Century Management

Q3 2013 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $1.2B · prev $1.2B
Positions: 97 · prev 100
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves114 since the prior filing

+4.4 pp in · −4.4 pp out

New 18 +4.25 pp
Added 19 +0.15 pp
Trimmed 56 −3.24 pp
Exited 21 −1.21 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions23% of US stock

JEC Jacobs Engineering Group trimmed−0.02 pp trimmed−0.025.2%
CSCO Cisco Systems, Inc. (DE) trimmed−0.49 pp trimmed−0.494.8%
NEM Newmont Corporation added−0.53 pp added−0.534.6%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.19 pp trimmed−0.194.3%
GLW Corning Incorporated trimmed−0.11 pp trimmed−0.114.3%

Positions97 in this filing · 21 exited


JECJacobs Engineering Group	5.18%	1,096,777	$64M	trimmed−1%	−0.02 pp	2 q
CSCOCisco Systems, Inc. (DE)	4.82%	2,536,523	$59M	trimmed−1%	−0.49 pp	2 q
NEMNewmont Corporation	4.62%	2,026,393	$57M	added0%	−0.53 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	4.31%	468,005	$53M	trimmed−1%	−0.19 pp	2 q
GLWCorning Incorporated	4.25%	3,585,031	$52M	trimmed−1%	−0.11 pp	2 q
unresolvedLayne Christensen Co	3.92%	2,418,603	$48M	added+2%	0.00 pp	2 q
WFCWells Fargo & Co.	3.69%	1,099,984	$45M	trimmed−1%	−0.21 pp	2 q
MSFTMicrosoft Corp	3.17%	1,171,761	$39M	trimmed−1%	−0.31 pp	2 q
unresolvedWalter Invt Mgmt Corp	3.03%	942,681	$37M	trimmed−1%	+0.30 pp	2 q
EMREmerson Electric Co.	3.00%	571,505	$37M	trimmed−1%	+0.31 pp	2 q
ASTEAstec Industries Inc	2.77%	950,413	$34M	added0%	0.00 pp	2 q
unresolvedTidewater Inc	2.57%	532,643	$32M	trimmed−1%	−0.04 pp	2 q
HA7Enviri Corp	2.50%	1,234,665	$31M	trimmed−1%	+0.04 pp	2 q
INTCIntel Corp	2.39%	1,283,504	$29M	added+1%	−0.22 pp	2 q
ORNOrion Group Holdings, Inc	2.16%	2,551,665	$27M	added0%	−0.45 pp	2 q
unresolvedMaxwell Technologies Inc	2.06%	2,798,255	$25M	added0%	+0.36 pp	2 q
POWLPowell Industries Inc	2.05%	412,415	$25M	trimmed−1%	+0.22 pp	2 q
CORECore Mark Holding Co., Inc.	2.01%	373,488	$25M	trimmed−1%	−0.03 pp	2 q
unresolvedNationstar Mortgage Holdings Inc	1.94%	425,201	$24M	trimmed−1%	+0.57 pp	2 q
VPGVishay Precision Group, Inc.	1.93%	1,633,644	$24M	trimmed−1%	−0.20 pp	2 q
unresolvedComcast Corp. Spl Cl A	1.84%	523,350	$23M	trimmed−2%	+0.04 pp	2 q
OCNOnity Group Inc.	1.78%	393,435	$22M	trimmed−1%	+0.39 pp	2 q
unresolvedFidelity National Financial	1.67%	772,090	$21M	new	+1.67 pp	new
LDLLydall, Inc.	1.67%	1,195,813	$21M	trimmed−1%	+0.17 pp	2 q
HALHalliburton Company	1.56%	400,366	$19M	trimmed−1%	+0.13 pp	2 q
unresolvedC D I Corp	1.53%	1,234,486	$19M	trimmed−1%	+0.03 pp	2 q
GVAGranite Construction Inc.	1.49%	599,023	$18M	added+2%	0.00 pp	2 q
unresolvedKey Energy Svcs Inc	1.49%	2,520,050	$18M	added+2%	+0.24 pp	2 q
unresolvedNewport Corp	1.47%	1,162,488	$18M	trimmed−1%	+0.08 pp	2 q
IIINInsteel Industries, Inc.	1.44%	1,104,503	$18M	trimmed−1%	−0.22 pp	2 q
GJBSteelcase Inc-cl A	1.43%	1,058,496	$18M	trimmed−1%	+0.10 pp	2 q
