
|
|
STL
18
DELISTED
Sterling Bancorp
STL
| $11.1M | 1.39% |
522,594
+70,045
| +15% | +$1.44M |
|
|
TPHS
19
DELISTED
Trinity Place Holdings Inc.com
TPHS
| $6.37M | 0.8% |
1,611,867
+660,135
| +69% | +$2.69M |
|
20
Novartis
NVS
$302B
| $2.35M | 0.29% |
25,773
+391
| +2% | +$33.1K |
|
|
21
ExxonMobil
XOM
$679B
| $1.45M | 0.18% |
18,974
-600
| -3% | -$46.4K |
|
|
VRAY
22
DELISTED
ViewRay, Inc.
VRAY
| $991K | 0.12% |
+112,500
| New | +$913K |
|
23
Glacier Bancorp
GBCI
$6.15B
| $749K | 0.09% |
+18,460
| New | +$757K |
|
24
Berkshire Hathaway Class B
BRK.B
$1.06T
| $682K | 0.09% |
+3,200
| New | +$662K |
|
25
Chevron
CVX
$403B
| $569K | 0.07% |
4,576
+428
| +10% | +$51.8K |
|
Similar funds
Kahn Brothers's Q2 2019 Portfolio in Review
As of Q2 2019, Kahn Brothers held 45 positions worth $800M, up 25% from $640M the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Kahn Brothers deployed $953M of net new capital in Q2 2019, opening 13 new positions and adding to 27 existing holdings. Its largest new stake was ViewRay, Inc.: 112,500 shares worth $991K.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 33% a quarter earlier, followed by Healthcare and Energy.
On the sell side, the largest reduction was New York Times, an estimated $6.67M trimmed.
- Kahn Brothers's largest Q2 2019 buy was ViewRay, Inc.: 112,500 shares worth $991K.
- Kahn Brothers added most to Merck in Q2 2019, an estimated $790M increase.
- Kahn Brothers's biggest Q2 2019 reduction was New York Times, cutting an estimated $6.67M.
- Kahn Brothers fully exited Old Republic International in Q2 2019, selling an estimated $1.02M.
- Kahn Brothers's ten largest holdings make up 77% of its $800M portfolio in Q2 2019.
- Kahn Brothers opened 13 new positions and closed 1 in Q2 2019.
- Kahn Brothers's portfolio value rose 25% quarter-over-quarter to $800M.
Based on Kahn Brothers Group's 13F filing for Q2 2019, filed 5 Aug 2019.