Kahn Brothers Group
Kahn Brothers Group
2026Q1 brief
Kahn Brothers' $560M deep-value portfolio continued its idiosyncratic, patient approach in Q1 2026, with the most notable development being the initiation of Z (Zillow, 4.0%)—an unusual entry for a fund better known for battered industrials and out-of-favor financials, but one that fits if Kahn sees real estate platform recovery value. The firm nearly doubled OGN (+52.6% to 5.9%), a deeply discounted pharma spinoff, and nearly doubled MBI (+99.9% to 2.2%), a distressed bond insurer—both textbook Kahn contrarian value plays. BP was cut 40% and MRK trimmed 47%, reducing energy and pharma exposure where the thesis may be playing out. The portfolio remains highly concentrated in unloved financials and pharma: C (16.9%), BAYRY (13.3%), and FLG (9.5%) dominate the top. The exit of NVDA (a tiny 0.06% position) is largely symbolic but confirms Kahn's disinterest in momentum-driven tech. With DIS at 6.5% and GOOG at 6.2%, the firm holds some larger-cap recovery bets alongside its deep-discount staples. Watch whether the Z position grows—if Kahn adds materially, it would signal a more committed housing-market recovery thesis.
AI-generated. Not investment advice.
Holdings (47) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | C | 16.9% | $95M | |||
| 2 | BAYRY | 13.3% | $75M | |||
| 3 | FLG | 9.5% | $54M | |||
| 4 | DIS | 6.5% | $37M | |||
| 5 | GOOG | 6.2% | $35M | |||
| 6 | SEB | 5.9% | $33M | |||
| 7 | OGN | 5.9% | $33M | |||
| 8 | BP | 5.2% | $29M | |||
| 9 | MRK | 4.8% | $27M | |||
| 10 | Z | 4.0% | $23M | |||
| 11 | SEG | 3.4% | $19M | |||
| 12 | PTEN | 3.2% | $18M | |||
| 13 | IDT | 3.2% | $18M | |||
| 14 | PFE | 2.4% | $14M | |||
| 15 | MBI | 2.2% | $12M | |||
| 16 | BMY | 1.8% | $10M | |||
| 17 | GSK | 1.6% | $9M | |||
| 18 | XOM | 0.5% | $3M | |||
| 19 | GNE | 0.4% | $2M | |||
| 20 | NVS | 0.4% | $2M | |||
| 21 | FRFHF | 0.3% | $2M | |||
| 22 | CSX | 0.3% | $1M | |||
| 23 | FBAK | 0.3% | $1M | |||
| 24 | TRMLF | 0.2% | $1M | |||
| 25 | JPM | 0.1% | $829K | |||
| 26 | AAPL | 0.1% | $785K | |||
| 27 | MSFT | 0.1% | $774K | |||
| 28 | PEYUF | 0.1% | $610K | |||
| 29 | HLN | 0.1% | $565K | |||
| 30 | SEIC | 0.1% | $518K | |||
| 31 | BAC | 0.1% | $461K | |||
| 32 | CVX | 0.1% | $404K | |||
| 33 | DB | 0.1% | $298K | |||
| 34 | IBM | 0.1% | $298K | |||
| 35 | PEG | 0.1% | $285K | |||
| 36 | VZ | 0.1% | $285K | |||
| 37 | PEP | 0.1% | $280K | |||
| 38 | PNC | 0.1% | $279K | |||
| 39 | AM | <0.1% | $269K | |||
| 40 | PG | <0.1% | $268K | |||
| 41 | BX | <0.1% | $264K | |||
| 42 | OBT | <0.1% | $256K | |||
| 43 | PIFYF | <0.1% | $253K | |||
| 44 | WRLC | <0.1% | $252K | |||
| 45 | ZDGE | <0.1% | $228K | |||
| 46 | CMCSA | <0.1% | $206K | |||
| 47 | RFL | <0.1% | $73K |
- 1C16.9%$95MCitigroup Incthis Q hold·17q
- 2BAYRY13.3%$75MBayer Ag-sponsored Adrthis Q hold·10q
- 3FLG9.5%$54MFlagstar Bank NAthis Q hold·6q
- 4DIS6.5%$37MWalt Disney Co/thethis Q hold·9q
- 5GOOG6.2%$35MAlphabet Inc-cl Cthis Q hold·4q
- 6SEB5.9%$33MSeaboard Corpthis Q hold·40q
- 7OGN5.9%$33MOrganon & COthis Q +53%·20q
- 8BP5.2%$29MBP Plc-spons Adrthis Q -40%·38q
- 9MRK4.8%$27MMerck & Co. Inc.this Q -47%·17q
- 10Z4.0%$23MZillow Group Inc - Cthis Q New·—1q
- 11SEG3.4%$19MSeaport Entertainment Groupthis Q +52%·3q
- 12PTEN3.2%$18MPatterson-uti Energy Incthis Q hold·40q
- 13IDT3.2%$18MIdt Corp-class Bthis Q hold·17q
- 14PFE2.4%$14MPfizer Incthis Q hold·40q
- 15MBI2.2%$12MMbia Incthis Q +100%·37q
- 16BMY1.8%$10MBristol-myers Squibb COthis Q hold·40q
