Funds › Kahn Brothers › Q3 2013Kahn Brothers 13F holdings, Q3 2013 Kahn Brothers disclosed 44 US equity positions worth $687.3m in its Q3 2013 13F filing. Its largest position is PFE at 10.5% of the reported book, followed by NYT and CITIGROUP. Versus Q2 2013 it opened 2 new positions, added to 8, reduced 14 and exited 5.
$687m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
44 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.5% Largest position The largest single position as a share of the reported equity book.
76.2% Top 10 weight The ten largest positions together, as a share of the reported equity book.
15 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
53 Quarters on file since Q2 2013 Quarters for which this manager's 13F holdings are on record. Holdings Against Q2 2013: 2 new , 8 added , 14 reduced , 5 exited
44 rows
Stock Sector Weight Value Shares Δ shares Action PFE PFIZER INC Healthcare 10.5% $72.0m 2.51m −1.3% reduced NYT NEW YORK TIMES CO Communication Services 9.9% $68.4m 5.44m +1.0% added CITIGROUP no ticker – 9.7% $66.7m 1.37m +1.1% added NYCBEUR NEW YORK CMNTY BANCORP INC – 9.1% $62.7m 4.15m +3.5% added MERCK no ticker – 8.5% $58.5m 1.23m +1.1% added ORI OLD REP INTL CORP Financial Services 7.7% $52.7m 3.42m +0.4% held PTEN PATTERSON-UTI ENERGY INC Energy 6.1% $42.1m 1.97m +1.6% added SEB SEABOARD CORP DEL Industrials 5.4% $36.8m 13,386 −4.4% reduced VOXXGUSD VOXX INTL CORP – 4.7% $32.0m 2.34m 0.0% held HO1 HOLOGIC INC – 4.7% $32.0m 1.55m +0.5% added MBI MBIA INC Financial Services 4.4% $30.5m 2.98m +0.6% added SLM CORP no ticker – 3.9% $26.5m 1.07m −30% reduced BP PLC no ticker – 3.0% $20.6m 489,255 +540% added NAM TAI ELECTRS INC no ticker – 2.9% $20.1m 3.75m +0.3% held PROVIDENT BANCORP no ticker – 1.8% $12.4m 1.14m 0.0% held IDT CORP CL B no ticker – 1.7% $11.9m 671,536 +0.3% held GENIE ELECTRIC no ticker – 0.9% $6.5m 658,988 −0.7% reduced ASTEC INDUS no ticker – 0.7% $4.5m 126,000 0.0% held U S G CORP no ticker – 0.5% $3.4m 120,000 0.0% held RSTK TRINITY PLACE HLDGS no ticker – 0.5% $3.4m 750,615 0.0% held BB BLACKBERRY LTD Technology 0.5% $3.1m 390,000 – new NVS NOVARTIS AG Healthcare 0.3% $2.3m 29,368 −3.3% reduced TPHS TRINITY PL HLDGS INC Real Estate 0.3% $2.0m 442,842 0.0% held STRAIGHT PATH COMMUNICATNS I no ticker – 0.3% $1.8m 335,713 – new LANDMARK SAVINGS BANK no ticker – 0.2% $1.7m 80,042 −8.5% reduced EXMOC EXXON MOBIL CORP – 0.2% $1.5m 17,934 0.0% held FIRST NIAGARA FINL GP INC no ticker – 0.2% $1.3m 150,382 −11% reduced BMY BRISTOL-MYERS SQUIBB CO Healthcare 0.2% $1.3m 28,300 −49% reduced CMCSA COMCAST CORP NEW Communication Services 0.2% $1.1m 24,924 −1.4% reduced PHI INC NON-VOTING no ticker – 0.2% $1.1m 28,280 −5.0% reduced MONSANTO no ticker – 0.1% $929k 8,898 0.0% held CVX CHEVRON CORPORATION Energy 0.1% $861k 7,088 −11% reduced BANK OF AMERICA no ticker – 0.1% $787k 57,021 0.0% held IBM INTERNATIONAL BUSINESS MACHS Technology 0.09% $608k 3,283 0.0% held CTM MEDIA CL A no ticker – 0.09% $607k 10,416 +0.4% held AMERICAN TEL & TEL no ticker – 0.08% $556k 16,452 −0.2% held QUESTAR CORP no ticker – 0.05% $359k 15,950 0.0% held GE GENERAL ELECTRIC CO Industrials 0.05% $358k 15,000 0.0% held NEU NEWMARKET CORP Basic Materials 0.05% $314k 1,090 −5.6% reduced FL8 FLUSHING FINL CORP – 0.04% $293k 15,856 −77% reduced KEY KEYCORP Financial Services 0.04% $271k 23,791 −8.6% reduced ASTORIA FINANCIAL no ticker – 0.03% $220k 17,685 0.0% held VOLVO no ticker – 0.02% $150k 10,000 0.0% held FIRST PLACE FINANCIAL no ticker – 0.0% $21 13,426 0.0% held
Exited since Q2 2013 5 rows
Stock Prior weight Prior value DCOMUSD DIME CMNTY BANCSHARES INC 0.1% $899k TCF FINL CORP no ticker 0.05% $345k TRV TRAVELERS COMPANIES INC 0.02% $160k CFS BANCORP INC no ticker 0.01% $90.3k AMBAC FINANCIAL no ticker 0.0% $3.8k
Sector mix Unclassified 54.2% Financial Services 12.2% Healthcare 11.0% Communication Services 10.1% Energy 6.3% Industrials 5.4% Technology 0.5% Real Estate 0.3% Basic Materials 0.05% Book over time Every quarter on file (53) Where Kahn Brothers was early Concentration and tenure
11.0% Median largest position, all quarters The largest single position as a share of the reported equity book.
78.0% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
9 Median completed holding, quarters