Kahn Brothers' Q2 2025 13F Filing: Alphabet, Comcast, and Organon Highlights

Kahn Brothers' Q2 2025 13F filing shows significant reductions in Assured Guaranty Ltd, as well as new buys in Alphabet Inc, Comcast Corp, and Pine Cliff Energy Ltd. The firm increased stakes in Organon & Co and The Walt Disney Co, and exited holdings in Hologic Inc and Capital One Financial Corp.

Kahn Brothers, an investment firm with over 100 years of aggregate experience in the investment business, recently submitted its Q2 2025 13F filing, providing insights into its investment moves during the period. The firm, which employs a bottom-up stock selection approach and invests in undervalued equity securities, made several notable changes to its portfolio.

Significant Reductions and Exits:
- Assured Guaranty Ltd (NYSE:AGO): The firm significantly reduced its position in Assured Guaranty, exiting 141,645 shares, resulting in a -76.3% decrease in shares and a -2.53% impact on the portfolio. This reduction comes after Assured Guaranty reported mixed Q2 earnings, with revenue growth surpassing expectations but non-GAAP earnings per share falling below consensus [1].
- Hologic Inc: Kahn Brothers completely exited its holding in Hologic Inc, selling all 19,757 shares, resulting in a -0.25% impact on the portfolio.
- Capital One Financial Corp (NYSE:COF): The firm liquidated all 1,971 shares of Capital One Financial Corp, causing a -0.07% impact on the portfolio.

New Buys and Position Increases:
- Alphabet Inc (NASDAQ:GOOG): Kahn Brothers added 71,091 shares of Alphabet Inc, accounting for 1.32% of the portfolio and a total value of $6,594,300.
- Comcast Corp (NASDAQ:CMCSA): The firm added 6,380 shares of Comcast Corp, representing approximately 0.05% of the portfolio, with a total value of $227,700.
- Pine Cliff Energy Ltd (PIFYF): Kahn Brothers added 530,000 shares of Pine Cliff Energy Ltd, accounting for 0.05% of the portfolio and a total value of $244,740.
- Organon & Co (NYSE:OGN): The firm increased its stake in Organon & Co by 996,766 shares, bringing the total to 3,490,150 shares. This adjustment represents a significant 39.98% increase in share count, a 1.94% impact on the current portfolio, with a total value of $33,784,650.
- The Walt Disney Co (NYSE:DIS): Kahn Brothers increased its stake in The Walt Disney Co by 44,275 shares, bringing the total to 392,450 shares. This adjustment represents a significant 12.72% increase in share count, with a total value of $48,667,720.

Portfolio Overview:
At the end of Q2 2025, Kahn Brothers' portfolio included 50 stocks, with top holdings including 15.16% in Citigroup Inc (NYSE:C), 10.19% in Bayer AG (BAYRY), 9.77% in The Walt Disney Co (NYSE:DIS), 9.2% in Flagstar Financial Inc (NYSE:FLG), and 7.8% in Merck & Co Inc (NYSE:MRK). The holdings are mainly concentrated in 9 of all the 11 industries: Healthcare, Financial Services, Communication Services, Energy, Industrials, Utilities, Technology, Consumer Defensive, and Real Estate.

References:
[1] https://finance.yahoo.com/news/5-most-interesting-analyst-questions-054010292.html