Kahn Brothers Group Inc., a privately-owned investment and broker dealer firm run by the legendary Irving Kahn disclosed that its equity portfolio had a market value of approximately $687 million for the second-quarter based on its regulatory filing with the Securities and Exchange Commission (SEC).
Irving Kahn is the 108-year-old chairman of Kahn Brothers, and he is the oldest follower of the investment principles of Benjamin Graham, the father of value investing. Margin of safety is the core of the investing discipline of Kahn Brothers.
Kahn Brothers new stockholding
Kahn Brothers’ new stockholding is Navient Corp (NASDAQ:NAVI), a company that offers loan management, servicing and asset recovery services. The investment and broker dealer firm acquired 912,085 shares of Navient worth approximately $16.1 million.
Last month, Navient Corp (NASDAQLNAVI) reported its second-quarter financial results. Its earnings were $0.71 per diluted share, down from $1.20 per diluted share in the year-ago quarter. The company said it completed a series of initiatives to improve shareholder value including the sale of residual interests in several FFELP securitization trusts, the divestiture of two subsidiaries, debt repurchases and the strategic separation of Navient from SLM Corp (NASDAQ:SLM).
The firm also bought 3,774,517 shares of Nam Tai Property Inc (NYSE:NTP) worth approximately $28.45 million. Nam Tai is an electronics manufacturing and design services provider.
Increased positions
During the quarter, Kahn Brothers increased its stake in BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) by 271% or 1,220,450 shares to 1,670,450 shares. Its stake in the Canadian smartphone manufacturer has a market value of approximately $17.10 million.
Today, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) announced that its Android and iOS device management services received a security clearance from the U.S. Defense Information System Agency (DISA). The company’s BES10 is an authorized solution of all G7 governments.
Kahn Brothers acquired additional 46,560 shares of BP plc (ADR) (NYSE:BP) (LON:BP) bringing its stake in the British energy company to total of 906,415 shares worth approximately $47.8 million.
The investment and broker dealer firms also increased its stake in Citigroup Inc (NYSE:C) by 152,270 shares to 1,385,144 shares. Its stake in the bank is worth approximately $65.2 million, and it is its second-largest stockholding in its equity portfolio.
In addition, Kahn Brothers also increased its position in Pfizer In (NYSE:PFE) by 11,670 shares to 2,124,489 shares. Its stake in the pharmaceutical company has a market value of approximately $62.16 million. The firm also bought additional 60,452 shares in Sterling Bancorp (NYSE:STL) to 1,396,450 shares worth approximately $16.76 million.
