Tracking Kahn Brothers Portfolio – Q4 2023 Update

  •  Kahn Brothers’ 13F portfolio value decreased from ~$641M to ~$635M 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 ~51% 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 2/13/2024. 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 Q3 2023.

 

This quarter, Kahn Brothers’ 13F portfolio value decreased from ~$641M to ~$635M. The largest individual stock position is Assured Guaranty (AGO) which accounts for ~12% of the portfolio. The largest five positions are Assured Guaranty (AGO), Merck (MRK), New York Community Bancorp (NYCB), Citigroup (C), and BP plc (BP). Together, they account for ~51% 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 Q4 2023:

 

 


 

Source: John Vincent. Data constructed from Kahn Brothers’ 13F filings for Q3 2022 and Q4 2023.

 



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