Kahn Brothers

Kahn Brothers Group

Deep value, Graham-style

$562.8M

Portfolio Value

Holdings

Q4 '25

Period

2026-02-12

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+8.07%

Q1 '24 → Q4 '25

Annualized

+4.53%/yr

S&P: +7.61%/yr

Alpha (vs S&P)

-5.65%

7 quarters tracked

1-Year Return

+9.7%

α -4.01%

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

CREDUCED

18.2% of portfolio

-0% shares+6.5pp

BAYRYREDUCED

13.0% of portfolio

-0% shares+5.6pp

FLGREDUCED

9.3% of portfolio

-3% shares+2.9pp

MRKREDUCED

8.0% of portfolio

-1% shares+3.3pp

DISREDUCED

8.0% of portfolio

-0% shares+2.1pp

GOOGINCREASED

7.6% of portfolio

+1% shares+3.3pp

BPPFFREDUCED

6.4% of portfolio

-4% shares+1.5pp

SEBREDUCED

5.8% of portfolio

-6% shares+2.1pp

OGNINCREASED

4.6% of portfolio

+0% shares-0.4pp

IDTREDUCED

3.6% of portfolio

-0% shares+0.9pp

PFEREDUCED

2.5% of portfolio

-22% shares+0.1pp

SEGINCREASED

2.1% of portfolio

+0% shares+0.3pp

BMYREDUCED

1.9% of portfolio

-26% shares+0.3pp

PTENREDUCED

1.9% of portfolio

-8% shares+0.6pp

GSKREDUCED

1.6% of portfolio

-31% shares+0.1pp

MBIREDUCED

1.3% of portfolio

-0% shares+0.3pp

GNEREDUCED

0.5% of portfolio

-1% shares+0.1pp

XOMINCREASED

0.4% of portfolio

+13% shares+0.2pp

NVSREDUCED

0.3% of portfolio

-5% shares+0.1pp

WBS-PGREDUCED

0.3% of portfolio

-1% shares+0.1pp

FBAKREDUCED

0.3% of portfolio

-1% shares+0.1pp

CSXREDUCED

0.2% of portfolio

-8% shares+0.1pp

TRMLFINCREASED

0.2% of portfolio

+10% shares+0.1pp

MSFTINCREASED

0.2% of portfolio

+26% shares+0.1pp

JPMINCREASED

0.2% of portfolio

+30% shares+0.1pp

AAPLINCREASED

0.1% of portfolio

+3% shares+0.0pp

HLNREDUCED

0.1% of portfolio

-4% shares+0.0pp

BACREDUCED

0.1% of portfolio

-6% shares+0.0pp

PNCINCREASED

0.1% of portfolio

+55% shares+0.0pp

IBMREDUCED

0.1% of portfolio

-19% shares

PEGINCREASED

0.1% of portfolio

+22% shares+0.0pp

BXINCREASED

0.1% of portfolio

+53% shares+0.0pp

VZINCREASED

0.1% of portfolio

+13% shares+0.0pp

AGOINCREASED

<0.1% of portfolio

+20% shares+0.0pp

ZDGEREDUCED

<0.1% of portfolio

-0% shares+0.0pp

PGINCREASED

<0.1% of portfolio

+6% shares+0.0pp

BNINCREASED

<0.1% of portfolio

+50% shares+0.0pp

AXPINCREASED

<0.1% of portfolio

-47% shares

ARINCREASED

<0.1% of portfolio

-65% shares-0.0pp

CMCSAINCREASED

<0.1% of portfolio

+10% shares+0.0pp

RFLINCREASED

<0.1% of portfolio

-63% shares-0.0pp

TPHGFNEW

0.0% of portfolio

New position

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 50.2%Financials 18.7%Healthcare 12.4%Communication Services 8.1%Technology 8.0%+3 more (2.6%)

