Funds › Kahn Brothers › Q4 2019Kahn Brothers 13F holdings, Q4 2019 Kahn Brothers disclosed 47 US equity positions worth $824.7m in its Q4 2019 13F filing. Its largest position is MERCK at 11.4% of the reported book, followed by CITIGROUP and AGO. Versus Q3 2019 it opened 0 new positions, added to 5, reduced 27 and exited 1.
$825m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
47 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.4% Largest position The largest single position as a share of the reported equity book.
80.0% 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 2019: 0 new , 5 added , 27 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action MERCK no ticker – 11.4% $94.4m 1.04m −49% reduced CITIGROUP no ticker – 9.8% $80.5m 1.01m −5.1% reduced AGO ASSURED GUARANTY LTD Financial Services 9.1% $74.8m 1.53m −3.1% reduced GSK PLC no ticker – 9.0% $74.6m 1.59m −2.0% reduced BMY BRISTOL-MYERS SQUIBB CO Healthcare 8.2% $67.6m 1.05m −1.8% reduced NYCBEUR NEW YORK CMNTY BANCORP INC – 7.8% $64.6m 5.38m −3.0% reduced BP BP PLC Energy 7.4% $61.3m 1.62m −3.1% reduced SEB SEABOARD CORP DEL Industrials 6.6% $54.5m 12,832 −2.9% reduced MBI MBIA INC Financial Services 6.1% $50.2m 5.40m −3.4% reduced BB BLACKBERRY LTD Technology 4.5% $37.3m 5.81m +2.7% added PFE PFIZER INC Healthcare 3.8% $31.7m 809,784 −0.2% held PTEN PATTERSON-UTI ENERGY INC Energy 3.3% $27.2m 2.59m −4.2% reduced NAM TAI PPTY INC no ticker – 2.2% $18.1m 2.11m −4.1% reduced VOXXGUSD VOXX INTL CORP – 2.0% $16.8m 3.85m −5.5% reduced HO1 HOLOGIC INC – 1.9% $15.4m 294,571 −4.9% reduced NYT NEW YORK TIMES CO Communication Services 1.2% $10.0m 310,174 −9.0% reduced STL STERLING BANCORP DEL – 1.0% $8.0m 378,728 −19% reduced RFL RAFAEL HLDGS INC Real Estate 0.9% $7.7m 430,603 −0.9% reduced IDT CORP CL B no ticker – 0.6% $5.0m 697,902 −1.2% reduced TPHS TRINITY PL HLDGS INC Real Estate 0.6% $4.8m 1.60m −0.5% reduced GENIE ENERGY no ticker – 0.4% $3.5m 448,591 −3.5% reduced NVS NOVARTIS AG Healthcare 0.3% $2.4m 25,773 0.0% held VRAYQ VIEWRAY INC Healthcare 0.3% $2.3m 533,550 +57% added FIRST NATL BK OF ALASKA no ticker – 0.2% $1.7m 6,810 0.0% held EXMOC EXXON MOBIL CORP – 0.2% $1.3m 19,120 0.0% held VZ VERIZON COMMUNICATIONS INC Communication Services 0.1% $1.2m 19,645 −9.7% reduced BRK/B BERKSHIRE HATHAWAY INC DEL – 0.09% $747k 3,300 0.0% held IDW MEDIA no ticker – 0.09% $728k 96,405 −0.9% reduced AMERICAN TEL & TEL no ticker – 0.09% $713k 18,253 −0.8% reduced BAC BANK OF AMER CORP Financial Services 0.08% $626k 17,763 0.0% held CVX CHEVRON CORPORATION Energy 0.06% $527k 4,376 0.0% held SB ONE BANCORP no ticker – 0.06% $505k 20,245 0.0% held OBT ORANGE CNTY BANCORP INC – 0.06% $482k 16,400 0.0% held HOPE HOPE BANCORP INC Financial Services 0.06% $474k 31,920 0.0% held CMCSA COMCAST CORP NEW Communication Services 0.05% $400k 8,888 +30% added NAVI NAVIENT CORPORATION Financial Services 0.04% $346k 13,680 +6.9% added AAPL APPLE INC Technology 0.04% $300k 1,023 +105% added GBCI GLACIER BANCORP INC NEW Financial Services 0.03% $288k 6,265 −57% reduced PEP PEPSICO INC Consumer Defensive 0.03% $287k 2,100 0.0% held ALC ALCON INC Healthcare 0.03% $269k 4,756 −2.5% reduced COAL CREEK MINING no ticker – 0.03% $268k 813 −17% reduced ZDGE ZEDGE INC – 0.03% $254k 164,784 −3.1% reduced KEY KEYCORP Financial Services 0.03% $231k 11,392 −7.7% reduced PEYTO EXP & DEV no ticker – 0.01% $103k 35,000 0.0% held CREW ENERGY no ticker – 0.01% $80.7k 189,500 0.0% held LWAY LIFEWAY FOODS INC Consumer Defensive 0.0% $19.9k 10,000 0.0% held VHIUSD VALHI INC NEW – 0.0% $19.4k 10,368 0.0% held
Exited since Q3 2019 1 row
Stock Prior weight Prior value ED CONSOLIDATED EDISON INC 0.02% $158k
Sector mix Unclassified 47.0% Financial Services 15.4% Healthcare 12.6% Energy 10.8% Industrials 6.6% Technology 4.6% Real Estate 1.5% Communication Services 1.4% Consumer Defensive 0.04% 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