Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 2016)

According to the SEC 13F filed on Sep 15, 2026, the Arbiter Partners Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2016. 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 Q4 2016, the filing reported:

New Buys - Affiliated Managers Group, Inc., GameStop Corporation, TrimTabs ETF Trust FCF US Quali

Increases - Gilead Sciences, Inc., KKR & Co. Inc., McKesson Corporation, Northern Dynasty Minerals, Ltd.

Reductions - Devon Energy Corporation, ESSA Bancorp, Inc., First Citizens BancShares, Inc., Greif, Inc. Corporation, Hennessy Advisors, Inc., and 2 more

Complete Exits - Leidos Holdings, Inc., Limoneira Co, Oppenheimer Holdings, Inc.

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

Showing 17 of 17 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2016	AMG Affiliated Managers Group, Inc.	Affiliated Managers Group, Inc.	Buy - Position Entry	+33,585	-	$4.88M	33,585
Q4 2016	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-20,000	-23.4%	$2.99M	65,490
Q4 2016	ESSA ESSA Bancorp, Inc.	ESSA Bancorp, Inc.	Sell	-165,291	-78.0%	$733.00K	46,615
Q4 2016	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-55,859	-98.2%	$359.00K	1,011
Q4 2016	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-33,783	-4.2%	$52.23M	773,284
Q4 2016	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+103,000	+321.9%	$9.67M	135,000
Q4 2016	GME GameStop Corporation	GameStop Corporation	Buy - Position Entry	+245,453	-	$6.20M	245,453
Q4 2016	HNNA Hennessy Advisors, Inc.	Hennessy Advisors, Inc.	Sell	-3,500	-35.0%	$206.00K	6,493
Q4 2016	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+2,000	+20.0%	$185.00K	12,000
Q4 2016	KOP Koppers Holdings Inc.	Koppers Holdings Inc.	Sell	-1,235	-5.1%	$935.00K	23,193
Q4 2016	LDOS Leidos Holdings, Inc.	Leidos Holdings, Inc.	Sell - Position Exit	-50,000	-100.0%	$0.00	-
Q4 2016	LMNR Limoneira Co	Limoneira Co	Sell - Position Exit	-15,500	-100.0%	$0.00	-
Q4 2016	MCK McKesson Corporation	McKesson Corporation	Buy	+20,000	+666.7%	$3.23M	23,000
Q4 2016	NAK Northern Dynasty Minerals, Ltd.	Northern Dynasty Minerals, Ltd.	Buy	+644,764	+34.1%	$5.25M	2,535,027
Q4 2016	OPY Oppenheimer Holdings, Inc.	Oppenheimer Holdings, Inc.	Sell - Position Exit	-153,250	-100.0%	$0.00	-
Q4 2016	PBT Permian Basin Royalty Trust	Permian Basin Royalty Trust	Sell	-178,069	-93.3%	$99.00K	12,834
Q4 2016	TTAC TrimTabs ETF Trust FCF US Quali	TrimTabs ETF Trust FCF US Quali	Buy - Position Entry	+9,800	-	$265.00K	9,800