Thomas Kahn
Q2 2026 13F: 48 holdings worth about $632.7M; that quarter 1 new, 9 added, 15 trimmed, 1 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 48 holdings, top 10 = 79%, stocks $0.6B, options 0%; all four rules met
- Source for the value approach: Kahn Brothers (Kahn Brothers Group, Inc.): “a contrarian value strategy focusing on margin of safety and capital appreciation over long periods of time” (checked 2026-10-11)
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
| Move | Company | Change in shares | Position shift (pts) |
|---|---|---|---|
| Trimmed | OGNOrganon & Co | −2.87M | −6.13 |
| Added | ZZillow Group Inc | +637.0K | +3.17 |
| Added | MBIMBIA Inc | +2.16M | +2.22 |
| Trimmed | SEBSeaboard Corp | −482 | −0.34 |
| Trimmed | DISWalt Disney Co | −19.8K | −0.30 |
| Trimmed | IDTIDT Corp | −20.9K | −0.19 |
| Trimmed | MRKMerck & Co., Inc | −9.1K | −0.18 |
| Trimmed | CCitigroup Inc | −4.6K | −0.10 |
| Added | SEGSeaport Entertainment Group Inc | +23.8K | +0.10 |
| Trimmed | PFEPfizer Inc | −20.7K | −0.08 |
| Trimmed | GOOGLAlphabet Inc | −1.1K | −0.06 |
| Trimmed | GNEGenie Energy Ltd | −23.1K | −0.05 |
| New | WBSWebster Financial Corp | +4.3K | +0.05 |
| Added | RFLRafael Holdings, Inc | +91.9K | +0.05 |
| Trimmed | PTENPatterson-Uti Energy Inc | −26.4K | −0.04 |
| Added | BMYBristol-Myers Squibb Co | +3.8K | +0.03 |
| Sold out | CMCSAComcast Corp | −7.2K | −0.03 |
| Added | WRLCWindrock Ltd Co | +270 | +0.02 |
| Trimmed | GSKGSK PLC | −2.5K | −0.02 |
| Trimmed | —Exxon Mobil Corp | −600 | −0.01 |
| Trimmed | CSXCSX Corp | −1.7K | −0.01 |
| Trimmed | NVSNovartis AG | −200 | −0.00 |
| Added | MSFTMicrosoft Corp | +76 | +0.00 |
| Added | JPMJPMorgan Chase & Co | +60 | +0.00 |
| Added | HLNHaleon plc | +1.9K | +0.00 |
| Trimmed | PGProcter & Gamble Co | −100 | −0.00 |
All Holdings (48 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| CCitigroup Inc | 18.5%16.9% | $117.1M | Trimmed −1% | $139.96 | +153% |
| BAYRYBayer AG | 14.1%13.3% | $89.3M | Held | $13.70 | +87% |
| FLGFlagstar Bank NA | 9.6%9.5% | $60.9M | Held | $14.94 | +56% |
| GOOGLAlphabet Inc | 6.8%6.2% | $42.7M | Trimmed −1% | $353.33 | +77% |
| ZZillow Group Inc | 5.9%4.0% | $37.3M | Added +117% | $31.52 | −19% |
| OGNOrganon & Co | 5.7%5.9% | $36.2M | Trimmed −52% | $13.54 | +10% |
| DISWalt Disney Co | 5.5%6.5% | $34.6M | Trimmed −5% | $96.25 | −8% |
| MRKMerck & Co., Inc | 4.4%4.8% | $28.0M | Trimmed −4% | $128.50 | +62% |
