Century Management

Q2 2015 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2015
Filed: Aug 7, 2015
US stock: $883M · prev $959M
Positions: 95 · prev 91
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%

Moves94 since the prior filing

+8.2 pp in · −8.3 pp out

New 12 +4.50 pp
Added 15 +3.73 pp
Trimmed 59 −8.09 pp
Exited 8 −0.24 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.02 pp trimmed+0.025.7%
WFC Wells Fargo & Co. trimmed+0.29 pp trimmed+0.295.2%
DISCK Discovery Inc-c trimmed+0.35 pp trimmed+0.355.0%
unresolved Chicago Bridge & Iron Co N V trimmed+0.16 pp trimmed+0.165.0%
ESGR Enstar Group Ltd trimmed+0.53 pp trimmed+0.534.8%

Positions95 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.66%	367,288	$50M	trimmed−2%	+0.02 pp	9 q
WFCWells Fargo & Co.	5.24%	822,320	$46M	trimmed−6%	+0.29 pp	9 q
DISCKDiscovery Inc-c	4.98%	1,413,462	$44M	trimmed−6%	+0.35 pp	3 q
unresolvedChicago Bridge & Iron Co N V	4.97%	876,152	$44M	trimmed−6%	+0.16 pp	4 q
ESGREnstar Group Ltd	4.75%	270,494	$42M	trimmed−5%	+0.53 pp	5 q
MKLMarkel Group Inc.	4.29%	47,335	$38M	trimmed−5%	+0.29 pp	6 q
JECJacobs Engineering Group	3.77%	820,184	$33M	trimmed−7%	−0.37 pp	9 q
ERABristow Group Inc.	3.01%	1,297,510	$27M	trimmed−7%	−0.03 pp	9 q
unresolvedLayne Christensen Co	2.92%	2,875,286	$26M	trimmed−3%	+1.38 pp	9 q
unresolvedAtwood Oceanics Inc	2.70%	901,591	$24M	trimmed−8%	−0.16 pp	5 q
unresolvedColfax Corp	2.62%	500,766	$23M	added+9%	+0.34 pp	3 q
DONDiamond Offshore Drilling	2.61%	893,175	$23M	trimmed−7%	−0.06 pp	6 q
unresolvedRandgold Res Ltd	2.54%	334,717	$22M	trimmed−9%	−0.11 pp	6 q
unresolvedLiberty Media Corp Delaware	2.49%	612,001	$22M	trimmed−6%	−0.11 pp	3 q
USBU.S. Bancorp	2.42%	492,199	$21M	added×13.2	+2.25 pp	9 q
GMGeneral Motors Company	2.23%	589,411	$20M	new	+2.23 pp	new
AEMAgnico Eagle Mines Ltd.	2.19%	682,586	$19M	trimmed−15%	−0.16 pp	7 q
unresolvedAvid Technology Inc	2.11%	1,398,501	$19M	added+43%	+0.59 pp	3 q
unresolvedEnsco PLC	2.10%	831,281	$19M	trimmed−7%	+0.14 pp	5 q
9990302DApache Corp	1.95%	299,342	$17M	trimmed−7%	−0.08 pp	9 q
unresolvedMarket Vectors ETF Tr	1.88%	685,961	$17M	trimmed−7%	+0.14 pp	7 q
DVADaVita Inc.	1.72%	190,716	$15M	trimmed−6%	0.00 pp	2 q
ATIATI Inc.	1.70%	496,775	$15M	new	+1.70 pp	new
ORNOrion Group Holdings, Inc	1.68%	2,056,222	$15M	trimmed−4%	−0.29 pp	9 q
HALHalliburton Company	1.58%	323,071	$14M	trimmed−7%	−0.01 pp	9 q
POSTPost Holdings, Inc.	1.57%	256,355	$14M	trimmed−55%	−1.23 pp	4 q
unresolvedMaxwell Technologies Inc	1.43%	2,107,005	$13M	trimmed−7%	−0.47 pp	9 q
unresolvedComstock Mining Inc.	1.33%	20,079,834	$12M	trimmed−4%	+0.02 pp	9 q
