Century Management

Q3 2015 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $778M · prev $883M
Positions: 84 · prev 95
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%

Moves92 since the prior filing

+15.2 pp in · −15.1 pp out

New 3 +1.18 pp
Added 27 +13.98 pp
Trimmed 48 −11.42 pp
Exited 14 −3.72 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.01 pp trimmed−0.015.7%
DISCK Discovery Inc-c added+0.65 pp added+0.655.6%
unresolved Chicago Bridge & Iron Co N V added+0.44 pp added+0.445.4%
WFC Wells Fargo & Co. trimmed−0.24 pp trimmed−0.245.0%
ESGR Enstar Group Ltd trimmed+0.14 pp trimmed+0.144.9%

Positions84 in this filing · 14 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.65%	337,056	$44M	trimmed−8%	−0.01 pp	10 q
DISCKDiscovery Inc-c	5.63%	1,803,601	$44M	added+28%	+0.65 pp	4 q
unresolvedChicago Bridge & Iron Co N V	5.41%	1,062,114	$42M	added+21%	+0.44 pp	5 q
WFCWells Fargo & Co.	5.00%	758,359	$39M	trimmed−8%	−0.24 pp	10 q
ESGREnstar Group Ltd	4.89%	253,774	$38M	trimmed−6%	+0.14 pp	6 q
GMGeneral Motors Company	4.73%	1,225,372	$37M	added×2.1	+2.50 pp	2 q
MKLMarkel Group Inc.	4.61%	44,711	$36M	trimmed−6%	+0.32 pp	7 q
DVADaVita Inc.	3.37%	362,321	$26M	added+90%	+1.65 pp	3 q
USBU.S. Bancorp	3.32%	630,659	$26M	added+28%	+0.90 pp	10 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.07%	726,954	$24M	added×39.1	+2.97 pp	3 q
unresolvedAvid Technology Inc	3.03%	2,965,028	$24M	added×2.1	+0.92 pp	4 q
JECJacobs Engineering Group	2.83%	587,685	$22M	trimmed−28%	−0.94 pp	10 q
ATIATI Inc.	2.80%	1,535,848	$22M	added×3.1	+1.10 pp	2 q
unresolvedLiberty Media Corp Delaware	2.58%	582,931	$20M	trimmed−5%	+0.09 pp	4 q
unresolvedRandgold Res Ltd	2.42%	318,544	$19M	trimmed−5%	−0.12 pp	7 q
unresolvedAtwood Oceanics Inc	2.28%	1,200,658	$18M	added+33%	−0.42 pp	6 q
unresolvedLayne Christensen Co	2.28%	2,730,723	$18M	trimmed−5%	−0.64 pp	10 q
ERABristow Group Inc.	2.24%	1,163,111	$17M	trimmed−10%	−0.77 pp	10 q
unresolvedMarket Vectors ETF Tr	2.22%	880,760	$17M	added+28%	+0.34 pp	8 q
AEMAgnico Eagle Mines Ltd.	2.13%	655,042	$17M	trimmed−4%	−0.06 pp	8 q
UNTUNIT Corporation	1.97%	1,360,128	$15M	added×3.5	+0.78 pp	10 q
unresolvedComstock Mining Inc.	1.85%	23,654,116	$14M	added+18%	+0.52 pp	10 q
unresolvedColfax Corp	1.84%	478,755	$14M	trimmed−4%	−0.78 pp	4 q
EMREmerson Electric Co.	1.68%	296,369	$13M	added+94%	+0.72 pp	10 q
9990302DApache Corp	1.65%	327,032	$13M	added+9%	−0.30 pp	10 q
SEASeabridge Gold, Inc.	1.62%	2,173,808	$13M	added+22%	+0.39 pp	8 q
