Kahn Brothers Group Inc .disclosed that its equity portfolio has a market value of more than $700.5 million based on its 13F filing with the Securities and Exchange Commission (SEC) for the first quarter of this year.
Irving Khan is the chairman of Kahn Brothers Group Inc., a privately-owned investment advisory and broker-dealer firm that primarily invests in undervalued and often unpopular equities that offers a margin of safety and attractive opportunities for capital returns. Mr. Kahn served as a teaching assistant to Benjamin Graham, who is popularly known as the father of value investing. The investing discipline of Kahn Brothers centers on three key words — margin of safety.
The Electron Global Fund was up 2% for September, bringing its third-quarter return to -1.7% and its year-to-date return to 8.5%. Meanwhile, the MSCI World Utilities Index was down 7.2% for September, 1.7% for the third quarter and 3.3% year to date. The S&P 500 was down 4.8% for September, up 0.2% for the third Read More
Kahn Brothers largest stockholdings
During the quarter, Kahn Brothers increased its stake in 25 stocks and reduced its position in nine stocks. Its largest stock holding is The New York Times Company (NYSE:NYT), which accounts for 11.65% of its portfolio. Pfizer Inc. (NYSE:PFE) is the second largest representing 9.68%, followed by Merck & Co., Inc. (NYSE:MRK) 9.14%, New York Community Bancorp, Inc. (NYSE:NYCB) 8.67& and Citigroup, Inc (NYSE:C) 8.38%.
Kahn Brothers increased positions
During the quarter, Kahn Brothers bought an additional 1,028, 236 shares of Nam Tai Property Inc (NYSE:NTP), formerly known as Nam Tai Electronics Inc. The company changed its name and started trading under its new ticker symbol on April 22. The company recently announced plans to buy back its own shares worth around $40 million. Kahn Brothers currently owns more than 3.7 million shares of Nam Tai with an estimated market value of over $22.2 million.
Kahn Brothers also increased its holdings in MBIA Inc. (NYSE:MBI) by by 406,009 shares to 2,541,239 shares; New York Community Bancorp, Inc. (NYSE:NYCB) by 508,895 shares to 3,778,561. The New York Times Company (NYSE:NYT) by 507,303 shares to 4.768.961 shares; VOXX International Corp (NASDAQ:VOXX) by 404,952 shares to 2,083,294 shares; and BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) by 250,000 shares to 450,000 shares.
The investment advisory and brokerage dealer firm also added to its stake in Hologic, Inc. (NASDAQ:HOLX) by 207.409 shares to 1,556,979 shares; BP plc (ADR) (NYSE:BP) (LON:BP) by 339.110 shares to 895,855 shares; Old Republic International Corporation (NYSE:ORI) by 267,731 shares to 2,729,441 shares; Pfizer Inc. (NYSE:PFE) by 213,060 shares to 2,112,819 shares; and Sterling Bancorp (NYSE:STL) by 203,631 shares to 1,336, 371 shares, among others.
Kahn Brothers reduced positions
Kahn Brothers sold 1,396,961 shares of Merck & Co., Inc. (NYSE:MRK), 89,6888 shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN), 49,787 shares of SLM Corp (NASDAQ:SLM), 3,192 shares of First Niagara Financial Group Inc. (NASDAQ:FNFG), 8,000 shares of Astec Industries, Inc. (NASDAQ:ASTE), and 3,420 shares of KeyCorp (NYSE:KEY). The firm also sold a thousand shares each of USG Corporation (NYSE:USG) and Flushing Financial Corporation (NASDAQ:FFIC) and 300 shares of Chevron Corporation (NYSE:CVX).