Century Management

Q2 2014 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2014
Filed: Aug 5, 2014
US stock: $1.4B · prev $1.4B
Positions: 100 · prev 102
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%

Moves106 since the prior filing

+16.7 pp in · −16.7 pp out

New 11 +6.49 pp
Added 39 +10.23 pp
Trimmed 43 −7.86 pp
Exited 13 −8.85 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 56% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions19% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.17 pp trimmed+0.174.1%
WFC Wells Fargo & Co. trimmed+0.31 pp trimmed+0.314.0%
JEC Jacobs Engineering Group trimmed−0.62 pp trimmed−0.623.9%
GLW Corning Incorporated trimmed−1.28 pp trimmed−1.283.7%
CSCO Cisco Systems, Inc. (DE) trimmed+0.42 pp trimmed+0.423.6%

Positions100 in this filing · 13 exited


BRK.BBERKSHIRE HATHAWAY Class B	4.13%	455,359	$58M	trimmed−1%	+0.17 pp	5 q
WFCWells Fargo & Co.	4.00%	1,062,048	$56M	trimmed−1%	+0.31 pp	5 q
JECJacobs Engineering Group	3.88%	1,015,843	$54M	trimmed−1%	−0.62 pp	5 q
GLWCorning Incorporated	3.74%	2,377,301	$52M	trimmed−32%	−1.28 pp	5 q
CSCOCisco Systems, Inc. (DE)	3.57%	2,002,611	$50M	trimmed−2%	+0.42 pp	5 q
unresolvedLayne Christensen Co	3.10%	3,256,032	$43M	trimmed0%	−0.99 pp	5 q
PKXPOSCO Holdings Inc.	3.07%	574,395	$43M	trimmed−0%	+0.31 pp	4 q
unresolvedMcDermott Int'l Inc.	2.86%	4,936,831	$40M	added×2.0	+1.53 pp	2 q
unresolvedMaxwell Technologies Inc	2.85%	2,626,354	$40M	trimmed−5%	+0.38 pp	5 q
9990302DApache Corp	2.76%	383,026	$39M	added+1%	+0.58 pp	5 q
MKLMarkel Group Inc.	2.49%	53,023	$35M	added0%	+0.31 pp	2 q
YRIYamana Gold Inc	2.42%	4,111,440	$34M	added×2.1	+1.21 pp	3 q
unresolvedTidewater Inc	2.16%	535,505	$30M	added+2%	+0.40 pp	5 q
unresolvedRandgold Res Ltd	2.07%	341,673	$29M	added+33%	+0.74 pp	2 q
NEMNewmont Corporation	2.06%	1,131,646	$29M	trimmed−47%	−1.39 pp	5 q
unresolvedComstock Mining Inc.	2.05%	17,144,730	$29M	added+41%	+0.66 pp	5 q
unresolvedWalter Invt Mgmt Corp	1.99%	933,604	$28M	trimmed−0%	+0.07 pp	5 q
HALHalliburton Company	1.97%	387,424	$28M	trimmed−2%	+0.37 pp	5 q
ORNOrion Group Holdings, Inc	1.93%	2,488,090	$27M	trimmed−1%	−0.25 pp	5 q
unresolvedComcast Corp. Spl Cl A	1.91%	500,366	$27M	trimmed−1%	+0.20 pp	5 q
DONDiamond Offshore Drilling	1.91%	537,130	$27M	added+1%	+0.12 pp	2 q
VPGVishay Precision Group, Inc.	1.88%	1,589,114	$26M	trimmed−1%	−0.05 pp	5 q
AEMAgnico Eagle Mines Ltd.	1.66%	606,101	$23M	added+2%	+0.41 pp	3 q
unresolvedKey Energy Svcs Inc	1.61%	2,456,288	$22M	trimmed−1%	+0.02 pp	5 q
TTENTotalenergies SE -spon ADR	1.52%	293,250	$21M	trimmed−2%	+0.17 pp	5 q
IIINInsteel Industries, Inc.	1.50%	1,064,914	$21M	trimmed−1%	+0.04 pp	5 q
PICOPICO Holdings, Inc. (DE)	1.47%	864,517	$21M	added+42%	+0.38 pp	3 q
unresolvedEnsco PLC	1.41%	352,903	$20M	new	+1.41 pp	new
unresolvedAtwood Oceanics Inc	1.36%	360,747	$19M	new	+1.36 pp	new
