Century Management

Q1 2014 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2014
Filed: May 7, 2014
US stock: $1.4B · prev $1.3B
Positions: 102 · prev 111
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%

Moves124 since the prior filing

+17.2 pp in · −17.2 pp out

New 17 +9.19 pp
Added 37 +7.97 pp
Trimmed 44 −11.45 pp
Exited 26 −5.72 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions21% of US stock

GLW Corning Incorporated trimmed+0.10 pp trimmed+0.105.0%
JEC Jacobs Engineering Group trimmed−0.82 pp trimmed−0.824.5%
unresolved Layne Christensen Co trimmed−0.24 pp trimmed−0.244.1%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.31 pp trimmed−0.314.0%
WFC Wells Fargo & Co. trimmed−0.15 pp trimmed−0.153.7%

Positions102 in this filing · 26 exited


GLWCorning Incorporated	5.02%	3,491,941	$73M	trimmed−1%	+0.10 pp	4 q
JECJacobs Engineering Group	4.50%	1,025,912	$65M	trimmed−5%	−0.82 pp	4 q
unresolvedLayne Christensen Co	4.09%	3,256,156	$59M	trimmed−0%	−0.24 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	3.96%	459,258	$57M	trimmed−1%	−0.31 pp	4 q
WFCWells Fargo & Co.	3.69%	1,075,844	$54M	trimmed−1%	−0.15 pp	4 q
NEMNewmont Corporation	3.45%	2,134,292	$50M	added0%	−0.36 pp	4 q
CSCOCisco Systems, Inc. (DE)	3.15%	2,033,728	$46M	trimmed−19%	−1.24 pp	4 q
PKXPOSCO Holdings Inc.	2.76%	577,225	$40M	added×2.8	+1.49 pp	3 q
unresolvedMaxwell Technologies Inc	2.47%	2,767,308	$36M	trimmed−1%	+0.78 pp	4 q
ASTEAstec Industries Inc	2.28%	753,977	$33M	trimmed−20%	−0.55 pp	4 q
9990302DApache Corp	2.18%	380,987	$32M	added×42.6	+2.12 pp	4 q
MKLMarkel Group Inc.	2.18%	52,954	$32M	new	+2.18 pp	new
ORNOrion Group Holdings, Inc	2.18%	2,511,815	$32M	trimmed−1%	−0.19 pp	4 q
INTCIntel Corp	2.08%	1,170,053	$30M	trimmed−8%	−0.49 pp	4 q
VPGVishay Precision Group, Inc.	1.93%	1,607,884	$28M	trimmed−1%	+0.05 pp	4 q
unresolvedWalter Invt Mgmt Corp	1.92%	934,066	$28M	trimmed−1%	−0.68 pp	4 q
DONDiamond Offshore Drilling	1.79%	530,810	$26M	new	+1.79 pp	new
unresolvedTidewater Inc	1.76%	523,828	$25M	trimmed−1%	−0.67 pp	4 q
unresolvedComcast Corp. Spl Cl A	1.71%	506,637	$25M	trimmed−1%	−0.28 pp	4 q
unresolvedFidelity National Financial	1.64%	757,940	$24M	trimmed−1%	−0.29 pp	3 q
HA7Enviri Corp	1.61%	993,708	$23M	trimmed−1%	−0.58 pp	4 q
HALHalliburton Company	1.60%	393,814	$23M	trimmed−0%	+0.04 pp	4 q
unresolvedAlcoa Inc.	1.59%	1,794,700	$23M	trimmed−1%	+0.08 pp	4 q
unresolvedKey Energy Svcs Inc	1.59%	2,487,425	$23M	trimmed−1%	+0.05 pp	4 q
CORECore Mark Holding Co., Inc.	1.56%	310,593	$23M	trimmed−13%	−0.54 pp	4 q
POWLPowell Industries Inc	1.56%	349,778	$23M	trimmed−14%	−0.57 pp	4 q
IIINInsteel Industries, Inc.	1.46%	1,077,998	$21M	trimmed−1%	−0.47 pp	4 q
GVAGranite Construction Inc.	1.42%	516,718	$21M	trimmed−14%	−0.22 pp	4 q
unresolvedComstock Mining Inc.	1.39%	12,189,617	$20M	added+17%	−0.03 pp	4 q
TTENTotalenergies SE -spon ADR	1.35%	297,758	$20M	trimmed−1%	−0.08 pp	4 q
unresolvedMcDermott Int'l Inc.	1.33%	2,465,318	$19M	new	+1.33 pp	new
unresolvedRandgold Res Ltd	1.33%	256,852	$19M	new	+1.33 pp	new
AEMAgnico Eagle Mines Ltd.	1.25%	596,643	$18M	added+88%	+0.60 pp	2 q