- 17GSK1.6%$9MGsk Plc-spon Adrthis Q hold·4q
- 18XOM0.5%$3MExxon Mobil Corpthis Q hold·40q
- 19GNE0.4%$2MGenie Energy Ltd-bthis Q hold·17q
- 20NVS0.4%$2MNovartis Ag-sponsored Adrthis Q hold·40q
- 21FRFHF0.3%$2MFairfax Financial Hldgs Ltdthis Q hold·9q
- 22CSX0.3%$1MCsx Corpthis Q hold·11q
- 23FBAK0.3%$1MFirst National Bank Alaskathis Q hold·28q
- 24TRMLF0.2%$1MTourmaline Oil Corpthis Q hold·6q
- 25JPM0.1%$829KJpmorgan Chase & COthis Q hold·4q
- 26AAPL0.1%$785KApple Incthis Q hold·13q
- 27MSFT0.1%$774KMicrosoft Corpthis Q hold·9q
- 28PEYUF0.1%$610KPeyto Exploration & Dev Corpthis Q hold·27q
- 29HLN0.1%$565KHaleon Plc-adrthis Q hold·15q
- 30SEIC0.1%$518KSei Investments Companythis Q hold·7q
- 31BAC0.1%$461KBank OF America Corpthis Q hold·38q
- 32CVX0.1%$404KChevron Corpthis Q hold·38q
- 33DB0.1%$298KDeutsche Bank AG Namen Aktthis Q hold·16q
- 34IBM0.1%$298KIntl Business Machines Corpthis Q hold·13q
- 35PEG0.1%$285KPublic Service Enterprise GPthis Q -20%·9q
- 36VZ0.1%$285KVerizon Communications Incthis Q -30%·28q
- 37PEP0.1%$280KPepsico Incthis Q hold·27q
- 38PNC0.1%$279KPnc Financial Services Groupthis Q -41%·9q
- 39AM<0.1%$269KAntero Midstream Corpthis Q -37%·9q
- 40PG<0.1%$268KProcter & Gamble Co/thethis Q hold·17q
- 41BX<0.1%$264KBlackstone Incthis Q hold·5q
- 42OBT<0.1%$256KOrange County Bancorp Incthis Q hold·12q
- 43PIFYF<0.1%$253KPine Cliff Energy Ltdthis Q hold·7q
- 44WRLC<0.1%$252KWindrock Ltd COthis Q hold·5q
- 45ZDGE<0.1%$228KZedge Inc-cl Bthis Q hold·40q
- 46CMCSA<0.1%$206KComcast Corp-class Athis Q hold·35q
- 47RFL<0.1%$73KRafael Holdings Inc-class Bthis Q hold·33q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MRK | Merck & Co. Inc. | TRIM | 4.8% | -47% | $27M |
| BP | BP Plc-spons Adr | TRIM | 5.2% | -40% | $29M |
| OGN | Organon & CO | ADD | 5.9% | +53% | $33M |
| Z | Zillow Group Inc - C | NEW | 4.0% | +100% | $23M |
| SEG | Seaport Entertainment Group | ADD | 3.4% | +52% | $19M |
| MBI | Mbia Inc | ADD | 2.2% | +100% | $12M |
| WBS | Webster Financial Corp | EXIT | 0.3% | -100% | $0 |
| PNC | Pnc Financial Services Group | TRIM | 0.1% | -41% | $279K |
| PEG | Public Service Enterprise GP | TRIM | 0.1% | -20% | $285K |
| VZ | Verizon Communications Inc | TRIM | 0.1% | -30% | $285K |
| AM | Antero Midstream Corp | TRIM | <0.1% | -37% | $269K |
| NVDA | Nvidia Corp | EXIT | 0.1% | -100% | $0 |
| G0585R106 | Assured Guaranty Ltd F | EXIT | <0.1% | -100% | $0 |
| NAVI | Navient Corp | EXIT | <0.1% | -100% | $0 |
| BN | Brookfield Corp | EXIT | <0.1% | -100% | $0 |
| AXP | American Express CO | EXIT | <0.1% | -100% | $0 |
| AR | Antero Resources Corp | EXIT | <0.1% | -100% | $0 |
- TRIMMRK4.8%Merck & Co. Inc.Δ -47%·$27M
- TRIMBP5.2%BP Plc-spons AdrΔ -40%·$29M
- ADDOGN5.9%Organon & COΔ +53%·$33M
- NEWZ4.0%Zillow Group Inc - CΔ +100%·$23M
- ADDSEG3.4%Seaport Entertainment GroupΔ +52%·$19M
- ADDMBI2.2%Mbia IncΔ +100%·$12M
- EXITWBS0.3%Webster Financial CorpΔ -100%·$0
- TRIMPNC0.1%Pnc Financial Services GroupΔ -41%·$279K
- TRIMPEG0.1%Public Service Enterprise GPΔ -20%·$285K
- TRIMVZ0.1%Verizon Communications IncΔ -30%·$285K
- TRIMAM<0.1%Antero Midstream CorpΔ -37%·$269K
- EXITNVDA0.1%Nvidia CorpΔ -100%·$0
- EXITG0585R106<0.1%Assured Guaranty Ltd FΔ -100%·$0
- EXITNAVI<0.1%Navient CorpΔ -100%·$0
- EXITBN<0.1%Brookfield CorpΔ -100%·$0
- EXITAXP<0.1%American Express COΔ -100%·$0
- EXITAR<0.1%Antero Resources CorpΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001039565). Not investment advice.