Paul Isaac

Net selling

Arbiter Partners Capital Management LLC — managed by Paul Isaac; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-03-31 (filed 2026-05-12) · Source: SEC EDGAR

Portfolio value$147.4M (−21%)

Holdings40 (−4)

Top holdingGrail Inc

Below band1

New

Added

Exited

13F × valuation

Valuation posture

Of 6 valued US positions, 1 trade below a conservative value band (as of 2026-07-20):

Mgic Investment CorpMTG8% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-03-31):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Grail IncGRAL	$53.5M	—	1	1,034,597	36.3%	Core 8q
Tesla IncTSLAPUT	$18.4M	—	—	49,400	—	—
Greif Inc-Cl BGEF.B	$17.1M	—	1	195,033	11.6%	Core 8q
Osisko Development Corp	$6.8M	—	—	2,087,496	4.6%	Adding 3q
Corebridge Financial IncCRBG	$5.6M	—	6	233,655	3.8%	Core 8q
Stereotaxis IncSTXS	$5.3M	—	1	2,883,856	3.6%	Core 8q
Oppenheimer Holdings-Cl AOPY	$4.9M	—	2	54,999	3.3%	No trim 8q
Sonida Senior Living IncSNDA	$4.9M	—	1	152,231	3.3%	—
Siriuspoint LtdSPNT	$4.3M	—	2	200,832	2.9%	—
Cbl & Associates PropertiesCBL	$4.2M	—	2	109,244	2.8%	—
Navient CorpNAVI	$4.2M	—	1	512,548	2.8%	Adding 3q
Genworth Financial IncGNW	$4.0M	—	3	487,400	2.7%	No trim 5q
Vermilion Energy IncVET	$3.7M	—	1	266,738	2.5%	—
Tamboran Resources CorpTBN	$3.4M	—	2	67,212	2.3%	Adding 3q
Arbor Realty Trust IncABRPUT	$3.2M	—	—	419,700	—	Adding 3q
Elemental Royalty CorpELE	$3.2M	—	1	168,317	2.2%	—
Atrium Therapeutics IncRNA	$3.1M	—	2	230,000	2.1%	—
Alphabet Inc-Cl AGOOGLCALL	$2.8M	—	43	9,800	—	—
Liberty Latin Americ-Cl CLILAK	$2.7M	—	2	309,048	1.8%	—
Mgic Investment CorpMTG	$2.3M	Below value	2	87,000	1.5%	No trim 8q
Triple Flag Precious MetTFPM	$2.0M	—	2	58,476	1.4%	—
Navios Maritime Partners LpNMM	$1.7M	—	1	24,800	1.1%	—
Liberty Latin Americ-Cl ALILA	$1.4M	—	2	164,481	1.0%	—
Metlife IncMETCALL	$1.4M	—	—	20,000	—	—
Apple IncAAPLPUT	$1.2M	—	—	4,900	—	—

Grail IncGRALCore 8q
Value$53.5MValuation—Holders1Weight36.3%
Tesla IncTSLAPUT—
Value$18.4MValuation—Holders—Weight—
Greif Inc-Cl BGEF.BCore 8q
Value$17.1MValuation—Holders1Weight11.6%
Osisko Development CorpAdding 3q
Value$6.8MValuation—Holders—Weight4.6%
Corebridge Financial IncCRBGCore 8q
Value$5.6MValuation—Holders6Weight3.8%
Stereotaxis IncSTXSCore 8q
Value$5.3MValuation—Holders1Weight3.6%
Oppenheimer Holdings-Cl AOPYNo trim 8q
Value$4.9MValuation—Holders2Weight3.3%
Sonida Senior Living IncSNDA—
Value$4.9MValuation—Holders1Weight3.3%
Siriuspoint LtdSPNT—
Value$4.3MValuation—Holders2Weight2.9%
Cbl & Associates PropertiesCBL—
Value$4.2MValuation—Holders2Weight2.8%
Navient CorpNAVIAdding 3q
Value$4.2MValuation—Holders1Weight2.8%
Genworth Financial IncGNWNo trim 5q
Value$4.0MValuation—Holders3Weight2.7%
Vermilion Energy IncVET—
Value$3.7MValuation—Holders1Weight2.5%
Tamboran Resources CorpTBNAdding 3q
Value$3.4MValuation—Holders2Weight2.3%
Arbor Realty Trust IncABRPUTAdding 3q
Value$3.2MValuation—Holders—Weight—
Elemental Royalty CorpELE—
Value$3.2MValuation—Holders1Weight2.2%
Atrium Therapeutics IncRNA—
Value$3.1MValuation—Holders2Weight2.1%
Alphabet Inc-Cl AGOOGLCALL—
Value$2.8MValuation—Holders43Weight—
Liberty Latin Americ-Cl CLILAK—
Value$2.7MValuation—Holders2Weight1.8%
Mgic Investment CorpMTGNo trim 8q
Value$2.3MValuationBelow valueHolders2Weight1.5%
Triple Flag Precious MetTFPM—
Value$2.0MValuation—Holders2Weight1.4%
Navios Maritime Partners LpNMM—
Value$1.7MValuation—Holders1Weight1.1%
Liberty Latin Americ-Cl ALILA—
Value$1.4MValuation—Holders2Weight1.0%
Metlife IncMETCALL—
Value$1.4MValuation—Holders—Weight—
Apple IncAAPLPUT—
Value$1.2MValuation—Holders—Weight—

Showing top 25 of 45 positions

Exited this quarter (7)Shinhan Financial Group-Adr、Arvinas Inc、Leslie's Inc、Burford Capital Ltd、Rithm Capital Corp、Seneca Foods Corp - Cl A、Lead Real Estate Co Ltd

What is a superinvestor

About this investor

Portfolio overview

Arbiter Partners Capital Management LLC's most recent 13F filing, for the quarter ended 2026-03-31, reports 40 positions worth $147.4M. The top 5 holdings represent 60% of that value, a moderately concentrated portfolio.

The single largest position is Grail Inc at 36.3% of the portfolio, followed by Greif Inc-Cl B at 11.6% and Osisko Development Corp at 4.6%.

Against the prior quarter, Paul Isaac opened 3 new positions, exited 7, added to 7, and trimmed 10. The largest new buy was Atrium Therapeutics Inc. The most notable sale was the full exit from Arvinas Inc.

Across all 8 quarters on file, Grail Inc has appeared in every filing, as has Greif Inc-Cl B. Grail Inc currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Paul Isaac has no positions in the strike zone right now. Browse the whole market by value band

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-12

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