Century Management

Q4 2014 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2014
Filed: Feb 9, 2015
US stock: $1.1B · prev $1.3B
Positions: 104 · prev 101
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%

Moves119 since the prior filing

+12.0 pp in · −12.0 pp out

New 19 +5.50 pp
Added 23 +6.53 pp
Trimmed 61 −1.43 pp
Exited 16 −10.59 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions21% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.70 pp trimmed+0.705.4%
WFC Wells Fargo & Co. trimmed+0.48 pp trimmed+0.484.6%
GLW Corning Incorporated trimmed+0.68 pp trimmed+0.684.0%
JEC Jacobs Engineering Group trimmed+0.05 pp trimmed+0.053.8%
MKL Markel Group Inc. trimmed+0.40 pp trimmed+0.403.3%

Positions104 in this filing · 16 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.42%	401,083	$60M	trimmed−9%	+0.70 pp	7 q
WFCWells Fargo & Co.	4.59%	930,515	$51M	trimmed−9%	+0.48 pp	7 q
GLWCorning Incorporated	4.03%	1,951,902	$45M	trimmed−12%	+0.68 pp	7 q
JECJacobs Engineering Group	3.77%	937,742	$42M	trimmed−4%	+0.05 pp	7 q
MKLMarkel Group Inc.	3.27%	53,158	$36M	trimmed−8%	+0.40 pp	4 q
unresolvedLayne Christensen Co	2.65%	3,082,210	$29M	trimmed−2%	+0.28 pp	7 q
unresolvedAtwood Oceanics Inc	2.56%	1,003,976	$28M	added+43%	+0.18 pp	3 q
DONDiamond Offshore Drilling	2.52%	763,528	$28M	trimmed−6%	+0.36 pp	4 q
unresolvedRandgold Res Ltd	2.41%	398,087	$27M	added+19%	+0.66 pp	4 q
unresolvedChicago Bridge & Iron Co N V	2.35%	621,036	$26M	added+37%	+0.31 pp	2 q
ESGREnstar Group Ltd	2.35%	170,511	$26M	added+49%	+1.13 pp	3 q
POSTPost Holdings, Inc.	2.23%	592,240	$25M	trimmed−6%	+0.60 pp	2 q
DISCKDiscovery Inc-c	2.21%	727,090	$25M	new	+2.21 pp	new
ORNOrion Group Holdings, Inc	2.19%	2,201,482	$24M	trimmed−7%	+0.34 pp	7 q
CSCOCisco Systems, Inc. (DE)	2.05%	817,526	$23M	trimmed−57%	−1.66 pp	7 q
ERABristow Group Inc.	2.04%	1,071,517	$23M	added+14%	+0.44 pp	7 q
FNFFidelity National Financial, Inc.	2.00%	645,565	$22M	trimmed−10%	+0.45 pp	2 q
VPGVishay Precision Group, Inc.	2.00%	1,297,566	$22M	trimmed−14%	+0.24 pp	7 q
AEMAgnico Eagle Mines Ltd.	1.95%	869,103	$22M	added+52%	+0.66 pp	5 q
9990302DApache Corp	1.93%	343,045	$21M	trimmed−6%	−0.73 pp	7 q
unresolvedMaxwell Technologies Inc	1.93%	2,346,235	$21M	trimmed−7%	+0.22 pp	7 q
unresolvedEnsco PLC	1.79%	663,729	$20M	trimmed−6%	−0.48 pp	3 q
unresolvedMarket Vectors ETF Tr	1.69%	785,474	$19M	added×14.9	+1.55 pp	5 q
PICOPICO Holdings, Inc. (DE)	1.56%	922,558	$17M	trimmed−8%	0.00 pp	5 q
unresolvedLiberty Media Corp Delaware	1.52%	482,042	$17M	new	+1.52 pp	new
MATXMatsons, Inc.	1.49%	480,391	$17M	trimmed−8%	+0.47 pp	4 q
EXCExelon Corporation	1.48%	442,752	$16M	trimmed−9%	+0.19 pp	7 q
unresolvedComstock Mining Inc.	1.45%	21,232,204	$16M	trimmed−1%	−0.56 pp	7 q
LLoews Corporation	1.40%	369,480	$16M	trimmed−7%	+0.12 pp	3 q
unresolvedTidewater Inc	1.40%	479,987	$16M	trimmed−7%	−0.16 pp	7 q
GLDDGreat Lakes Dredge & Dock Corporation	1.34%	1,740,591	$15M	trimmed−6%	+0.45 pp	6 q
HWCCHouston Wire & Cable Co	1.30%	1,210,065	$14M	trimmed−6%	+0.10 pp	5 q