LLoews Corporation	1.24%	284,500	$11M	trimmed−19%	−0.25 pp	5 q
SEASeabridge Gold, Inc.	1.23%	1,777,095	$11M	added0%	+0.22 pp	7 q
BVNCompania de Minas Buenaventura S.A.	1.21%	1,025,875	$11M	trimmed−17%	−0.10 pp	7 q
UNTUNIT Corporation	1.19%	386,413	$10M	trimmed−12%	−0.09 pp	9 q
POWLPowell Industries Inc	1.14%	287,057	$10M	trimmed−6%	+0.06 pp	9 q
PICOPICO Holdings, Inc. (DE)	1.09%	650,585	$10M	trimmed−22%	−0.32 pp	7 q
YRIYamana Gold Inc	1.06%	3,132,575	$9M	trimmed−12%	−0.28 pp	7 q
ACNTAscent Industries Co.	1.00%	646,816	$9M	trimmed−5%	−0.02 pp	9 q
WTMWhite Mountains Insurance Group Ltd.	0.99%	13,310	$9M	added+3%	+0.07 pp	5 q
EMREmerson Electric Co.	0.96%	152,817	$8M	trimmed−8%	−0.02 pp	9 q
GLDDGreat Lakes Dredge & Dock Corporation	0.92%	1,363,333	$8M	trimmed−8%	−0.01 pp	8 q
unresolvedEldorado Gold (C$)	0.91%	1,936,041	$8M	trimmed−8%	−0.10 pp	6 q
unresolvedDynamic Materials Corporation	0.87%	698,018	$8M	added+9%	+0.01 pp	9 q
NXSTNexstar Media Group, Inc.	0.87%	137,713	$8M	trimmed−7%	−0.01 pp	2 q
unresolvedTidewater Inc	0.84%	327,779	$7M	trimmed−29%	−0.09 pp	9 q
unresolvedKey Energy Svcs Inc	0.73%	3,601,001	$6M	trimmed−11%	−0.04 pp	9 q
KOCoca-Cola Company	0.54%	122,491	$5M	trimmed−57%	−0.66 pp	4 q
KGCKinross Gold Corporation	0.41%	1,549,305	$4M	added+2%	+0.06 pp	7 q
TTENTotalenergies SE -spon ADR	0.34%	61,270	$3M	trimmed−74%	−0.90 pp	9 q
ASAASA Gold And Precious Metals Limited	0.33%	301,470	$3M	trimmed−6%	−0.01 pp	7 q
CLDCloud Peak Energy Inc	0.28%	539,400	$3M	added+64%	+0.08 pp	3 q
INTGIntergroup Corporation (The)	0.28%	127,892	$2M	added+20%	+0.06 pp	5 q
RELYReal Industry Inc	0.25%	195,934	$2M	new	+0.25 pp	new
AKGGaliano Gold Inc.	0.18%	954,420	$2M	held	—	6 q
KREState Street SPDR S&P Regional Banking ETF	0.18%	36,000	$2M	held	—	2 q
ONBOld National Bancorp	0.14%	84,660	$1M	trimmed−7%	+0.01 pp	9 q
RDIReading International, Inc Class A	0.14%	91,870	$1M	trimmed−3%	+0.01 pp	9 q
ASCArdmore Shipping Corporation	0.14%	99,055	$1M	trimmed−1%	+0.03 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.13%	42,320	$1M	trimmed−94%	−1.92 pp	9 q
CJCDChase Corp	0.12%	25,723	$1M	added+5%	+0.01 pp	3 q
BTGB2Gold Corp.	0.11%	644,796	$987,000	added+1%	+0.01 pp	3 q
BRCBrady Corporation	0.10%	35,660	$882,000	added+37%	+0.02 pp	2 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.10%	18,590	$867,000	added+4%	0.00 pp	2 q
unresolvedStone Energy Corp	0.10%	67,940	$855,000	held	—	3 q
SSUPSuperior Industries Intl	0.10%	46,780	$857,000	new	+0.10 pp	new
CRRCarbo Ceramics Inc.	0.09%	18,590	$774,000	trimmed−40%	−0.01 pp	2 q
EXCExelon Corporation	0.09%	25,706	$808,000	trimmed−94%	−1.34 pp	9 q
HWCCHouston Wire & Cable Co	0.09%	77,182	$766,000	trimmed−94%	−1.16 pp	7 q
