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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
TSLA icon
1
PUT
Tesla
TSLA
$1.18T
$420M 61%
18,088,500
+5,023,500
+38% +$109M
MSI icon
2
PUT
Motorola Solutions
MSI
$72.1B
$90.4M 13.12%
561,300
-593,500
-51% -$97.7M
COWN
3
DELISTED
Cowen Inc. Class A Common Stock
COWN
$26.2M 3.8%
1,664,180
– –
BMI icon
4
PUT
Badger Meter
BMI
$3.87B
$26M 3.78%
+400,700
New +$23.8M
STXS icon
5
Stereotaxis
STXS
$133M
$24.7M 3.59%
4,677,385
– –
ASHR icon
6
PUT
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.53B
$20.2M 2.93%
682,400
+233,000
+52% +$6.57M
GEF.B icon
7
Greif Class B
GEF.B
$4.13B
$15.8M 2.29%
304,234
-50,746
-14% -$2.52M
SNDA icon
8
Sonida Senior Living
SNDA
$1.93B
$14M 2.03%
302,445
– –
LEN.B icon
9
Lennar Class B
LEN.B
$19.9B
$7.19M 1.04%
169,147
– –
LNC icon
10
Lincoln National
LNC
$7.92B
$6.93M 1.01%
117,398
– –
GEG icon
11
Great Elm Group
GEG
$68.7M
$3.84M 0.56%
1,150,000
– –
PRTK
12
DELISTED
Paratek Pharmaceuticals, Inc.
PRTK
$3.42M 0.5%
848,069
-258,353
-23% -$896K
OLLI icon
13
PUT
Ollie's Bargain Outlet
OLLI
$4.31B
$3.18M 0.46%
48,700
– –
CIT
14
DELISTED
CIT Group Inc.
CIT
$2.78M 0.4%
61,000
+32,500
+114% +$1.46M
SPWH icon
15
Sportsman's Warehouse
SPWH
$44.9M
$2.7M 0.39%
335,997
-982,815
-75% -$6.95M
PTVCA
16
DELISTED
Protective Insurance Corporation Class A Common Stock
PTVCA
$1.93M 0.28%
122,514
+3,051
+3% +$46.7K
PRU icon
17
CALL
Prudential Financial
PRU
$42.6B
$1.88M 0.27%
20,000
– –
CIVI
18
DELISTED
Civitas Resources
CIVI
$1.79M 0.26%
76,747
– –
MVC
19
DELISTED
MVC Capital, Inc.
MVC
$1.75M 0.25%
190,854
– –
I
20
DELISTED
INTELSAT S. A.
I
$1.68M 0.24%
239,156
-180,844
-43% -$2.84M
CRNC icon
21
Cerence
CRNC
$359M
$1.58M 0.23%
+70,000
New +$1.15M
GS icon
22
Goldman Sachs
GS
$289B
$1.38M 0.2%
6,000
– –
SPNT icon
23
SiriusPoint
SPNT
$3.03B
$1.18M 0.17%
112,350
– –
NWLI
24
DELISTED
National Western Life Group, Inc. Class A
NWLI
$979K 0.14%
3,367
+1,412
+72% +$378K
AER icon
25
AerCap
AER
$23.4B
$891K 0.13%
14,500
-8,500
-37% -$500K
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.