| MBIMBIA Inc | 4.3%2.2% | $27.5M | Added +105% | $6.52 | +5% |
| SEGSeaport Entertainment Group Inc | 3.9%3.4% | $24.4M | Added +3% | $26.60 | +28% |
| SEBSeaboard Corp | 3.8%5.9% | $24.1M | Trimmed −8% | $4,464 | +77% |
| BPBP PLC | 3.7%5.2% | $23.1M | Held | $36.95 | +5% |
| IDTIDT Corp | 3.2%3.2% | $20.5M | Trimmed −6% | $58.16 | +42% |
| PTENPatterson-Uti Energy Inc | 2.4%3.2% | $15.3M | Trimmed −2% | $9.18 | +15% |
| PFEPfizer Inc | 1.8%2.4% | $11.2M | Trimmed −4% | $24.08 | −30% |
| BMYBristol-Myers Squibb Co | 1.6%1.8% | $10.0M | Added +2% | $57.62 | +16% |
| GSKGSK PLC | 1.3%1.6% | $8.3M | Trimmed −2% | $52.42 | +36% |
| —Exxon Mobil Corp | 0.4%0.5% | $2.4M | Trimmed −3% | $136.72 | +63% |
| GNEGenie Energy Ltd | 0.3%0.4% | $2.2M | Trimmed −13% | $14.45 | +113% |
| NVSNovartis AG | 0.3%0.4% | $2.1M | Trimmed −1% | $156.72 | +88% |
| FRFHFFairfax Financial Holdings Ltd/ Can | 0.3%0.3% | $1.7M | Held | $1,644 | +52% |
| CSXCSX Corp | 0.3%0.3% | $1.7M | Trimmed −5% | $47.53 | +47% |
| FBAKFirst National Bank Alaska | 0.2%0.3% | $1.6M | Held | $316.20 | +34% |
| TRMLFTourmaline Oil Corp | 0.2%0.2% | $1.1M | Held | $41.80 | −11% |
| JPMJPMorgan Chase & Co | 0.1%0.1% | $942K | Added +2% | $327.33 | +17% |
| AAPLApple Inc | 0.1%0.1% | $895K | Held | $289.36 | +50% |
| MSFTMicrosoft Corp | 0.1%0.1% | $809K | Added +4% | $373.02 | −11% |
| SEICSEI Investments Company | 0.1%0.1% | $579K | Held | $87.71 | +26% |
| HLNHaleon plc | 0.1%0.1% | $544K | Added +3% | $9.33 | +50% |
| BACBank of America Corp | 0.1%0.1% | $539K | Held | $56.98 | +84% |
| PEYUFPeyto Exploration & Dev Corp | 0.1%0.1% | $522K | Held | $16.68 | +96% |
| RFLRafael Holdings, Inc | 0.1%0.0% | $494K | Added +157% | $3.28 | −34% |
| WRLCWindrock Ltd Co | 0.1%0.0% | $444K | Added +50% | $549.99 | +16% |
| IBMInternational Business Machines Corp | 0.1%0.1% | $345K | Held | $281.21 | +43% |
| DBDeutsche Bank Aktiengesellschaft | 0.1%0.1% | $338K | Held | $33.76 | +103% |
| WBSWebster Financial Corp | 0.1%— | $332K | New | $76.42 | +5% |
| PNCPNC Financial Services Group, Inc | 0.1%0.0% | $330K | Held | $246.22 | +39% |
| CVXChevron Corp | 0.1%0.1% | $324K | Held | $165.76 | +6% |
| OBTOrange County Bancorp, Inc. | 0.0%0.0% | $294K | Held | $36.78 | +42% |
| PEGPublic Service Enterprise Group | 0.0%0.1% | $286K | Held | $81.16 | +21% |
| BXBlackstone Inc | 0.0%0.0% | $271K | Held | $117.67 | −26% |
