中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Deep value

Thomas Kahn

Q2 2026 13F: 48 holdings worth about $632.7M; that quarter 1 new, 9 added, 15 trimmed, 1 sold out.

Firm: Kahn Brothers Group Inc
Filer: KAHN BROTHERS GROUP INC CIK 1039565
Last filed: Aug 14, 2026 | Deep value | Counted in this quarter’s totals

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)

Full selection rules →

13F value
$632.7M
previous $564.1M (+12.2%)
Holdings
48
1 new / 1 sold out
Net deploymentest.
+0.2%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
79%
overlap with the composite 8%
Turnoverest.
6.2%
held 26 quarters on average
I

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.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedOGNOrganon & Co−2.87M−52%−6.13$5.99 → $13.54$9.76
AddedZZillow Group Inc+637.0K+117%+3.17$41.38 → $31.52$36.45
AddedMBIMBIA Inc+2.16M+105%+2.22$5.91 → $6.52$6.21
TrimmedSEBSeaboard Corp−482−8%−0.34$5,654 → $4,464$5,059
TrimmedDISWalt Disney Co−19.8K−5%−0.30$96.38 → $96.25$96.31
TrimmedIDTIDT Corp−20.9K−6%−0.19$49.10 → $58.16$53.63
TrimmedMRKMerck & Co., Inc−9.1K−4%−0.18$120.29 → $128.50$124.40
TrimmedCCitigroup Inc−4.6K−1%−0.10$113.41 → $139.96$126.69
AddedSEGSeaport Entertainment Group Inc+23.8K+3%+0.10$21.48 → $26.60$24.04
TrimmedPFEPfizer Inc−20.7K−4%−0.08$28.08 → $24.08$26.08
TrimmedGOOGLAlphabet Inc−1.1K−1%−0.06$287.56 → $357.37$322.47
TrimmedGNEGenie Energy Ltd−23.1K−13%−0.05$14.14 → $14.45$14.29
NewWBSWebster Financial Corp+4.3K—+0.05$69.42 → $76.42$72.92
AddedRFLRafael Holdings, Inc+91.9K+157%+0.05$1.25 → $3.28$2.26
TrimmedPTENPatterson-Uti Energy Inc−26.4K−2%−0.04$10.83 → $9.18$10.00
AddedBMYBristol-Myers Squibb Co+3.8K+2%+0.03$60.65 → $57.62$59.13
Sold outCMCSAComcast Corp−7.2K—−0.03$28.71 → $24.55$26.63
AddedWRLCWindrock Ltd Co+270+50%+0.02$469.00 → $549.99$509.49
TrimmedGSKGSK PLC−2.5K−2%−0.02$55.19 → $52.42$53.80
Trimmed—Exxon Mobil Corp−600−3%−0.01$169.66 → $136.72$153.19
TrimmedCSXCSX Corp−1.7K−5%−0.01$41.05 → $47.53$44.29
TrimmedNVSNovartis AG−200−1%−0.00$152.75 → $156.72$154.73
AddedMSFTMicrosoft Corp+76+4%+0.00$370.17 → $373.02$371.60
AddedJPMJPMorgan Chase & Co+60+2%+0.00$294.16 → $327.33$310.75
AddedHLNHaleon plc+1.9K+3%+0.00$10.01 → $9.33$9.67
TrimmedPGProcter & Gamble Co−100−5%−0.00$144.44 → $146.64$145.54
II

