Century Management

Q4 2013 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2013
Filed: Feb 13, 2014
US stock: $1.3B · prev $1.2B
Positions: 111 · prev 97
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%

Moves123 since the prior filing

+8.3 pp in · −8.3 pp out

New 32 +7.33 pp
Added 21 +0.98 pp
Trimmed 52 −2.60 pp
Exited 18 −5.71 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions23% of US stock

JEC Jacobs Engineering Group trimmed+0.14 pp trimmed+0.145.3%
GLW Corning Incorporated trimmed+0.67 pp trimmed+0.674.9%
CSCO Cisco Systems, Inc. (DE) trimmed−0.43 pp trimmed−0.434.4%
unresolved Layne Christensen Co added+0.41 pp added+0.414.3%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.04 pp trimmed−0.044.3%

Positions111 in this filing · 18 exited


JECJacobs Engineering Group	5.32%	1,083,847	$68M	trimmed−1%	+0.14 pp	3 q
GLWCorning Incorporated	4.92%	3,544,226	$63M	trimmed−1%	+0.67 pp	3 q
CSCOCisco Systems, Inc. (DE)	4.39%	2,510,503	$56M	trimmed−1%	−0.43 pp	3 q
unresolvedLayne Christensen Co	4.33%	3,258,531	$56M	added+35%	+0.41 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	4.27%	462,128	$55M	trimmed−1%	−0.04 pp	3 q
WFCWells Fargo & Co.	3.84%	1,085,249	$49M	trimmed−1%	+0.15 pp	3 q
NEMNewmont Corporation	3.81%	2,124,431	$49M	added+5%	−0.81 pp	3 q
ASTEAstec Industries Inc	2.83%	942,113	$36M	trimmed−1%	+0.06 pp	3 q
unresolvedWalter Invt Mgmt Corp	2.60%	943,951	$33M	added0%	−0.43 pp	3 q
INTCIntel Corp	2.57%	1,271,593	$33M	trimmed−1%	+0.18 pp	3 q
MSFTMicrosoft Corp	2.45%	841,492	$31M	trimmed−28%	−0.72 pp	3 q
unresolvedTidewater Inc	2.43%	527,153	$31M	trimmed−1%	−0.14 pp	3 q
ORNOrion Group Holdings, Inc	2.37%	2,527,355	$30M	trimmed−1%	+0.21 pp	3 q
HA7Enviri Corp	2.19%	1,002,858	$28M	trimmed−19%	−0.31 pp	3 q
POWLPowell Industries Inc	2.13%	407,455	$27M	trimmed−1%	+0.08 pp	3 q
CORECore Mark Holding Co., Inc.	2.10%	355,143	$27M	trimmed−5%	+0.09 pp	3 q
unresolvedComcast Corp. Spl Cl A	1.99%	512,297	$26M	trimmed−2%	+0.15 pp	3 q
unresolvedFidelity National Financial	1.93%	763,760	$25M	trimmed−1%	+0.26 pp	2 q
IIINInsteel Industries, Inc.	1.93%	1,087,713	$25M	trimmed−2%	+0.49 pp	3 q
VPGVishay Precision Group, Inc.	1.88%	1,618,569	$24M	trimmed−1%	−0.05 pp	3 q
unresolvedC D I Corp	1.77%	1,224,130	$23M	trimmed−1%	+0.24 pp	3 q
unresolvedMaxwell Technologies Inc	1.69%	2,788,279	$22M	trimmed−0%	−0.37 pp	3 q
OCNOnity Group Inc.	1.68%	389,485	$22M	trimmed−1%	−0.10 pp	3 q
GVAGranite Construction Inc.	1.64%	603,483	$21M	added+1%	+0.15 pp	3 q
LDLLydall, Inc.	1.61%	1,173,118	$21M	trimmed−2%	−0.06 pp	3 q
HALHalliburton Company	1.56%	395,439	$20M	trimmed−1%	0.00 pp	3 q
unresolvedKey Energy Svcs Inc	1.54%	2,500,615	$20M	trimmed−1%	+0.05 pp	3 q
unresolvedAlcoa Inc.	1.51%	1,820,070	$19M	trimmed−1%	+0.30 pp	3 q
TTENTotalenergies SE -spon ADR	1.43%	299,918	$18M	trimmed−1%	0.00 pp	3 q
unresolvedComstock Mining Inc.	1.42%	10,434,025	$18M	added+11%	+0.04 pp	3 q
POTPotash Corp Of Saskatchewan	1.41%	549,080	$18M	new	+1.41 pp	new
HPHelmerich & Payne, Inc.	1.37%	208,556	$18M	trimmed−2%	+0.18 pp	3 q
EMREmerson Electric Co.	1.28%	233,935	$16M	trimmed−59%	−1.72 pp	3 q