OCNOnity Group Inc.	1.36%	511,082	$19M	added+20%	+0.21 pp	5 q
POWLPowell Industries Inc	1.35%	289,056	$19M	trimmed−17%	−0.21 pp	5 q
unresolvedEldorado Gold (C$)	1.34%	2,450,212	$19M	added0%	+0.40 pp	2 q
GVAGranite Construction Inc.	1.30%	504,944	$18M	trimmed−2%	−0.12 pp	5 q
HLHecla Mining Company	1.29%	5,203,355	$18M	trimmed−0%	+0.18 pp	4 q
ASTEAstec Industries Inc	1.25%	397,241	$17M	trimmed−47%	−1.03 pp	5 q
BVNCompania de Minas Buenaventura S.A.	1.24%	1,459,282	$17M	added×2.5	+0.73 pp	3 q
LLoews Corporation	1.24%	393,246	$17M	new	+1.24 pp	new
HWCCHouston Wire & Cable Co	1.19%	1,340,770	$17M	added+63%	+0.45 pp	3 q
unresolvedUCP Inc. - Class A	1.15%	1,176,285	$16M	added+58%	+0.38 pp	4 q
XOMExxon Mobil Corp	1.14%	157,946	$16M	trimmed−1%	+0.07 pp	5 q
IBMInternational Business Machines Corporation	1.12%	85,984	$16M	trimmed−1%	−0.03 pp	3 q
KGCKinross Gold Corporation	1.11%	3,730,710	$15M	added+1%	+0.05 pp	3 q
GLDDGreat Lakes Dredge & Dock Corporation	1.10%	1,927,003	$15M	added+66%	+0.37 pp	4 q
EMREmerson Electric Co.	1.09%	228,734	$15M	trimmed−1%	+0.03 pp	5 q
MATXMatsons, Inc.	1.06%	550,344	$15M	added+44%	+0.41 pp	2 q
ESGREnstar Group Ltd	0.94%	87,205	$13M	new	+0.94 pp	new
CCOICogent Communications Holdings, Inc.	0.93%	373,648	$13M	new	+0.93 pp	new
ACNTAscent Industries Co.	0.85%	720,065	$12M	added0%	+0.14 pp	5 q
WIREEncore Wire Corp	0.74%	209,738	$10M	trimmed−1%	+0.03 pp	5 q
SEASeabridge Gold, Inc.	0.73%	1,090,352	$10M	trimmed−2%	+0.19 pp	3 q
unresolvedC D I Corp	0.72%	695,221	$10M	trimmed−11%	−0.20 pp	5 q
TRQTurquoise Hill Resources Ltd	0.57%	2,370,995	$8M	trimmed−6%	−0.01 pp	2 q
WTMWhite Mountains Insurance Group Ltd.	0.49%	11,288	$7M	new	+0.49 pp	new
ASAASA Gold And Precious Metals Limited	0.46%	439,836	$6M	trimmed−1%	+0.05 pp	3 q
ERABristow Group Inc.	0.44%	214,256	$6M	added+57%	+0.16 pp	5 q
AUAngloGold Ashanti plc	0.40%	322,508	$6M	trimmed−55%	−0.45 pp	3 q
DSGRDistribution Solutions Group, Inc.	0.40%	342,636	$6M	trimmed−38%	−0.22 pp	5 q
unresolvedRio Alto Mng Ltd New	0.40%	2,399,132	$6M	added×2.3	+0.26 pp	2 q
unresolvedDynamic Materials Corporation	0.38%	240,159	$5M	added+32%	+0.14 pp	5 q
GFIGold Fields Ltd	0.36%	1,357,991	$5M	trimmed−0%	+0.01 pp	3 q
unresolvedDawson Geophysical Company	0.35%	172,164	$5M	added+2%	+0.02 pp	5 q
UNTUNIT Corporation	0.35%	70,530	$5M	trimmed−38%	−0.16 pp	5 q
unresolvedE M C Corp Mass	0.16%	83,300	$2M	added0%	0.00 pp	3 q
unresolvedMarket Vectors ETF Tr	0.16%	52,207	$2M	added0%	+0.03 pp	3 q
unresolvedTimmins Gold Corp.	0.12%	930,465	$2M	added+2%	+0.04 pp	2 q
unresolvedHutchinson Technology Inc	0.11%	640,601	$2M	trimmed−1%	−0.02 pp	5 q
AKGGaliano Gold Inc.	0.09%	490,495	$1M	held	—	2 q
unresolvedCui Global Inc	0.08%	140,294	$1M	held	—	3 q
EXCExelon Corporation	0.08%	30,000	$1M	held	—	5 q
HBIOHarvard Bioscience Inc	0.08%	255,615	$1M	added+14%	+0.01 pp	4 q
IAInnovative Solutions & Support	0.08%	142,411	$1M	trimmed−0%	+0.01 pp	5 q