💼 Holdings

🔍

54 of 54 positions · $562.8M

This quarter: 1 new position, increased 19, reduced 22. Net seller.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	CCitigroup Inc	18.2%	Reduce 0.04%	876278	$116.69	$102.3M	—	—	—	—	📄
2	BAYRYBayer AG Spons ADR	13.0%	Reduce 0.49%	6754291	$10.82	$73.1M	—	—	—	—	📄
3	FLGFlagstar Financial, Inc.	9.3%	Reduce 2.78%	4177212	$12.59	$52.6M	—	—	—	—	📄
4	MRKMerck & Co. Inc.	8.0%	Reduce 0.84%	430103	$105.26	$45.3M	—	—	—	—	📄
5	DISWalt Disney	8.0%	Reduce 0.04%	394369	$113.77	$44.9M	—	—	—	—	📄
6	GOOGAlphabet Inc Class C	7.6%	Add 0.52%	135416	$313.80	$42.5M	—	—	—	—	📄
7	BPPFFBP PLC	6.4%	Reduce 4.35%	1038402	$34.73	$36.1M	—	—	—	—	📄
8	SEBSeaboard Corp	5.8%	Reduce 5.68%	7285	$4444.82	$32.4M	—	—	—	—	📄
9	OGNOrganon & Co	4.6%	Add 0.35%	3629451	$7.17	$26.0M	—	—	—	—	📄
10	IDTIdt Corp Class B	3.6%	Reduce 0.09%	392011	$51.21	$20.1M	—	—	—	—	📄
11	PFEPfizer	2.5%	Reduce 21.66%	553950	$24.90	$13.8M	—	—	—	—	📄
12	SEGSeaport Entertainment Group	2.1%	Add 0.48%	586170	$19.77	$11.6M	—	—	—	—	📄
13	BMYBristol-Myers Squibb	1.9%	Reduce 25.75%	202196	$53.94	$10.9M	—	—	—	—	📄
14	PTENPatterson Uti Energy	1.9%	Reduce 7.61%	1742013	$6.11	$10.6M	—	—	—	—	📄
15	GSKGSK plc	1.6%	Reduce 31.49%	178696	$49.04	$8.8M	—	—	—	—	📄
16	MBIM B I A Inc	1.3%	Reduce 0.10%	1028784	$7.16	$7.4M	—	—	—	—	📄
17	GNEGenie Energy LTD Class B	0.5%	Reduce 0.81%	190312	$13.78	$2.6M	—	—	—	—	📄
18	XOMExxonMobil	0.4%	Add 12.67%	20217	$120.34	$2.4M	—	—	—	—	📄
19	NVSNovartis AG Sponsored ADR	0.3%	Reduce 4.52%	13678	$137.89	$1.9M	—	—	—	—	📄
20	WBS-PGWebster Finl Co	0.3%	Reduce 1.13%	29833	$62.94	$1.9M	—	—	—	—	📄
21	FBAKFirst Natl BK Alaska Com	0.3%	Reduce 1.40%	4920	$299.75	$1.5M	—	—	—	—	📄
22	CSXCSX Corp Com	0.2%	Reduce 7.86%	37531	$36.25	$1.4M	—	—	—	—	📄
23	TRMLFTourmaline Oil Corp Com	0.2%	Add 10.45%	26959	$44.92	$1.2M	—	—	—	—	📄
24	MSFTMicrosoft	0.2%	Add 25.56%	2392	$483.70	$1.2M	—	—	—	—	📄
25	JPMJPMorgan Chase	0.2%	Add 29.99%	3468	$322.09	$1.1M	—	—	—	—	📄
26	AAPLApple Inc Com	0.1%	Add 3.34%	3092	$271.99	$841K	—	—	—	—	📄