POWLPowell Industries Inc	1.30%	294,839	$14M	trimmed−1%	+0.35 pp	7 q
HALHalliburton Company	1.26%	357,285	$14M	trimmed−2%	−0.58 pp	7 q
unresolvedEldorado Gold (C$)	1.18%	2,158,222	$13M	trimmed−8%	−0.05 pp	4 q
KOCoca-Cola Company	1.17%	306,807	$13M	added×17.0	+1.11 pp	2 q
SEASeabridge Gold, Inc.	1.17%	1,721,037	$13M	added+13%	+0.21 pp	5 q
XOMExxon Mobil Corp	1.16%	139,795	$13M	trimmed−8%	+0.05 pp	7 q
TTENTotalenergies SE -spon ADR	1.16%	252,204	$13M	trimmed−8%	−0.22 pp	7 q
CCOICogent Communications Holdings, Inc.	1.13%	355,836	$13M	trimmed−4%	+0.16 pp	3 q
ACNTAscent Industries Co.	1.09%	689,141	$12M	trimmed−1%	+0.15 pp	7 q
unresolvedColfax Corp	1.08%	233,311	$12M	new	+1.08 pp	new
BVNCompania de Minas Buenaventura S.A.	1.08%	1,257,729	$12M	trimmed−10%	−0.17 pp	5 q
EMREmerson Electric Co.	1.05%	188,507	$12M	trimmed−9%	+0.04 pp	7 q
IIINInsteel Industries, Inc.	1.03%	485,499	$11M	trimmed−52%	−0.58 pp	7 q
unresolvedUCP Inc. - Class A	0.99%	1,049,884	$11M	trimmed−8%	−0.07 pp	6 q
INWKInnerWorkings, Inc.	0.93%	1,321,614	$10M	added+88%	+0.49 pp	2 q
ASTEAstec Industries Inc	0.91%	258,027	$10M	trimmed−30%	−0.13 pp	7 q
unresolvedDynamic Materials Corporation	0.89%	614,652	$10M	added+4%	+0.01 pp	7 q
GVAGranite Construction Inc.	0.73%	213,914	$8M	trimmed−54%	−0.42 pp	7 q
unresolvedC D I Corp	0.71%	444,358	$8M	trimmed−30%	−0.01 pp	7 q
WTMWhite Mountains Insurance Group Ltd.	0.69%	12,100	$8M	added+4%	+0.12 pp	3 q
YRIYamana Gold Inc	0.65%	1,784,004	$7M	trimmed−55%	−1.21 pp	5 q
WIREEncore Wire Corp	0.60%	178,558	$7M	trimmed−9%	+0.04 pp	7 q
unresolvedKey Energy Svcs Inc	0.58%	3,848,986	$6M	added+40%	−0.46 pp	7 q
GFIGold Fields Ltd	0.50%	1,220,658	$6M	trimmed−6%	+0.11 pp	5 q
HLHecla Mining Company	0.47%	1,885,662	$5M	trimmed−62%	−0.49 pp	6 q
unresolvedRio Alto Mng Ltd New	0.45%	2,038,114	$5M	trimmed−10%	+0.03 pp	4 q
KGCKinross Gold Corporation	0.34%	1,349,620	$4M	trimmed−62%	−0.58 pp	5 q
ASAASA Gold And Precious Metals Limited	0.31%	337,281	$3M	trimmed−9%	−0.03 pp	5 q
unresolvedFidelity National Financial	0.30%	215,238	$3M	trimmed−10%	+0.04 pp	2 q
UNTUNIT Corporation	0.24%	77,070	$3M	added+20%	−0.05 pp	7 q
AUAngloGold Ashanti plc	0.21%	266,148	$2M	trimmed−12%	−0.07 pp	5 q
unresolvedAvid Technology Inc	0.18%	137,849	$2M	new	+0.18 pp	new
HBIOHarvard Bioscience Inc	0.13%	252,290	$1M	trimmed−4%	+0.05 pp	6 q
RDIReading International, Inc Class A	0.12%	101,620	$1M	added+4%	+0.06 pp	7 q
AKGGaliano Gold Inc.	0.11%	793,255	$1M	added+61%	+0.03 pp	4 q
INTGIntergroup Corporation (The)	0.10%	62,705	$1M	added+3%	+0.01 pp	3 q
unresolvedStone Energy Corp	0.10%	65,545	$1M	new	+0.10 pp	new
unresolvedPacific Drilling S.A.	0.10%	243,250	$1M	added×2.2	+0.03 pp	4 q
18614USDGoldcorp Inc	0.08%	47,334	$877,000	new	+0.08 pp	new
HNRGHallador Energy Company	0.07%	72,400	$797,000	trimmed−20%	−0.01 pp	5 q
unresolvedTimmins Gold Corp.	0.07%	798,765	$761,000	trimmed−13%	−0.02 pp	4 q
OIHVanEck Oil Services ETF	0.06%	19,855	$713,000	new	+0.06 pp	new
ONBOld National Bancorp	0.06%	42,640	$634,000	added+80%	+0.04 pp	7 q
unresolvedE M C Corp Mass	0.05%	19,199	$571,000	trimmed−72%	−0.11 pp	5 q
