Overview
Paul J. Isaac is the founder, majority principal, and portfolio manager of Arbiter Partners Capital
Management, LLC (“Arbiter Partners”). Arbiter Partners was formed in January 2007 and is the
investment manager to multiple investment funds operated under the Arbiter name. However,
our operations predate the formation of Arbiter Partners and our first fund was founded in 2001.
Our funds are opportunistic, investing primarily in equities, fixed income, and derivatives using a
variety of long / short strategies. The goal is to maximize long-term capital appreciation. The
investments are generally global in scope and are made across a range of instruments, including
the occasional ETF, closed end mutual fund, and private placement. We have a global financials
fund that is primarily long equities and concentrated in a single sector. We also offer special
opportunity funds, which are long only and focus on investments in the securities of a single
corporate complex, and accordingly, are concentrated investments involving a smaller range of
instruments. As of January 1, 2024, our advised funds had approximately $345 million under
management on a discretionary basis.
At the beginning of 2013, Arbiter Partners began offering advisory services to certain large
clients through separately
managed accounts. These accounts pursue similar investment
objectives to our funds and seek long-term capital appreciation through investment programs
similar to our primary and/or special opportunity funds. They may invest in parallel to our
funds. These accounts had approximately $81 million under management as of January 1, 2024.
Arbiter Partners also provides management and certain administrative services to various
accounts controlled by Mr. Isaac or his family and to certain trusts related to his family (the
“Isaac Accounts”). These accounts have considerable overlap in strategies to the Arbiter funds,
except that they are generally long-only, use few or no derivatives, and are willing to accept
greater illiquidity, country and interim price risk.
Other than through the agreements that control our separately managed account relationships and
the agreements entered into on behalf of our single investor funds, we do not generally tailor
advisory services to the individual needs of a client or an investor. In the context of these
agreements Arbiter Partners has agreed to modify the investment program of such accounts and
funds to facilitate specific client or investor requests, and we may do so in the future.
We do not currently participate in any wrap fee programs.