27	HLNHaleon PLC	0.1%	Reduce 3.98%	65321	$10.10	$660K	—	—	—	—	📄
28	BACBank Of America Corp	0.1%	Reduce 5.77%	10484	$55.04	$577K	—	—	—	—	📄
29	SEICSei Invt Co Pa PV $0.01	0.1%	Held	6596	$82.02	$541K	—	—	—	—	📄
30	PEYUFPeyto Expl & Dev Corp New Com	0.1%	Held	31857	$16.57	$528K	—	—	—	—	📄
31	PNCPNC Finl SVCS Group Inc Com	0.1%	Add 54.91%	2257	$208.73	$471K	—	—	—	—	📄
32	OLOXFDeutsche Bank AG Namen Akt	0.1%	Held	10000	$38.56	$386K	—	—	—	—	📄
33	IBMIntl Business Machines	0.1%	Reduce 18.57%	1228	$296.42	$364K	—	—	—	—	📄
34	PEGPublic SVC Enterprise Group Inc Com	0.1%	Add 22.08%	4424	$80.30	$355K	—	—	—	—	📄
35	BXBlackstone Inc Com	0.1%	Add 53.33%	2300	$154.14	$355K	—	—	—	—	📄
36	AMAntero Midstream Corp Com	0.1%	Held	18856	$17.79	$335K	—	—	—	—	📄
37	VZVerizon	0.1%	Add 12.57%	8147	$40.75	$332K	—	—	—	—	📄
38	NVDANvidia Corp Com	0.1%	Held	1740	$186.60	$325K	—	—	—	—	📄
39	PIFYFPine Cliff Energy LTD Com	0.1%	Held	520000	$0.59	$307K	—	—	—	—	📄
40	CVXChevron Corp.	0.1%	Held	2003	$152.41	$305K	—	—	—	—	📄
41	AGOAssured Guaranty LTD F	<0.1%	Add 20.08%	3110	$89.87	$279K	—	—	—	—	📄
42	ZDGEZedge Inc 00500 Class B	<0.1%	Reduce 0.42%	82558	$3.28	$271K	—	—	—	—	📄
43	PGProcter & Gamble	<0.1%	Add 5.66%	1867	$143.55	$268K	—	—	—	—	📄
44	NAVINavient Corp	<0.1%	Held	20600	$13.00	$268K	—	—	—	—	📄
45	PEPPepsico Inc Com	<0.1%	Held	1800	$143.33	$258K	—	—	—	—	📄
46	WRLCWindrock LTD Co	<0.1%	Held	569	$440.00	$250K	—	—	—	—	📄
47	BNBrookfield Corp VTG SHS CL A	<0.1%	Add 50.00%	5070	$45.98	$233K	—	—	—	—	📄
48	TBBKOrange CNTY Bancorp Inc Com	<0.1%	Held	8000	$28.55	$228K	—	—	—	—	📄
49	AXPAmerican Express Co Com	<0.1%	Add 46.96%	610	$370.49	$226K	—	—	—	—	📄
50	ARAntero Res Corp Com	<0.1%	Add 65.02%	6242	$34.46	$215K	—	—	—	—	📄
51	CMCSAComcast Corporation	<0.1%	Add 10.11%	7025	$29.89	$210K	—	—	—	—	📄
52	RFLRafael Holdings Inc Class B	<0.1%	Add 62.66%	59246	$1.18	$70K	—	—	—	—	📄
53	FRFFFFairfax Finl HLDGS LTD Sub VTG	<0.1%	Held	1018	$1.91	$2K	—	—	—	—	📄
54	TPHGFTphgreenwich Trust Uni	0.0%	Buy	166999	—	$0	—	—	—	—	📄