unresolvedNewport Corp	1.27%	899,043	$16M	trimmed−23%	−0.20 pp	3 q
PKXPOSCO Holdings Inc.	1.27%	209,570	$16M	added+1%	+0.02 pp	2 q
XOMExxon Mobil Corp	1.26%	160,117	$16M	trimmed−0%	+0.14 pp	3 q
GJBSteelcase Inc-cl A	1.02%	826,706	$13M	trimmed−22%	−0.41 pp	3 q
WIREEncore Wire Corp	0.93%	220,285	$12M	trimmed−33%	−0.12 pp	3 q
HWCCHouston Wire & Cable Co	0.84%	807,597	$11M	new	+0.84 pp	new
ACNTAscent Industries Co.	0.81%	676,129	$10M	added×16.4	+0.76 pp	3 q
unresolvedUCP Inc. - Class A	0.77%	671,410	$10M	added+89%	+0.34 pp	2 q
GLDDGreat Lakes Dredge & Dock Corporation	0.76%	1,054,385	$10M	added+5%	+0.16 pp	2 q
unresolvedMedtronic Inc	0.75%	168,022	$10M	trimmed−49%	−0.67 pp	3 q
PICOPICO Holdings, Inc. (DE)	0.72%	397,807	$9M	new	+0.72 pp	new
HSIHeidrick & Struggles Intl	0.67%	426,379	$9M	trimmed−17%	−0.12 pp	3 q
AUAngloGold Ashanti plc	0.66%	723,325	$8M	new	+0.66 pp	new
AEMAgnico Eagle Mines Ltd.	0.65%	317,438	$8M	new	+0.65 pp	new
KGCKinross Gold Corporation	0.65%	1,920,105	$8M	new	+0.65 pp	new
IAGIAMGold Corporation	0.64%	2,453,015	$8M	new	+0.64 pp	new
DSGRDistribution Solutions Group, Inc.	0.54%	561,255	$7M	trimmed−0%	+0.07 pp	3 q
TOLToll Brothers, Inc.	0.54%	188,275	$7M	trimmed−1%	+0.04 pp	3 q
BVNCompania de Minas Buenaventura S.A.	0.51%	582,937	$7M	new	+0.51 pp	new
UNTUNIT Corporation	0.46%	113,395	$6M	trimmed−3%	+0.02 pp	3 q
ASAASA Gold And Precious Metals Limited	0.42%	441,620	$5M	new	+0.42 pp	new
DLBDolby Laboratories, Inc.Class A	0.34%	112,320	$4M	trimmed−3%	+0.01 pp	3 q
unresolvedDawson Geophysical Company	0.32%	122,438	$4M	added+3%	+0.01 pp	3 q
RTECRudolph Technologies Inc	0.31%	342,871	$4M	trimmed−1%	−0.01 pp	3 q
ERABristow Group Inc.	0.30%	124,085	$4M	trimmed−2%	+0.02 pp	3 q
unresolvedDynamic Materials Corporation	0.29%	169,455	$4M	added×5.7	+0.23 pp	3 q
unresolvedE M C Corp Mass	0.16%	81,850	$2M	new	+0.16 pp	new
unresolvedHutchinson Technology Inc	0.16%	649,286	$2M	trimmed−0%	−0.02 pp	3 q
COHUCohu Inc	0.14%	176,371	$2M	added0%	−0.02 pp	3 q
unresolvedMarket Vectors ETF Tr	0.11%	45,993	$1M	new	+0.11 pp	new
IBMInternational Business Machines Corporation	0.09%	6,441	$1M	new	+0.09 pp	new
unresolvedRubicon Technology, Inc.	0.09%	110,840	$1M	added+67%	+0.02 pp	2 q
SEASeabridge Gold, Inc.	0.09%	153,395	$1M	new	+0.09 pp	new
HBIOHarvard Bioscience Inc	0.08%	222,795	$1M	added+88%	+0.03 pp	2 q
IAInnovative Solutions & Support	0.08%	142,556	$1M	trimmed−0%	−0.01 pp	3 q
unresolvedCui Global Inc	0.07%	143,394	$906,000	new	+0.07 pp	new
unresolvedEssex Rental Corp.	0.07%	264,996	$867,000	new	+0.07 pp	new
unresolvedStarrett L S Co	0.07%	59,141	$862,000	trimmed−3%	+0.02 pp	3 q
9990302DApache Corp	0.06%	8,950	$769,000	added+7%	0.00 pp	3 q
EXCExelon Corporation	0.06%	29,210	$800,000	added+81%	+0.02 pp	3 q
SCHWThe Charles Schwab Corporation	0.05%	23,140	$602,000	trimmed−23%	0.00 pp	3 q
HNRGHallador Energy Company	0.04%	65,494	$528,000	new	+0.04 pp	new
KRAKraton Corporation	0.04%	22,005	$507,000	trimmed−17%	0.00 pp	2 q
DOORMasonite International Corp	0.04%	8,000	$480,000	held	—	2 q
RDIReading International, Inc Class A	0.04%	74,665	$559,000	added+67%	+0.02 pp	3 q