YRIYamana Gold Inc	1.60%	7,334,556	$12M	added×2.3	+0.54 pp	8 q
ORNOrion Group Holdings, Inc	1.51%	1,971,252	$12M	trimmed−4%	−0.17 pp	10 q
HALHalliburton Company	1.39%	306,501	$11M	trimmed−5%	−0.19 pp	10 q
unresolvedMaxwell Technologies Inc	1.39%	1,991,620	$11M	trimmed−5%	−0.04 pp	10 q
PICOPICO Holdings, Inc. (DE)	1.38%	1,113,000	$11M	added+71%	+0.29 pp	8 q
unresolvedEnsco PLC	1.24%	687,762	$10M	trimmed−17%	−0.86 pp	6 q
POWLPowell Industries Inc	1.14%	295,111	$9M	added+3%	0.00 pp	10 q
EWHiShares MSCI Hong Kong ETF	1.07%	437,449	$8M	new	+1.07 pp	new
unresolvedDynamic Materials Corporation	0.91%	738,871	$7M	added+6%	+0.04 pp	10 q
unresolvedEldorado Gold (C$)	0.77%	1,865,027	$6M	trimmed−4%	−0.14 pp	7 q
ACNTAscent Industries Co.	0.70%	602,729	$5M	trimmed−7%	−0.30 pp	10 q
GLDDGreat Lakes Dredge & Dock Corporation	0.64%	993,994	$5M	trimmed−27%	−0.28 pp	9 q
KOCoca-Cola Company	0.60%	116,590	$5M	trimmed−5%	+0.06 pp	5 q
BVNCompania de Minas Buenaventura S.A.	0.49%	643,315	$4M	trimmed−37%	−0.72 pp	8 q
INTGIntergroup Corporation (The)	0.46%	128,842	$4M	added+1%	+0.18 pp	6 q
KGCKinross Gold Corporation	0.31%	1,415,386	$2M	trimmed−9%	−0.10 pp	8 q
ASAASA Gold And Precious Metals Limited	0.28%	282,805	$2M	trimmed−6%	−0.05 pp	8 q
WTMWhite Mountains Insurance Group Ltd.	0.28%	2,879	$2M	trimmed−78%	−0.71 pp	6 q
unresolvedKey Energy Svcs Inc	0.25%	4,067,454	$2M	added+13%	−0.48 pp	10 q
RDIReading International, Inc Class A	0.23%	140,545	$2M	added+53%	+0.09 pp	10 q
KREState Street SPDR S&P Regional Banking ETF	0.19%	36,000	$1M	held	—	3 q
CJCDChase Corp	0.13%	26,050	$1M	added+1%	+0.01 pp	4 q
PESPioneer Energy Services Corp.	0.13%	482,051	$1M	added×6.7	+0.08 pp	4 q
AKGGaliano Gold Inc.	0.11%	573,710	$843,000	trimmed−40%	−0.07 pp	7 q
CLDCloud Peak Energy Inc	0.11%	319,005	$839,000	trimmed−41%	−0.17 pp	4 q
DONDiamond Offshore Drilling	0.11%	48,978	$847,000	trimmed−95%	−2.50 pp	7 q
SSUPSuperior Industries Intl	0.11%	46,095	$861,000	trimmed−1%	+0.01 pp	2 q
UANCVR Partners, LP	0.10%	79,316	$742,000	added+50%	+0.02 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.10%	30,981	$813,000	trimmed−27%	−0.03 pp	10 q
BRCBrady Corporation	0.09%	33,848	$665,000	trimmed−5%	−0.01 pp	3 q
LDLLydall, Inc.	0.09%	24,440	$696,000	trimmed−4%	+0.01 pp	2 q
RELYReal Industry Inc	0.09%	79,254	$699,000	trimmed−60%	−0.16 pp	2 q
AIMCAltra Industrial Motion Corp.	0.08%	27,450	$635,000	added×2.5	+0.05 pp	2 q
18614USDGoldcorp Inc	0.07%	41,658	$522,000	added+16%	0.00 pp	4 q
PTENPatterson-UTI Energy Inc	0.07%	40,125	$527,000	new	+0.07 pp	new
