Century Management

Q1 2015 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2015
Filed: May 7, 2015
US stock: $959M · prev $1.1B
Positions: 91 · prev 104
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%

Moves112 since the prior filing

+17.6 pp in · −17.7 pp out

New 10 +3.22 pp
Added 33 +14.42 pp
Trimmed 46 −7.27 pp
Exited 23 −10.41 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 67% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions24% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.22 pp trimmed+0.225.6%
WFC Wells Fargo & Co. trimmed+0.36 pp trimmed+0.365.0%
unresolved Chicago Bridge & Iron Co N V added+2.46 pp added+2.464.8%
DISCK Discovery Inc-c added+2.42 pp added+2.424.6%
ESGR Enstar Group Ltd added+1.87 pp added+1.874.2%

Positions91 in this filing · 23 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.64%	374,892	$54M	trimmed−7%	+0.22 pp	8 q
WFCWells Fargo & Co.	4.95%	873,439	$48M	trimmed−6%	+0.36 pp	8 q
unresolvedChicago Bridge & Iron Co N V	4.81%	935,956	$46M	added+51%	+2.46 pp	3 q
DISCKDiscovery Inc-c	4.63%	1,508,012	$44M	added×2.1	+2.42 pp	2 q
ESGREnstar Group Ltd	4.22%	285,751	$41M	added+68%	+1.87 pp	4 q
JECJacobs Engineering Group	4.14%	879,933	$40M	trimmed−6%	+0.37 pp	8 q
MKLMarkel Group Inc.	4.00%	49,965	$38M	trimmed−6%	+0.73 pp	5 q
ERABristow Group Inc.	3.04%	1,397,615	$29M	added+30%	+1.00 pp	8 q
unresolvedAtwood Oceanics Inc	2.86%	975,058	$27M	trimmed−3%	+0.30 pp	4 q
POSTPost Holdings, Inc.	2.80%	573,978	$27M	trimmed−3%	+0.57 pp	3 q
DONDiamond Offshore Drilling	2.67%	956,913	$26M	added+25%	+0.15 pp	5 q
unresolvedRandgold Res Ltd	2.65%	367,645	$25M	trimmed−8%	+0.24 pp	5 q
unresolvedLiberty Media Corp Delaware	2.60%	652,266	$25M	added+35%	+1.08 pp	2 q
AEMAgnico Eagle Mines Ltd.	2.35%	806,886	$23M	trimmed−7%	+0.40 pp	6 q
unresolvedColfax Corp	2.28%	459,191	$22M	added+97%	+1.20 pp	2 q
CSCOCisco Systems, Inc. (DE)	2.05%	713,433	$20M	trimmed−13%	0.00 pp	8 q
9990302DApache Corp	2.03%	322,102	$19M	trimmed−6%	+0.10 pp	8 q
ORNOrion Group Holdings, Inc	1.97%	2,137,829	$19M	trimmed−3%	−0.22 pp	8 q
unresolvedEnsco PLC	1.96%	891,467	$19M	added+34%	+0.17 pp	4 q
unresolvedMaxwell Technologies Inc	1.90%	2,256,754	$18M	trimmed−4%	−0.03 pp	8 q
unresolvedMarket Vectors ETF Tr	1.74%	736,263	$17M	trimmed−6%	+0.05 pp	6 q
DVADaVita Inc.	1.72%	202,956	$16M	new	+1.72 pp	new
HALHalliburton Company	1.59%	347,388	$15M	trimmed−3%	+0.33 pp	8 q
unresolvedLayne Christensen Co	1.54%	2,955,565	$15M	trimmed−4%	−1.11 pp	8 q
unresolvedAvid Technology Inc	1.52%	976,068	$15M	added×7.1	+1.34 pp	2 q
LLoews Corporation	1.49%	351,153	$14M	trimmed−5%	+0.09 pp	4 q
EXCExelon Corporation	1.43%	409,559	$14M	trimmed−8%	−0.05 pp	8 q
PICOPICO Holdings, Inc. (DE)	1.41%	832,491	$13M	trimmed−10%	−0.15 pp	6 q
YRIYamana Gold Inc	1.34%	3,570,565	$13M	added×2.0	+0.69 pp	6 q
BVNCompania de Minas Buenaventura S.A.	1.31%	1,240,853	$13M	trimmed−1%	+0.23 pp	6 q
