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APCM

Arbiter Partners Capital Management Portfolio holdings

AUM $197M
1-Year Est. Return 47.99%
This Fund
S&P 500
This Quarter Est. Return
-8.58%
1 Year Est. Return
+47.99%
3 Year Est. Return
+378.43%
5 Year Est. Return
+279.49%
10 Year Est. Return
+1,046.63%
AUM
$157M
AUM Growth
-$3.93M
Cap. Flow
-$24.2M
Cap. Flow %
-15.45%
Top 10 Hldgs %
80.08%
Holding
41
New
8
Increased
5
Reduced
11
Closed
2

Top Buys

Rank Stock Value
1
MTG icon
MGIC Investment
MTG
+$630K
2
OPY icon
Oppenheimer Holdings
OPY
+$350K
3
ESAB icon
ESAB
ESAB
+$247K
4
NWLI
National Western Life Group, Inc. Class A
NWLI
+$235K
5
SPWH icon
Sportsman's Warehouse
SPWH
+$80.6K

Top Sells

Rank Stock Value
1
COWN
Cowen Inc. Class A Common Stock
COWN
+$22.1M
2
GEF.B icon
Greif Class B
GEF.B
+$2.33M
3
LILAK icon
Liberty Latin America Class C
LILAK
+$396K
4
ICCH
ICC Holdings, Inc.
ICCH
+$260K
5
LEN.B icon
Lennar Class B
LEN.B
+$256K

Sector Composition

Rank Sector Weight
1 Miscellaneous 55.19%
2 Consumer Discretionary 17.37%
3 Financials 10.84%
4 Healthcare 9.31%
5 Communication Services 5.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BCIC
26
BCP Investment Corp
BCIC
$86.9M
$555K 0.35%
26,430
-6,819
-21% -$157K
LRFC
27
DELISTED
Logan Ridge Finance Corp
LRFC
$500K 0.32%
27,864
– –
CWBC
28
DELISTED
Community West BanCshares
CWBC
$484K 0.31%
34,669
– –
FFNW
29
DELISTED
First Financial Northwest, Inc
FFNW
$445K 0.28%
30,000
-10,780
-26% -$165K
SENEB
30
Seneca Foods Class B
SENEB
$392K 0.25%
7,400
– –
SENEA icon
31
Seneca Foods Class A
SENEA
$1.22B
$325K 0.21%
6,440
– –
OPY icon
32
Oppenheimer Holdings
OPY
$1.28B
$310K 0.2%
+10,000
New +$350K
NODK icon
33
NI Holdings
NODK
$312M
$272K 0.17%
20,392
– –
WE
34
PUT
DELISTED
WeWork Inc.
WE
$237K 0.15%
2,238
-750
-25% -$135K
BATL icon
35
Battalion Oil
BATL
$75.6M
$214K 0.14%
17,959
– –
TRC icon
36
Tejon Ranch
TRC
$429M
$212K 0.14%
14,742
– –
ESAB icon
37
ESAB
ESAB
$4.18B
$201K 0.13%
+6,027
New +$247K
CLPR
38
Clipper Realty
CLPR
$54.1M
$158K 0.1%
22,708
– –
REVHW
39
DELISTED
Revolution Healthcare Acquisition Corp. SAIL Warrant.
REVHW
$1K ﹤0.01%
17,780
– –
ICCH
40
DELISTED
ICC Holdings, Inc.
ICCH
– –
-16,263
Closed -$260K
COWN
41
DELISTED
Cowen Inc. Class A Common Stock
COWN
– –
-933,560
Closed -$22.1M
1
2

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Arbiter Partners Capital Management's Q3 2022 Portfolio in Review

As of Q3 2022, Arbiter Partners Capital Management held 41 positions worth $157M, down 2.4% from $161M the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Arbiter Partners Capital Management withdrew a net $24.2M in Q3 2022, closing 2 positions and reducing 11 holdings. Its most notable exit was Cowen Inc. Class A Common Stock, an estimated $22.1M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 55% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Arbiter Partners Capital Management opened a new position in MGIC Investment worth $577K.

  • Arbiter Partners Capital Management's largest Q3 2022 buy was MGIC Investment: 45,000 shares worth $577K.
  • Arbiter Partners Capital Management added most to National Western Life Group, Inc. Class A in Q3 2022, an estimated $235K increase.
  • Arbiter Partners Capital Management's biggest Q3 2022 reduction was Greif Class B, cutting an estimated $2.33M.
  • Arbiter Partners Capital Management fully exited Cowen Inc. Class A Common Stock in Q3 2022, selling an estimated $22.1M.
  • Arbiter Partners Capital Management's ten largest holdings make up 80% of its $157M portfolio in Q3 2022.
  • Arbiter Partners Capital Management opened 8 new positions and closed 2 in Q3 2022.
  • Arbiter Partners Capital Management's portfolio value fell 2.4% quarter-over-quarter to $157M.

Based on Arbiter Partners Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.