# Kahn Brothers: 13F portfolio, Q2 2026

Investment firm, New York.

Source: SEC Form 13F filed 2026-08-17 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1039565/000103956526000006/0001039565-26-000006-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/kahn-brothers
Updated: 2026-08-17 · Next filing due by 2026-11-14

## Summary
- Reported value: $632.7M (Q1 2026: $564.1M)
- Positions: 48 (Q1 2026: 48)
- Top 10 holdings: 78.7% of the portfolio
- This quarter: 1 new, 12 added to, 16 trimmed, 1 sold out

## What Kahn Brothers did in Q2 2026
Kahn Brothers opened a new position in Webster Finl. It raised its stake in Rafael Holdings by 157%, Zillow Group by 117% and Mbia by 105%, among 4 it added to by half or more. It sold out of Comcast. It cut Organon by 52%. Citigroup is still the largest holding, at 18.5% of the portfolio.

## Biggest buys
- Webster Finl (WBS): New
- Rafael Holdings (RFL): +157%
- Zillow Group (Z): +117%
- Mbia (MBI): +105%
- Windrock: +50%

## Biggest sells
- Comcast (CMCSA): Sold out
- Organon (OGN): −52%
- Genie Energy (GNE): −13%
- Seaboard (SEB): −8%
- Idt (IDT): −6%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Citigroup | C | 18.5% | $117.1M | −0.5% | Q3 2024 or earlier |
| 2 | Bayer AG Spons ADR |  | 14.1% | $89.3M | +0.1% | Q3 2024 or earlier |
| 3 | Flagstar Bank, National Association | FLG | 9.6% | $60.9M | −0.2% | Q4 2024 |
| 4 | Alphabet | GOOG | 6.8% | $42.7M | −0.9% | Q2 2025 |
| 5 | Zillow Group | Z | 5.9% | $37.3M | +117% | Q1 2026 |
| 6 | Organon | OGN | 5.7% | $36.2M | −52% | Q3 2024 or earlier |
| 7 | Walt Disney | DIS | 5.5% | $34.6M | −5% | Q3 2024 or earlier |
| 8 | Merck | MRK | 4.4% | $28.0M | −4% | Q3 2024 or earlier |
| 9 | Mbia | MBI | 4.3% | $27.5M | +105% | Q4 2024 |
| 10 | Seaport Entertainment Group | SEG | 3.9% | $24.4M | +3% | Q3 2025 |
| 11 | Seaboard | SEB | 3.8% | $24.1M | −8% | Q3 2024 or earlier |
| 12 | Bp | BP | 3.7% | $23.1M | +0.4% | Q3 2024 or earlier |
| 13 | Idt | IDT | 3.2% | $20.5M | −6% | Q3 2024 or earlier |
| 14 | Patterson Uti Energy | PTEN | 2.4% | $15.3M | −2% | Q3 2024 or earlier |
| 15 | Pfizer | PFE | 1.8% | $11.2M | −4% | Q3 2024 or earlier |

33 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/kahn-brothers

## Other value investors
- Leon Cooperman: https://valuepeg.com/managers/leon-cooperman
- Lindsell Train: https://valuepeg.com/managers/lindsell-train
- Lone Pine Capital: https://valuepeg.com/managers/lone-pine-capital
- Markel Group: https://valuepeg.com/managers/markel-group
- Muhlenkamp & Company: https://valuepeg.com/managers/muhlenkamp

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.