Century Management

Q4 2015 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $733M · prev $778M
Positions: 78 · prev 84
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%

Moves76 since the prior filing

+4.2 pp in · −4.2 pp out

New 2 +0.63 pp
Added 23 +3.57 pp
Trimmed 43 −3.22 pp
Exited 8 −1.01 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.06 pp trimmed−0.065.6%
DISCK Discovery Inc-c trimmed−0.07 pp trimmed−0.075.6%
GM General Motors Company trimmed+0.65 pp trimmed+0.655.4%
unresolved Chicago Bridge & Iron Co N V trimmed−0.40 pp trimmed−0.405.0%
WFC Wells Fargo & Co. trimmed0.00 pp trimmed0.005.0%

Positions78 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.59%	310,267	$41M	trimmed−8%	−0.06 pp	11 q
DISCKDiscovery Inc-c	5.56%	1,614,924	$41M	trimmed−10%	−0.07 pp	5 q
GMGeneral Motors Company	5.38%	1,160,085	$39M	trimmed−5%	+0.65 pp	3 q
unresolvedChicago Bridge & Iron Co N V	5.01%	941,241	$37M	trimmed−11%	−0.40 pp	6 q
WFCWells Fargo & Co.	5.00%	673,824	$37M	trimmed−11%	0.00 pp	11 q
ESGREnstar Group Ltd	4.52%	220,711	$33M	trimmed−13%	−0.37 pp	7 q
MKLMarkel Group Inc.	3.66%	30,375	$27M	trimmed−32%	−0.95 pp	8 q
USBU.S. Bancorp	3.46%	593,730	$25M	trimmed−6%	+0.14 pp	11 q
unresolvedAvid Technology Inc	3.31%	3,328,921	$24M	added+12%	+0.28 pp	5 q
DVADaVita Inc.	3.23%	339,549	$24M	trimmed−6%	−0.14 pp	4 q
SEASeabridge Gold, Inc.	2.98%	2,633,826	$22M	added+21%	+1.36 pp	9 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	2.93%	711,382	$21M	trimmed−2%	−0.14 pp	4 q
JECJacobs Engineering Group	2.90%	507,060	$21M	trimmed−14%	+0.07 pp	11 q
UNTUNIT Corporation	2.88%	1,726,992	$21M	added+27%	+0.91 pp	11 q
unresolvedColfax Corp	2.49%	782,385	$18M	added+63%	+0.65 pp	5 q
unresolvedMarket Vectors ETF Tr	2.46%	940,182	$18M	added+7%	+0.24 pp	9 q
ATIATI Inc.	2.38%	1,550,726	$17M	added+1%	−0.42 pp	3 q
unresolvedRandgold Res Ltd	2.36%	279,764	$17M	trimmed−12%	−0.06 pp	8 q
unresolvedLiberty Media Corp Delaware	2.27%	437,027	$17M	trimmed−25%	−0.31 pp	5 q
AEMAgnico Eagle Mines Ltd.	2.25%	626,577	$16M	trimmed−4%	+0.12 pp	9 q
PICOPICO Holdings, Inc. (DE)	2.01%	1,424,634	$15M	added+28%	+0.63 pp	9 q
9990302DApache Corp	1.93%	317,831	$14M	trimmed−3%	+0.28 pp	11 q
EMREmerson Electric Co.	1.84%	282,217	$13M	trimmed−5%	+0.16 pp	11 q
unresolvedMaxwell Technologies Inc	1.83%	1,882,413	$13M	trimmed−5%	+0.44 pp	11 q
unresolvedLayne Christensen Co	1.79%	2,492,298	$13M	trimmed−9%	−0.49 pp	11 q
YRIYamana Gold Inc	1.78%	7,025,449	$13M	trimmed−4%	+0.18 pp	9 q
ERABristow Group Inc.	1.69%	1,108,194	$12M	trimmed−5%	−0.55 pp	11 q
unresolvedComstock Mining Inc.	1.65%	30,189,136	$12M	added+28%	−0.20 pp	11 q
unresolvedAtwood Oceanics Inc	1.64%	1,175,741	$12M	trimmed−2%	−0.64 pp	7 q
HALHalliburton Company	1.37%	295,835	$10M	trimmed−3%	−0.02 pp	11 q
unresolvedEnsco PLC	1.37%	650,426	$10M	trimmed−5%	+0.13 pp	7 q
EWHiShares MSCI Hong Kong ETF	1.15%	425,434	$8M	trimmed−3%	+0.08 pp	2 q
ORNOrion Group Holdings, Inc	1.13%	1,986,108	$8M	added+1%	−0.38 pp	11 q
POWLPowell Industries Inc	1.00%	280,571	$7M	trimmed−5%	−0.14 pp	11 q
unresolvedDynamic Materials Corporation	0.89%	928,604	$6M	added+26%	−0.02 pp	11 q
unresolvedMkt Vectors Gld Miners ETF	0.60%	319,765	$4M	new	+0.60 pp	new
ACNTAscent Industries Co.	0.50%	533,424	$4M	trimmed−12%	−0.20 pp	11 q
INTGIntergroup Corporation (The)	0.49%	139,457	$4M	added+8%	+0.03 pp	7 q
unresolvedEldorado Gold (C$)	0.46%	1,136,485	$3M	trimmed−39%	−0.31 pp	8 q
