Century Management

Q3 2014 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $1.3B · prev $1.4B
Positions: 101 · 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%

Moves103 since the prior filing

+11.2 pp in · −11.2 pp out

New 9 +5.99 pp
Added 26 +5.21 pp
Trimmed 60 −8.66 pp
Exited 8 −2.53 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.59 pp trimmed+0.594.7%
WFC Wells Fargo & Co. trimmed+0.11 pp trimmed+0.114.1%
JEC Jacobs Engineering Group trimmed−0.16 pp trimmed−0.163.7%
CSCO Cisco Systems, Inc. (DE) trimmed+0.14 pp trimmed+0.143.7%
GLW Corning Incorporated trimmed−0.39 pp trimmed−0.393.4%

Positions101 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	4.72%	438,719	$61M	trimmed−4%	+0.59 pp	6 q
WFCWells Fargo & Co.	4.11%	1,018,574	$53M	trimmed−4%	+0.11 pp	6 q
JECJacobs Engineering Group	3.72%	978,355	$48M	trimmed−4%	−0.16 pp	6 q
CSCOCisco Systems, Inc. (DE)	3.71%	1,895,941	$48M	trimmed−5%	+0.14 pp	6 q
GLWCorning Incorporated	3.35%	2,227,966	$43M	trimmed−6%	−0.39 pp	6 q
PKXPOSCO Holdings Inc.	3.18%	538,715	$41M	trimmed−6%	+0.11 pp	5 q
MKLMarkel Group Inc.	2.87%	57,941	$37M	added+9%	+0.38 pp	3 q
9990302DApache Corp	2.66%	364,218	$34M	trimmed−5%	−0.10 pp	6 q
unresolvedAtwood Oceanics Inc	2.38%	701,042	$31M	added+94%	+1.02 pp	2 q
unresolvedLayne Christensen Co	2.37%	3,133,482	$30M	trimmed−4%	−0.73 pp	6 q
unresolvedEnsco PLC	2.27%	707,305	$29M	added×2.0	+0.86 pp	2 q
DONDiamond Offshore Drilling	2.16%	811,633	$28M	added+51%	+0.25 pp	3 q
unresolvedChicago Bridge & Iron Co N V	2.04%	453,392	$26M	new	+2.04 pp	new
unresolvedComstock Mining Inc.	2.01%	21,363,727	$26M	added+25%	−0.04 pp	6 q
unresolvedComcast Corp. Spl Cl A	1.93%	462,653	$25M	trimmed−8%	+0.02 pp	6 q
YRIYamana Gold Inc	1.86%	3,979,936	$24M	trimmed−3%	−0.56 pp	4 q
ORNOrion Group Holdings, Inc	1.85%	2,378,352	$24M	trimmed−4%	−0.08 pp	6 q
HALHalliburton Company	1.84%	366,004	$24M	trimmed−6%	−0.13 pp	6 q
NEMNewmont Corporation	1.84%	1,027,835	$24M	trimmed−9%	−0.22 pp	6 q
VPGVishay Precision Group, Inc.	1.76%	1,510,934	$23M	trimmed−5%	−0.12 pp	6 q
unresolvedRandgold Res Ltd	1.75%	333,498	$23M	trimmed−2%	−0.32 pp	3 q
unresolvedMaxwell Technologies Inc	1.71%	2,523,608	$22M	trimmed−4%	−1.14 pp	6 q
POSTPost Holdings, Inc.	1.63%	632,655	$21M	new	+1.63 pp	new
IIINInsteel Industries, Inc.	1.61%	1,004,036	$21M	trimmed−6%	+0.11 pp	6 q
ERABristow Group Inc.	1.60%	943,782	$21M	added×4.4	+1.16 pp	6 q
PICOPICO Holdings, Inc. (DE)	1.56%	1,007,306	$20M	added+17%	+0.09 pp	4 q
unresolvedTidewater Inc	1.56%	514,105	$20M	trimmed−4%	−0.60 pp	6 q
FNFFidelity National Financial, Inc.	1.55%	717,218	$20M	new	+1.55 pp	new
TTENTotalenergies SE -spon ADR	1.38%	274,720	$18M	trimmed−6%	−0.14 pp	6 q
IBMInternational Business Machines Corporation	1.34%	90,434	$17M	added+5%	+0.22 pp	4 q
