- Kahn Brothers’ 13F portfolio value decreased from ~$760M to ~$695M this quarter.
- Most of the stakes saw minor adjustments during the quarter.
- The portfolio continues to be very concentrated with the top five positions accounting for ~47% of the 13F holdings.
This article is part of a series that provides an ongoing analysis of the changes made to Kahn Brothers’ 13F stock portfolio on a quarterly basis. It is based on Kahn Brothers’ regulatory 13F Form filed on 5/12/2023. Please visit our Tracking Kahn Brothers Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2022.
This quarter, Kahn Brothers’ 13F portfolio value decreased
~9% from ~$760M to ~$695M. The number of holdings remained steady at 45. The
largest individual stock position is BP plc which accounts for ~11% of the
portfolio. The largest five positions are BP plc, Merck, Bristol Myers Squibb, New York
Community Bancorp, and Assured Guaranty. Together, they account for ~47% of the
13F portfolio.
Irving Kahn was a disciple of Benjamin Graham and is the
author of "Benjamin Graham The Father of Financial Analysis". He
was by far the oldest protégé (died 2/26/2015 at age 109) and one of the
closest followers of the original teachings of Benjamin Graham.
The spreadsheet below highlights changes to Kahn’s 13F stock
holdings in Q1 2023:
Source: John Vincent. Data constructed from Kahn Brothers’
13F filings for Q4 2022 and Q1 2023.
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