unresolvedComstock Mining Inc.	1.31%	21,022,076	$13M	trimmed−1%	−0.14 pp	8 q
UNTUNIT Corporation	1.28%	437,820	$12M	added×5.7	+1.04 pp	8 q
HWCCHouston Wire & Cable Co	1.25%	1,236,301	$12M	added+2%	−0.05 pp	6 q
TTENTotalenergies SE -spon ADR	1.24%	239,338	$12M	trimmed−5%	+0.08 pp	8 q
KOCoca-Cola Company	1.20%	284,267	$12M	trimmed−7%	+0.03 pp	3 q
POWLPowell Industries Inc	1.08%	306,949	$10M	added+4%	−0.22 pp	8 q
ACNTAscent Industries Co.	1.02%	682,379	$10M	trimmed−1%	−0.07 pp	8 q
unresolvedEldorado Gold (C$)	1.01%	2,103,347	$10M	trimmed−3%	−0.17 pp	5 q
SEASeabridge Gold, Inc.	1.01%	1,772,693	$10M	added+3%	−0.16 pp	6 q
EMREmerson Electric Co.	0.98%	165,652	$9M	trimmed−12%	−0.07 pp	8 q
GLDDGreat Lakes Dredge & Dock Corporation	0.93%	1,481,561	$9M	trimmed−15%	−0.41 pp	7 q
unresolvedTidewater Inc	0.93%	464,478	$9M	trimmed−3%	−0.47 pp	8 q
WTMWhite Mountains Insurance Group Ltd.	0.92%	12,873	$9M	added+6%	+0.23 pp	4 q
NXSTNexstar Media Group, Inc.	0.88%	147,668	$8M	new	+0.88 pp	new
unresolvedDynamic Materials Corporation	0.86%	643,170	$8M	added+5%	−0.03 pp	8 q
unresolvedKey Energy Svcs Inc	0.77%	4,051,666	$7M	added+5%	+0.19 pp	8 q
unresolvedUCP Inc. - Class A	0.74%	819,275	$7M	trimmed−22%	−0.25 pp	7 q
KGCKinross Gold Corporation	0.35%	1,517,017	$3M	added+12%	+0.01 pp	6 q
ASAASA Gold And Precious Metals Limited	0.34%	320,325	$3M	trimmed−5%	+0.03 pp	6 q
WIREEncore Wire Corp	0.32%	81,711	$3M	trimmed−54%	−0.28 pp	8 q
INTGIntergroup Corporation (The)	0.22%	106,667	$2M	added+70%	+0.12 pp	4 q
CLDCloud Peak Energy Inc	0.20%	329,095	$2M	added×8.2	+0.17 pp	2 q
USBU.S. Bancorp	0.17%	37,197	$2M	added×7.8	+0.15 pp	8 q
KREState Street SPDR S&P Regional Banking ETF	0.15%	36,000	$1M	new	+0.15 pp	new
AKGGaliano Gold Inc.	0.14%	954,420	$1M	added+20%	+0.03 pp	5 q
ONBOld National Bancorp	0.13%	90,645	$1M	added×2.1	+0.07 pp	8 q
RDIReading International, Inc Class A	0.13%	94,745	$1M	trimmed−7%	+0.01 pp	8 q
AVDAmerican Vanguard Corporation	0.12%	112,393	$1M	added×2.9	+0.08 pp	2 q
CJCDChase Corp	0.11%	24,443	$1M	added×3.6	+0.09 pp	2 q
ASCArdmore Shipping Corporation	0.11%	100,055	$1M	added×5.5	+0.09 pp	2 q
BTGB2Gold Corp.	0.10%	636,171	$967,000	added×2.6	+0.06 pp	2 q
CRRCarbo Ceramics Inc.	0.10%	30,985	$945,000	new	+0.10 pp	new
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.10%	17,875	$923,000	new	+0.10 pp	new
unresolvedStone Energy Corp	0.10%	67,940	$997,000	added+4%	0.00 pp	2 q
BRCBrady Corporation	0.08%	26,000	$736,000	new	+0.08 pp	new
18614USDGoldcorp Inc	0.08%	41,688	$755,000	trimmed−12%	0.00 pp	2 q
HNRGHallador Energy Company	0.08%	65,659	$768,000	trimmed−9%	+0.01 pp	6 q
PESPioneer Energy Services Corp.	0.08%	138,472	$751,000	added×7.3	+0.07 pp	2 q
TRMKTrustmark Corp	0.08%	33,565	$815,000	added×3.5	+0.06 pp	2 q
UANCVR Partners, LP	0.07%	52,796	$694,000	new	+0.07 pp	new
BBGBill Barrett Corp	0.06%	67,895	$564,000	new	+0.06 pp	new