KOCoca-Cola Company	0.35%	59,705	$3M	trimmed−49%	−0.25 pp	6 q
KGCKinross Gold Corporation	0.34%	1,369,906	$2M	trimmed−3%	+0.03 pp	9 q
BVNCompania de Minas Buenaventura S.A.	0.29%	492,325	$2M	trimmed−23%	−0.20 pp	9 q
RDIReading International, Inc Class A	0.28%	157,670	$2M	added+12%	+0.05 pp	11 q
unresolvedKey Energy Svcs Inc	0.22%	3,296,708	$2M	trimmed−19%	−0.03 pp	11 q
PESPioneer Energy Services Corp.	0.19%	642,821	$1M	added+33%	+0.06 pp	5 q
18614USDGoldcorp Inc	0.17%	105,568	$1M	added×2.5	+0.10 pp	5 q
KREState Street SPDR S&P Regional Banking ETF	0.15%	27,000	$1M	trimmed−25%	−0.04 pp	4 q
SSUPSuperior Industries Intl	0.15%	61,095	$1M	added+33%	+0.04 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.15%	1,504	$1M	trimmed−48%	−0.13 pp	7 q
DONDiamond Offshore Drilling	0.14%	48,028	$1M	trimmed−2%	+0.03 pp	8 q
IBMInternational Business Machines Corporation	0.13%	6,957	$957,000	added×3.2	+0.09 pp	2 q
PTENPatterson-UTI Energy Inc	0.13%	65,495	$988,000	added+63%	+0.06 pp	2 q
LDLLydall, Inc.	0.12%	24,385	$865,000	trimmed−0%	+0.03 pp	3 q
AIMCAltra Industrial Motion Corp.	0.11%	32,445	$814,000	added+18%	+0.03 pp	3 q
AKGGaliano Gold Inc.	0.11%	573,710	$838,000	held	—	8 q
BRCBrady Corporation	0.11%	33,848	$778,000	held	—	4 q
UANCVR Partners, LP	0.11%	99,316	$796,000	added+25%	+0.01 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.11%	30,521	$829,000	trimmed−1%	+0.01 pp	11 q
CLDCloud Peak Energy Inc	0.10%	366,690	$763,000	added+15%	−0.01 pp	5 q
RELYReal Industry Inc	0.09%	79,254	$636,000	held	—	3 q
unresolvedCui Global Inc	0.07%	77,055	$542,000	added×4.7	+0.06 pp	9 q
LLoews Corporation	0.07%	13,241	$508,000	trimmed−1%	+0.01 pp	7 q
TTENTotalenergies SE -spon ADR	0.07%	11,983	$539,000	trimmed−3%	0.00 pp	11 q
BTGB2Gold Corp.	0.06%	426,800	$435,000	held	—	5 q
ONBOld National Bancorp	0.06%	32,091	$435,000	held	—	11 q
AXPAmerican Express Company	0.04%	3,750	$261,000	trimmed−1%	0.00 pp	11 q
AVDAmerican Vanguard Corporation	0.04%	22,138	$310,000	trimmed−39%	−0.01 pp	5 q
CRRCarbo Ceramics Inc.	0.04%	16,875	$290,000	held	—	4 q
CJCDChase Corp	0.04%	6,945	$283,000	trimmed−73%	−0.09 pp	5 q
unresolvedStone Energy Corp	0.04%	62,740	$269,000	held	—	5 q
ASCArdmore Shipping Corporation	0.04%	25,400	$323,000	held	—	5 q
BBGBill Barrett Corp	0.03%	64,305	$253,000	held	—	4 q
XOMExxon Mobil Corp	0.03%	2,614	$204,000	new	+0.03 pp	new
unresolvedBanro Corp	0.02%	652,000	$133,000	trimmed−1%	+0.01 pp	9 q
PFIEProfire Energy, Inc	0.02%	155,393	$154,000	added+3%	0.00 pp	3 q
unresolvedFusion Telecomm Intl Inc	0.01%	16,570	$54,000	trimmed−0%	+0.01 pp	3 q
unresolvedXplore Technologies Corp	0.01%	17,700	$91,000	held	—	3 q
unresolvedPacific Drilling S.A.	0.00%	25,000	$21,000	added+79%	0.00 pp	8 q
GLDDGreat Lakes Dredge & Dock Corporation	—	−993,994	—	exited	−0.64 pp	—
ASAASA Gold And Precious Metals Limited	—	−282,805	—	exited	−0.28 pp	—
OIHVanEck Oil Services ETF	—	−10,625	—	exited	−0.04 pp	—
TRMKTrustmark Corp	—	−12,435	—	exited	−0.04 pp	—
unresolvedUCP Inc. - Class A	—	−10,090	—	exited	−0.01 pp	—
unresolvedInventergy Global Inc	—	−21,000	—	exited	0.00 pp	—
unresolvedMcewen Mng Inc	—	−15,000	—	exited	0.00 pp	—
unresolvedTimmins Gold Corp.	—	−15,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 21 unresolved
Accession: 0001398344-16-009929
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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