Funds › Kahn Brothers › Q4 2025Kahn Brothers 13F holdings, Q4 2025 Kahn Brothers disclosed 53 US equity positions worth $564.7m in its Q4 2025 13F filing. Its largest position is C at 18.1% of the reported book, followed by Bayer AG Spons ADR and FLG. Versus Q3 2025 it opened 0 new positions, added to 14, reduced 19 and exited 0.
$565m 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.
18.1% Largest position The largest single position as a share of the reported equity book.
84.1% Top 10 weight The ten largest positions together, as a share of the reported equity book.
11 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 2025: 0 new , 14 added , 19 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action C CITIGROUP INC Financial Services 18.1% $102m 876,278 0.0% held Bayer AG Spons ADR no ticker – 12.9% $73.1m 6.75m −0.5% held FLG FLAGSTAR BANK NATIONAL ASSOC Financial Services 9.3% $52.6m 4.18m −2.8% reduced MRK MERCK & CO. INC Healthcare 8.0% $45.3m 430,103 −0.8% reduced DIS DISNEY WALT CO Communication Services 7.9% $44.9m 394,369 0.0% held GOOG ALPHABET INC Communication Services 7.5% $42.5m 135,416 +0.5% added BP BP PLC Energy 6.4% $36.1m 1.04m −4.3% reduced SEB SEABOARD CORP DEL Industrials 5.7% $32.4m 7,285 −5.7% reduced OGN ORGANON & CO Healthcare 4.6% $26.0m 3.63m +0.3% held IDT IDT CORP Communication Services 3.6% $20.1m 392,011 −0.1% held PFE PFIZER INC Healthcare 2.4% $13.8m 553,950 −22% reduced SEG SEAPORT ENTMT GROUP INC Real Estate 2.1% $11.6m 586,170 +0.5% held BMY BRISTOL-MYERS SQUIBB CO Healthcare 1.9% $10.9m 202,196 −26% reduced PTEN PATTERSON-UTI ENERGY INC Energy 1.9% $10.6m 1.74m −7.6% reduced GSK GSK PLC Healthcare 1.6% $8.8m 178,696 −31% reduced MBI MBIA INC Financial Services 1.3% $7.4m 1.03m −0.1% held GNE GENIE ENERGY LTD Utilities 0.5% $2.6m 190,312 −0.8% reduced EXMOC EXXON MOBIL CORP – 0.4% $2.4m 20,217 +13% added Fairfax Finl HLDGS LTD Sub VTG no ticker – 0.3% $1.9m 1,018 0.0% held NVS NOVARTIS AG Healthcare 0.3% $1.9m 13,678 −4.5% reduced WED WEBSTER FINL CORP – 0.3% $1.9m 29,833 −1.1% reduced First Natl BK Alaska Com no ticker – 0.3% $1.5m 4,920 −1.4% reduced CSX CSX CORP Industrials 0.2% $1.4m 37,531 −7.9% reduced Tourmaline Oil Corp Com no ticker – 0.2% $1.2m 26,959 +10% added MSFT MICROSOFT CORP Technology 0.2% $1.2m 2,392 +26% added JPM JPMORGAN CHASE & CO Financial Services 0.2% $1.1m 3,468 +30% added AAPL APPLE INC Technology 0.1% $841k 3,092 +3.3% added HLN HALEON PLC Healthcare 0.1% $660k 65,321 −4.0% reduced BAC BANK OF AMER CORP Financial Services 0.1% $577k 10,484 −5.8% reduced SEIC SEI INVESTMENTS CO Financial Services 0.10% $541k 6,596 0.0% held Peyto Expl & Dev Corp New Com no ticker – 0.09% $528k 31,857 0.0% held PNC PNC FINL SVCS GROUP INC Financial Services 0.08% $471k 2,257 +55% added DEUTSCHE BK AG no ticker – 0.07% $386k 10,000 0.0% held IBM INTERNATIONAL BUSINESS MACHS Technology 0.06% $364k 1,228 −19% reduced PEG PUBLIC SVC ENTERPRISE GROUP Utilities 0.06% $355k 4,424 +22% added BX BLACKSTONE INC Financial Services 0.06% $355k 2,300 +53% added AM ANTERO MIDSTREAM CORP Energy 0.06% $335k 18,856 0.0% held VZ VERIZON COMMUNICATIONS INC Communication Services 0.06% $332k 8,147 +13% added NVDA NVIDIA CORPORATION Technology 0.06% $325k 1,740 0.0% held Pine Cliff Energy LTD Com no ticker – 0.05% $307k 520,000 0.0% held CVX CHEVRON CORPORATION Energy 0.05% $305k 2,003 0.0% held AGO ASSURED GUARANTY LTD Financial Services 0.05% $279k 3,110 +20% added ZDGE ZEDGE INC – 0.05% $271k 82,558 −0.4% held NAVI NAVIENT CORPORATION Financial Services 0.05% $268k 20,600 0.0% held PG PROCTER & GAMBLE CO Consumer Defensive 0.05% $268k 1,867 +5.7% added PEP PEPSICO INC Consumer Defensive 0.05% $258k 1,800 0.0% held Windrock LTD Co no ticker – 0.04% $250k 569 0.0% held BN BROOKFIELD CORP Financial Services 0.04% $233k 5,070 +50% added OBT ORANGE CNTY BANCORP INC – 0.04% $228k 8,000 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.04% $226k 610 −47% reduced
Sector mix Financial Services 29.4% Communication Services 19.1% Healthcare 19.0% Unclassified 14.9% Energy 8.4% Industrials 6.0% Real Estate 2.1% Utilities 0.5% Technology 0.5% Consumer Defensive 0.09% 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