| AMAntero Midstream Corp | 0.0%0.0% | $269K | Held | $22.75 | +70% |
| PGProcter & Gamble Co | 0.0%0.0% | $257K | Trimmed −5% | $146.64 | −5% |
| PEPPepsiCo Inc | 0.0%0.0% | $244K | Held | $135.40 | +1% |
| ZDGEZedge, Inc | 0.0%0.0% | $242K | Held | $3.10 | −20% |
| VZVerizon Communications Inc | 0.0%0.1% | $241K | Held | $42.34 | −21% |
| PIFYFPine Cliff Energy Ltd | 0.0%0.0% | $209K | Held | $0.40 | −13% |
| —Tphgreenwich Trust Uni | 0.0%— | $0 | Held | — | — |
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
Over Time
From Q1 1999, 110 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 110 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 48 | $632.7M | 13F-HR 13F-HR/A |
| Q1 2026 | 48 | $564.1M | 13F-HR |
| Q4 2025 | 54 | $564.7M | 13F-HR |
| Q3 2025 | 53 | $531.8M | 13F-HR |
| Q2 2025 | 50 | $497.8M | 13F-HR |
| Q1 2025 | 55 | $494.5M | 13F-HR |
| Q4 2024 | 52 | $460.4M | 13F-HR |
| Q3 2024 | 53 | $580.6M | 13F-HR |
| Q2 2024 | 52 | $595.0M | 13F-HR |
| Q1 2024 | 53 | $674.4M | 13F-HR |
| Q4 2023 | 43 | $634.8M | 13F-HR |
| Q3 2023 | 42 | $640.9M | 13F-HR |
| Q2 2023 | 43 | $682.1M | 13F-HR |
| Q1 2023 | 45 | $694.7M | 13F-HR |
| Q4 2022 | 45 | $759.6M | 13F-HR |
| Q3 2022 | 45 | $641.7M | 13F-HR |
| Q2 2022 | 45 | $742.7M | 13F-HR |
| Q1 2022 | 46 | $787.6M | 13F-HR |
| Q4 2021 | 43 | $728.0M | 13F-HR |
| Q3 2021 | 43 | $710.3M | 13F-HR |
| Q2 2021 | 43 | $698.3M | 13F-HR |
| Q1 2021 | 42 | $646.1M | 13F-HR |
| Q4 2020 | 42 | $573.3M | 13F-HR |
| Q3 2020 | 42 | $527.5M | 13F-HR |
| Q2 2020 | 47 | $591.8M | 13F-HR |
| Q1 2020 | 48 | $546.7M | 13F-HR |
| Q4 2019 | 47 | $824.7M | 13F-HR |
| Q3 2019 | 48 | $797.6M | 13F-HR 13F-HR/A |
| Q2 2019 | 44 | $799.9M | 13F-HR |
| Q1 2019 | 32 | $640.0M | 13F-HR |
| Q4 2018 | 31 | $554.7M | 13F-HR |
| Q3 2018 | 31 | $651.2M | 13F-HR |
| Q2 2018 | 31 | $628.4M | 13F-HR |
| Q1 2018 | 31 | $627.7M | 13F-HR |
| Q4 2017 | 31 | $636.6M | 13F-HR |
| Q3 2017 | 34 | $654.5M | 13F-HR 13F-HR/A 13F-HR/A |
| Q2 2017 | 34 | $655.8M | 13F-HR |
| Q1 2017 | 35 | $581.4M | 13F-HR |
| Q4 2016 | 35 | $592.1M | 13F-HR |
| Q3 2016 | 35 | $552.1M | 13F-HR |
| Q2 2016 | 37 | $516.6M | 13F-HR |
| Q1 2016 | 37 | $533.9M | 13F-HR |
| Q4 2015 | 38 | $559.7M | 13F-HR |
| Q3 2015 | 38 | $540.2M | 13F-HR |
| Q2 2015 | 40 | $593.0M | 13F-HR |
| Q1 2015 | 42 | $592.1M | 13F-HR |
| Q4 2014 | 44 | $580.2M | 13F-HR |
| Q3 2014 | 44 | $614.8M | 13F-HR |
| Q2 2014 | 43 | $687.3M | 13F-HR |
