Arbiter Partners Capital Management LLC

CIK 0001513193 · Q2 2026

13F Equity AUM

$189.9M

+8.8% QoQ

Positions

-3 QoQ

AUM Rank

#8,279

Top 66%

Skill Alpha (FF)

+21.0%/yr^ns

No Clear Edge

Rank #136 · Top 2%

vs S&P +20.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 62.9%Top 10: 78.5%Top 20: 94.0%

GRAL37.2%

GEF/B9.5%

CRBG6.0%

SNDA5.7%

TSLA4.6%

OPY3.7%

SSPFF3.1%

0HQK3.0%

NAVI3.0%

ODV2.8%

Others (31)21.5%

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

Sector Allocation

Healthcare44.4%

Financial Services21.0%

Industrials10.8%

Basic Materials5.8%

Unclassified4.9%

Consumer Cyclical4.6%

Financials3.0%

Energy2.9%

Other2.6%

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

Position Sizing

Positions: 41Median: 0.92%Avg: 2.44%

0–0.5%

17(3.1%)

0.5–1%

5(3.8%)

1–3%

11(20.4%)

3–5%

4(14.4%)

5%+

4(58.4%)

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

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Portfolio Overlap

Shared: 0Unique: 41vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New3Increased11Decreased7Exited6

New Positions

SHG2.2%

+67K

ARVN1.3%

+295K

LRE0.0%

+65K

Increased

CRBG6.0%

+164K(+70%)

NAVI3.0%

+150K(+29%)

SNDA5.7%

+113K(+74%)

ODV2.8%

+75K(+4%)

GNW2.7%

+53K(+11%)

SSPFF3.1%

+42K(+21%)

MRT0.2%

+37K(+13%)

ATRIUM THERAPEUTICS …1.9%

+31K(+14%)

OPY3.7%

+12K(+21%)

NODK0.5%

+11K(+22%)

Decreased

ABR0.4%

-284,000(-68%)

VOXR0.1%

-98,000(-80%)

OPRT0.4%

-70,000(-36%)

TSLA4.6%

-28,800(-58%)

LILAB1.2%

-10,000(-3%)

GEF/B9.5%

-1,262(-1%)

GRAL37.2%

-300(-0%)

Exited

-2,883,856

-12,300

-20,000

-4,900

-2,000

-4,000

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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