Arbiter Partners Capital Management LLC

CIK 0001513193 · Q1 2026

13F Equity AUM

$174.5M

-14.9% QoQ

Positions

-4 QoQ

AUM Rank

#7,958

Top 64%

Skill Alpha (FF)

+24.4%/yr^ns

No Clear Edge

Rank #64 · Top 0.8%

vs S&P +22.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 58.0%Top 10: 71.5%Top 20: 90.6%

GRAL30.6%

TSLA10.5%

GEF/B9.8%

ODV3.9%

CRBG3.2%

RJR13.0%

OPY2.8%

SNDA2.8%

SSPFF2.5%

0HQK2.4%

Others (34)28.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare36.6%

Financial Services14.8%

Industrials11.2%

Consumer Cyclical10.5%

Basic Materials7.8%

Energy4.7%

Communication Services4.4%

Unclassified4.2%

Other5.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 44Median: 0.89%Avg: 2.27%

0–0.5%

16(3.3%)

0.5–1%

7(4.9%)

1–3%

15(30.7%)

3–5%

3(10.1%)

5%+

3(51.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 43Unique: 1vs 20 funds

0.6%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.7%

GEODE CAPITAL MANAGEMENT, LLC

1.1%

VANGUARD CAPITAL MANAGEMENT LLC

BlackRock, Inc.

0.8%

STATE STREET CORP

0.9%

BANK OF AMERICA CORP /DE/

0.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

JPMORGAN CHASE & CO

0.6%

FMR LLC

0.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New3Increased10Decreased10Exited7

New Positions

ATRIUM THERAPEUTICS …1.8%

+230K

MSFT0.4%

+2K

BUR0.1%

+27K

Increased

ODV3.9%

+1.1M(+123%)

NAVI2.4%

+357K(+230%)

ELE1.8%

+141K(+523%)

ABR1.9%

+66K(+19%)

MRT0.3%

+56K(+24%)

OPRT0.5%

+51K(+36%)

TSLA10.5%

+21K(+72%)

MTG1.3%

+13K(+18%)

MET0.8%

+10K(+100%)

TBN1.9%

+10K(+17%)

Decreased

LILAB1.6%

-50,000(-14%)

CRBG3.2%

-36,400(-13%)

SNDA2.8%

-30,593(-17%)

TFPM1.2%

-13,524(-19%)

0HQK2.4%

-11,000(-9%)

DVN0.1%

-5,000(-56%)

GOOGL2.0%

-4,600(-27%)

GEF/B9.8%

-2,000(-1%)

GRAL30.6%

-1,000(-0%)

TRC0.1%

-749(-5%)

Exited

-138,169

-452,789

-237,637

-27,000

-20,000

-1,839

-18,495

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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