Irving Kahn is out with his 13F for the third quarter. The quarter was focused on selling/reducing stakes in Kahn Brothers’ previous holdings, in a portfolio of 47 stocks, holdings were reduced/closed in 29 of them.
The fund has a significant large position, 35 percent of the portfolio, in Citigroup Inc. (NYSE: C). Another 7,527,053 shares were bought in Q3. Citigroup Inc. (NYSE: C) went through a major dip in the stock market in the period from May-July of this year. Since then, shares have consistently risen, and are up 38 percent year to date.
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Other large stakes include a 7.73 percent stake in Pfizer Inc. (NYSE:PFE), New York Community Bancorp, Inc. (NYSE:NYB) 6.4 percent, Merck & Co., Inc. (NYSE:MRK) 6.29 percent, and The New York Times Company (NYSE:NYT) 5.7 percent.
One percent of Pfizer Inc. (NYSE:PFE)’s shares and 2 percent of Merck & Co., Inc. (NYSE:MRK)’s shares were sold in Q3. Nam Tai Electronics, Inc. (NYSE:NTE) is 3.88 percent of the portfolio, with 2,889,150 shares, including the 177,589 shares that were bought in Q3. Nam Tai Electronics, Inc. (NYSE:NTE)’s stock value has appreciated by 168 percent for the year so far, with major upswings starting from the last week of August and boosting even further in the first week of November. The shares rose by 38 percent the day Nam Tai announced Q3 earnings with a handsome EPS of $0.54 (up from 2 cents in Q3 2011) and a revenue growth of almost 200 percent. The company is benefiting from increased use of LCD display in mobile technology.
Kahn Borthers also bought 398,108 shares of Old Republic International Corporation (NYSE:ORI), a 13 percent increase to the previously held amount.
The famous value firm closed their positions in MMModal Inc (NASDAQ:MODL) and Trinity Place Holdings Inc (PINK:SYMSQ). SYMS is now named as Trinity Place Holdings after filing for bankruptcy in November 2011.
Kahn reduced stakes in Chevron Corporation (NYSE:CVX) by 50 percent and now holds 8,398 shares of the company. Holdings in AT&T Inc. (NYSE:T) were also cut by 31 percent and Bristol Myers Squibb Co. (NYSE:BMY) was reduced by 28 percent.
The total disclosed assets of Kahn Brothers are now $796 million. According to a person familiar with the matter, almost all the funds’ firms are invested in equities, so assets under management is likely around $800 million.