unresolvedStaples Inc	0.04%	29,415	$467,000	trimmed−94%	−0.58 pp	3 q
SSUPSuperior Industries Intl	0.04%	23,195	$479,000	added+2%	+0.01 pp	2 q
AXPAmerican Express Company	0.03%	4,805	$436,000	trimmed−2%	0.00 pp	3 q
MCPMolycorp Inc Com Stk	0.03%	71,335	$401,000	new	+0.03 pp	new
ONBOld National Bancorp	0.03%	25,545	$393,000	added+21%	+0.01 pp	3 q
OFLXOmega Flex, Inc.	0.03%	21,963	$449,000	trimmed−36%	−0.02 pp	3 q
SVXServotronics Inc	0.03%	52,572	$426,000	trimmed−25%	−0.02 pp	3 q
YRIYamana Gold Inc	0.03%	44,240	$381,000	new	+0.03 pp	new
AMATApplied Materials Inc	0.02%	18,145	$321,000	trimmed−58%	−0.04 pp	3 q
unresolvedBanro Corp	0.02%	510,450	$284,000	new	+0.02 pp	new
BDXBecton, Dickinson and Co.	0.02%	2,715	$300,000	trimmed−8%	0.00 pp	3 q
CTPRCtpartners Executive Srch	0.02%	43,955	$246,000	held	—	3 q
unresolvedDirexion Shs ETF Tr Dly Sc Bea	0.02%	15,700	$266,000	added+51%	0.00 pp	3 q
HLHecla Mining Company	0.02%	82,130	$253,000	added×4.1	+0.01 pp	2 q
unresolvedHewlett Packard Co	0.02%	8,770	$245,000	trimmed−55%	−0.01 pp	3 q
IBKRInteractive Brokers Group, Inc. Class A	0.02%	8,670	$211,000	new	+0.02 pp	new
KEXKirby Corporation	0.02%	2,150	$213,000	new	+0.02 pp	new
MOSThe Mosaic Company	0.02%	4,801	$227,000	new	+0.02 pp	new
QCOMQualcomm Inc	0.02%	2,710	$201,000	new	+0.02 pp	new
USBU.S. Bancorp	0.02%	5,550	$224,000	held	—	3 q
EXTRExtreme Networks	0.01%	14,900	$104,000	trimmed−50%	0.00 pp	2 q
GCAPGain Capital Holdings, Inc.	0.01%	23,200	$174,000	new	+0.01 pp	new
unresolvedHarvard Apparatus Regener Te	0.01%	29,565	$140,000	new	+0.01 pp	new
unresolvedInteliquent Inc	0.01%	13,300	$152,000	new	+0.01 pp	new
unresolvedMosys Inc	0.01%	20,400	$113,000	held	—	3 q
unresolvedPmfg Inc	0.01%	16,438	$149,000	held	—	3 q
unresolvedProshares Tr	0.01%	11,400	$123,000	new	+0.01 pp	new
TRNSTranscat Inc	0.01%	23,450	$187,000	held	—	3 q
GFIGold Fields Ltd	0.00%	16,390	$52,000	new	0.00 pp	new
INFUInfuSystem Holdings, Inc.	0.00%	22,894	$49,000	new	0.00 pp	new
unresolvedLifevantage Corp	0.00%	13,500	$22,000	new	0.00 pp	new
unresolvedMattson Technology Inc	0.00%	15,000	$41,000	new	0.00 pp	new
unresolvedTruett-hurst Inc	0.00%	12,000	$50,000	new	0.00 pp	new
unresolvedNationstar Mortgage Holdings Inc	—	−425,201	—	exited	−1.94 pp	—
PAYXPaychex Inc	—	−400,343	—	exited	−1.32 pp	—
MMM3M Company	—	−108,212	—	exited	−1.05 pp	—
UFPIUFP Industries, Inc.	—	−200,159	—	exited	−0.68 pp	—
KFYKorn Ferry	—	−285,899	—	exited	−0.50 pp	—
unresolvedIi-Vi Inc	—	−57,160	—	exited	−0.09 pp	—
CWCurtiss-Wright Corp.	—	−4,500	—	exited	−0.02 pp	—
unresolvedElectro Scientific Industries, Inc.	—	−19,890	—	exited	−0.02 pp	—
ORBKOrbotech Ltd	—	−19,050	—	exited	−0.02 pp	—
unresolvedCowen group Inc.	—	−38,200	—	exited	−0.01 pp	—
FB1Farmer Bros Co	—	−10,500	—	exited	−0.01 pp	—
PCMIPcm Inc	—	−16,000	—	exited	−0.01 pp	—
unresolvedRf Microdevices Inc	—	−14,500	—	exited	−0.01 pp	—
unresolvedShanda Games Adr 1:2 'A'	—	−22,100	—	exited	−0.01 pp	—
unresolvedTriquint Semiconductor Inc	—	−19,439	—	exited	−0.01 pp	—
WYYWidePoint Corporation	—	−78,600	—	exited	−0.01 pp	—
SIGASIGA Technologies Inc.	—	−14,375	—	exited	0.00 pp	—
unresolvedTellabs, Inc.	—	−13,000	—	exited	0.00 pp	—