MSFTMicrosoft Corp	1.24%	439,714	$18M	trimmed−48%	−1.21 pp	4 q
YRIYamana Gold Inc	1.21%	2,002,995	$18M	added×45.3	+1.18 pp	2 q
LDLLydall, Inc.	1.18%	746,195	$17M	trimmed−36%	−0.43 pp	4 q
IBMInternational Business Machines Corporation	1.15%	86,596	$17M	added×13.4	+1.06 pp	2 q
OCNOnity Group Inc.	1.15%	424,386	$17M	added+9%	−0.53 pp	4 q
HLHecla Mining Company	1.11%	5,222,268	$16M	added×63.6	+1.09 pp	3 q
PICOPICO Holdings, Inc. (DE)	1.09%	608,724	$16M	added+53%	+0.37 pp	2 q
XOMExxon Mobil Corp	1.07%	159,232	$16M	trimmed−1%	−0.19 pp	4 q
EMREmerson Electric Co.	1.06%	230,785	$15M	trimmed−1%	−0.22 pp	4 q
KGCKinross Gold Corporation	1.06%	3,711,950	$15M	added+93%	+0.41 pp	2 q
unresolvedEldorado Gold (C$)	0.94%	2,442,077	$14M	new	+0.94 pp	new
unresolvedC D I Corp	0.92%	777,253	$13M	trimmed−37%	−0.85 pp	4 q
AUAngloGold Ashanti plc	0.85%	721,065	$12M	trimmed−0%	+0.19 pp	2 q
HPHelmerich & Payne, Inc.	0.83%	112,076	$12M	trimmed−46%	−0.54 pp	4 q
unresolvedUCP Inc. - Class A	0.77%	742,890	$11M	added+11%	0.00 pp	3 q
HWCCHouston Wire & Cable Co	0.74%	821,044	$11M	added+2%	−0.10 pp	2 q
GLDDGreat Lakes Dredge & Dock Corporation	0.73%	1,160,445	$11M	added+10%	−0.03 pp	3 q
WIREEncore Wire Corp	0.71%	212,915	$10M	trimmed−3%	−0.22 pp	4 q
ACNTAscent Industries Co.	0.71%	716,899	$10M	added+6%	−0.10 pp	4 q
MATXMatsons, Inc.	0.65%	381,631	$9M	new	+0.65 pp	new
DSGRDistribution Solutions Group, Inc.	0.62%	556,555	$9M	trimmed−1%	+0.08 pp	4 q
IAGIAMGold Corporation	0.59%	2,437,505	$9M	trimmed−1%	−0.05 pp	2 q
TRQTurquoise Hill Resources Ltd	0.58%	2,531,285	$8M	new	+0.58 pp	new
SEASeabridge Gold, Inc.	0.54%	1,108,404	$8M	added×7.2	+0.45 pp	2 q
BVNCompania de Minas Buenaventura S.A.	0.51%	592,597	$7M	added+2%	0.00 pp	2 q
UNTUNIT Corporation	0.51%	113,565	$7M	added0%	+0.05 pp	4 q
ASAASA Gold And Precious Metals Limited	0.41%	442,121	$6M	added0%	−0.01 pp	2 q
GFIGold Fields Ltd	0.35%	1,364,270	$5M	added×83.2	+0.35 pp	2 q
DLBDolby Laboratories, Inc.Class A	0.34%	110,700	$5M	trimmed−1%	0.00 pp	4 q
unresolvedDawson Geophysical Company	0.33%	168,499	$5M	added+38%	+0.01 pp	4 q
ERABristow Group Inc.	0.28%	136,162	$4M	added+10%	−0.02 pp	4 q
unresolvedDynamic Materials Corporation	0.24%	182,549	$3M	added+8%	−0.05 pp	4 q
unresolvedE M C Corp Mass	0.16%	83,180	$2M	added+2%	0.00 pp	2 q
unresolvedRio Alto Mng Ltd New	0.14%	1,042,290	$2M	new	+0.14 pp	new
unresolvedHutchinson Technology Inc	0.13%	644,241	$2M	trimmed−1%	−0.03 pp	4 q
unresolvedMarket Vectors ETF Tr	0.13%	51,972	$2M	added+13%	+0.02 pp	2 q
unresolvedCui Global Inc	0.11%	140,294	$2M	trimmed−2%	+0.04 pp	2 q
unresolvedRubicon Technology, Inc.	0.09%	110,715	$1M	trimmed−0%	0.00 pp	3 q
unresolvedTimmins Gold Corp.	0.08%	914,530	$1M	new	+0.08 pp	new
AKGGaliano Gold Inc.	0.07%	490,495	$1M	new	+0.07 pp	new
EXCExelon Corporation	0.07%	30,000	$1M	added+3%	+0.01 pp	4 q
HBIOHarvard Bioscience Inc	0.07%	223,890	$1M	added0%	−0.01 pp	3 q
IAInnovative Solutions & Support	0.07%	142,556	$1M	held	—	4 q
unresolvedEssex Rental Corp.	0.06%	299,193	$886,000	added+13%	−0.01 pp	2 q
unresolvedPacific Drilling S.A.	0.06%	85,585	$931,000	new	+0.06 pp	new