TTENTotalenergies SE -spon ADR	1.43%	304,445	$18M	trimmed−1%	+0.16 pp	2 q
unresolvedMedtronic Inc	1.42%	327,622	$17M	trimmed−2%	−0.04 pp	2 q
unresolvedComstock Mining Inc.	1.38%	9,420,900	$17M	added+36%	+0.41 pp	2 q
PAYXPaychex Inc	1.32%	400,343	$16M	trimmed−1%	+0.06 pp	2 q
PKXPOSCO Holdings Inc.	1.25%	208,510	$15M	new	+1.25 pp	new
unresolvedAlcoa Inc.	1.21%	1,830,495	$15M	added+5%	+0.05 pp	2 q
HPHelmerich & Payne, Inc.	1.19%	212,386	$15M	trimmed−1%	+0.05 pp	2 q
XOMExxon Mobil Corp	1.12%	160,705	$14M	trimmed−2%	−0.14 pp	2 q
WIREEncore Wire Corp	1.05%	326,680	$13M	trimmed−37%	−0.44 pp	2 q
MMM3M Company	1.05%	108,212	$13M	trimmed−3%	+0.02 pp	2 q
HSIHeidrick & Struggles Intl	0.79%	511,560	$10M	trimmed−2%	+0.05 pp	2 q
UFPIUFP Industries, Inc.	0.68%	200,159	$8M	trimmed−3%	−0.02 pp	2 q
unresolvedStaples Inc	0.62%	525,597	$8M	trimmed−4%	−0.12 pp	2 q
GLDDGreat Lakes Dredge & Dock Corporation	0.60%	1,002,795	$7M	new	+0.60 pp	new
KFYKorn Ferry	0.50%	285,899	$6M	trimmed−3%	+0.03 pp	2 q
TOLToll Brothers, Inc.	0.50%	190,570	$6M	trimmed−1%	−0.03 pp	2 q
DSGRDistribution Solutions Group, Inc.	0.47%	562,275	$6M	trimmed−0%	−0.15 pp	2 q
UNTUNIT Corporation	0.44%	117,110	$5M	added+2%	+0.02 pp	2 q
unresolvedUCP Inc. - Class A	0.43%	355,816	$5M	new	+0.43 pp	new
DLBDolby Laboratories, Inc.Class A	0.33%	116,135	$4M	trimmed−1%	0.00 pp	2 q
RTECRudolph Technologies Inc	0.32%	346,141	$4M	trimmed−2%	−0.01 pp	2 q
unresolvedDawson Geophysical Company	0.31%	119,123	$4M	trimmed−1%	−0.07 pp	2 q
ERABristow Group Inc.	0.28%	126,250	$3M	added×3.7	+0.21 pp	2 q
unresolvedHutchinson Technology Inc	0.18%	652,291	$2M	trimmed−1%	−0.09 pp	2 q
COHUCohu Inc	0.16%	176,036	$2M	trimmed−0%	−0.03 pp	2 q
IAInnovative Solutions & Support	0.09%	143,106	$1M	trimmed−0%	+0.01 pp	2 q
unresolvedIi-Vi Inc	0.09%	57,160	$1M	trimmed−37%	−0.04 pp	2 q
unresolvedRubicon Technology, Inc.	0.07%	66,470	$805,000	new	+0.07 pp	new
9990302DApache Corp	0.06%	8,367	$712,000	added+14%	+0.01 pp	2 q
AMATApplied Materials Inc	0.06%	42,845	$751,000	trimmed−98%	−2.92 pp	2 q
unresolvedDynamic Materials Corporation	0.06%	29,970	$695,000	held	—	2 q
HBIOHarvard Bioscience Inc	0.05%	118,265	$622,000	new	+0.05 pp	new
OFLXOmega Flex, Inc.	0.05%	34,290	$648,000	trimmed−4%	0.00 pp	2 q
SCHWThe Charles Schwab Corporation	0.05%	30,030	$635,000	trimmed−22%	−0.02 pp	2 q
SVXServotronics Inc	0.05%	70,047	$610,000	trimmed−5%	0.00 pp	2 q
unresolvedStarrett L S Co	0.05%	60,861	$669,000	trimmed−1%	0.00 pp	2 q
ACNTAscent Industries Co.	0.05%	41,179	$675,000	added×2.7	+0.03 pp	2 q
EXCExelon Corporation	0.04%	16,140	$478,000	added+18%	0.00 pp	2 q
KRAKraton Corporation	0.04%	26,385	$517,000	new	+0.04 pp	new
AXPAmerican Express Company	0.03%	4,900	$370,000	trimmed−6%	0.00 pp	2 q
unresolvedHewlett Packard Co	0.03%	19,530	$410,000	trimmed−11%	−0.02 pp	2 q
DOORMasonite International Corp	0.03%	8,000	$391,000	new	+0.03 pp	new
SSUPSuperior Industries Intl	0.03%	22,720	$405,000	new	+0.03 pp	new
