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Insight into Kahn Brothers (Trades, Portfolio)' Latest 13F Filings and Strategic Portfolio Adjustments
Kahn Brothers (Trades, Portfolio), a distinguished investment firm founded in 1978 by Irving Kahn and his associates, recently disclosed their 13F filing for the second quarter of 2024. The firm is known for its value investing approach, closely following the principles laid out by Benjamin Graham. Kahn Brothers (Trades, Portfolio) Advisors LLC, the investment advisory arm, focuses on undervalued equity securities, employing a meticulous bottom-up stock selection strategy. This quarter's filing reveals significant adjustments in their portfolio, including new acquisitions, increased stakes, and notable reductions.
Summary of New Buys
Kahn Brothers (Trades, Portfolio) introduced a new position in the following stock during the second quarter:
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Orange County Bancorp Inc (NASDAQ:OBT) was added with 4,000 shares, representing 0.04% of the portfolio and valued at $212,000.
Key Position Increases
The firm increased its holdings in several stocks, with significant additions to:
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New York Community Bancorp Inc (NYSE:NYCB), where 5,998,313 additional shares were acquired, bringing the total to 4,070,529.929466 shares. This adjustment increased the share count by 96.54%, impacting the portfolio by 3.25% and valued at $39,321,610.
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The Walt Disney Co (NYSE:DIS) saw an addition of 126,971 shares, increasing the total to 220,903 shares. This adjustment represents a 135.17% increase in share count, with a total value of $21,932,970.
Summary of Sold Out Positions
Kahn Brothers (Trades, Portfolio) exited their positions in the following stocks:
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Eagle Bulk Shipping Inc (EGLE), where all 4,460 shares were sold, impacting the portfolio by -0.04%.
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Glacier Bancorp Inc (NYSE:GBCI), with all 6,264 shares liquidated, also causing a -0.04% impact on the portfolio.
Key Position Reductions
The firm reduced its stake in several stocks, notably:
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Assured Guaranty Ltd (NYSE:AGO) saw a reduction of 669,493 shares, decreasing the share count by 68.98% and impacting the portfolio by -8.66%. The stock traded at an average price of $78.18 during the quarter and has returned -3.12% over the past three months and 1.16% year-to-date.
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VOXX International Corp (NASDAQ:VOXX) was reduced by 1,087,822 shares, a 38.18% reduction, impacting the portfolio by -1.32%. The stock traded at an average price of $5.33 during the quarter and has returned -56.64% over the past three months and -75.84% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Kahn Brothers (Trades, Portfolio)' portfolio included 52 stocks. The top holdings were 12.74% in Citigroup Inc (NYSE:C), 12.32% in Merck & Co Inc (NYSE:MRK), 9.95% in BP PLC (NYSE:BP), 8.03% in GSK PLC (NYSE:GSK), and 6.61% in New York Community Bancorp Inc (NYSE:NYCB). The holdings are mainly concentrated across 10 of the 11 industries, including Healthcare, Financial Services, Energy, Communication Services, Industrials, Technology, Utilities, Real Estate, Consumer Defensive, and Consumer Cyclical.