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.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
CCitigroup IncFinancials18.5%16.9%836.3K$117.1MTrimmed −1%Q1 202218$55.27est.$139.96+153%History
BAYRYBayer AGUnclassified14.1%13.3%6.52M$89.3MHeldQ4 202311$7.31est.$13.70+87%History
FLGFlagstar Bank NAFinancials9.6%9.5%4.07M$60.9MHeldQ4 20247$9.55est.$14.94+56%History
GOOGLAlphabet IncInformation technology6.8%6.2%120.9K$42.7MTrimmed −1%Q2 20255$199.10est.$353.33+77%History
ZZillow Group IncIndustrials5.9%4.0%1.18M$37.3MAdded +117%Q1 20262$38.72est.$31.52−19%History
OGNOrganon & CoHealth care5.7%5.9%2.67M$36.2MTrimmed −52%Q2 202121$12.34est.$13.54+10%History
DISWalt Disney CoCommunication & media5.5%6.5%359.1K$34.6MTrimmed −5%Q1 202410$104.75est.$96.25−8%History
MRKMerck & Co., IncHealth care4.4%4.8%218.2K$28.0MTrimmed −4%Q1 202218$79.39est.$128.50+62%History
MBIMBIA IncFinancials4.3%2.2%4.21M$27.5MAdded +105%Q3 20254$6.21est.$6.52+5%History
SEGSeaport Entertainment Group IncConsumer discretionary3.9%3.4%917.0K$24.4MAdded +3%Q3 20254$20.82est.$26.60+28%History
SEBSeaboard CorpIndustrials3.8%5.9%5.4K$24.1MTrimmed −8%Q1 1999110$2,515est.start point$4,464+77%History
BPBP PLCEnergy3.7%5.2%625.0K$23.1MHeldQ2 201065$35.29est.$36.95+5%History
IDTIDT CorpCommunication & media3.2%3.2%351.7K$20.5MTrimmed −6%Q1 202218$41.01est.$58.16+42%History
PTENPatterson-Uti Energy IncEnergy2.4%3.2%1.66M$15.3MTrimmed −2%Q3 200968$7.97est.$9.18+15%History
PFEPfizer IncHealth care1.8%2.4%464.0K$11.2MTrimmed −4%Q4 200295$34.56est.$24.08−30%History
BMYBristol-Myers Squibb CoHealth care1.6%1.8%174.2K$10.0MAdded +2%Q1 1999110$49.53est.start point$57.62+16%History
GSKGSK PLCHealth care1.3%1.6%158.4K$8.3MTrimmed −2%Q2 20255$38.57est.$52.42+36%History
—Exxon Mobil CorpUnclassified0.4%0.5%17.7K$2.4MTrimmed −3%Q4 1999107$83.67est.$136.72+63%
GNEGenie Energy LtdUtilities0.3%0.4%151.9K$2.2MTrimmed −13%Q1 202218$6.78est.$14.45+113%History
NVSNovartis AGHealth care0.3%0.4%13.2K$2.1MTrimmed −1%Q1 1999110$83.18est.start point$156.72+88%History
FRFHFFairfax Financial Holdings Ltd/ CanFinancials0.3%0.3%1.0K$1.7MHeldQ1 202410$1,079est.$1,644+52%History
CSXCSX CorpIndustrials0.3%0.3%34.8K$1.7MTrimmed −5%Q3 202312$32.43est.$47.53+47%History
FBAKFirst National Bank AlaskaUnclassified0.2%0.3%4.9K$1.6MHeldQ2 201929$236.40est.$316.20+34%History
TRMLFTourmaline Oil CorpUnclassified0.2%0.2%27.0K$1.1MHeldQ4 20247$46.73est.$41.80−11%History
JPMJPMorgan Chase & CoFinancials0.1%0.1%2.9K$942KAdded +2%Q2 20255$280.07est.$327.33+17%History
AAPLApple IncInformation technology0.1%0.1%3.1K$895KHeldQ1 202410$192.47est.$289.36+50%History
MSFTMicrosoft CorpInformation technology0.1%0.1%2.2K$809KAdded +4%Q1 202410$418.77est.$373.02−11%History
SEICSEI Investments CompanyFinancials0.1%0.1%6.6K$579KHeldQ3 20248$69.82est.$87.71+26%History
HLNHaleon plcConsumer staples0.1%0.1%58.3K$544KAdded +3%Q3 202216$6.21est.$9.33+50%History
BACBank of America CorpFinancials0.1%0.1%9.5K$539KHeldQ3 200488$30.94est.$56.98+84%History
PEYUFPeyto Exploration & Dev CorpUnclassified0.1%0.1%31.3K$522KHeldQ3 201928$8.51est.$16.68+96%History
RFLRafael Holdings, IncHealth care0.1%0.0%150.5K$494KAdded +157%Q1 201834$5.00est.$3.28−34%History
WRLCWindrock Ltd CoUnclassified0.1%0.0%807$444KAdded +50%Q1 20256$473.36est.$549.99+16%History
IBMInternational Business Machines CorpInformation technology0.1%0.1%1.2K$345KHeldQ3 20248$197.02est.$281.21+43%History
DBDeutsche Bank AktiengesellschaftFinancials0.1%0.1%10.0K$338KHeldQ3 20248$16.63est.$33.76+103%History
WBSWebster Financial CorpUnclassified0.1%—4.3K$332KNewQ2 20261$72.92est.$76.42+5%History
PNCPNC Financial Services Group, IncFinancials0.1%0.0%1.3K$330KHeldQ1 202410$177.26est.$246.22+39%History
CVXChevron CorpEnergy0.1%0.1%2.0K$324KHeldQ1 20256$156.06est.$165.76+6%History
OBTOrange County Bancorp, Inc.Financials0.0%0.0%8.0K$294KHeldQ2 20255$25.84est.$36.78+42%History
PEGPublic Service Enterprise GroupUtilities0.0%0.1%3.5K$286KHeldQ1 202410$67.33est.$81.16+21%History
BXBlackstone IncFinancials0.0%0.0%2.3K$271KHeldQ1 20256$158.32est.$117.67−26%History
AMAntero Midstream CorpUtilities0.0%0.0%11.8K$269KHeldQ1 202410$13.38est.$22.75+70%History
PGProcter & Gamble CoConsumer staples0.0%0.0%1.8K$257KTrimmed −5%Q1 202218$155.03est.$146.64−5%History
PEPPepsiCo IncConsumer staples0.0%0.0%1.8K$244KHeldQ3 201928$134.11est.$135.40+1%History
ZDGEZedge, IncInformation technology0.0%0.0%78.1K$242KHeldQ2 201641$3.87est.$3.10−20%History
VZVerizon Communications IncCommunication & media0.0%0.1%5.7K$241KHeldQ2 201929$53.74est.$42.34−21%History
PIFYFPine Cliff Energy LtdUnclassified0.0%0.0%520.0K$209KHeldQ2 20255$0.46est.$0.40−13%History
—Tphgreenwich Trust UniUnclassified0.0%—167.0K$0HeldQ4 20253———
III

