Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q2 2016)

As of Jun 30, 2016, 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 Q2 2016, the filing reported:

New Buys - Gilead Sciences, Inc., Korn Ferry

Increases - Citigroup, Inc., Northern Dynasty Minerals, Ltd.

Reductions - Amkor Technology, Inc., ESSA Bancorp, Inc., Extreme Networks, Inc., Greif, Inc. Corporation, Hennessy Advisors, Inc., and 5 more

Complete Exits - AerCap, Imperial Oil Limited, Kearny Financial, Shore Bancshares, Inc., Tutor Perini Corporation

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
Q2 2016	AER AerCap	AerCap	Sell - Position Exit	-105,000	-100.0%	$0.00	-
Q2 2016	AMKR Amkor Technology, Inc.	Amkor Technology, Inc.	Sell	-2,035,999	-80.0%	$2.93K	509,157
Q2 2016	C Citigroup, Inc.	Citigroup, Inc.	Buy	+2,000	+1.7%	$5.13K	121,000
Q2 2016	ESSA ESSA Bancorp, Inc.	ESSA Bancorp, Inc.	Sell	-10,223	-3.7%	$3.53K	263,730
Q2 2016	EXTR Extreme Networks, Inc.	Extreme Networks, Inc.	Sell	-348,389	-8.7%	$12.47K	3,678,863
Q2 2016	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-35,805	-4.1%	$46.06K	841,199
Q2 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy - Position Entry	+20,000	-	$1.67K	20,000
Q2 2016	HNNA Hennessy Advisors, Inc.	Hennessy Advisors, Inc.	Sell	-3,000	-23.1%	$334.00	9,993
Q2 2016	IMO Imperial Oil Limited	Imperial Oil Limited	Sell - Position Exit	-6,000	-100.0%	$0.00	-
Q2 2016	KFY Korn Ferry	Korn Ferry	Buy - Position Entry	+50,000	-	$1.03K	50,000
Q2 2016	KOP Koppers Holdings Inc.	Koppers Holdings Inc.	Sell	-173,940	-87.7%	$751.00	24,428
Q2 2016	KRNY Kearny Financial	Kearny Financial	Sell - Position Exit	-431,035	-100.0%	$0.00	-
Q2 2016	LEN-B Lennar Corporation	Lennar Corporation	Sell	-28,707	-7.2%	$13.73K	368,491
Q2 2016	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-672,500	-46.9%	$10.49K	762,500
Q2 2016	NAK Northern Dynasty Minerals, Ltd.	Northern Dynasty Minerals, Ltd.	Buy	+1,016,915	+116.4%	$589.00	1,890,263
Q2 2016	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Sell	-98,374	-28.5%	$3.81K	246,675
Q2 2016	PBT Permian Basin Royalty Trust	Permian Basin Royalty Trust	Sell	-448,977	-43.1%	$4.34K	592,023
Q2 2016	SHBI Shore Bancshares, Inc.	Shore Bancshares, Inc.	Sell - Position Exit	-39,684	-100.0%	$0.00	-
Q2 2016	TPC Tutor Perini Corporation	Tutor Perini Corporation	Sell - Position Exit	-196,020	-100.0%	$0.00	-