Funds › Kahn Brothers › Q4 2014Kahn Brothers 13F holdings, Q4 2014 Kahn Brothers disclosed 44 US equity positions worth $580.2m in its Q4 2014 13F filing. Its largest position is CITIGROUP at 11.1% of the reported book, followed by MERCK and PFE. Versus Q3 2014 it opened 0 new positions, added to 5, reduced 29 and exited 0.
$580m 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.
11.1% Largest position The largest single position as a share of the reported equity book.
74.8% 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 Q3 2014: 0 new , 5 added , 29 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action CITIGROUP no ticker – 11.1% $64.4m 1.19m −3.1% reduced MERCK no ticker – 10.3% $59.8m 1.05m −5.1% reduced PFE PFIZER INC Healthcare 10.1% $58.7m 1.88m −5.1% reduced NYT NEW YORK TIMES CO Communication Services 9.4% $54.6m 4.13m −6.7% reduced NYCBEUR NEW YORK CMNTY BANCORP INC – 9.3% $54.1m 3.38m −4.1% reduced SEB SEABOARD CORP DEL Industrials 7.1% $41.2m 9,811 −8.0% reduced BP PLC no ticker – 5.7% $33.1m 867,505 +2.7% added ORI OLD REP INTL CORP Financial Services 5.0% $28.7m 1.96m −7.3% reduced BB BLACKBERRY LTD Technology 3.5% $20.3m 1.85m +19% added MBI MBIA INC Financial Services 3.3% $18.9m 1.98m −15% reduced STL STERLING BANCORP DEL – 3.2% $18.5m 1.28m −7.6% reduced NAVI NAVIENT CORPORATION Financial Services 3.2% $18.4m 849,483 −5.6% reduced VOXXGUSD VOXX INTL CORP – 2.6% $14.9m 1.70m −12% reduced PTEN PATTERSON-UTI ENERGY INC Energy 2.5% $14.8m 890,609 +42% added NAM TAI PPTY INC no ticker – 2.4% $14.0m 2.94m −21% reduced HO1 HOLOGIC INC – 2.0% $11.8m 1.42m −7.8% reduced IDT CORP CL B no ticker – 1.8% $10.7m 527,876 −20% reduced TPHS TRINITY PL HLDGS INC Real Estate 1.4% $8.1m 1.16m −3.2% reduced SLM CORP no ticker – 1.2% $7.2m 711,411 −21% reduced STRAIGHT PATH COMMUNICATNS I no ticker – 0.9% $5.1m 266,604 −20% reduced NVS NOVARTIS AG Healthcare 0.5% $2.9m 30,968 +2.0% added GENIE ENERGY no ticker – 0.5% $2.8m 458,914 −23% reduced GLAXOSMITHKLINE no ticker – 0.4% $2.2m 51,000 0.0% held BMY BRISTOL-MYERS SQUIBB CO Healthcare 0.3% $1.7m 28,400 +2.7% added EXMOC EXXON MOBIL CORP – 0.3% $1.6m 17,684 0.0% held CMCSA COMCAST CORP NEW Communication Services 0.3% $1.5m 25,497 −3.5% reduced IBM INTERNATIONAL BUSINESS MACHS Technology 0.2% $1.1m 7,158 −1.4% reduced FIRST NIAGARA FINL GP INC no ticker – 0.2% $1.1m 134,045 −2.9% reduced LANDMARK SAVINGS BANK no ticker – 0.2% $1.1m 50,502 −26% reduced MONSANTO no ticker – 0.2% $1.1m 8,888 0.0% held BANK OF AMERICA no ticker – 0.2% $914k 51,097 −6.7% reduced CTM MEDIA CL A no ticker – 0.1% $710k 8,356 −19% reduced CVX CHEVRON CORPORATION Energy 0.1% $672k 5,988 −6.3% reduced U S G CORP no ticker – 0.09% $532k 19,000 0.0% held ASTEC INDUS no ticker – 0.08% $471k 12,000 0.0% held AMERICAN TEL & TEL no ticker – 0.07% $404k 12,040 −2.3% reduced QUESTAR CORP no ticker – 0.07% $403k 15,950 0.0% held GE GENERAL ELECTRIC CO Industrials 0.07% $379k 15,000 0.0% held NEU NEWMARKET CORP Basic Materials 0.06% $355k 880 −2.2% reduced FL8 FLUSHING FINL CORP – 0.05% $315k 15,519 0.0% held PHI INC NON-VOTING no ticker – 0.04% $243k 6,500 −57% reduced ASTORIA FINANCIAL no ticker – 0.04% $236k 17,685 0.0% held KEY KEYCORP Financial Services 0.04% $211k 15,200 −2.4% reduced VOLVO no ticker – 0.02% $108k 10,000 0.0% held
Sector mix Unclassified 53.0% Financial Services 11.4% Healthcare 10.9% Communication Services 9.7% Industrials 7.2% Technology 3.7% Energy 2.7% Real Estate 1.4% 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