Kahn Brothers Group disclosed in its 13F filing with the Securities and Exchange Commission (SEC) that its equity portfolio has a market value of 593,047,215 during the second quarter this year.
The registered investment advisor and money manager was headed by Irving Khan,the oldest and active investment professional until his death at the age of 109 on February 24, 2015.
The ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More
Kahn Brothers increased positions
Based on its 13F filing, Kahn Brothers increased its stake in eight corporations including BlackBerry, MBI and Patterson-UTI Energy. The investment advisor also bought more shares of BP, Trinity Place Holdings, Nam Tai Property, Bristol-Myers Squibb, and Landmark Bancorp.
During the quarter, Kahn Brothers acquired 943, 149 shares of BlackBerry. The investment advisor currently owns a total of 3,302,677 shares of BlackBerry, which accounts 4.56% of its equity portfolio.
The stock price of BlackBerry increased nearly 6% to $7.72 per share at the time of this writing, around 1:43 in the afternoon in New York today. Analysts at Morgan Stanley recommended a stock rating equivalent to Hold based on their belief that BlackBerry has cash flexibility, and it has a significant opportunity to increase its liquidity by reducing its headcount and reallocating its resources.
Kahn Brother boosted its stake MBIA by 1,499,964 shares to 27,015,898 shares. The stock represents 3.08% of its equity portfolio. The shares of MBIA are trading $6.28 per share, up by more than 1% at the time of this writing. The company lost more than 34% of stock value year-to-date.
The investment advisor purchased additional 40,068 shares of Patterson-UTI Energy. Its total stake in the company is now 1,019,891 shares, which account 3.14% of its equity portfolio. The stock price of the company climbed more than 5% to $16.58 per share at the time of this writing.
Kahn Brothers also bought 17,477 shares of Trinity Place Holdings, 5,439 shares of BP, 1,304 shares of Nam Tai Property, 400 shares of Bristol-Myers Squibb, and 202 shares of Landmark Bancorp.
Kahn Brothers reduced positions
During the quarter, Kahn Brothers reduced its stake in Old Republic International by 758,725 shares. The investment advisor still owns 1,115,157 shares in the company.
Kahn Brothers also sold 271,046 shares of Navient, 57,992 shares of SLM, 58,591 Class A shares of New York Times, 27,126 shares of Voxx International, among others.