| Q1 2014 | 42 | $700.5M | 13F-HR |
| Q4 2013 | 42 | $581.0M | 13F-HR |
| Q3 2013 | 44 | $687.3M | 13F-HR |
| Q2 2013 | 47 | $648.0M | 13F-HR |
| Q1 2013 | 45 | $669.3M | 13F-HR |
| Q4 2012 | 43 | $567.8M | 13F-HR |
| Q3 2012 | 44 | $551.4M | 13F-HR 13F-HR/A |
| Q2 2012 | 46 | $512.4M | 13F-HR |
| Q1 2012 | 47 | $544.2M | 13F-HR |
| Q4 2011 | 48 | $504.1M | 13F-HR 13F-HR/A |
| Q3 2011 | 48 | $424.7M | 13F-HR |
| Q2 2011 | 49 | $572.8M | 13F-HR |
| Q1 2011 | 50 | $580.2M | 13F-HR 13F-HR/A 13F-HR/A |
| Q4 2010 | 51 | $555.2M | 13F-HR |
| Q3 2010 | 56 | $507.0M | 13F-HR |
| Q2 2010 | 56 | $446.1M | 13F-HR |
| Q1 2010 | 56 | $474.1M | 13F-HR |
| Q4 2009 | 56 | $439.4M | 13F-HR/A |
| Q3 2009 | 59 | $444.7M | 13F-HR/A |
| Q2 2009 | 55 | $372.2M | 13F-HR/A |
| Q1 2009 | 55 | $347.7M | 13F-HR/A |
| Q4 2008 * | 57 | $381.4M | 13F-HR/A |
| Q3 2008 * | 56 | $411.0M | 13F-HR/A |
| Q2 2008 * | 60 | $473.8M | 13F-HR/A |
| Q1 2008 * | 55 | $449.7M | 13F-HR/A |
| Q4 2007 * | 56 | $627.1M | 13F-HR/A |
| Q3 2007 * | 58 | $610.8M | 13F-HR/A 13F-HR/A |
| Q2 2007 * | 58 | $709.5M | 13F-HR/A |
| Q1 2007 | 61 | $660.0M | 13F-HR/A |
| Q4 2006 | 62 | $633.8M | 13F-HR/A |
| Q3 2006 | 66 | $605.8M | 13F-HR/A |
| Q2 2006 | 65 | $608.5M | 13F-HR/A |
| Q1 2006 | 66 | $621.8M | 13F-HR/A |
| Q4 2005 | 69 | $586.4M | 13F-HR/A |
| Q3 2005 | 69 | $608.6M | 13F-HR/A |
| Q2 2005 | 68 | $594.4M | 13F-HR/A |
| Q1 2005 | 68 | $566.3M | 13F-HR/A |
| Q4 2004 | 73 | $602.9M | 13F-HR/A |
| Q3 2004 | 72 | $553.9M | 13F-HR/A |
| Q2 2004 | 75 | $562.1M | 13F-HR/A |
| Q1 2004 | 77 | $582.5M | 13F-HR/A |
| Q4 2003 * | 80 | $530.0M | 13F-HR/A |
| Q3 2003 * | 81 | $455.8M | 13F-HR/A |
| Q2 2003 * | 79 | $428.9M | 13F-HR 13F-HR/A |
| Q1 2003 * | 81 | $352.7M | 13F-HR/A |
| Q4 2002 * | 80 | $349.4M | 13F-HR/A |
| Q3 2002 * | 74 | $307.6M | 13F-HR |
| Q2 2002 * | 78 | $351.4M | 13F-HR/A |
| Q1 2002 * | 77 | $358.8M | 13F-HR/A |
| Q4 2001 * | 78 | $313.3M | 13F-HR/A |
| Q3 2001 * | 78 | $274.0M | 13F-HR |
| Q2 2001 * | 78 | $286.6M | 13F-HR |
| Q1 2001 | 76 | $243.8M | 13F-HR |
| Q4 2000 | 77 | $255.2M | 13F-HR |
| Q3 2000 | 77 | $244.2M | 13F-HR |
| Q2 2000 | 77 | $237.9M | 13F-HR |
| Q1 2000 | 77 | $259.9M | 13F-HR |
| Q4 1999 | 82 | $275.0M | 13F-HR |
| Q3 1999 | 81 | $287.4M | 13F-HR/A |
| Q2 1999 * | 286 | $399.9M | 13F-HR/A 13F-HR/A |
| Q1 1999 * | 325 | $379.9M | 13F-HR/A |
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| AGOAssured Guaranty Ltd | Q1 2017 – Q1 2026 | 13% | — |