HNRGHallador Energy Company	0.04%	73,269	$626,000	added+12%	0.00 pp	2 q
RDIReading International, Inc Class A	0.04%	78,405	$575,000	added+5%	0.00 pp	4 q
AXPAmerican Express Company	0.03%	4,785	$431,000	trimmed−0%	0.00 pp	4 q
CTPRCtpartners Executive Srch	0.03%	44,100	$478,000	added0%	+0.01 pp	4 q
KRAKraton Corporation	0.03%	19,185	$501,000	trimmed−13%	−0.01 pp	3 q
DOORMasonite International Corp	0.03%	8,000	$452,000	held	—	3 q
MCPMolycorp Inc Com Stk	0.03%	100,120	$470,000	added+40%	0.00 pp	2 q
ONBOld National Bancorp	0.03%	25,860	$386,000	added+1%	0.00 pp	4 q
OFLXOmega Flex, Inc.	0.03%	17,200	$369,000	trimmed−22%	0.00 pp	4 q
SSUPSuperior Industries Intl	0.03%	22,285	$457,000	trimmed−4%	−0.01 pp	3 q
unresolvedBanro Corp	0.02%	605,585	$309,000	added+19%	0.00 pp	2 q
unresolvedDirexion Shs ETF Tr Dly Sc Bea	0.02%	21,800	$340,000	added+39%	0.00 pp	4 q
unresolvedMedtronic Inc	0.02%	5,161	$318,000	trimmed−97%	−0.73 pp	4 q
TGTTarget Corporation	0.02%	4,640	$281,000	new	+0.02 pp	new
USBU.S. Bancorp	0.02%	5,550	$238,000	held	—	4 q
TAT&T Inc.	0.01%	5,803	$204,000	new	+0.01 pp	new
96666EURGold Resource Corp	0.01%	22,705	$109,000	new	+0.01 pp	new
INFUInfuSystem Holdings, Inc.	0.01%	51,234	$142,000	added×2.2	+0.01 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.01%	9,890	$214,000	added+14%	−0.01 pp	2 q
QCOMQualcomm Inc	0.01%	2,710	$214,000	held	—	2 q
TRNSTranscat Inc	0.01%	21,215	$199,000	trimmed−10%	0.00 pp	4 q
FVIFortuna Mining Corp.	0.00%	18,600	$68,000	new	0.00 pp	new
unresolvedLake Shore Gold Corp.	0.00%	22,900	$15,000	new	0.00 pp	new
unresolvedRichmont Mines Inc	0.00%	12,000	$17,000	new	0.00 pp	new
POTPotash Corp Of Saskatchewan	—	−549,080	—	exited	−1.41 pp	—
unresolvedNewport Corp	—	−899,043	—	exited	−1.27 pp	—
GJBSteelcase Inc-cl A	—	−826,706	—	exited	−1.02 pp	—
HSIHeidrick & Struggles Intl	—	−426,379	—	exited	−0.67 pp	—
TOLToll Brothers, Inc.	—	−188,275	—	exited	−0.54 pp	—
RTECRudolph Technologies Inc	—	−342,871	—	exited	−0.31 pp	—
COHUCohu Inc	—	−176,371	—	exited	−0.14 pp	—
unresolvedStarrett L S Co	—	−59,141	—	exited	−0.07 pp	—
SCHWThe Charles Schwab Corporation	—	−23,140	—	exited	−0.05 pp	—
unresolvedStaples Inc	—	−29,415	—	exited	−0.04 pp	—
SVXServotronics Inc	—	−52,572	—	exited	−0.03 pp	—
AMATApplied Materials Inc	—	−18,145	—	exited	−0.02 pp	—
BDXBecton, Dickinson and Co.	—	−2,715	—	exited	−0.02 pp	—
unresolvedHewlett Packard Co	—	−8,770	—	exited	−0.02 pp	—
KEXKirby Corporation	—	−2,150	—	exited	−0.02 pp	—
MOSThe Mosaic Company	—	−4,801	—	exited	−0.02 pp	—
EXTRExtreme Networks	—	−14,900	—	exited	−0.01 pp	—
GCAPGain Capital Holdings, Inc.	—	−23,200	—	exited	−0.01 pp	—
unresolvedHarvard Apparatus Regener Te	—	−29,565	—	exited	−0.01 pp	—
unresolvedInteliquent Inc	—	−13,300	—	exited	−0.01 pp	—
unresolvedMosys Inc	—	−20,400	—	exited	−0.01 pp	—
unresolvedPmfg Inc	—	−16,438	—	exited	−0.01 pp	—
unresolvedProshares Tr	—	−11,400	—	exited	−0.01 pp	—
unresolvedLifevantage Corp	—	−13,500	—	exited	0.00 pp	—
unresolvedMattson Technology Inc	—	−15,000	—	exited	0.00 pp	—
unresolvedTruett-hurst Inc	—	−12,000	—	exited	0.00 pp	—