Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q1 2019)

As of Mar 31, 2019, the Arbiter Partners Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 12, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2019, the filing reported:

New Buys - Affiliated Managers Group, Inc.

Increases - Hennessy Advisors, Inc.

Reductions - AMREP Corporation, Clipper Realty Inc., Greif, Inc. Corporation, Lake Shore Bancorp, Inc., McKesson Corporation, and 3 more

Complete Exits - Rafael Holdings, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2019	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy - Position Entry	+2,000	-	$214.00	2,000
Q1 2019	AXR AMREP Corporation	AMREP Corporation	Sell	-26,000	-23.0%	$501.00	87,095
Q1 2019	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Sell	-391,839	-77.5%	$1.53K	114,059
Q1 2019	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-139,725	-23.4%	$22.39K	457,969
Q1 2019	HNNA Hennessy Advisors, Inc.	Hennessy Advisors, Inc.	Buy	+3,000	+23.7%	$145.00	15,646
Q1 2019	LSBK Lake Shore Bancorp, Inc.	Lake Shore Bancorp, Inc.	Sell	-1,200	-0.7%	$2.74K	173,406
Q1 2019	MCK McKesson Corporation	McKesson Corporation	Sell	-114,806	-95.8%	$585.00	4,994
Q1 2019	RFL Rafael Holdings, Inc.	Rafael Holdings, Inc.	Sell - Position Exit	-103,155	-100.0%	$0.00	-
Q1 2019	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Sell	-170,623	-93.2%	$153.00	12,385
Q1 2019	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell	-601,105	-28.5%	$7.25K	1,511,397
Q1 2019	TRC Tejon Ranch Co	Tejon Ranch Co	Sell	-10,170	-21.5%	$653.00	37,102