Paul Isaac - Arbiter Partners Capital Management 13F Activity & Position Changes (Q4 2018)

As of Dec 31, 2018, 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 Q4 2018, the filing reported:

New Buys - None reported

Increases - Lennar Corporation

Reductions - Clipper Realty Inc., Devon Energy Corporation, Greif, Inc. Corporation, U.S. Global Investors, Inc., Seabridge Gold, Inc., and 3 more

Complete Exits - A.O. Smith Corporation, Erie Indemnity Company, JBG SMITH Properties, Range Resources Corporation, Sealed Air Corporation, and 3 more

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
Q4 2018	AOS A.O. Smith Corporation	A.O. Smith Corporation	Sell - Position Exit	-42,984	-100.0%	$0.00	-
Q4 2018	CLPR Clipper Realty Inc.	Clipper Realty Inc.	Sell	-241,349	-32.3%	$6.61K	505,898
Q4 2018	DVN Devon Energy Corporation	Devon Energy Corporation	Sell	-35,306	-55.1%	$649.00	28,784
Q4 2018	ERIE Erie Indemnity Company	Erie Indemnity Company	Sell - Position Exit	-9,099	-100.0%	$0.00	-
Q4 2018	GEF-B Greif, Inc. Corporation	Greif, Inc. Corporation	Sell	-36,093	-5.7%	$26.54K	597,694
Q4 2018	GROW U.S. Global Investors, Inc.	U.S. Global Investors, Inc.	Sell	-18,746	-33.0%	$42.00	38,069
Q4 2018	JBGS JBG SMITH Properties	JBG SMITH Properties	Sell - Position Exit	-110,476	-100.0%	$0.00	-
Q4 2018	LEN-B Lennar Corporation	Lennar Corporation	Buy	+33,000	+26.3%	$4.97K	158,694
Q4 2018	RRC Range Resources Corporation	Range Resources Corporation	Sell - Position Exit	-101,965	-100.0%	$0.00	-
Q4 2018	SA Seabridge Gold, Inc.	Seabridge Gold, Inc.	Sell	-711,460	-79.5%	$2.42K	183,008
Q4 2018	SEE Sealed Air Corporation	Sealed Air Corporation	Sell - Position Exit	-27,000	-100.0%	$0.00	-
Q4 2018	SENEA Seneca Foods Corp.	Seneca Foods Corp.	Sell - Position Exit	-6,440	-100.0%	$0.00	-
Q4 2018	SENEB Seneca Foods Corp.	Seneca Foods Corp.	Sell	-100	-1.3%	$218.00	7,400
Q4 2018	SPWH Sportsman's Warehouse Holdings,	Sportsman's Warehouse Holdings,	Sell	-144,979	-6.4%	$9.25K	2,112,502
Q4 2018	TTAC TrimTabs ETF Trust FCF US Quali	TrimTabs ETF Trust FCF US Quali	Sell - Position Exit	-5,800	-100.0%	$0.00	-
Q4 2018	VSTO Vista Outdoor Inc.	Vista Outdoor Inc.	Sell	-445,788	-92.8%	$390.00	34,401
Q4 2018	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell - Position Exit	-11,000	-100.0%	$0.00	-