AEMAgnico Eagle Mines Ltd.	1.29%	572,498	$17M	trimmed−6%	−0.37 pp	4 q
EXCExelon Corporation	1.29%	485,582	$17M	added×16.2	+1.21 pp	6 q
LLoews Corporation	1.28%	395,351	$16M	added+1%	+0.04 pp	2 q
OCNOnity Group Inc.	1.28%	629,499	$16M	added+23%	−0.08 pp	6 q
BVNCompania de Minas Buenaventura S.A.	1.25%	1,391,474	$16M	trimmed−5%	+0.01 pp	4 q
unresolvedEldorado Gold (C$)	1.23%	2,341,542	$16M	trimmed−4%	−0.11 pp	3 q
ESGREnstar Group Ltd	1.22%	114,742	$16M	added+32%	+0.28 pp	2 q
HWCCHouston Wire & Cable Co	1.20%	1,285,408	$15M	trimmed−4%	+0.01 pp	4 q
GVAGranite Construction Inc.	1.15%	465,944	$15M	trimmed−8%	−0.15 pp	6 q
XOMExxon Mobil Corp	1.11%	151,781	$14M	trimmed−4%	−0.03 pp	6 q
unresolvedUCP Inc. - Class A	1.06%	1,139,387	$14M	trimmed−3%	−0.09 pp	5 q
ASTEAstec Industries Inc	1.04%	366,716	$13M	trimmed−8%	−0.21 pp	6 q
unresolvedKey Energy Svcs Inc	1.04%	2,754,851	$13M	added+12%	−0.57 pp	6 q
MATXMatsons, Inc.	1.02%	522,181	$13M	trimmed−5%	−0.04 pp	3 q
EMREmerson Electric Co.	1.01%	207,254	$13M	trimmed−9%	−0.08 pp	6 q
CCOICogent Communications Holdings, Inc.	0.97%	370,015	$12M	trimmed−1%	+0.04 pp	2 q
HLHecla Mining Company	0.96%	4,950,879	$12M	trimmed−5%	−0.33 pp	5 q
SEASeabridge Gold, Inc.	0.96%	1,527,383	$12M	added+40%	+0.23 pp	4 q
POWLPowell Industries Inc	0.95%	298,424	$12M	added+3%	−0.40 pp	6 q
ACNTAscent Industries Co.	0.94%	694,272	$12M	trimmed−4%	+0.09 pp	6 q
KGCKinross Gold Corporation	0.92%	3,592,080	$12M	trimmed−4%	−0.19 pp	4 q
GLDDGreat Lakes Dredge & Dock Corporation	0.89%	1,849,481	$11M	trimmed−4%	−0.21 pp	5 q
unresolvedDynamic Materials Corporation	0.88%	592,047	$11M	added×2.5	+0.50 pp	6 q
unresolvedC D I Corp	0.72%	634,694	$9M	trimmed−9%	0.00 pp	6 q
WTMWhite Mountains Insurance Group Ltd.	0.57%	11,624	$7M	added+3%	+0.08 pp	2 q
WIREEncore Wire Corp	0.56%	195,660	$7M	trimmed−7%	−0.18 pp	6 q
TRQTurquoise Hill Resources Ltd	0.56%	1,917,037	$7M	trimmed−19%	−0.01 pp	3 q
INWKInnerWorkings, Inc.	0.44%	701,760	$6M	new	+0.44 pp	new
unresolvedRio Alto Mng Ltd New	0.42%	2,265,662	$5M	trimmed−6%	+0.02 pp	3 q
GFIGold Fields Ltd	0.39%	1,294,033	$5M	trimmed−5%	+0.03 pp	4 q
ASAASA Gold And Precious Metals Limited	0.34%	370,051	$4M	trimmed−16%	−0.12 pp	4 q
UNTUNIT Corporation	0.29%	64,350	$4M	trimmed−9%	−0.06 pp	6 q
AUAngloGold Ashanti plc	0.28%	303,893	$4M	trimmed−6%	−0.12 pp	4 q
unresolvedFidelity National Financial	0.26%	238,468	$3M	new	+0.26 pp	new
unresolvedDawson Geophysical Company	0.24%	169,076	$3M	trimmed−2%	−0.11 pp	6 q
unresolvedHutchinson Technology Inc	0.18%	616,941	$2M	trimmed−4%	+0.07 pp	6 q
unresolvedE M C Corp Mass	0.16%	68,615	$2M	trimmed−18%	0.00 pp	4 q
unresolvedMarket Vectors ETF Tr	0.14%	52,592	$2M	added+1%	−0.02 pp	4 q
INTGIntergroup Corporation (The)	0.09%	60,780	$1M	added×4.5	+0.07 pp	2 q
