Kahn Brothers Group reported that its equity portfolio has a market value of $592,070,302 in the first quarter based on its 13F filing with the Securities and Exchange Commission (SEC).
Irving Khan was the head of Khan Brothers Group, a registered investment advisor and money manager. He wass oldest, active living investment professional, until he passed away recently. He served as a teaching assistant for Benjamin Graham, the legendary investor known as the “father of value investing.”
Based on its filing, Khan Brothers increased its stake in three companies, sold out its positions in eight companies and reduces its holdings in 22 stocks.
Kahn Brothers largest positions
Kahn Brothers’ equity portfolio showed that its five major positions during the quarter include Pfizer, Merck & Co. Citigroup, New York Times, and New York Community Bancorp.
The money manager owns 1,811,016 shares of Pfizer worth around $63 million. Its stake in the company is the largest, representing 10.64% of its equity portfolio.
Kahn Brothers owns 1,029,815 shares of Merck & Co. worth more than $59 million, which accounts 10% of its portfolio. It owns 1,131,041 shares of Citigroup with a market value of approximately $58.27 million, which represents 9.84% of its portfolio.
Its stockholdings in New York Times and New York Community Bancorp represent 9.30% and 9.15% of its portfolio respectively. Kahn Brothers owns 4,002,423 NYT shares worth around $55 million and 3,239,116 NYCB shares worth around $54 million during the quarter.
Increased stockholdings
Kahn Brothers remained bullish on the shares of BlackBerry, Patterson-UTI Energy, and BP in the first quarter.
The money manager bought additional 513,518 shares of BlackBerry bringing its total stake to 2,359,528 shares. Its stockholding in the company has a market value of approximately $21 million.
Over the past 52 weeks, the shares of BlackBerry traded between $7.16 and $12.63 per share. The stock was trading $9.85 per share, down by 1% at the time of this writing around 1:11 in the afternoon in New York. BlackBerry lost more than 10% of its stock value year-to-date.
BlackBerry is currently targeting small and medium-sized enterprises to expand its software business (BES12 Cloud service) particularly in developing countries such as India.
Kahn Brothers also increased its stake in BP by 39,382 shares to 906,887 shares. Its stake in the British energy company has a market value of more than $35.46 million.
Last week, BP reported that its profits for the first quarter declined 25% to $2.6 billion, which was primarily caused by the declining prices in crude oil. The company’s revenue also dropped to $55 billion from $93 billion.
BP’s shares are trading around $42.57 per share, slightly up today. Over the past 52 weeks, the stock traded between $34.88 and $53.48 per share. The company lost more than 16% of its stock value over the past year.
During the quarter, Khan Brothers acquired additional 89,214 shares of Patterson-UTI Energy. The money manager has 979,823 total shares in the company worth more than $18.39 million.
The stock price of Patterson-UTI Energy increased more than 3% to $22.34 per share at the time of this writing. The company gained more than 34% in stock value year-to-date.
