Funds › Kahn Brothers › Q3 2014Kahn Brothers 13F holdings, Q3 2014 Kahn Brothers disclosed 44 US equity positions worth $614.8m in its Q3 2014 13F filing. Its largest position is MERCK at 10.7% of the reported book, followed by CITIGROUP and PFE. Versus Q2 2014 it opened 1 new position, added to 4, reduced 26 and exited 0.
$615m 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.
10.7% Largest position The largest single position as a share of the reported equity book.
73.2% 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 2014: 1 new , 4 added , 26 reduced , 0 exited
44 rows
Stock Sector Weight Value Shares Δ shares Action MERCK no ticker – 10.7% $65.8m 1.11m −1.0% reduced CITIGROUP no ticker – 10.4% $63.7m 1.23m −11% reduced PFE PFIZER INC Healthcare 9.5% $58.7m 1.99m −6.6% reduced NYCBEUR NEW YORK CMNTY BANCORP INC – 9.1% $55.9m 3.52m −5.4% reduced NYT NEW YORK TIMES CO Communication Services 8.1% $49.7m 4.43m −1.9% reduced HO1 HOLOGIC INC – 6.1% $37.5m 1.54m 0.0% held BP PLC no ticker – 6.0% $37.1m 844,455 −6.8% reduced ORI OLD REP INTL CORP Financial Services 4.9% $30.3m 2.12m −6.5% reduced SEB SEABOARD CORP DEL Industrials 4.6% $28.5m 10,660 −6.2% reduced NAM TAI PPTY INC no ticker – 3.7% $22.6m 3.73m −1.2% reduced MBI MBIA INC Financial Services 3.5% $21.5m 2.34m −7.3% reduced PTEN PATTERSON-UTI ENERGY INC Energy 3.3% $20.4m 626,254 −31% reduced VOXXGUSD VOXX INTL CORP – 2.9% $18.0m 1.94m −6.1% reduced STL STERLING BANCORP DEL – 2.9% $17.8m 1.39m −0.6% reduced NAVI NAVIENT CORPORATION Financial Services 2.6% $15.9m 899,585 −1.4% reduced BB BLACKBERRY LTD Technology 2.5% $15.5m 1.56m −6.8% reduced IDT CORP CL B no ticker – 1.7% $10.6m 656,945 −1.2% reduced SLM CORP no ticker – 1.3% $7.7m 897,925 −1.5% reduced TPHS TRINITY PL HLDGS INC Real Estate 1.2% $7.2m 1.20m 0.0% held STRAIGHT PATH COMMUNICATNS I no ticker – 0.8% $5.2m 331,502 −0.8% reduced GENIE ELECTRIC no ticker – 0.7% $4.2m 595,318 −9.1% reduced NVS NOVARTIS AG Healthcare 0.5% $2.9m 30,368 +15% added GLAXOSMITHKLINE no ticker – 0.4% $2.3m 51,000 – new EXMOC EXXON MOBIL CORP – 0.3% $1.7m 17,684 0.0% held LANDMARK SAVINGS BANK no ticker – 0.3% $1.6m 68,606 −2.7% reduced CMCSA COMCAST CORP NEW Communication Services 0.2% $1.4m 26,435 +9.0% added BMY BRISTOL-MYERS SQUIBB CO Healthcare 0.2% $1.4m 27,650 0.0% held IBM INTERNATIONAL BUSINESS MACHS Technology 0.2% $1.4m 7,258 +123% added FIRST NIAGARA FINL GP INC no ticker – 0.2% $1.1m 138,045 0.0% held MONSANTO no ticker – 0.2% $1000k 8,888 0.0% held BANK OF AMERICA no ticker – 0.2% $933k 54,749 −1.3% reduced CVX CHEVRON CORPORATION Energy 0.1% $762k 6,388 0.0% held CTM MEDIA CL A no ticker – 0.1% $751k 10,284 −0.6% reduced PHI INC NON-VOTING no ticker – 0.1% $625k 15,200 −46% reduced U S G CORP no ticker – 0.08% $522k 19,000 0.0% held ASTEC INDUS no ticker – 0.07% $438k 12,000 0.0% held AMERICAN TEL & TEL no ticker – 0.07% $434k 12,324 −22% reduced GE GENERAL ELECTRIC CO Industrials 0.06% $384k 15,000 0.0% held QUESTAR CORP no ticker – 0.06% $356k 15,950 0.0% held NEU NEWMARKET CORP Basic Materials 0.06% $343k 900 −5.3% reduced FL8 FLUSHING FINL CORP – 0.05% $284k 15,519 +53% added ASTORIA FINANCIAL no ticker – 0.04% $219k 17,685 0.0% held KEY KEYCORP Financial Services 0.03% $208k 15,573 −16% reduced VOLVO no ticker – 0.02% $109k 10,000 0.0% held
Sector mix Unclassified 58.3% Financial Services 11.0% Healthcare 10.2% Communication Services 8.3% Industrials 4.7% Energy 3.4% Technology 2.7% Real Estate 1.2% Basic Materials 0.06% 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