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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
+0.74%
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
$417M
AUM Growth
-$256M
Cap. Flow
-$36.7M
Cap. Flow %
-8.79%
Top 10 Hldgs %
49.77%
Holding
108
New
20
Increased
14
Reduced
12
Closed
11

Top Buys

Rank Stock Value
1
OSG
Octave Specialty Group
OSG
+$4.4M
2
SNDA icon
Sonida Senior Living
SNDA
+$2.37M
3
LEN.B icon
Lennar Class B
LEN.B
+$2.32M
4
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$1.5M
5
APA icon
APA Corp
APA
+$831K

Top Sells

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$16M
2
SEE
Sealed Air
SEE
+$12.4M
3
VOYA icon
Voya Financial
VOYA
+$5.38M
4
MSFT icon
Microsoft
MSFT
+$4.52M
5
BPY
Brookfield Property Partners L.P. Limited Partnership Units
BPY
+$2.98M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 21.35%
2 Financials 17.39%
3 Healthcare 8.18%
4 Real Estate 4.62%
5 Industrials 4.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GEF.B icon
1
Greif Class B
GEF.B
$4.13B
$45M 10.78%
845,459
+2,941
+0.3% +$164K
SNDA icon
2
Sonida Senior Living
SNDA
$1.93B
$33.5M 8.03%
105,676
+7,000
+7% +$2.37M
AGO icon
3
Assured Guaranty
AGO
$3.73B
$21.2M 5.08%
1,130,169
– –
LVNTA
4
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$20.7M 4.97%
957,264
-746,218
-44% -$16M
FCE.A
5
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$18.1M 4.34%
957,208
+82,500
+9% +$1.5M
XRX icon
6
Xerox
XRX
$345M
$16.6M 3.97%
610,729
– –
OSG
7
Octave Specialty Group
OSG
$257M
$14.5M 3.48%
801,298
+193,000
+32% +$4.4M
QVCGA
8
DELISTED
QVC Group Inc Series A
QVCGA
$13.8M 3.31%
14,334
– –
STX icon
9
CALL
Seagate
STX
$173B
$12.3M 2.94%
610,000
-250,000
-29% -$10.5M
NWLIA
10
DELISTED
NATL WESTN LIFE INS CO CL A
NWLIA
$11.8M 2.82%
58,363
– –
COWN
11
DELISTED
Cowen Inc. Class A Common Stock
COWN
$11.3M 2.71%
822,594
– –
DVN icon
12
CALL
Devon Energy
DVN
$51.3B
$10.1M 2.41%
803,200
– –
TPL icon
13
Texas Pacific Land
TPL
$26.9B
$9.69M 2.32%
1,031,382
+20,988
+2% +$198K
WDC icon
14
CALL
Western Digital
WDC
$159B
$9.36M 2.24%
383,670
– –
GRPN icon
15
PUT
Groupon
GRPN
$1.03B
$8.27M 1.98%
+66,720
New +$13.3M
MNTG
16
DELISTED
M T R GAMING GROUP INC
MNTG
$8M 1.92%
1,698,220
– –
XRX icon
17
CALL
Xerox
XRX
$345M
$7.82M 1.87%
736,723
– –
NFBK
18
DELISTED
Northfield Bancorp
NFBK
$7.29M 1.75%
600,140
– –
COF icon
19
Capital One
COF
$128B
$6.53M 1.56%
94,955
– –
BX icon
20
CALL
Blackstone
BX
$104B
$6.3M 1.51%
407,600
-101,900
-20% -$2.27M
GS icon
21
CALL
Goldman Sachs
GS
$289B
$6.26M 1.5%
245,800
-125,000
-34% -$20.1M
EQIX icon
22
CALL
Equinix
EQIX
$99.4B
$5.94M 1.42%
+120,000
New +$21.7M
CCO icon
23
Clear Channel Outdoor Holdings
CCO
$1.22B
$5.73M 1.37%
698,960
– –
SEE
24
DELISTED
Sealed Air
SEE
$5.11M 1.22%
188,080
-438,900
-70% -$12.4M
ESRX
25
CALL
DELISTED
Express Scripts Holding Company
ESRX
$5.05M 1.21%
300,000
+200,000
+200% +$12.9M
1
2 3 4 5

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Arbiter Partners Capital Management's Q3 2013 Portfolio in Review

As of Q3 2013, Arbiter Partners Capital Management held 108 positions worth $417M, down 38% from $674M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Arbiter Partners Capital Management withdrew a net $36.7M in Q3 2013, closing 11 positions and reducing 12 holdings. Its most notable exit was Brookfield Property Partners L.P. Limited Partnership Units, an estimated $2.98M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, up from 17% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Arbiter Partners Capital Management opened a new position in APA Corp worth $851K.

  • Arbiter Partners Capital Management's largest Q3 2013 buy was APA Corp: 10,000 shares worth $851K.
  • Arbiter Partners Capital Management added most to Octave Specialty Group in Q3 2013, an estimated $4.4M increase.
  • Arbiter Partners Capital Management's biggest Q3 2013 reduction was Liberty Interactive Corporation Series A Liberty Ventures, cutting an estimated $16M.
  • Arbiter Partners Capital Management fully exited Brookfield Property Partners L.P. Limited Partnership Units in Q3 2013, selling an estimated $2.98M.
  • Arbiter Partners Capital Management's ten largest holdings make up 50% of its $417M portfolio in Q3 2013.
  • Arbiter Partners Capital Management opened 20 new positions and closed 11 in Q3 2013.
  • Arbiter Partners Capital Management's portfolio value fell 38% quarter-over-quarter to $417M.

Based on Arbiter Partners Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.