Irving Kahn (Trades, Portfolio), a legendary value investor who learned directly from Benjamin Graham, is the oldest living active investment manager at 108 years old. His Kahn Brothers Group disclosed that its equity portfolio has an market value of $614 million for the third quarter based on its 13-F filing with the SEC. The 13-F filing allows us to look at his portfolio of holdings which can give useful investment ideas.
New Positions For Kahn Brothers
During the third quarter, Kahn Brothers acquired 51,000 shares of GlaxoSmithKline PLC (GSK, Financial) which is worth about $2.34 billion. This was a three-part transaction with another holding of Novartis AG ADR (NVS, Financial).
Added positions
Kahn increased his stake in Novartis AG ADR (NVS, Financial) by 4,000 shares for a total of 30,268 shares; the stake is valued at $2.85 billion. He also boosted his stake in IBM (IBM, Financial) by 4,000 to 7,258, giving his stake a market value of $1.37 billion. He also increased the stake in Comcast Comporation (CMCSA) by 2,182 to 26,435, giving his stake a market value of $1.42 billion. He also bought an additional 5,400 shares of Flushing Finnacial Corporation (FFIC, Financial), for a total of 15,519.Â
Largest Positions
The firm's largest position is in Merck & Co (MRK, Financial) which accounts for 10.69% of Kahn Brothers' portfolio. During the third quarter, Kahn Brothers reduced its stake in Merck by 10,885 shares to 1,109,198, giving its stake a market value of $65.75 million. Kahn Brothers' second largest position is in Citigroup (C, Financial) and also reduced its stake as well by 156,584 to 1,228,560. The stake in Citigroup has a market value of $63.66 million, and accounts for 10.36% of the portfolio.
Kahn Brothers Third Quarter 13-F Filing
COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
 |  |  | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | ||
NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
AMERICAN TEL & TEL | COM | 30177109 | 434,298 | 12,324 | SH | Â | SOLE | Â | 12,324 | 0 | 0 |
ASTORIA FINANCIAL | COM | 46265104 | 219,117 | 17,685 | SH | Â | SOLE | Â | 17,685 | 0 | 0 |
ASTEC INDUS | COM | 46224101 | 437,640 | 12,000 | SH | Â | SOLE | Â | 12,000 | 0 | 0 |
BANK OF AMERICA | COM | 60505104 | 933,471 | 54,749 | SH | Â | SOLE | Â | 54,749 | 0 | 0 |
BP PLC | COM | 55622104 | 37,113,797 | 844,455 | SH | Â | SOLE | Â | 844,455 | 0 | 0 |
BRISTOL MYERS SQUIBB | COM | 110122108 | 1,415,127 | 27,650 | SH | Â | SOLE | Â | 27,650 | 0 | 0 |
BLACKBERRY | COM | 09228F103 | 15,467,137 | 1,556,050 | SH | Â | SOLE | Â | 1,556,050 | 0 | 0 |
CITIGROUP | COM | 172967101 | 63,663,980 | 1,228,560 | SH | Â | SOLE | Â | 1,228,560 | 0 | 0 |
CHEVRONTEXACO | COM | 166764100 | 762,216 | 6,388 | SH | Â | SOLE | Â | 6,388 | 0 | 0 |
COMCAST CL A | COM | 20030N101 | 1,421,683 | 26,435 | SH | Â | SOLE | Â | 26,435 | 0 | 0 |
CTM MEDIA CL A | COM | 22944D104 | 750,732 | 10,284 | SH | Â | SOLE | Â | 10,284 | 0 | 0 |
EXXON MOBILE | COM | 30231G102 | 1,663,180 | 17,684 | SH | Â | SOLE | Â | 17,684 | 0 | 0 |
