Kahn Brothers Boosts Merck, Nam Tai; Reduces, Citigroup, IBM

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Kahn Brothers Group’s portfolio has $590,137,249 in assets under management (AUM) for the second quarter of fiscal 2013 based on its 13F filing with the Securities and Exchange Commission (SEC). The figure is lower than its $675,468,691 AUM in the previous quarter.

Irving Kahn bio Kahn Brothers Boosts Merck, Nam Tai; Reduces, Citigroup, IBM

Irving Kahn is the chairman of Kahn Brothers Group. He was a former teaching assistant of Benjamin Graham at Columbia University in the 1930s. The firm practices value investing with the primary objective to provide superior return to clients.

During the second quarter, Kahn Brothers boosted its position in seven stocks, sold out its stock-holdings in five companies, and reduced its stake across 24 equities. Its top ten positions account 79.43% of its portfolio.

Khan’s largest positions

Kahn Brothers Group’s largest stockholding for the quarter include Pfizer Inc. (NYSE:PFE) 10.99%, Citigroup Inc (NYSE:C) 10.07%, The New York Times Company (NYSE:NYT) 9.19%, Merck & Co., Inc. (NYSE:MRK) 8.71% and New York Community Bancorp, Inc. (NYSE:NYCB) 8.65%.

Added positions of Kahn Brothers

During the period, the firm increased its stockholdings in Merck & Co., Inc. (NYSE:MRK) by 50,998 shares to 1,215,659 shares with $56,467,396 market value, Nam Tai Electronics, Inc. (NYSE:NTE) by 315,981 shares to 3,736,916 shares worth $20,926,738.

It also boosted its stake in the New York Times Company (NYSE:NYT) by 233,200 shares to 5,385,808 shares and New York Community Bancorp, Inc. (NYSE:NYCB) by 144,229 shares to 4,006,237 shares worth $59,567,037 and $56,087,331, respectively.

The firm also boosted its stake in Provident New York Bancorp (NYSE:PBNY) by 53,699 shares to 1,139,040 shares, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8,340 shares t0 1,939,880. Its stake in both companies has a market value of $10,637,495 and $35,546,378, respectively.

Reduced positions of Kahn Brothers

Kahn Brothers Group reduced its position in Bristol-Myers Squibb Co (NYSE:BMY) by 358,994 shares, First Niagara Financial Group, Inc (NASDAQ:FNFG) by 26,830 shares, Hologic Inc (NASDAQ:HOLX) by 20,704 shares, Pfizer, Inc. (NYSE:PFE) by 30,814 shares, USG Corporation (NYSE:USG) by 56,830 shares, and Old Republic International Corporation (NYSE:ORI) by 32,100 shares.

The firm also cut its stake in Citigroup Inc (NYSE:C) by 15,730 shares, Dime Community Bancshares Inc (NASDAQ:DCOM) by 15,834 shares, The Travelers Companies Inc (NYSE:TRV) by 27,928 shares, International Business Machines (NYSE:IBM ) by 1,231 shares, and General Electric (NYSE:GE) by 2,000 shares among others.

Sold out positions of Kahn

The firm dumped its entire stake in SML Corporation (NASDAQ:SLM), IDT Corporation (NYSE:IDT), Genie Energy Ltd (NYSE:GNE), and Monsanto Company (NYSE:MON), AT&T Inc. (NYSE:T).

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