Kahn Brothers' Third Quarter Numbers

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Nov 07, 2014

Irving Kahn (Trades, Portfolio), a legendary value investor who learned directly from Benjamin Graham, is the oldest living active investment manager at 108 years old. His Kahn Brothers Group disclosed that its equity portfolio has an market value of $614 million for the third quarter based on its 13-F filing with the SEC. The 13-F filing allows us to look at his portfolio of holdings which can give useful investment ideas.

New Positions For Kahn Brothers

During the third quarter, Kahn Brothers acquired 51,000 shares of GlaxoSmithKline PLC (GSK, Financial) which is worth about $2.34 billion. This was a three-part transaction with another holding of Novartis AG ADR (NVS, Financial).

Added positions

Kahn increased his stake in Novartis AG ADR (NVS, Financial) by 4,000 shares for a total of 30,268 shares; the stake is valued at $2.85 billion. He also boosted his stake in IBM (IBM, Financial) by 4,000 to 7,258, giving his stake a market value of $1.37 billion. He also increased the stake in Comcast Comporation (CMCSA) by 2,182 to 26,435, giving his stake a market value of $1.42 billion. He also bought an additional 5,400 shares of Flushing Finnacial Corporation (FFIC, Financial), for a total of 15,519.Â

Largest Positions

The firm's largest position is in Merck & Co (MRK, Financial) which accounts for 10.69% of Kahn Brothers' portfolio. During the third quarter, Kahn Brothers reduced its stake in Merck by 10,885 shares to 1,109,198, giving its stake a market value of $65.75 million. Kahn Brothers' second largest position is in Citigroup (C, Financial) and also reduced its stake as well by 156,584 to 1,228,560. The stake in Citigroup has a market value of $63.66 million, and accounts for 10.36% of the portfolio.

Kahn Brothers Third Quarter 13-F Filing

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
   VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN TEL & TEL COM 30177109 434,298 12,324 SH Â SOLE Â 12,324 0 0
ASTORIA FINANCIAL COM 46265104 219,117 17,685 SH Â SOLE Â 17,685 0 0
ASTEC INDUS COM 46224101 437,640 12,000 SH Â SOLE Â 12,000 0 0
BANK OF AMERICA COM 60505104 933,471 54,749 SH Â SOLE Â 54,749 0 0
BP PLC COM 55622104 37,113,797 844,455 SH Â SOLE Â 844,455 0 0
BRISTOL MYERS SQUIBB COM 110122108 1,415,127 27,650 SH Â SOLE Â 27,650 0 0
BLACKBERRY COM 09228F103 15,467,137 1,556,050 SH Â SOLE Â 1,556,050 0 0
CITIGROUP COM 172967101 63,663,980 1,228,560 SH Â SOLE Â 1,228,560 0 0
CHEVRONTEXACO COM 166764100 762,216 6,388 SH Â SOLE Â 6,388 0 0
COMCAST CL A COM 20030N101 1,421,683 26,435 SH Â SOLE Â 26,435 0 0
CTM MEDIA CL A COM 22944D104 750,732 10,284 SH Â SOLE Â 10,284 0 0
EXXON MOBILE COM 30231G102 1,663,180 17,684 SH Â SOLE Â 17,684 0 0
FIRST NIAGARA FINANCIAL COM 33582V108 1,149,915 138,045 SH Â SOLE Â 138,045 0 0
FLUSHING FINANCIAL COM 343873105 283,532 15,519 SH Â SOLE Â 15,519 0 0
GENERAL ELECTRIC COM 369604103 384,300 15,000 SH Â SOLE Â 15,000 0 0
GENIE ELECTRIC COM 903514344 4,185,085 595,318 SH Â SOLE Â 595,318 0 0
GLAXOSMITHKLINE COM 3773W105 2,344,470 51,000 SH Â SOLE Â 51,000 0 0
HOLOGIC COM 436440101 37,496,398 1,541,159 SH Â SOLE Â 1,541,159 0 0
IBM COM 459200101 1,377,786 7,258 SH Â SOLE Â 7,258 0 0
IDT CORP CL B COM 448847309 10,550,537 656,945 SH Â SOLE Â 656,945 0 0
KEYCORP NEW COM 493267108 207,588 15,573 SH Â SOLE Â 15,573 0 0
LANDMARK SAVINGS BANK COM 514928100 1,587,543 68,606 SH Â SOLE Â 68,606 0 0
MERCK COM 589331107 65,752,718 1,109,189 SH Â SOLE Â 1,109,189 0 0
MONSANTO COM 66166W101 999,995 8,888 SH Â SOLE Â 8,888 0 0
MBIA COM 55262C100 21,457,690 2,337,439 SH Â SOLE Â 2,337,439 0 0
NAM TAI PPTY COM G63907102 22,646,906 3,730,956 SH Â SOLE Â 3,730,956 0 0
NAVIENT COM 63938C108 15,931,650 899,585 SH Â SOLE Â 899,585 0 0
NEW YORK COMMUNITY COM 649445103 55,938,796 3,524,813 SH Â SOLE Â 3,524,813 0 0
NEWMARKET GROUP COM 651587107 342,918 900 SH Â SOLE Â 900 0 0
NOVARTIS ADR COM 66987V109 2,858,540 30,368 SH Â SOLE Â 30,368 0 0
NY TIMES CL A COM 650111107 49,675,383 4,427,396 SH Â SOLE Â 4,427,396 0 0
OLD REPUBLIC COM 680223104 30,257,813 2,118,895 SH Â SOLE Â 2,118,895 0 0
PHI INC NON-VOTING COM 716604202 625,480 15,200 SH Â SOLE Â 15,200 0 0
PFIZER COM 717081103 58,701,221 1,985,161 SH Â SOLE Â 1,985,161 0 0
PATTERSON ENERGY COM 703481101 20,372,043 626,254 SH Â SOLE Â 626,254 0 0
QUESTAR CORP COM 748356102 355,526 15,950 SH Â SOLE Â 15,950 0 0
SEABOARD CORP COM 811543107 28,515,392 10,660 SH Â SOLE Â 10,660 0 0
SLM CORP COM 78443P106 7,686,238 897,925 SH Â SOLE Â 897,925 0 0
STRAIGHT PATH COMM COM 862578101 5,221,157 331,502 SH Â SOLE Â 331,502 0 0
STERLING BANCORP COM 85917A100 17,758,813 1,388,492 SH Â SOLE Â 1,388,492 0 0
TRINITY PLACE HOLDINGS COM 89656D101 7,197,378 1,199,563 SH Â SOLE Â 1,199,563 0 0
USG INC COM 903293405 522,310 19,000 SH Â SOLE Â 19,000 0 0
VOXX INTERNATIONAL COM 91829F104 18,030,245 1,938,736 SH Â SOLE Â 1,938,736 0 0
VOLVO COM 928856400 108,830 10,000 SH Â SOLE Â 10,000 0 0