OIHVanEck Oil Services ETF	0.06%	17,930	$604,000	trimmed−10%	0.00 pp	2 q
unresolvedE M C Corp Mass	0.04%	15,066	$385,000	trimmed−22%	−0.01 pp	6 q
unresolvedFidelity National Financial	0.04%	23,872	$337,000	trimmed−89%	−0.26 pp	3 q
VPGVishay Precision Group, Inc.	0.04%	26,181	$417,000	trimmed−98%	−1.96 pp	8 q
TAT&T Inc.	0.03%	9,291	$303,000	added+31%	+0.01 pp	5 q
AXPAmerican Express Company	0.03%	3,775	$295,000	trimmed−10%	0.00 pp	8 q
unresolvedBaker Hughes Inc.	0.03%	5,157	$328,000	trimmed−27%	−0.01 pp	2 q
unresolvedComstock Res Inc	0.03%	80,750	$288,000	added×3.9	+0.02 pp	2 q
GLWCorning Incorporated	0.03%	14,543	$330,000	trimmed−99%	−4.00 pp	8 q
unresolvedDreamWorks Animation SKG Inc.	0.03%	11,300	$273,000	new	+0.03 pp	new
unresolvedEmerald Oil Inc	0.03%	356,165	$264,000	added×2.5	+0.01 pp	2 q
XOMExxon Mobil Corp	0.03%	3,916	$333,000	trimmed−97%	−1.13 pp	8 q
37MMrc Global Inc	0.03%	22,330	$265,000	new	+0.03 pp	new
unresolvedBanro Corp	0.01%	618,540	$123,000	held	—	6 q
unresolvedCui Global Inc	0.01%	16,425	$96,000	trimmed−34%	−0.01 pp	6 q
unresolvedTimmins Gold Corp.	0.01%	115,000	$78,000	trimmed−86%	−0.06 pp	5 q
unresolvedPacific Drilling S.A.	0.01%	19,630	$76,000	trimmed−92%	−0.09 pp	5 q
AUDCAudioCodes Ltd	0.01%	12,600	$58,000	trimmed−51%	0.00 pp	4 q
HLHecla Mining Company	0.00%	10,040	$30,000	trimmed−99%	−0.47 pp	7 q
unresolvedMcewen Mng Inc	0.00%	39,700	$40,000	held	—	3 q
FNFFidelity National Financial, Inc.	—	−645,565	—	exited	−2.00 pp	—
MATXMatsons, Inc.	—	−480,391	—	exited	−1.49 pp	—
CCOICogent Communications Holdings, Inc.	—	−355,836	—	exited	−1.13 pp	—
IIINInsteel Industries, Inc.	—	−485,499	—	exited	−1.03 pp	—
INWKInnerWorkings, Inc.	—	−1,321,614	—	exited	−0.93 pp	—
ASTEAstec Industries Inc	—	−258,027	—	exited	−0.91 pp	—
GVAGranite Construction Inc.	—	−213,914	—	exited	−0.73 pp	—
unresolvedC D I Corp	—	−444,358	—	exited	−0.71 pp	—
GFIGold Fields Ltd	—	−1,220,658	—	exited	−0.50 pp	—
unresolvedRio Alto Mng Ltd New	—	−2,038,114	—	exited	−0.45 pp	—
AUAngloGold Ashanti plc	—	−266,148	—	exited	−0.21 pp	—
HBIOHarvard Bioscience Inc	—	−252,290	—	exited	−0.13 pp	—
unresolvedHutchinson Technology Inc	—	−160,813	—	exited	−0.05 pp	—
unresolvedEssex Rental Corp.	—	−316,316	—	exited	−0.04 pp	—
unresolvedBasic Energy Svcs Inc New	—	−24,140	—	exited	−0.02 pp	—
OFLXOmega Flex, Inc.	—	−5,470	—	exited	−0.02 pp	—
SSUPSuperior Industries Intl	—	−10,070	—	exited	−0.02 pp	—
96666EURGold Resource Corp	—	−39,520	—	exited	−0.01 pp	—
INFUInfuSystem Holdings, Inc.	—	−47,584	—	exited	−0.01 pp	—
unresolvedSilver Std Res Inc	—	−23,400	—	exited	−0.01 pp	—
TRNSTranscat Inc	—	−13,544	—	exited	−0.01 pp	—
unresolvedMcDermott Int'l Inc.	—	−10,525	—	exited	0.00 pp	—
unresolvedRichmont Mines Inc	—	−11,500	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 28 unresolved
Accession: 0001398344-15-003290
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search