unresolvedHutchinson Technology Inc	0.05%	160,813	$563,000	trimmed−74%	−0.13 pp	7 q
AVDAmerican Vanguard Corporation	0.04%	38,568	$448,000	new	+0.04 pp	new
unresolvedBaker Hughes Inc.	0.04%	7,103	$398,000	new	+0.04 pp	new
BTGB2Gold Corp.	0.04%	243,000	$394,000	new	+0.04 pp	new
unresolvedEssex Rental Corp.	0.04%	316,316	$418,000	trimmed−11%	−0.02 pp	5 q
AXPAmerican Express Company	0.03%	4,175	$388,000	held	—	7 q
CLDCloud Peak Energy Inc	0.03%	40,090	$368,000	new	+0.03 pp	new
TAT&T Inc.	0.02%	7,091	$238,000	added+18%	0.00 pp	4 q
unresolvedBasic Energy Svcs Inc New	0.02%	24,140	$169,000	new	+0.02 pp	new
unresolvedCui Global Inc	0.02%	24,900	$186,000	trimmed−82%	−0.06 pp	5 q
CJCDChase Corp	0.02%	6,813	$245,000	new	+0.02 pp	new
unresolvedEmerald Oil Inc	0.02%	141,700	$170,000	new	+0.02 pp	new
OFLXOmega Flex, Inc.	0.02%	5,470	$207,000	trimmed−61%	0.00 pp	7 q
SSUPSuperior Industries Intl	0.02%	10,070	$199,000	trimmed−34%	0.00 pp	6 q
TRMKTrustmark Corp	0.02%	9,560	$235,000	new	+0.02 pp	new
USBU.S. Bancorp	0.02%	4,740	$213,000	trimmed−16%	0.00 pp	7 q
ASCArdmore Shipping Corporation	0.02%	18,040	$216,000	new	+0.02 pp	new
unresolvedBanro Corp	0.01%	618,540	$84,000	trimmed−1%	0.00 pp	5 q
unresolvedComstock Res Inc	0.01%	20,665	$141,000	new	+0.01 pp	new
96666EURGold Resource Corp	0.01%	39,520	$134,000	trimmed−7%	−0.01 pp	4 q
INFUInfuSystem Holdings, Inc.	0.01%	47,584	$150,000	trimmed−7%	0.00 pp	5 q
PESPioneer Energy Services Corp.	0.01%	18,880	$105,000	new	+0.01 pp	new
unresolvedSilver Std Res Inc	0.01%	23,400	$117,000	added+33%	0.00 pp	2 q
TRNSTranscat Inc	0.01%	13,544	$138,000	trimmed−36%	−0.01 pp	7 q
AUDCAudioCodes Ltd	0.01%	25,600	$116,000	added+32%	0.00 pp	3 q
unresolvedMcDermott Int'l Inc.	0.00%	10,525	$31,000	trimmed−60%	−0.01 pp	4 q
unresolvedMcewen Mng Inc	0.00%	39,700	$44,000	added+96%	0.00 pp	2 q
unresolvedRichmont Mines Inc	0.00%	11,500	$36,000	new	0.00 pp	new
PKXPOSCO Holdings Inc.	—	−538,715	—	exited	−3.18 pp	—
unresolvedComcast Corp. Spl Cl A	—	−462,653	—	exited	−1.93 pp	—
NEMNewmont Corporation	—	−1,027,835	—	exited	−1.84 pp	—
IBMInternational Business Machines Corporation	—	−90,434	—	exited	−1.34 pp	—
OCNOnity Group Inc.	—	−629,499	—	exited	−1.28 pp	—
TRQTurquoise Hill Resources Ltd	—	−1,917,037	—	exited	−0.56 pp	—
unresolvedDawson Geophysical Company	—	−169,076	—	exited	−0.24 pp	—
IAInnovative Solutions & Support	—	−148,576	—	exited	−0.06 pp	—
unresolvedRubicon Technology, Inc.	—	−114,690	—	exited	−0.04 pp	—
CTPRCtpartners Executive Srch	—	−25,070	—	exited	−0.03 pp	—
MSFTMicrosoft Corp	—	−9,250	—	exited	−0.03 pp	—
IBKRInteractive Brokers Group, Inc. Class A	—	−9,775	—	exited	−0.02 pp	—
unresolvedMedtronic Inc	—	−4,878	—	exited	−0.02 pp	—
TGTTarget Corporation	—	−3,637	—	exited	−0.02 pp	—
INUVInuvo, Inc.	—	−12,000	—	exited	0.00 pp	—
unresolvedLake Shore Gold Corp.	—	−21,400	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 35 unresolved
Accession: 0001398344-15-000931
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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