BDXBecton, Dickinson and Co.	0.02%	2,955	$296,000	trimmed−2%	−0.01 pp	2 q
CTPRCtpartners Executive Srch	0.02%	43,955	$207,000	added+1%	0.00 pp	2 q
CWCurtiss-Wright Corp.	0.02%	4,500	$211,000	trimmed−25%	0.00 pp	2 q
unresolvedDirexion Shs ETF Tr Dly Sc Bea	0.02%	10,400	$236,000	trimmed−39%	−0.03 pp	2 q
unresolvedElectro Scientific Industries, Inc.	0.02%	19,890	$233,000	trimmed−20%	0.00 pp	2 q
ONBOld National Bancorp	0.02%	21,060	$299,000	added+5%	0.00 pp	2 q
RDIReading International, Inc Class A	0.02%	44,685	$294,000	added×2.8	+0.01 pp	2 q
USBU.S. Bancorp	0.02%	5,550	$203,000	held	—	2 q
ORBKOrbotech Ltd	0.02%	19,050	$228,000	added+44%	+0.01 pp	2 q
unresolvedCowen group Inc.	0.01%	38,200	$131,000	new	+0.01 pp	new
EXTRExtreme Networks	0.01%	29,900	$156,000	new	+0.01 pp	new
FB1Farmer Bros Co	0.01%	10,500	$158,000	new	+0.01 pp	new
HLHecla Mining Company	0.01%	20,000	$63,000	new	+0.01 pp	new
unresolvedMosys Inc	0.01%	20,400	$76,000	held	—	2 q
PCMIPcm Inc	0.01%	16,000	$149,000	new	+0.01 pp	new
unresolvedPmfg Inc	0.01%	16,438	$121,000	trimmed−12%	0.00 pp	2 q
unresolvedRf Microdevices Inc	0.01%	14,500	$82,000	trimmed−18%	0.00 pp	2 q
unresolvedShanda Games Adr 1:2 'A'	0.01%	22,100	$86,000	new	+0.01 pp	new
TRNSTranscat Inc	0.01%	23,450	$184,000	held	—	2 q
unresolvedTriquint Semiconductor Inc	0.01%	19,439	$158,000	new	+0.01 pp	new
WYYWidePoint Corporation	0.01%	78,600	$70,000	new	+0.01 pp	new
SIGASIGA Technologies Inc.	0.00%	14,375	$55,000	trimmed−10%	0.00 pp	2 q
unresolvedTellabs, Inc.	0.00%	13,000	$30,000	new	0.00 pp	new
APOGApogee Enterprises Inc	—	−272,489	—	exited	−0.56 pp	—
BHEBenchmark Electronics	—	−218,564	—	exited	−0.37 pp	—
unresolvedActive Power Inc	—	−71,673	—	exited	−0.03 pp	—
SYYSysco Corporation	—	−9,470	—	exited	−0.03 pp	—
AETIStabilis Solutions, Inc.	—	−28,300	—	exited	−0.02 pp	—
EMEEMCOR Group, Inc.	—	−5,730	—	exited	−0.02 pp	—
unresolvedHardinge Inc.	—	−12,500	—	exited	−0.02 pp	—
unresolvedPowersecure International Inc	—	−13,500	—	exited	−0.02 pp	—
SIGISelective Insurance Group	—	−9,200	—	exited	−0.02 pp	—
unresolvedTangoe Inc	—	−12,800	—	exited	−0.02 pp	—
unresolvedWms Inds Inc	—	−8,400	—	exited	−0.02 pp	—
unresolvedCiber Inc	—	−18,200	—	exited	−0.01 pp	—
unresolvedFlow Intl Corp	—	−17,745	—	exited	−0.01 pp	—
GCAPGain Capital Holdings, Inc.	—	−19,500	—	exited	−0.01 pp	—
HIMXHimax Technologies, Inc.	—	−33,500	—	exited	−0.01 pp	—
PRCPPerceptron Inc	—	−17,009	—	exited	−0.01 pp	—
unresolvedSutor Tech Group Ltd	—	−67,800	—	exited	−0.01 pp	—
unresolvedVelti PLC St Helier	—	−89,580	—	exited	−0.01 pp	—
unresolvedPerion Network Ltd	—	−15,100	—	exited	−0.01 pp	—
unresolvedJoes Jeans Inc	—	−20,000	—	exited	0.00 pp	—
AUDCAudioCodes Ltd	—	−13,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 31 unresolved
Accession: 0001398344-13-005369
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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