Paul Isaac's March Portfolio: GRAIL Leads Healthcare Focus

Portfolio Snapshot

As of March 31, 2026, the portfolio managed by Paul Isaac at Arbiter Partners Capital Management shows a clear focus on specific sectors and individual holdings. The analysis below details the top holdings and sector allocations.

Top Holdings Analysis

The portfolio's largest position is in GRAIL INC (GRAL), representing approximately 36.27% of the total holdings value. This significant allocation underscores a strategic focus on the company, despite a slight reduction in shares (-0.1%) from the previous period.

• GREIF INC-CL B (GEF-B): Holds 11.58% of the portfolio, showing a decrease in shares (-1.02%) and value.
• OSISKO DEVELOPMENT CORP (ODV): Constitutes 4.6% of the portfolio, with a substantial increase in shares (122.58%) and value.
• CoreBridge Financial (CRBG) and Navient (NAVI): Both Financial Services holdings (3.78% and 2.84% respectively) showed significant share decreases (-13.48% and -16.73%) from the prior period.
• MGIC Investment Corp (MTG): A Financial Services holding at 1.55%, saw an increase in shares (+17.57%) and value.

Sector Concentration

The portfolio demonstrates a notable concentration in the Healthcare sector, driven primarily by the large position in GRAIL INC. This single holding accounts for a substantial portion of the portfolio's exposure to Healthcare. Other significant sectors include:

• Financial Services: Multiple holdings (CRBG, NAVI, MTG) contribute to this sector allocation.
• Consumer Cyclical: GREIF INC-CL B (GEF-B).
• Basic Materials: OSISKO DEVELOPMENT CORP (ODV).
• Real Estate: CBL & Associates Properties (CBL).
• Energy: Tamboran Resources Corp (TBN).
• Communication Services: Liberty Latin American (LILAK).

Investment Strategy and Changes

The portfolio's strategy appears to involve significant conviction in certain large-cap positions, as evidenced by the substantial allocation to GRAIL INC. Simultaneously, there is evidence of active management, with holdings like OSISKO DEVELOPMENT CORP (ODV) showing a dramatic increase in position size, while others like CoreBridge Financial (CRBG) and Sonida Senior Living (SNDA) saw significant reductions.

The changes in holdings from the prior period highlight the dynamic nature of the portfolio. While GRAIL's position slightly decreased, other sectors saw mixed activity. The increase in ODV suggests a potential shift towards the Basic Materials sector, while the reductions in Financial Services and Healthcare holdings (CRBG, SNDA) indicate a possible rebalancing or conviction shift away from these areas in the current period.

Conclusion

Paul Isaac's portfolio, as of March 31, 2026, is characterized by a high concentration in GRAIL INC within the Healthcare sector. The strategy involves a mix of deep conviction bets (like GRAIL and ODV) and active management, reflected in the significant changes in position sizes across various holdings. The sector distribution shows a clear preference for Healthcare and Financial Services, complemented by allocations in other sectors like Consumer Cyclical and Basic Materials.