Century Management

Q1 2016 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $760M · prev $733M
Positions: 80 · prev 78
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%

Moves82 since the prior filing

+13.5 pp in · −13.5 pp out

New 10 +4.34 pp
Added 27 +9.17 pp
Trimmed 37 −7.97 pp
Exited 8 −5.57 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.04 pp trimmed−0.045.5%
DISCK Discovery Inc-c trimmed−0.02 pp trimmed−0.025.5%
ATI ATI Inc. added+3.11 pp added+3.115.5%
GM General Motors Company trimmed−0.76 pp trimmed−0.764.6%
ESGR Enstar Group Ltd trimmed−0.04 pp trimmed−0.044.5%

Positions80 in this filing · 8 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.55%	296,923	$42M	trimmed−4%	−0.04 pp	12 q
DISCKDiscovery Inc-c	5.54%	1,558,939	$42M	trimmed−3%	−0.02 pp	6 q
ATIATI Inc.	5.49%	2,558,099	$42M	added+65%	+3.11 pp	4 q
GMGeneral Motors Company	4.62%	1,115,470	$35M	trimmed−4%	−0.76 pp	4 q
ESGREnstar Group Ltd	4.48%	209,256	$34M	trimmed−5%	−0.04 pp	8 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	4.18%	1,046,764	$32M	added+47%	+1.25 pp	5 q
unresolvedColfax Corp	4.17%	1,108,723	$32M	added+42%	+1.68 pp	6 q
WFCWells Fargo & Co.	4.09%	642,764	$31M	trimmed−5%	−0.91 pp	12 q
DVADaVita Inc.	4.08%	422,694	$31M	added+24%	+0.85 pp	5 q
SEASeabridge Gold, Inc.	3.44%	2,381,225	$26M	trimmed−10%	+0.46 pp	10 q
unresolvedMarket Vectors ETF Tr	3.34%	912,077	$25M	trimmed−3%	+0.88 pp	10 q
USBU.S. Bancorp	3.05%	569,804	$23M	trimmed−4%	−0.41 pp	12 q
JECJacobs Engineering Group	2.74%	478,129	$21M	trimmed−6%	−0.16 pp	12 q
YRIYamana Gold Inc	2.60%	6,493,613	$20M	trimmed−8%	+0.82 pp	10 q
unresolvedAvid Technology Inc	2.58%	2,903,716	$20M	trimmed−13%	−0.73 pp	6 q
AEMAgnico Eagle Mines Ltd.	2.47%	519,212	$19M	trimmed−17%	+0.22 pp	10 q
unresolvedLayne Christensen Co	2.29%	2,422,793	$17M	trimmed−3%	+0.50 pp	12 q
unresolvedLiberty Media Corp Delaware	2.11%	421,208	$16M	trimmed−4%	−0.16 pp	6 q
9990302DApache Corp	2.07%	321,711	$16M	added+1%	+0.14 pp	12 q
UNTUNIT Corporation	2.00%	1,727,362	$15M	added0%	−0.88 pp	12 q
IBMInternational Business Machines Corporation	1.95%	97,669	$15M	added×14.0	+1.82 pp	3 q
PICOPICO Holdings, Inc. (DE)	1.94%	1,442,350	$15M	added+1%	−0.07 pp	10 q
MCKMcKesson Corporation	1.81%	87,564	$14M	new	+1.81 pp	new
EMREmerson Electric Co.	1.77%	247,087	$13M	trimmed−12%	−0.07 pp	12 q
ERABristow Group Inc.	1.76%	1,421,500	$13M	added+28%	+0.07 pp	12 q
unresolvedMkt Vectors Gld Miners ETF	1.72%	653,081	$13M	added×2.0	+1.12 pp	2 q
unresolvedComstock Mining Inc.	1.52%	31,179,455	$12M	added+3%	−0.13 pp	12 q
unresolvedMaxwell Technologies Inc	1.43%	1,822,356	$11M	trimmed−3%	−0.40 pp	12 q
unresolvedAtwood Oceanics Inc	1.42%	1,178,601	$11M	added0%	−0.22 pp	8 q
ORNOrion Group Holdings, Inc	1.33%	1,952,378	$10M	trimmed−2%	+0.20 pp	12 q
HALHalliburton Company	1.32%	281,050	$10M	trimmed−5%	−0.05 pp	12 q
POWLPowell Industries Inc	1.10%	281,323	$8M	added0%	+0.10 pp	12 q
BFHBread Financial Holdings, Inc.	1.09%	37,737	$8M	new	+1.09 pp	new
EWHiShares MSCI Hong Kong ETF	1.08%	413,619	$8M	trimmed−3%	−0.07 pp	3 q
DVNDevon Energy Corporation	0.94%	261,440	$7M	new	+0.94 pp	new
unresolvedEnsco PLC	0.85%	624,419	$6M	trimmed−4%	−0.52 pp	8 q
unresolvedDynamic Materials Corporation	0.78%	916,799	$6M	trimmed−1%	−0.11 pp	12 q
ACNTAscent Industries Co.	0.54%	518,844	$4M	trimmed−3%	+0.04 pp	12 q
INTGIntergroup Corporation (The)	0.48%	145,397	$4M	added+4%	−0.01 pp	8 q
KOCoca-Cola Company	0.35%	57,260	$3M	trimmed−4%	0.00 pp	7 q
