Tracking Kahn Brothers Portfolio – Q3 2023 Update

• Kahn Brothers’ 13F portfolio value decreased from ~$682M to ~$641M 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 ~50% 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 11/14/2023. 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 Q2 2023.

 

This quarter, Kahn Brothers’ 13F portfolio value decreased ~6% from ~$682M to ~$641M. The largest individual stock position is New York Community Bancorp (NYCB) which accounts for ~11% of the portfolio. The largest five positions are New York Community Bancorp (NYCB), BP plc (BP), Merck (MRK), Assured Guaranty (AGO), and Patterson-UTI Energy (PTEN). Together, they account for ~50% 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 Q3 2023:

 

 

 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q2 2023 and Q3 2023.