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%.

above costbelow costwithin 5%
IV

Over Time

From Q1 1999, 110 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$250.0M$500.0M$750.0MQ1 1999Q4 2001Q3 2004Q2 2007Q1 2010Q4 2012Q3 2015Q2 2018Q1 2021Q2 2026

Holdings

Holdings0100200300Q1 1999Q4 2001Q3 2004Q2 2007Q1 2010Q4 2012Q3 2015Q2 2018Q1 2021Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q1 1999Q4 2001Q3 2004Q2 2007Q1 2010Q4 2012Q3 2015Q2 2018Q1 2021Q2 2026

Turnover (Est.)

Turnover0%5%10%15%Q1 1999Q4 2001Q3 2004Q2 2007Q1 2010Q4 2012Q3 2015Q2 2018Q1 2021Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q1 1999Q4 2001Q3 2004Q2 2007Q1 2010Q4 2012Q3 2015Q2 2018Q1 2021Q2 2026
V

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
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20264811$632.7M6.2%+0.2%13F-HR 13F-HR/A
Q1 20264817$564.1M8.5%−4.2%13F-HR
Q4 20255410$564.7M0.3%−3.1%13F-HR
Q3 20255352$531.8M8.1%−0.9%13F-HR
Q2 202550712$497.8M10.8%+0.6%13F-HR
Q1 20255563$494.5M5.6%+2.9%13F-HR
Q4 20245234$460.4M6.9%−16.2%13F-HR
Q3 20245332$580.6M4.9%−3.0%13F-HR
Q2 20245212$595.0M8.8%−3.3%13F-HR
Q1 202453133$674.4M3.5%+5.4%13F-HR
Q4 20234321$634.8M1.1%−2.0%13F-HR
Q3 20234223$640.9M0.6%−1.5%13F-HR
Q2 20234302$682.1M0.4%−3.0%13F-HR
Q1 20234500$694.7M1.1%−2.7%13F-HR
Q4 20224511$759.6M0.5%−0.6%13F-HR
Q3 20224522$641.7M2.1%−0.1%13F-HR
Q2 20224501$742.7M2.3%+0.6%13F-HR
Q1 20224696$787.6M18.9%−1.1%13F-HR
Q4 20214300$728.0M0.5%+1.9%13F-HR
Q3 20214300$710.3M0.9%+2.3%13F-HR
Q2 20214310$698.3M3.9%−1.6%13F-HR
Q1 20214200$646.1M0.8%−8.0%13F-HR
Q4 20204211$573.3M0.7%−8.6%13F-HR
Q3 20204227$527.5M1.3%−6.4%13F-HR
Q2 20204701$591.8M2.9%−1.1%13F-HR
Q1 20204810$546.7M0.5%−3.2%13F-HR
Q4 20194701$824.7M0.2%−11.1%13F-HR
Q3 20194840$797.6M1.5%+0.5%13F-HR 13F-HR/A
Q2 201944131$799.9M1.1%+25.6%13F-HR
Q1 20193210$640.0M4.4%−2.3%13F-HR
Q4 20183100$554.7M1.5%−0.5%13F-HR
Q3 20183100$651.2M2.4%−0.3%13F-HR
Q2 20183100$628.4M2.1%−0.4%13F-HR
Q1 20183111$627.7M2.5%−1.5%13F-HR
Q4 20173103$636.6M2.7%−0.1%13F-HR
Q3 20173400$654.5M3.7%−2.4%13F-HR 13F-HR/A 13F-HR/A
Q2 20173401$655.8M3.7%−0.4%13F-HR
Q1 20173511$581.4M4.7%−0.1%13F-HR
Q4 20163533$592.1M6.1%−2.0%13F-HR
Q3 20163502$552.1M2.9%−0.2%13F-HR
Q2 20163711$516.6M2.1%−3.3%13F-HR
Q1 20163701$533.9M1.7%−1.9%13F-HR
Q4 20153800$559.7M1.2%+0.5%13F-HR
Q3 20153813$540.2M3.4%+0.3%13F-HR
Q2 20154002$593.0M3.5%−1.0%13F-HR