unresolvedTimmins Gold Corp.	0.09%	921,945	$1M	trimmed−1%	−0.03 pp	3 q
AKGGaliano Gold Inc.	0.08%	493,515	$1M	added+1%	−0.01 pp	3 q
unresolvedCui Global Inc	0.08%	139,824	$1M	trimmed−0%	0.00 pp	4 q
HNRGHallador Energy Company	0.08%	90,515	$1M	trimmed−14%	+0.01 pp	4 q
HBIOHarvard Bioscience Inc	0.08%	262,915	$1M	added+3%	0.00 pp	5 q
unresolvedPacific Drilling S.A.	0.07%	111,800	$925,000	added+22%	0.00 pp	3 q
KOCoca-Cola Company	0.06%	18,045	$770,000	new	+0.06 pp	new
unresolvedEssex Rental Corp.	0.06%	356,703	$749,000	trimmed−2%	0.00 pp	4 q
IAInnovative Solutions & Support	0.06%	148,576	$775,000	added+4%	−0.02 pp	6 q
RDIReading International, Inc Class A	0.06%	97,315	$817,000	trimmed−1%	0.00 pp	6 q
unresolvedRubicon Technology, Inc.	0.04%	114,690	$487,000	added+5%	−0.03 pp	5 q
AXPAmerican Express Company	0.03%	4,175	$365,000	held	—	6 q
CTPRCtpartners Executive Srch	0.03%	25,070	$391,000	trimmed−43%	0.00 pp	6 q
MSFTMicrosoft Corp	0.03%	9,250	$429,000	trimmed−49%	−0.02 pp	6 q
TAT&T Inc.	0.02%	6,013	$212,000	trimmed−1%	0.00 pp	3 q
96666EURGold Resource Corp	0.02%	42,525	$218,000	held	—	3 q
IBKRInteractive Brokers Group, Inc. Class A	0.02%	9,775	$244,000	trimmed−2%	0.00 pp	4 q
unresolvedMedtronic Inc	0.02%	4,878	$302,000	trimmed−4%	0.00 pp	6 q
ONBOld National Bancorp	0.02%	23,745	$308,000	trimmed−9%	−0.01 pp	6 q
OFLXOmega Flex, Inc.	0.02%	14,185	$276,000	held	—	6 q
SSUPSuperior Industries Intl	0.02%	15,170	$266,000	trimmed−32%	−0.01 pp	5 q
TGTTarget Corporation	0.02%	3,637	$228,000	trimmed−25%	0.00 pp	3 q
TRNSTranscat Inc	0.02%	21,215	$194,000	held	—	6 q
USBU.S. Bancorp	0.02%	5,620	$235,000	held	—	6 q
unresolvedBanro Corp	0.01%	624,790	$99,000	added+3%	−0.01 pp	4 q
INFUInfuSystem Holdings, Inc.	0.01%	51,234	$161,000	held	—	4 q
unresolvedMcDermott Int'l Inc.	0.01%	26,535	$152,000	trimmed−99%	−2.85 pp	3 q
unresolvedSilver Std Res Inc	0.01%	17,600	$107,000	new	+0.01 pp	new
AUDCAudioCodes Ltd	0.01%	19,325	$93,000	added+25%	0.00 pp	2 q
INUVInuvo, Inc.	0.00%	12,000	$18,000	new	0.00 pp	new
unresolvedLake Shore Gold Corp.	0.00%	21,400	$22,000	trimmed−64%	0.00 pp	3 q
unresolvedMcewen Mng Inc	0.00%	20,300	$40,000	new	0.00 pp	new
unresolvedWalter Invt Mgmt Corp	—	−933,604	—	exited	−1.99 pp	—
DSGRDistribution Solutions Group, Inc.	—	−342,636	—	exited	−0.40 pp	—
unresolvedInternational Game Technology	—	−73,730	—	exited	−0.08 pp	—
INTCIntel Corp	—	−14,992	—	exited	−0.03 pp	—
unresolvedDirexion Shs ETF Tr Dly Sc Bea	—	−10,180	—	exited	−0.01 pp	—
IAGIAMGold Corporation	—	−32,920	—	exited	−0.01 pp	—
unresolvedLo-jack Corp	—	−14,200	—	exited	−0.01 pp	—
unresolvedParkervision Inc	—	−12,800	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 31 unresolved
Accession: 0001398344-14-005878
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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