TRMKTrustmark Corp	0.09%	32,455	$811,000	trimmed−3%	+0.01 pp	3 q
AVDAmerican Vanguard Corporation	0.08%	50,048	$691,000	trimmed−55%	−0.04 pp	3 q
UANCVR Partners, LP	0.08%	52,796	$667,000	held	—	2 q
LDLLydall, Inc.	0.08%	25,340	$749,000	new	+0.08 pp	new
BBGBill Barrett Corp	0.07%	67,895	$583,000	held	—	2 q
18614USDGoldcorp Inc	0.07%	35,818	$580,000	trimmed−14%	−0.01 pp	3 q
OIHVanEck Oil Services ETF	0.06%	16,120	$563,000	trimmed−10%	0.00 pp	3 q
MLABMesa Laboratories Inc	0.06%	5,858	$521,000	new	+0.06 pp	new
PESPioneer Energy Services Corp.	0.05%	72,487	$460,000	trimmed−48%	−0.03 pp	3 q
unresolvedUCP Inc. - Class A	0.05%	58,813	$446,000	trimmed−93%	−0.69 pp	8 q
unresolvedE M C Corp Mass	0.04%	12,316	$325,000	trimmed−18%	0.00 pp	7 q
HNRGHallador Energy Company	0.04%	40,424	$337,000	trimmed−38%	−0.04 pp	7 q
TAT&T Inc.	0.03%	8,279	$294,000	trimmed−11%	0.00 pp	6 q
AIMCAltra Industrial Motion Corp.	0.03%	10,950	$298,000	new	+0.03 pp	new
AXPAmerican Express Company	0.03%	3,775	$293,000	held	—	9 q
WIREEncore Wire Corp	0.03%	5,334	$236,000	trimmed−93%	−0.29 pp	9 q
XOMExxon Mobil Corp	0.03%	3,571	$297,000	trimmed−9%	0.00 pp	9 q
unresolvedBanro Corp	0.02%	655,540	$210,000	added+6%	+0.01 pp	7 q
GLWCorning Incorporated	0.02%	10,935	$216,000	trimmed−25%	−0.01 pp	9 q
PFIEProfire Energy, Inc	0.02%	154,500	$173,000	new	+0.02 pp	new
unresolvedCui Global Inc	0.01%	16,425	$83,000	held	—	7 q
unresolvedFusion Telecomm Intl Inc	0.01%	58,000	$124,000	new	+0.01 pp	new
RLGTRadiant Logistics, Inc.	0.01%	15,000	$110,000	new	+0.01 pp	new
unresolvedTimmins Gold Corp.	0.01%	145,000	$86,000	added+26%	0.00 pp	6 q
unresolvedXplore Technologies Corp	0.01%	20,000	$116,000	new	+0.01 pp	new
HLHecla Mining Company	0.00%	10,040	$26,000	held	—	8 q
unresolvedInventergy Global Inc	0.00%	21,000	$7,000	new	0.00 pp	new
unresolvedMcewen Mng Inc	0.00%	39,700	$38,000	held	—	4 q
unresolvedPacific Drilling S.A.	0.00%	14,000	$39,000	trimmed−29%	−0.01 pp	6 q
unresolvedFidelity National Financial	—	−23,872	—	exited	−0.04 pp	—
VPGVishay Precision Group, Inc.	—	−26,181	—	exited	−0.04 pp	—
unresolvedBaker Hughes Inc.	—	−5,157	—	exited	−0.03 pp	—
unresolvedComstock Res Inc	—	−80,750	—	exited	−0.03 pp	—
unresolvedDreamWorks Animation SKG Inc.	—	−11,300	—	exited	−0.03 pp	—
unresolvedEmerald Oil Inc	—	−356,165	—	exited	−0.03 pp	—
37MMrc Global Inc	—	−22,330	—	exited	−0.03 pp	—
AUDCAudioCodes Ltd	—	−12,600	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 26 unresolved
Accession: 0001398344-15-005284
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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