Q1 20154202$592.1M1.5%−4.5%13F-HR
Q4 20144400$580.2M1.8%−5.1%13F-HR
Q3 20144410$614.8M0.6%−5.3%13F-HR
Q2 20144310$687.3M4.2%+1.3%13F-HR
Q1 20144200$700.5M8.2%+7.4%13F-HR
Q4 20134213$581.0M9.1%−16.4%13F-HR
Q3 20134425$687.3M2.7%+1.5%13F-HR
Q2 20134753$648.0M3.3%−1.7%13F-HR
Q1 20134520$669.3M2.0%+2.8%13F-HR
Q4 20124301$567.8M0.6%+0.9%13F-HR
Q3 20124402$551.4M2.9%−3.2%13F-HR 13F-HR/A
Q2 20124601$512.4M2.0%−0.4%13F-HR
Q1 20124712$544.2M3.8%+0.3%13F-HR
Q4 20114822$504.1M6.9%+5.0%13F-HR 13F-HR/A
Q3 20114801$424.7M1.6%−5.9%13F-HR
Q2 20114901$572.8M1.8%+0.8%13F-HR
Q1 20115001$580.2M4.6%+0.6%13F-HR 13F-HR/A 13F-HR/A
Q4 20105105$555.2M2.4%−0.5%13F-HR
Q3 20105600$507.0M1.6%+1.5%13F-HR
Q2 20105611$446.1M1.2%+2.7%13F-HR
Q1 20105611$474.1M4.8%−0.8%13F-HR
Q4 20095603$439.4M6.3%−6.8%13F-HR/A
Q3 20095940$444.7M3.6%+2.0%13F-HR/A
Q2 20095511$372.2M5.4%−4.8%13F-HR/A
Q1 20095502$347.7M2.9%+5.2%13F-HR/A
Q4 2008 *5710$381.4M0.9%+1.5%13F-HR/A
Q3 2008 *5615$411.0M2.4%+1.9%13F-HR/A
Q2 2008 *6050$473.8M1.6%+15.3%13F-HR/A
Q1 2008 *5501$449.7M1.6%−8.9%13F-HR/A
Q4 2007 *5613$627.1M3.5%+0.6%13F-HR/A
Q3 2007 *5800$610.8M1.1%+9.7%13F-HR/A 13F-HR/A
Q2 2007 *5803$709.5M0.8%−14.8%13F-HR/A
Q1 20076101$660.0M4.3%−0.6%13F-HR/A
Q4 20066204$633.8M2.7%−1.5%13F-HR/A
Q3 20066610$605.8M3.2%+0.1%13F-HR/A
Q2 20066501$608.5M2.4%−1.3%13F-HR/A
Q1 20066603$621.8M5.3%−0.7%13F-HR/A
Q4 20056922$586.4M7.4%+0.3%13F-HR/A
Q3 20056910$608.6M3.5%+0.2%13F-HR/A
Q2 20056811$594.4M4.5%−0.0%13F-HR/A
Q1 20056805$566.3M5.1%−2.6%13F-HR/A
Q4 20047321$602.9M4.5%+0.2%13F-HR/A
Q3 20047225$553.9M3.8%+2.9%13F-HR/A
Q2 20047513$562.1M4.8%+1.3%13F-HR/A
Q1 20047714$582.5M1.6%+12.4%13F-HR/A
Q4 2003 *8012$530.0M4.2%+1.6%13F-HR/A
Q3 2003 *8142$455.8M4.0%+4.5%13F-HR/A
Q2 2003 *7935$428.9M4.2%+4.4%13F-HR 13F-HR/A
Q1 2003 *8121$352.7M0.8%+7.0%13F-HR/A
Q4 2002 *8071$349.4M3.1%+3.0%13F-HR/A
Q3 2002 *7415$307.6M4.1%+0.1%13F-HR
Q2 2002 *7821$351.4M1.7%+3.1%13F-HR/A
Q1 2002 *7723$358.8M5.8%+4.5%13F-HR/A
Q4 2001 *7833$313.3M1.0%+3.0%13F-HR/A
Q3 2001 *7822$274.0M1.5%+8.9%13F-HR
Q2 2001 *7853$286.6M1.6%+6.4%13F-HR
Q1 20017645$243.8M6.9%−1.6%13F-HR
Q4 20007722$255.2M6.4%+1.4%13F-HR
Q3 20007755$244.2M3.3%−8.0%13F-HR
Q2 20007733$237.9M2.9%+3.5%13F-HR
Q1 20007738$259.9M12.0%−6.6%13F-HR
Q4 19998276$275.0M3.2%−8.2%13F-HR
Q3 1999814209$287.4M3.3%−21.3%13F-HR/A
Q2 1999 *286140$399.9M7.3%+2.6%13F-HR/A 13F-HR/A
Q1 1999 *32500$379.9M——13F-HR/A
VI