unresolvedInternational Game Technology	0.08%	73,730	$1M	new	+0.08 pp	new
HNRGHallador Energy Company	0.07%	105,454	$1M	added+44%	+0.03 pp	3 q
unresolvedRubicon Technology, Inc.	0.07%	109,135	$955,000	trimmed−1%	−0.02 pp	4 q
unresolvedPacific Drilling S.A.	0.07%	91,975	$920,000	added+7%	+0.01 pp	2 q
unresolvedEssex Rental Corp.	0.06%	364,008	$885,000	added+22%	0.00 pp	3 q
RDIReading International, Inc Class A	0.06%	98,565	$841,000	added+26%	+0.02 pp	5 q
MSFTMicrosoft Corp	0.05%	18,070	$754,000	trimmed−96%	−1.19 pp	5 q
AXPAmerican Express Company	0.03%	4,175	$396,000	trimmed−13%	0.00 pp	5 q
CTPRCtpartners Executive Srch	0.03%	44,100	$412,000	held	—	5 q
INTCIntel Corp	0.03%	14,992	$463,000	trimmed−99%	−2.05 pp	5 q
ONBOld National Bancorp	0.03%	26,005	$371,000	added+1%	0.00 pp	5 q
SSUPSuperior Industries Intl	0.03%	22,285	$460,000	held	—	4 q
TAT&T Inc.	0.02%	6,043	$214,000	added+4%	+0.01 pp	2 q
unresolvedBanro Corp	0.02%	607,290	$291,000	added0%	0.00 pp	3 q
96666EURGold Resource Corp	0.02%	42,525	$215,000	added+87%	+0.01 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.02%	9,970	$232,000	added+1%	+0.01 pp	3 q
INTGIntergroup Corporation (The)	0.02%	13,429	$256,000	new	+0.02 pp	new
unresolvedMedtronic Inc	0.02%	5,060	$323,000	trimmed−2%	0.00 pp	5 q
OFLXOmega Flex, Inc.	0.02%	14,185	$278,000	trimmed−18%	−0.01 pp	5 q
TGTTarget Corporation	0.02%	4,840	$280,000	added+4%	0.00 pp	2 q
TRNSTranscat Inc	0.02%	21,215	$218,000	held	—	5 q
USBU.S. Bancorp	0.02%	5,620	$243,000	added+1%	0.00 pp	5 q
unresolvedDirexion Shs ETF Tr Dly Sc Bea	0.01%	10,180	$142,000	trimmed−53%	−0.01 pp	5 q
IAGIAMGold Corporation	0.01%	32,920	$136,000	trimmed−99%	−0.58 pp	3 q
INFUInfuSystem Holdings, Inc.	0.01%	51,234	$136,000	held	—	3 q
unresolvedLo-jack Corp	0.01%	14,200	$77,000	new	+0.01 pp	new
AUDCAudioCodes Ltd	0.01%	15,500	$109,000	new	+0.01 pp	new
unresolvedLake Shore Gold Corp.	0.00%	60,000	$55,000	added×2.6	0.00 pp	2 q
unresolvedParkervision Inc	0.00%	12,800	$19,000	new	0.00 pp	new
unresolvedFidelity National Financial	—	−757,940	—	exited	−1.64 pp	—
HA7Enviri Corp	—	−993,708	—	exited	−1.61 pp	—
unresolvedAlcoa Inc.	—	−1,794,700	—	exited	−1.59 pp	—
CORECore Mark Holding Co., Inc.	—	−310,593	—	exited	−1.56 pp	—
LDLLydall, Inc.	—	−746,195	—	exited	−1.18 pp	—
HPHelmerich & Payne, Inc.	—	−112,076	—	exited	−0.83 pp	—
DLBDolby Laboratories, Inc.Class A	—	−110,700	—	exited	−0.34 pp	—
KRAKraton Corporation	—	−19,185	—	exited	−0.03 pp	—
DOORMasonite International Corp	—	−8,000	—	exited	−0.03 pp	—
MCPMolycorp Inc Com Stk	—	−100,120	—	exited	−0.03 pp	—
QCOMQualcomm Inc	—	−2,710	—	exited	−0.01 pp	—
FVIFortuna Mining Corp.	—	−18,600	—	exited	0.00 pp	—
unresolvedRichmont Mines Inc	—	−12,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 32 unresolved
Accession: 0001398344-14-004162
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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