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 |
Patterson-UTI
PTEN
|
+$3.5M |
| 2 |
Assured Guaranty
AGO
|
+$2.3M |
| 3 |
BP
BP
|
+$1.45M |
| 4 |
Provident Financial Services
PFS
|
+$370K |
| 5 |
Deutsche Bank
DB
|
+$93.7K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$10M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$4.8M |
| 3 |
GSK
GSK
|
+$4.46M |
| 4 |
Citigroup
C
|
+$4.11M |
| 5 |
Seaboard Corp
SEB
|
+$3.62M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 39.37% |
| 2 | Financials | 27.52% |
| 3 | Energy | 10.37% |
| 4 | Technology | 9.92% |
| 5 | Consumer Staples | 6.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Merck
MRK
$376B
| $66.6M | 12.62% |
841,344
-128,039
| -13% | -$10M |
|
|
2
Bristol-Myers Squibb
BMY
$137B
| $56.4M | 10.7% |
935,977
-79,827
| -8% | -$4.8M |
|
|
3
GSK
GSK
$105B
| $52.9M | 10.04% |
1,125,351
-88,983
| -7% | -$4.46M |
|
|
FLG
4
Flagstar Bank National Association
FLG
$5.59B
| $39.8M | 7.54% |
1,602,725
-112,628
| -7% | -$3.22M |
|
|
5
Citigroup
C
$221B
| $36.7M | 6.96% |
851,141
-82,574
| -9% | -$4.11M |
|
|
6
Assured Guaranty
AGO
$3.27B
| $35.4M | 6.71% |
1,646,846
+104,553
| +7% | +$2.3M |
|
|
7
BP
BP
$115B
| $34.5M | 6.54% |
1,975,239
+66,776
| +3% | +$1.45M |
|
|
8
Seaboard Corp
SEB
$4.08B
| $31.7M | 6.01% |
11,170
-1,276
| -10% | -$3.62M |
|
9
MBIA
MBI
$250M
| $28.2M | 5.34% |
4,648,274
-334,477
| -7% | -$2.47M |
|
|
VOXX
10
DELISTED
VOXX International Corporation Class A
VOXX
| $27.2M | 5.15% |
3,532,376
-203,918
| -5% | -$1.36M |
|
11
Pfizer
PFE
$160B
| $25.4M | 4.82% |
729,941
-75,859
| -9% | -$2.66M |
|
12
BlackBerry
BB
$4.71B
| $25M | 4.73% |
5,439,576
-275,010
| -5% | -$1.33M |
|
|
13
Patterson-UTI
PTEN
$4.71B
| $19.3M | 3.67% |
6,783,809
+952,774
| +16% | +$3.5M |
|
|
NTP
14
DELISTED
Nam Tai Property Inc.
NTP
| $16.1M | 3.06% |
1,724,444
-159,450
| -8% | -$1.38M |
|
15
Rafael Holdings
RFL
$112M
| $6.41M | 1.22% |
401,281
-24,899
| -6% | -$388K |
|
|
STL
16
DELISTED
Sterling Bancorp
STL
| $3.17M | 0.6% |
301,014
-68,491
| -19% | -$776K |
|
|
HOLX
17
DELISTED
Hologic
HOLX
| $2.82M | 0.53% |
42,446
-40,073
| -49% | -$2.54M |
|
18
Novartis
NVS
$302B
| $1.97M | 0.37% |
22,698
| – | – |
|
|
TPHS
19
DELISTED
Trinity Place Holdings Inc.com
TPHS
| $1.86M | 0.35% |
1,321,638
-240,838
| -15% | -$339K |
|
|
VRAY
20
DELISTED
ViewRay, Inc.
VRAY
| $1.5M | 0.28% |
428,055
-177,495
| -29% | -$494K |
|
21
Verizon
VZ
$205B
| $957K | 0.18% |
16,094
-1,921
| -11% | -$112K |
|
22
Berkshire Hathaway Class B
BRK.B
$1.06T
| $692K | 0.13% |
3,250
-75
| -2% | -$15.3K |
|
23
ExxonMobil
XOM
$679B
| $622K | 0.12% |
18,120
| – | – |
|
24
Bank of America
BAC
$431B
| $342K | 0.06% |
14,207
-3,576
| -20% | -$89K |
|
|
25
Provident Financial Services
PFS
$3.09B
| $335K | 0.06% |
+27,472
| New | +$370K |
|
Similar funds
Kahn Brothers's Q3 2020 Portfolio in Review
As of Q3 2020, Kahn Brothers held 49 positions worth $528M, down 11% from $592M the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Kahn Brothers withdrew a net $38.7M in Q3 2020, closing 7 positions and reducing 30 holdings. Its most notable exit was SB One Bancorp Common Stock, an estimated $399K position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 39% of assets, up from 38% a quarter earlier, followed by Financials and Energy.
Against the trend, Kahn Brothers opened a new position in Provident Financial Services worth $335K.
- Kahn Brothers's largest Q3 2020 buy was Provident Financial Services: 27,472 shares worth $335K.
- Kahn Brothers added most to Patterson-UTI in Q3 2020, an estimated $3.5M increase.
- Kahn Brothers's biggest Q3 2020 reduction was Merck, cutting an estimated $10M.
- Kahn Brothers fully exited SB One Bancorp Common Stock in Q3 2020, selling an estimated $399K.
- Kahn Brothers's ten largest holdings make up 78% of its $528M portfolio in Q3 2020.
- Kahn Brothers opened 2 new positions and closed 7 in Q3 2020.
- Kahn Brothers's portfolio value fell 11% quarter-over-quarter to $528M.
Based on Kahn Brothers Group's 13F filing for Q3 2020, filed 6 Nov 2020.