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.

CompanyHeldPeak weightCompany since
AGOAssured Guaranty LtdQ1 2017 – Q1 202613%—
NAVINavient CorpQ2 2014 – Q1 20263%Still filing with the SEC
—GlaxoSmithKline PLCQ4 2016 – Q2 202511%No SEC record found
HOLXHologic IncQ1 1999 – Q2 202510%Still filing with the SEC
VOXXVoxx International CorpQ4 2011 – Q1 20257%—
—New York Cmnty Bancorp Inc ComQ4 2000 – Q4 202414%—
MBIMBIA IncQ4 2007 – Q3 202411%—
BBBlackBerry LtdQ3 2013 – Q1 20248%—
NTPIFNam Tai Property IncQ1 2001 – Q3 20227%—
—Merck Sharp & Dohme LLCQ4 2001 – Q1 202214%Acquired or delisted Jan 12, 2010
—Citigroup IncQ4 1999 – Q1 202211%Still filing with the SEC
STLSterling BancorpQ4 2013 – Q1 20224%—
—IDT CorpQ2 2001 – Q1 20223%No SEC record found
NYTNew York Times CoQ3 2006 – Q3 202012%—
ORIOld Republic International CorpQ4 2011 – Q2 20198%—
STRPStraight Path CommQ3 2013 – Q1 20185%—
IBMInternational Business Machines CorpQ1 1999 – Q4 20174%—
SLMSLM CorpQ2 2003 – Q1 20176%—
—GlaxoSmithKlineQ3 2014 – Q4 20165%—
FNFGFirst Niagara Financial GRPQ1 2004 – Q3 20164%—
VOLVYVolvo ABQ1 1999 – Q1 20163%—
FFICFlushing Financial CorpQ1 1999 – Q3 20153%—
—Provident Bancorp ComQ4 2004 – Q4 201321%—
—Dime Community BancsharesQ1 1999 – Q3 20133%—
—American Tel & Tel ComQ1 1999 – Q2 20139%—
—Mmodal IncQ1 2012 – Q3 20123%—
—Medquist Holdings ComQ4 2005 – Q1 20122%—
—Audiovox Corp. ComQ1 2001 – Q4 20116%—
ORIOld Republic International CorpQ1 1999 – Q3 20117%—
—IDT Corporation ComQ1 2001 – Q2 20116%—
NYMProsight Specialty InsuranceQ1 1999 – Q4 20103%—
—3COM CorpQ2 2001 – Q1 20105%—
—Schering-Plough Corp/pre-MerQ2 2003 – Q4 200911%Still filing with the SEC
WYEWyeth LLCQ1 2002 – Q4 20097%Acquired or delisted Nov 6, 2009
—American Nat’l Ins. Co. ComQ1 1999 – Q1 20095%—
CNACna Financial CorpQ2 2001 – Q3 20084%—
—Advanced Marketing ServicesQ1 1999 – Q4 20079%—
—ST. Paul Companies ComQ1 1999 – Q1 20073%—
NFBNorth Fork BancorporationQ1 2000 – Q4 200610%No SEC record found
TUGOsg America IncQ1 1999 – Q4 20063%—