18614USDGoldcorp Inc	0.29%	133,853	$2M	added+27%	+0.12 pp	6 q
DWSNDawson Geophysical Company New	0.28%	463,596	$2M	new	+0.28 pp	new
RDIReading International, Inc Class A	0.28%	176,205	$2M	added+12%	0.00 pp	12 q
PESPioneer Energy Services Corp.	0.27%	941,911	$2M	added+47%	+0.08 pp	6 q
SSUPSuperior Industries Intl	0.21%	72,010	$2M	added+18%	+0.06 pp	4 q
unresolvedKey Energy Svcs Inc	0.17%	3,515,783	$1M	added+7%	−0.05 pp	12 q
PTENPatterson-UTI Energy Inc	0.17%	72,630	$1M	added+11%	+0.04 pp	3 q
WTMWhite Mountains Insurance Group Ltd.	0.16%	1,504	$1M	held	—	8 q
AIMCAltra Industrial Motion Corp.	0.14%	39,155	$1M	added+21%	+0.03 pp	4 q
BRCBrady Corporation	0.12%	33,848	$908,000	held	—	5 q
CSCOCisco Systems, Inc. (DE)	0.12%	31,281	$891,000	added+2%	+0.01 pp	12 q
DONDiamond Offshore Drilling	0.12%	42,022	$913,000	trimmed−13%	−0.02 pp	9 q
AKGGaliano Gold Inc.	0.11%	404,380	$861,000	trimmed−30%	0.00 pp	9 q
UANCVR Partners, LP	0.11%	99,316	$830,000	held	—	5 q
CLDCloud Peak Energy Inc	0.09%	339,020	$661,000	trimmed−8%	−0.01 pp	6 q
KGCKinross Gold Corporation	0.09%	203,740	$693,000	trimmed−85%	−0.25 pp	10 q
LDLLydall, Inc.	0.09%	20,755	$675,000	trimmed−15%	−0.03 pp	4 q
MKLMarkel Group Inc.	0.09%	808	$720,000	trimmed−97%	−3.57 pp	9 q
RELYReal Industry Inc	0.09%	78,637	$684,000	trimmed−1%	0.00 pp	4 q
unresolvedCui Global Inc	0.08%	77,055	$623,000	held	—	10 q
AXTAAxalta Coating Systems Ltd.	0.08%	21,910	$640,000	new	+0.08 pp	new
ASCArdmore Shipping Corporation	0.08%	68,545	$579,000	added×2.7	+0.04 pp	6 q
unresolvedRandgold Res Ltd	0.07%	5,705	$518,000	trimmed−98%	−2.29 pp	9 q
TTENTotalenergies SE -spon ADR	0.07%	11,483	$522,000	trimmed−4%	0.00 pp	12 q
BTGB2Gold Corp.	0.06%	255,800	$425,000	trimmed−40%	0.00 pp	6 q
CJCDChase Corp	0.06%	8,695	$457,000	added+25%	+0.02 pp	6 q
BBGBill Barrett Corp	0.05%	65,605	$408,000	added+2%	+0.02 pp	5 q
HCCIHeritage-Crystal Clean, Inc.	0.05%	40,500	$403,000	new	+0.05 pp	new
LLoews Corporation	0.05%	9,786	$374,000	trimmed−26%	−0.02 pp	8 q
AVDAmerican Vanguard Corporation	0.04%	18,538	$293,000	trimmed−16%	0.00 pp	6 q
AXPAmerican Express Company	0.03%	3,750	$230,000	held	—	12 q
unresolvedEsterline Technologies Corp	0.03%	4,101	$263,000	new	+0.03 pp	new
XOMExxon Mobil Corp	0.03%	2,484	$208,000	trimmed−5%	0.00 pp	2 q
NPKINPK International Inc.	0.03%	53,750	$232,000	new	+0.03 pp	new
unresolvedBanro Corp	0.02%	652,000	$166,000	held	—	10 q
DNRDenbury Resources, Inc.	0.02%	77,755	$173,000	new	+0.02 pp	new
PFIEProfire Energy, Inc	0.02%	192,601	$187,000	added+24%	0.00 pp	4 q
unresolvedEldorado Gold (C$)	0.01%	13,405	$42,000	trimmed−99%	−0.45 pp	9 q
unresolvedSecond Sight Med Prods Inc	0.01%	13,600	$66,000	new	+0.01 pp	new
unresolvedStone Energy Corp	0.01%	109,885	$87,000	added+75%	−0.03 pp	6 q
unresolvedChicago Bridge & Iron Co N V	—	−941,241	—	exited	−5.01 pp	—
BVNCompania de Minas Buenaventura S.A.	—	−492,325	—	exited	−0.29 pp	—
KREState Street SPDR S&P Regional Banking ETF	—	−27,000	—	exited	−0.15 pp	—
ONBOld National Bancorp	—	−32,091	—	exited	−0.06 pp	—
CRRCarbo Ceramics Inc.	—	−16,875	—	exited	−0.04 pp	—
unresolvedFusion Telecomm Intl Inc	—	−16,570	—	exited	−0.01 pp	—
unresolvedXplore Technologies Corp	—	−17,700	—	exited	−0.01 pp	—
unresolvedPacific Drilling S.A.	—	−25,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 19 unresolved
Accession: 0001398344-16-013414
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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