FIRST NIAGARA FINANCIAL | COM | 33582V108 | 1,149,915 | 138,045 | SH | Â | SOLE | Â | 138,045 | 0 | 0 |
FLUSHING FINANCIAL | COM | 343873105 | 283,532 | 15,519 | SH | Â | SOLE | Â | 15,519 | 0 | 0 |
GENERAL ELECTRIC | COM | 369604103 | 384,300 | 15,000 | SH | Â | SOLE | Â | 15,000 | 0 | 0 |
GENIE ELECTRIC | COM | 903514344 | 4,185,085 | 595,318 | SH | Â | SOLE | Â | 595,318 | 0 | 0 |
GLAXOSMITHKLINE | COM | 3773W105 | 2,344,470 | 51,000 | SH | Â | SOLE | Â | 51,000 | 0 | 0 |
HOLOGIC | COM | 436440101 | 37,496,398 | 1,541,159 | SH | Â | SOLE | Â | 1,541,159 | 0 | 0 |
IBM | COM | 459200101 | 1,377,786 | 7,258 | SH | Â | SOLE | Â | 7,258 | 0 | 0 |
IDT CORP CL B | COM | 448847309 | 10,550,537 | 656,945 | SH | Â | SOLE | Â | 656,945 | 0 | 0 |
KEYCORP NEW | COM | 493267108 | 207,588 | 15,573 | SH | Â | SOLE | Â | 15,573 | 0 | 0 |
LANDMARK SAVINGS BANK | COM | 514928100 | 1,587,543 | 68,606 | SH | Â | SOLE | Â | 68,606 | 0 | 0 |
MERCK | COM | 589331107 | 65,752,718 | 1,109,189 | SH | Â | SOLE | Â | 1,109,189 | 0 | 0 |
MONSANTO | COM | 66166W101 | 999,995 | 8,888 | SH | Â | SOLE | Â | 8,888 | 0 | 0 |
MBIA | COM | 55262C100 | 21,457,690 | 2,337,439 | SH | Â | SOLE | Â | 2,337,439 | 0 | 0 |
NAM TAI PPTY | COM | G63907102 | 22,646,906 | 3,730,956 | SH | Â | SOLE | Â | 3,730,956 | 0 | 0 |
NAVIENT | COM | 63938C108 | 15,931,650 | 899,585 | SH | Â | SOLE | Â | 899,585 | 0 | 0 |
NEW YORK COMMUNITY | COM | 649445103 | 55,938,796 | 3,524,813 | SH | Â | SOLE | Â | 3,524,813 | 0 | 0 |
NEWMARKET GROUP | COM | 651587107 | 342,918 | 900 | SH | Â | SOLE | Â | 900 | 0 | 0 |
NOVARTIS ADR | COM | 66987V109 | 2,858,540 | 30,368 | SH | Â | SOLE | Â | 30,368 | 0 | 0 |
NY TIMES CL A | COM | 650111107 | 49,675,383 | 4,427,396 | SH | Â | SOLE | Â | 4,427,396 | 0 | 0 |
OLD REPUBLIC | COM | 680223104 | 30,257,813 | 2,118,895 | SH | Â | SOLE | Â | 2,118,895 | 0 | 0 |
PHI INC NON-VOTING | COM | 716604202 | 625,480 | 15,200 | SH | Â | SOLE | Â | 15,200 | 0 | 0 |
PFIZER | COM | 717081103 | 58,701,221 | 1,985,161 | SH | Â | SOLE | Â | 1,985,161 | 0 | 0 |
PATTERSON ENERGY | COM | 703481101 | 20,372,043 | 626,254 | SH | Â | SOLE | Â | 626,254 | 0 | 0 |
QUESTAR CORP | COM | 748356102 | 355,526 | 15,950 | SH | Â | SOLE | Â | 15,950 | 0 | 0 |
SEABOARD CORP | COM | 811543107 | 28,515,392 | 10,660 | SH | Â | SOLE | Â | 10,660 | 0 | 0 |
SLM CORP | COM | 78443P106 | 7,686,238 | 897,925 | SH | Â | SOLE | Â | 897,925 | 0 | 0 |
STRAIGHT PATH COMM | COM | 862578101 | 5,221,157 | 331,502 | SH | Â | SOLE | Â | 331,502 | 0 | 0 |
STERLING BANCORP | COM | 85917A100 | 17,758,813 | 1,388,492 | SH | Â | SOLE | Â | 1,388,492 | 0 | 0 |
TRINITY PLACE HOLDINGS | COM | 89656D101 | 7,197,378 | 1,199,563 | SH | Â | SOLE | Â | 1,199,563 | 0 | 0 |
USG INC | COM | 903293405 | 522,310 | 19,000 | SH | Â | SOLE | Â | 19,000 | 0 | 0 |
VOXX INTERNATIONAL | COM | 91829F104 | 18,030,245 | 1,938,736 | SH | Â | SOLE | Â | 1,938,736 | 0 | 0 |
VOLVO | COM | 928856400 | 108,830 | 10,000 | SH | Â | SOLE | Â | 10,000 | 0 | 0 |