Insights from Kahn Brothers (Trades, Portfolio)' Latest 13F Filing for Q4 2023
Kahn Brothers (Trades, Portfolio) Group, a stalwart in the value investing arena, has disclosed its 13F holdings for the fourth quarter of 2023. With a legacy dating back to 1978 and a foundation built by Irving Kahn, a former teaching assistant to the legendary Benjamin Graham, the firm continues to employ a meticulous bottom-up approach to stock selection. Kahn Brothers (Trades, Portfolio) seeks out undervalued equity securities that are often overlooked by the market, focusing on assets, operating performance, and long-term business prospects in line with Graham's investment philosophies.
Summary of New Buys
Kahn Brothers (Trades, Portfolio) expanded its portfolio with a new addition in the fourth quarter of 2023:
- The most significant new position is in Bayer AG (BAYRY, Financial), with the purchase of 712,500 shares. This investment represents 1.04% of the portfolio, amounting to a value of $6.576 million.
Key Position Increases
The firm also bolstered its stakes in six companies, with notable increases in:
- AT&T Inc (T, Financial), where Kahn Brothers (Trades, Portfolio) acquired an additional 10,102 shares, increasing their total to 16,737 shares. This represents a substantial 152.25% increase in share count, impacting the current portfolio by 0.02%, and valued at $281,060.
- Bank of America Corp (BAC, Financial) saw an addition of 2,912 shares, bringing the total to 40,985. This adjustment marks a 7.65% increase in share count, with a total value of $1.379 million.
Summary of Sold Out Positions
The firm exited two holdings in the last quarter of 2023, including:
- SEI Investments Co (SEIC, Financial), where Kahn Brothers (Trades, Portfolio) sold all 6,600 shares, resulting in a -0.06% impact on the portfolio.
Key Position Reductions
Reductions were made in 28 stocks, with significant changes in:
- Haleon PLC (HLN, Financial), where 386,789 shares were sold, leading to a -37.46% decrease in shares and a -0.5% impact on the portfolio. The stock traded at an average price of $8.24 during the quarter, with a return of 0.87% over the past three months and -1.82% year-to-date.
- BP PLC (BP, Financial) saw a reduction of 59,780 shares, equating to a -3.37% decrease and a -0.36% impact on the portfolio. The stock's average trading price was $36.62 for the quarter, with a 1.41% return over the past three months and a 2.27% year-to-date increase.
Portfolio Overview
As of the fourth quarter of 2023, Kahn Brothers (Trades, Portfolio)' portfolio comprised 43 stocks. The top holdings included 11.64% in Assured Guaranty Ltd (AGO, Financial), 10.73% in Merck & Co Inc (MRK, Financial), 9.93% in New York Community Bancorp Inc (NYCB, Financial), 9.8% in Citigroup Inc (C, Financial), and 9.56% in BP PLC (BP). The investments are predominantly concentrated across nine industries: Financial Services, Healthcare, Energy, Technology, Industrials, Communication Services, Utilities, Real Estate, and Consumer Defensive.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
