Arbiter Partners Capital Management LLC
Long book
$147.4M
Q1 2026
Positions
40
Top-10 weight
75%
concentration
Last quarter
+16.5%
SPY +14.8%
Turnover
21%
of book per quarter
Strategy in plain words
auto-generated from filingsArbiter Partners Capital Management LLC is a concentrated fundamental stock-picker, running a $147.4M US long book across 40 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: GRAIL INC, GREIF INC-CL B, OSISKO DEVELOPMENT CORP, COREBRIDGE FINANCIAL INC, STEREOTAXIS INC.
Over the last 9 quarters its long book ran on average 4.3pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-5.0%
Q2 2024
+5.9%
Q3 2024
-2.2%
Q4 2024
+6.0%
Q1 2025
+40.3%
Q2 2025
+12.0%
Q3 2025
+22.7%
Q4 2025
-17.3%
Q1 2026
+16.5%
Sector allocation
Healthcare 47%
Financials 21%
Industrials 13%
Materials 8%
Energy 5%
Communications 3%
Technology 1%
Other 1%
Long book by quarter
What does Arbiter Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GRAL GRAIL INC | Healthcare | 1.0M | $53.5M | 36.3% | -0.1% |
| GEF/B GREIF INC-CL B | Industrials | 195.0K | $17.1M | 11.6% | -1.0% |
| ODV OSISKO DEVELOPMENT CORP | Materials | 2.1M | $6.8M | 4.6% | +122.6% |
| CRBG COREBRIDGE FINANCIAL INC | Financials | 233.7K | $5.6M | 3.8% | -13.5% |
| STXS STEREOTAXIS INC | Healthcare | 2.9M | $5.3M | 3.6% | Held |
| OPY OPPENHEIMER HOLDINGS-CL A | Financials | 55.0K | $4.9M | 3.3% | Held |
| SNDA SONIDA SENIOR LIVING INC | Healthcare | 152.2K | $4.9M | 3.3% | -16.7% |
| SPNT SIRIUSPOINT LTD | Financials | 200.8K | $4.3M | 2.9% | Held |
| NAVI NAVIENT CORP | Financials | 512.5K | $4.2M | 2.8% | +230.5% |
| GNW GENWORTH FINANCIAL INC | Financials | 487.4K | $4.0M | 2.7% | Held |
| VET VERMILION ENERGY INC | Energy | 266.7K | $3.7M | 2.5% | Held |
| TBN TAMBORAN RESOURCES CORP | Energy | 67.2K | $3.4M | 2.3% | +17.5% |
| ELE ELEMENTAL ROYALTY CORP | Materials | 168.3K | $3.2M | 2.2% | +522.6% |
| RNA ATRIUM THERAPEUTICS INC | Healthcare | 230.0K | $3.1M | 2.1% | New |
| LILAK LIBERTY LATIN AMERIC-CL C | Communications | 309.0K | $2.7M | 1.8% | -13.9% |
| MTG MGIC INVESTMENT CORP | Financials | 87.0K | $2.3M | 1.5% | +17.6% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 58.5K | $2.0M | 1.4% | -18.8% |
| NMM NAVIOS MARITIME PARTNERS LP | Industrials | 24.8K | $1.7M | 1.1% | Held |
| LILA LIBERTY LATIN AMERIC-CL A | Communications | 164.5K | $1.4M | 1.0% | Held |
| CWBC COMMUNITY WEST BANCSHARES | Financials | 43.9K | $1.0M | 0.7% | Held |
| 0WE WEATHERFORD INTERNATIONAL PL | — | 10.0K | $946K | 0.6% | Held |
| OPRT OPORTUN FINANCIAL CORP | Financials | 192.1K | $886K | 0.6% | +36.1% |
| MSFT MICROSOFT CORP | Technology | 2.0K | $740K | 0.5% | New |
| GOOGL ALPHABET INC-CL A | Technology | 2.5K | $719K | 0.5% | -79.2% |
| NODK NI HOLDINGS INC | Financials | 51.4K | $662K | 0.4% | Held |
| AVBC AVIDIA BANCORP INC | Financials | 32.8K | $645K | 0.4% | Held |
| VOXR VOX ROYALTY CORP | Materials | 121.9K | $639K | 0.4% | Held |
| MRT MARTI TECHNOLOGIES INC | Services media | 286.3K | $573K | 0.4% | +24.5% |
| LEN/B LENNAR CORP - B SHS | Industrials | 5.6K | $474K | 0.3% | Held |
| OLN OLIN CORP | Materials | 12.9K | $384K | 0.3% | Held |
| OABI OMNIAB INC | Healthcare | 192.6K | $302K | 0.2% | Held |
| GROY GOLD ROYALTY CORP | Materials | 78.6K | $281K | 0.2% | Held |
| TRC TEJON RANCH CO | Real estate | 13.0K | $245K | 0.2% | -5.5% |
| MTA METALLA ROYALTY & STREAMING | Materials | 34.0K | $225K | 0.2% | Held |
| DVN DEVON ENERGY CORP | Energy | 4.0K | $201K | 0.1% | -55.6% |
| MLCI MOUNT LOGAN CAPITAL INC | Financials | 35.5K | $127K | 0.1% | Held |
| BUR BURFORD CAPITAL LTD | Financials | 27.0K | $122K | 0.1% | New |
| BTG B2GOLD CORP | Materials | 25.0K | $113K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 45 | $174.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 49 | $205.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 40 | $167.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 30 | $113.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 34 | $138.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 29 | $161.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 28 | $113.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 33 | $100.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 34 | $79.4M | canonical | SEC ↗ |
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