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APCM

Arbiter Partners Capital Management Portfolio holdings

AUM $175M
1-Year Est. Return 99.81%
This Fund
S&P 500
This Quarter Est. Return
+9.82%
1 Year Est. Return
+99.81%
3 Year Est. Return
+329.06%
5 Year Est. Return
+284.7%
10 Year Est. Return
+937.68%
AUM
$689M
AUM Growth
+$140M
Cap. Flow
-$23.1M
Cap. Flow %
-3.36%
Top 10 Hldgs %
94.6%
Holding
52
New
2
Increased
5
Reduced
8
Closed
9

Top Buys

Rank Stock Value
1
CIT
CIT Group Inc.
CIT
+$1.46M
2
CRNC icon
Cerence
CRNC
+$1.15M
3
NWLI
National Western Life Group, Inc. Class A
NWLI
+$378K
4
PTVCA
Protective Insurance Corporation Class A Common Stock
PTVCA
+$46.7K

Top Sells

Rank Stock Value
1
SPWH icon
Sportsman's Warehouse
SPWH
+$6.95M
2
I
INTELSAT S. A.
I
+$2.84M
3
GEF.B icon
Greif Class B
GEF.B
+$2.52M
4
LSBK icon
Lake Shore Bancorp
LSBK
+$1.26M
5
PRTK
Paratek Pharmaceuticals, Inc.
PRTK
+$896K

Sector Composition

Rank Sector Weight
1 Financials 6.84%
2 Healthcare 6.12%
3 Consumer Discretionary 3.72%
4 Energy 0.43%
5 Technology 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DVN icon
26
Devon Energy
DVN
$50.8B
$748K 0.11%
28,784
– –
DDS icon
27
CALL
Dillards
DDS
$9.65B
$735K 0.11%
10,000
-4,500
-31% -$319K
TRC icon
28
Tejon Ranch
TRC
$451M
$593K 0.09%
37,102
– –
BX icon
29
Blackstone
BX
$110B
$559K 0.08%
10,000
– –
KFFB icon
30
Kentucky First Federal Bancorp
KFFB
$44.1M
$529K 0.08%
68,283
– –
AXR icon
31
AMREP Corp
AXR
$121M
$504K 0.07%
84,259
– –
KKR icon
32
KKR & Co
KKR
$97.2B
$350K 0.05%
12,000
– –
LONE
33
DELISTED
Lonestar Resources US Inc. Class A Common Stock
LONE
$343K 0.05%
131,250
– –
SENEB
34
Seneca Foods Class B
SENEB
$1.16B
$303K 0.04%
7,400
– –
ANAT
35
DELISTED
American National Group, Inc. Common Stock
ANAT
$294K 0.04%
2,500
– –
SENEA icon
36
Seneca Foods Class A
SENEA
$1.18B
$263K 0.04%
6,440
– –
RRC icon
37
CALL
Range Resources
RRC
$9.28B
$242K 0.04%
50,000
– –
CLPR
38
Clipper Realty
CLPR
$44.8M
$241K 0.04%
22,708
-5,932
-21% -$56.6K
ICCH
39
DELISTED
ICC Holdings, Inc.
ICCH
$225K 0.03%
15,965
– –
HNNA icon
40
Hennessy Advisors
HNNA
$77.1M
$158K 0.02%
15,646
– –
HPR
41
DELISTED
HighPoint Resources Corporation
HPR
$94K 0.01%
1,109
– –
JMP
42
DELISTED
JMP Group LLC
JMP
$76K 0.01%
23,589
– –
CG icon
43
CALL
Carlyle Group
CG
$18.2B
– –
-60,000
Closed -$1.53M
CMG icon
44
PUT
Chipotle Mexican Grill
CMG
$42.8B
– –
-500,000
Closed -$8.4M
FIVE icon
45
PUT
Five Below
FIVE
$12.3B
– –
-23,200
Closed -$2.93M
GROW icon
46
US Global Investors
GROW
$37M
$0 ﹤0.01%
38,069
– –
GS icon
47
CALL
Goldman Sachs
GS
$311B
– –
-25,000
Closed -$5.18M
LSBK icon
48
Lake Shore Bancorp
LSBK
$135M
– –
-86,721
Closed -$1.26M
LULU icon
49
PUT
lululemon athletica
LULU
$14B
– –
-145,800
Closed -$28.1M
NVDA icon
50
PUT
NVIDIA
NVDA
$5.13T
– –
-960,000
Closed -$4.18M
1
2
3

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Arbiter Partners Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, Arbiter Partners Capital Management held 52 positions worth $689M, up 25% from $549M the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Arbiter Partners Capital Management withdrew a net $23.1M in Q4 2019, closing 9 positions and reducing 8 holdings. Its most notable exit was Lake Shore Bancorp, an estimated $1.26M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.8% of assets, down from 8.4% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Arbiter Partners Capital Management opened a new position in Cerence worth $1.58M.

  • Arbiter Partners Capital Management's largest Q4 2019 buy was Cerence: 70,000 shares worth $1.58M.
  • Arbiter Partners Capital Management added most to CIT Group Inc. in Q4 2019, an estimated $1.46M increase.
  • Arbiter Partners Capital Management's biggest Q4 2019 reduction was Sportsman's Warehouse, cutting an estimated $6.95M.
  • Arbiter Partners Capital Management fully exited Lake Shore Bancorp in Q4 2019, selling an estimated $1.26M.
  • Arbiter Partners Capital Management's ten largest holdings make up 95% of its $689M portfolio in Q4 2019.
  • Arbiter Partners Capital Management opened 2 new positions and closed 9 in Q4 2019.
  • Arbiter Partners Capital Management's portfolio value rose 25% quarter-over-quarter to $689M.

Based on Arbiter Partners Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.