SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Arbiter Partners Capital Management LLC

CIK 0001513193 · 530 FIFTH AVENUE, 20TH FLOOR, NEW YORK, NY, 10036 · 212-650-4660

Reported Value
$821M
Q4 2021
Positions
36
Filings on Record
33
2019–present window
Filed
Feb 14, 2022
original filing

Summary

Arbiter Partners Capital Management LLC reported $821M in U.S.-listed holdings across 36 positions for Q4 2021.

Its largest position, COWNEUR, represents 4.1% of the portfolio.

Compared with Q3 2021, the fund opened 3 new positions and exited 3.

Portfolio Metrics

Turnover
+1.5%
vs prior filed quarter
Top-10 Concentration
+14.6%
share of reported value
Largest Position
+4.1%
Cowen Inc A
New / Exited
3 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $895MQ4 ’18Q1 ’19: $495MQ2 ’19: $978MQ3 ’19: $549MQ4 ’19: $689MQ4 ’19Q1 ’20: $672MQ2 ’20: $1.3BQ3 ’20: $2.2BQ4 ’20: $831MQ4 ’20Q1 ’21: $1.4BQ2 ’21: $601MQ3 ’21: $1.3BQ4 ’21: $821MQ4 ’21Q1 ’22: $190MQ2 ’22: $161MQ3 ’22: $157MQ4 ’22: $116MQ4 ’22Q1 ’23: $107MQ2 ’23: $93MQ3 ’23: $78MQ4 ’23: $88MQ4 ’23Q1 ’24: $79MQ2 ’24: $100MQ3 ’24: $113MQ4 ’24: $162MQ4 ’24Q1 ’25: $138MQ2 ’25: $114MQ3 ’25: $167MQ4 ’25: $205MQ4 ’25Q1 ’26: $175Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 97.5%Other: 2.3%ETP: 0.2%REIT: 0.0%
  • Common Stock · 97.5% · $800M
  • Other · 2.3% · $19M
  • ETP · 0.2% · $1M
  • REIT · 0.0% · $226,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TRVCCITIGROUP INCNEW+100.0K100.0K+$6M$6M
SPWHSPORTSMAN'S WAREHOUSE HOLDINNEW+255.6K255.6K+$3M$3M
ARK INNOVATION ETFNEW+15.0K15.0K+$1M$1M
WRKUSDWESTROCK COSOLD OUT−449.7K0−$22M$0
CSTRUSDCAPSTAR FINANCIAL HOLDINGS ISOLD OUT−244.3K0−$5M$0
VIRTVIRTU FINANCIAL INC-CLASS ASOLD OUT−50.0K0−$1M$0
ANAT1USDAMERICAN NATIONAL GROUP INCTRIMMED−27.0K3.8K−$5M$714,000
LNCLINCOLN NATIONAL CORPTRIMMED−68.0K52.0K−$5M$4M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2021

30 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COWNEURCOWEN INC - Ahistory →COM4.10%$34M932.7K
2LIBERTY LATIN AMERIC-CL CCOM1.87%$15M1.34M
3GEF/BGREIF INC-CL Bhistory →COM1.82%$15M249.8K
4RJR1STEREOTAXIS INChistory →COM1.72%$14M2.27M
5SNDASONIDA SENIOR LIVING INChistory →COM1.68%$14M485.3K
6JXNJACKSON FINANCIAL INC-Ahistory →COM1.34%$11M263.4K
7LEN/BLENNAR CORP - B SHSCOM0.85%$7M72.9K
8CITUSDCIT GROUP INCCOM0.51%$4M81.0K
9NWLIEURNATIONAL WESTERN LIFE GROU-ACOM0.45%$4M17.1K
10LNCLINCOLN NATIONAL CORPCOM0.43%$4M52.0K
11SPWHSPORTSMAN'S WAREHOUSE HOLDINCOM0.37%$3M255.6K
12IPINTERNATIONAL PAPER COCOM0.34%$3M60.0K
13GEGGREAT ELM GROUP INCCOM0.29%$2M1.15M
14BCICPORTMAN RIDGE FINANCE CORPCOM0.19%$2M64.3K
15SIRIUSPOINT LTDCOM0.16%$1M165.0K
16LMTLOCKHEED MARTIN CORPCOM0.13%$1M3.1K
17REVOLUTION HEALTHCARE ACQU-ACOM0.11%$866,00088.9K
18DVNDEVON ENERGY CORPCOM0.10%$812,00018.4K
19FIRST FINANCIAL NORTHWESTCOM0.09%$758,00046.9K
20ANAT1USDAMERICAN NATIONAL GROUP INCCOM0.09%$714,0003.8K
21SENEBSENECA FOODS CORP - CL BCOM0.08%$658,00013.8K
22KFFBKENTUCKY FIRST FEDERAL BANCOCOM0.06%$514,00068.3K
23COMMUNITY WEST BANCSHARESCOM0.06%$465,00034.7K
24NODKNI HOLDINGS INCCOM0.05%$386,00020.4K
25TRCTEJON RANCH COCOM0.04%$322,00016.9K
26ICC HOLDINGS INCCOM0.03%$284,00017.0K
27CLPRCLIPPER REALTY INCCOM0.03%$226,00022.7K
28BATLBATTALION OIL CORPCOM0.02%$176,00018.0K
29MLVFUSDMALVERN BANCORP INCCOM0.02%$158,00010.1K
30REVOLUTION HEALTHCARE -CW28WTS0.00%$13,00017.8K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$175M45May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$205M49Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$167M40Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$114M30Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$138M34May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$162M29Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$113M28Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$100M33Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$79M34May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$88M45Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$78M45Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$93M45Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$107M43May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$116M47Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$157M39Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$161M33Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$190M33May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$821M36Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021REVEALED$1.3B71Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$601M33Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.4B43May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$831M46Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$2.2B50Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.3B49Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$672M52May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$689M43Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$549M51Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019REVEALED$978M91Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$495M46May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$895M57Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 4 additional managers.

  • Broken Clock Management LLC
  • Arbiter Partners QP LP
  • Arbiter Partners LP
  • Arbiter Partners Offshore LTD

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.