Funds › Kahn Brothers › Q3 2025Kahn Brothers 13F holdings, Q3 2025 Kahn Brothers disclosed 53 US equity positions worth $531.8m in its Q3 2025 13F filing. Its largest position is C at 16.7% of the reported book, followed by BAYER AG SPONS ADR and FLG. Versus Q2 2025 it opened 5 new positions, added to 4, reduced 27 and exited 2.
$532m Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
53 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
16.7% Largest position The largest single position as a share of the reported equity book.
81.6% Top 10 weight The ten largest positions together, as a share of the reported equity book.
12 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 2025: 5 new , 4 added , 27 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action C CITIGROUP INC Financial Services 16.7% $89.0m 876,660 −1.1% reduced BAYER AG SPONS ADR no ticker – 10.6% $56.3m 6.79m +0.9% added FLG FLAGSTAR BANK NATIONAL ASSOC Financial Services 9.3% $49.6m 4.30m −0.6% reduced DIS DISNEY WALT CO Communication Services 8.5% $45.2m 394,524 +0.5% added OGN ORGANON & CO Healthcare 7.3% $38.6m 3.62m +3.6% added BP BP PLC Energy 7.0% $37.4m 1.09m −3.9% reduced MRK MERCK & CO. INC Healthcare 6.8% $36.4m 433,750 −12% reduced GOOG ALPHABET INC Communication Services 6.2% $32.8m 134,722 +90% added SEB SEABOARD CORP DEL Industrials 5.3% $28.2m 7,724 −10% reduced IDT IDT CORP Communication Services 3.9% $20.5m 392,357 −1.1% reduced PFE PFIZER INC Healthcare 3.4% $18.0m 707,144 −3.3% reduced SEG SEAPORT ENTMT GROUP INC Real Estate 2.5% $13.4m 583,364 – new BMY BRISTOL-MYERS SQUIBB CO Healthcare 2.3% $12.3m 272,334 −51% reduced GSK GSK PLC Healthcare 2.1% $11.3m 260,837 −60% reduced PTEN PATTERSON-UTI ENERGY INC Energy 1.8% $9.8m 1.89m −1.7% reduced MBI MBIA INC Financial Services 1.4% $7.7m 1.03m – new GNE GENIE ENERGY LTD Utilities 0.5% $2.9m 191,872 −3.6% reduced EXMOC EXXON MOBIL CORP – 0.4% $2.0m 17,943 −6.3% reduced NVS NOVARTIS AG Healthcare 0.3% $1.8m 14,326 −22% reduced WED WEBSTER FINL CORP – 0.3% $1.8m 30,173 +0.3% held FAIRFAX FINL HLDGS LTD SUB VTG no ticker – 0.3% $1.8m 1,018 0.0% held CSX CSX CORP Industrials 0.3% $1.4m 40,731 0.0% held FIRST NATL BK ALASKA COM no ticker – 0.3% $1.4m 4,990 −21% reduced TOURMALINE OIL CORP COM no ticker – 0.2% $1.1m 24,409 −13% reduced MSFT MICROSOFT CORP Technology 0.2% $987k 1,905 0.0% held JPM JPMORGAN CHASE & CO Financial Services 0.2% $842k 2,668 −3.9% reduced AAPL APPLE INC Technology 0.1% $762k 2,992 0.0% held HLN HALEON PLC Healthcare 0.1% $610k 68,027 −43% reduced AR ANTERO RESOURCES CORP Energy 0.1% $599k 17,842 −28% reduced BAC BANK OF AMER CORP Financial Services 0.1% $574k 11,126 −6.4% reduced SEIC SEI INVESTMENTS CO Financial Services 0.1% $560k 6,596 0.0% held IBM INTERNATIONAL BUSINESS MACHS Technology 0.08% $425k 1,508 0.0% held PEYTO EXPL & DEV CORP NEW COM no ticker – 0.08% $415k 31,857 −1.4% reduced AXP AMERICAN EXPRESS CO Financial Services 0.07% $382k 1,150 – new AM ANTERO MIDSTREAM CORP Energy 0.07% $367k 18,856 0.0% held DEUTSCHE BK AG no ticker – 0.07% $354k 10,000 0.0% held NVDA NVIDIA CORPORATION Technology 0.06% $325k 1,740 – new VZ VERIZON COMMUNICATIONS INC Communication Services 0.06% $318k 7,237 −6.2% reduced CVX CHEVRON CORPORATION Energy 0.06% $311k 2,003 −2.4% reduced PEG PUBLIC SVC ENTERPRISE GROUP Utilities 0.06% $302k 3,624 0.0% held PNC PNC FINL SVCS GROUP INC Financial Services 0.06% $293k 1,457 −2.7% reduced PG PROCTER & GAMBLE CO Consumer Defensive 0.05% $271k 1,767 0.0% held NAVI NAVIENT CORPORATION Financial Services 0.05% $271k 20,600 0.0% held BX BLACKSTONE INC Financial Services 0.05% $256k 1,500 0.0% held WINDROCK LTD CO no ticker – 0.05% $253k 569 0.0% held PEP PEPSICO INC Consumer Defensive 0.05% $253k 1,800 0.0% held ZDGE ZEDGE INC – 0.05% $241k 82,904 −2.2% reduced PINE CLIFF ENERGY LTD COM no ticker – 0.04% $235k 520,000 −1.9% reduced BN BROOKFIELD CORP Financial Services 0.04% $232k 3,380 – new AGO ASSURED GUARANTY LTD Financial Services 0.04% $219k 2,590 −94% reduced
Exited since Q2 2025 2 rows
Stock Prior weight Prior value AIG American International Group 0.04% $201k TRINITY PL HLDGS INC no ticker 0.0% $6.7k
Sector mix Financial Services 28.2% Healthcare 22.4% Communication Services 18.6% Unclassified 12.4% Energy 9.1% Industrials 5.6% Real Estate 2.6% Utilities 0.6% Technology 0.5% Consumer Defensive 0.10% 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