TTENTotalenergies SE -spon ADR	0.07%	12,401	$554,000	trimmed−80%	−0.27 pp	10 q
BTGB2Gold Corp.	0.06%	426,800	$448,000	trimmed−34%	−0.05 pp	4 q
LLoews Corporation	0.06%	13,417	$485,000	trimmed−95%	−1.18 pp	6 q
ONBOld National Bancorp	0.06%	32,091	$447,000	trimmed−62%	−0.08 pp	10 q
AVDAmerican Vanguard Corporation	0.05%	36,018	$416,000	trimmed−28%	−0.03 pp	4 q
AXPAmerican Express Company	0.04%	3,775	$280,000	held	—	10 q
CRRCarbo Ceramics Inc.	0.04%	16,875	$320,000	trimmed−9%	−0.05 pp	3 q
IBMInternational Business Machines Corporation	0.04%	2,185	$317,000	new	+0.04 pp	new
OIHVanEck Oil Services ETF	0.04%	10,625	$292,000	trimmed−34%	−0.02 pp	4 q
unresolvedStone Energy Corp	0.04%	62,740	$311,000	trimmed−8%	−0.06 pp	4 q
TRMKTrustmark Corp	0.04%	12,435	$288,000	trimmed−62%	−0.05 pp	4 q
ASCArdmore Shipping Corporation	0.04%	25,400	$307,000	trimmed−74%	−0.10 pp	4 q
BBGBill Barrett Corp	0.03%	64,305	$212,000	trimmed−5%	−0.04 pp	3 q
PFIEProfire Energy, Inc	0.02%	151,300	$145,000	trimmed−2%	0.00 pp	2 q
unresolvedBanro Corp	0.01%	655,540	$108,000	held	—	8 q
unresolvedCui Global Inc	0.01%	16,425	$85,000	held	—	8 q
unresolvedUCP Inc. - Class A	0.01%	10,090	$68,000	trimmed−83%	−0.04 pp	9 q
unresolvedXplore Technologies Corp	0.01%	17,700	$94,000	trimmed−12%	0.00 pp	2 q
unresolvedFusion Telecomm Intl Inc	0.00%	16,611	$31,000	trimmed−71%	−0.01 pp	2 q
unresolvedInventergy Global Inc	0.00%	21,000	$8,000	held	—	2 q
unresolvedMcewen Mng Inc	0.00%	15,000	$13,000	trimmed−62%	0.00 pp	5 q
unresolvedTimmins Gold Corp.	0.00%	15,000	$4,000	trimmed−90%	−0.01 pp	7 q
unresolvedPacific Drilling S.A.	0.00%	14,000	$17,000	held	—	7 q
POSTPost Holdings, Inc.	—	−256,355	—	exited	−1.57 pp	—
NXSTNexstar Media Group, Inc.	—	−137,713	—	exited	−0.87 pp	—
unresolvedTidewater Inc	—	−327,779	—	exited	−0.84 pp	—
EXCExelon Corporation	—	−25,706	—	exited	−0.09 pp	—
HWCCHouston Wire & Cable Co	—	−77,182	—	exited	−0.09 pp	—
MLABMesa Laboratories Inc	—	−5,858	—	exited	−0.06 pp	—
unresolvedE M C Corp Mass	—	−12,316	—	exited	−0.04 pp	—
HNRGHallador Energy Company	—	−40,424	—	exited	−0.04 pp	—
TAT&T Inc.	—	−8,279	—	exited	−0.03 pp	—
WIREEncore Wire Corp	—	−5,334	—	exited	−0.03 pp	—
XOMExxon Mobil Corp	—	−3,571	—	exited	−0.03 pp	—
GLWCorning Incorporated	—	−10,935	—	exited	−0.02 pp	—
RLGTRadiant Logistics, Inc.	—	−15,000	—	exited	−0.01 pp	—
HLHecla Mining Company	—	−10,040	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 24 unresolved
Accession: 0001398344-15-007674
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search