Funds › Kahn Brothers › Q4 2015Kahn Brothers 13F holdings, Q4 2015 Kahn Brothers disclosed 38 US equity positions worth $559.7m in its Q4 2015 13F filing. Its largest position is CITIGROUP at 10.4% of the reported book, followed by MERCK and NYT. Versus Q3 2015 it opened 0 new positions, added to 12, reduced 17 and exited 0.
$560m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
38 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.4% Largest position The largest single position as a share of the reported equity book.
78.2% Top 10 weight The ten largest positions together, as a share of the reported equity book.
14 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 2015: 0 new , 12 added , 17 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action CITIGROUP no ticker – 10.4% $58.2m 1.12m 0.0% held MERCK no ticker – 9.5% $53.4m 1.01m +0.5% held NYT NEW YORK TIMES CO Communication Services 9.4% $52.7m 3.93m −0.2% held HO1 HOLOGIC INC – 9.3% $52.2m 1.35m +0.6% added PFE PFIZER INC Healthcare 9.1% $50.7m 1.57m −6.1% reduced NYCBEUR NEW YORK CMNTY BANCORP INC – 8.0% $44.9m 2.75m −0.6% reduced BB BLACKBERRY LTD Technology 6.3% $35.3m 3.80m +5.3% added BP PLC no ticker – 6.1% $34.1m 1.09m +6.3% added MBI MBIA INC Financial Services 5.1% $28.6m 4.41m −1.7% reduced SEB SEABOARD CORP DEL Industrials 4.9% $27.5m 9,509 +8.6% added NAM TAI PPTY INC no ticker – 3.8% $21.1m 3.65m +0.9% added STL STERLING BANCORP DEL – 3.0% $16.6m 1.02m −3.3% reduced PTEN PATTERSON-UTI ENERGY INC Energy 2.9% $16.1m 1.07m −1.7% reduced ORI OLD REP INTL CORP Financial Services 2.7% $15.1m 809,092 −4.3% reduced VOXXGUSD VOXX INTL CORP – 1.7% $9.6m 1.83m +13% added TPHS TRINITY PL HLDGS INC Real Estate 1.2% $6.5m 1.06m −9.0% reduced IDT CORP CL B no ticker – 1.0% $5.9m 503,161 +4.0% added GENIE ENERGY no ticker – 0.9% $4.9m 437,413 +4.6% added STRAIGHT PATH COMMUNICATNS I no ticker – 0.7% $4.2m 244,693 +4.1% added GLAXOSMITHKLINE no ticker – 0.6% $3.4m 84,600 +47% added IDW MEDIA no ticker – 0.5% $2.9m 83,870 +3.9% added NVS NOVARTIS AG Healthcare 0.4% $2.4m 27,643 −3.2% reduced NAVI NAVIENT CORPORATION Financial Services 0.4% $2.2m 191,421 −6.2% reduced BMY BRISTOL-MYERS SQUIBB CO Healthcare 0.3% $1.9m 28,050 −2.6% reduced FIRST NIAGARA FINL GP INC no ticker – 0.2% $1.4m 125,729 −3.7% reduced EXMOC EXXON MOBIL CORP – 0.2% $1.4m 17,434 −1.4% reduced CMCSA COMCAST CORP NEW Communication Services 0.2% $1.2m 20,545 −1.0% reduced IBM INTERNATIONAL BUSINESS MACHS Technology 0.2% $985k 7,158 0.0% held MONSANTO no ticker – 0.1% $805k 8,172 −1.5% reduced LANDMARK SAVINGS BANK no ticker – 0.1% $751k 28,599 +0.8% added BANK OF AMERICA no ticker – 0.1% $669k 39,774 −9.6% reduced GE GENERAL ELECTRIC CO Industrials 0.08% $467k 15,000 0.0% held CVX CHEVRON CORPORATION Energy 0.08% $440k 4,888 0.0% held AMERICAN TEL & TEL no ticker – 0.07% $401k 11,660 −1.0% reduced SLM CORP no ticker – 0.06% $349k 53,600 −10% reduced ASTORIA FINANCIAL no ticker – 0.05% $280k 17,685 0.0% held KEY KEYCORP Financial Services 0.03% $180k 13,668 0.0% held VOLVO no ticker – 0.02% $93.8k 10,000 0.0% held
Sector mix Unclassified 56.7% Healthcare 9.8% Communication Services 9.6% Financial Services 8.2% Technology 6.5% Industrials 5.0% Energy 3.0% Real Estate 1.2% 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