CREDUCED

18.2%

18.2% of portfolio (was 11.6%, trimmed)

Filed ~$117

—📄

BAYRYREDUCED

13.0%

13.0% of portfolio (was 7.4%, trimmed)

Filed ~$11

—📄

FLGREDUCED

9.3%

9.3% of portfolio (was 6.5%, trimmed)

Filed ~$13

—📄

MRKREDUCED

8.0%

8.0% of portfolio (was 4.8%, trimmed)

Filed ~$105

—📄

DISREDUCED

8.0%

8.0% of portfolio (was 5.9%, trimmed)

Filed ~$114

—📄

GOOGINCREASED

7.6%

7.6% of portfolio (was 4.3%, added)

Filed ~$314

—📄

BPPFFREDUCED

6.4%

6.4% of portfolio (was 4.9%, trimmed)

Filed ~$35

—📄

SEBREDUCED

5.8%

5.8% of portfolio (was 3.7%, trimmed)

Filed ~$4445

—📄

OGNINCREASED

4.6%

4.6% of portfolio (was 5.0%, added)

Filed ~$7

—📄

IDTREDUCED

3.6%

3.6% of portfolio (was 2.7%, trimmed)

Filed ~$51

—📄

PFEREDUCED

2.5%

2.5% of portfolio (was 2.4%, trimmed)

Filed ~$25

—📄

SEGINCREASED

2.1%

2.1% of portfolio (was 1.7%, added)

Filed ~$20

—📄

BMYREDUCED

1.9%

1.9% of portfolio (was 1.6%, trimmed)

Filed ~$54

—📄

PTENREDUCED

1.9%

1.9% of portfolio (was 1.3%, trimmed)

Filed ~$6

—📄

GSKREDUCED

1.6%

1.6% of portfolio (was 1.5%, trimmed)

Filed ~$49

—📄

MBIREDUCED

1.3%

1.3% of portfolio (was 1.0%, trimmed)

Filed ~$7

—📄

GNEREDUCED

0.5%

0.5% of portfolio (was 0.4%, trimmed)

Filed ~$14

—📄

XOMINCREASED

0.4%

0.4% of portfolio (was 0.3%, added)

Filed ~$120

—📄

NVSREDUCED

0.3%

0.3% of portfolio (was 0.2%, trimmed)

Filed ~$138

—📄

WBS-PGREDUCED

0.3%

0.3% of portfolio (was 0.2%, trimmed)

Filed ~$63

—📄

FBAKREDUCED

0.3%

0.3% of portfolio (was 0.2%, trimmed)

Filed ~$300

—📄

CSXREDUCED

0.2%

0.2% of portfolio (was 0.2%, trimmed)

Filed ~$36

—📄

TRMLFINCREASED

0.2%

0.2% of portfolio (was 0.1%, added)

Filed ~$45

—📄

MSFTINCREASED

0.2%

0.2% of portfolio (was 0.1%, added)

Filed ~$484

—📄

JPMINCREASED

0.2%

0.2% of portfolio (was 0.1%, added)

Filed ~$322

—📄

AAPLINCREASED

0.1%

0.1% of portfolio (was 0.1%, added)

Filed ~$272

—📄

HLNREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$10

—📄

BACREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$55

—📄

SEIC

0.1%

0.1% of portfolio

Filed ~$82

—📄

PEYUF

0.1%

0.1% of portfolio

Filed ~$17

—📄

PNCINCREASED

0.1%

0.1% of portfolio (was <0.1%, added)

Filed ~$209

—📄

OLOXF

0.1%

0.1% of portfolio

Filed ~$39

—📄

IBMREDUCED

0.1%

0.1% of portfolio (was 0.1%, trimmed)

Filed ~$296

—📄

PEGINCREASED

0.1%

0.1% of portfolio (was <0.1%, added)

Filed ~$80

—📄

BXINCREASED

0.1%

0.1% of portfolio (was <0.1%, added)

Filed ~$154

—📄

0.1%

0.1% of portfolio

Filed ~$18

—📄

VZINCREASED

0.1%

0.1% of portfolio (was <0.1%, added)

Filed ~$41

—📄

NVDA

0.1%

0.1% of portfolio

Filed ~$187

—📄

PIFYF

0.1%

0.1% of portfolio

Filed ~$1

—📄

CVX

0.1%

0.1% of portfolio

Filed ~$152

—📄

AGOINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$90

—📄

ZDGEREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$3

—📄

PGINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$144

—📄

NAVI

<0.1%

<0.1% of portfolio

Filed ~$13

—📄

PEP

<0.1%

<0.1% of portfolio

Filed ~$143

—📄

WRLC

<0.1%

<0.1% of portfolio

Filed ~$440

—📄

BNINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$46

—📄

TBBK

<0.1%

<0.1% of portfolio

Filed ~$29

—📄

AXPINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$370

—📄

ARINCREASED

<0.1%

<0.1% of portfolio (was 0.1%, added)

Filed ~$34

—📄

CMCSAINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$30

—📄

RFLINCREASED

<0.1%

<0.1% of portfolio (was <0.1%, added)

Filed ~$1

—📄

FRFFF

<0.1%

<0.1% of portfolio

Filed ~$2

—📄

TPHGFNEW

0.0%

0.0% of portfolio (new position)

Filed ~$0

—📄