| NAVINavient Corp | Q2 2014 – Q1 2026 | 3% | Still filing with the SEC |
| —GlaxoSmithKline PLC | Q4 2016 – Q2 2025 | 11% | No SEC record found |
| HOLXHologic Inc | Q1 1999 – Q2 2025 | 10% | Still filing with the SEC |
| VOXXVoxx International Corp | Q4 2011 – Q1 2025 | 7% | — |
| —New York Cmnty Bancorp Inc Com | Q4 2000 – Q4 2024 | 14% | — |
| MBIMBIA Inc | Q4 2007 – Q3 2024 | 11% | — |
| BBBlackBerry Ltd | Q3 2013 – Q1 2024 | 8% | — |
| NTPIFNam Tai Property Inc | Q1 2001 – Q3 2022 | 7% | — |
| —Merck Sharp & Dohme LLC | Q4 2001 – Q1 2022 | 14% | Acquired or delisted Jan 12, 2010 |
| —Citigroup Inc | Q4 1999 – Q1 2022 | 11% | Still filing with the SEC |
| STLSterling Bancorp | Q4 2013 – Q1 2022 | 4% | — |
| —IDT Corp | Q2 2001 – Q1 2022 | 3% | No SEC record found |
| NYTNew York Times Co | Q3 2006 – Q3 2020 | 12% | — |
| ORIOld Republic International Corp | Q4 2011 – Q2 2019 | 8% | — |
| STRPStraight Path Comm | Q3 2013 – Q1 2018 | 5% | — |
| IBMInternational Business Machines Corp | Q1 1999 – Q4 2017 | 4% | — |
| SLMSLM Corp | Q2 2003 – Q1 2017 | 6% | — |
| —GlaxoSmithKline | Q3 2014 – Q4 2016 | 5% | — |
| FNFGFirst Niagara Financial GRP | Q1 2004 – Q3 2016 | 4% | — |
| VOLVYVolvo AB | Q1 1999 – Q1 2016 | 3% | — |
| FFICFlushing Financial Corp | Q1 1999 – Q3 2015 | 3% | — |
| —Provident Bancorp Com | Q4 2004 – Q4 2013 | 21% | — |
| —Dime Community Bancshares | Q1 1999 – Q3 2013 | 3% | — |
| —American Tel & Tel Com | Q1 1999 – Q2 2013 | 9% | — |
| —Mmodal Inc | Q1 2012 – Q3 2012 | 3% | — |
| —Medquist Holdings Com | Q4 2005 – Q1 2012 | 2% | — |
| —Audiovox Corp. Com | Q1 2001 – Q4 2011 | 6% | — |
| ORIOld Republic International Corp | Q1 1999 – Q3 2011 | 7% | — |
| —IDT Corporation Com | Q1 2001 – Q2 2011 | 6% | — |
| NYMProsight Specialty Insurance | Q1 1999 – Q4 2010 | 3% | — |
| —3COM Corp | Q2 2001 – Q1 2010 | 5% | — |
| —Schering-Plough Corp/pre-Mer | Q2 2003 – Q4 2009 | 11% | Still filing with the SEC |
| WYEWyeth LLC | Q1 2002 – Q4 2009 | 7% | Acquired or delisted Nov 6, 2009 |
| —American Nat’l Ins. Co. Com | Q1 1999 – Q1 2009 | 5% | — |
| CNACna Financial Corp | Q2 2001 – Q3 2008 | 4% | — |
| —Advanced Marketing Services | Q1 1999 – Q4 2007 | 9% | — |
| —ST. Paul Companies Com | Q1 1999 – Q1 2007 | 3% | — |
| NFBNorth Fork Bancorporation | Q1 2000 – Q4 2006 | 10% | No SEC record found |
| TUGOsg America Inc | Q1 1999 – Q4 2006 | 3% | — |