Century Management

Q3 2016 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2016
Filed: Nov 10, 2016
US stock: $811M · prev $778M
Positions: 82 · prev 82
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%

Moves65 since the prior filing

+0.9 pp in · −0.9 pp out

New 1 +0.95 pp
Added 11 −0.05 pp
Trimmed 52 −0.88 pp
Exited 1 −0.05 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.6% a year, about 10.4 years per position

Low
Moderate
High

Top 5 positions25% of US stock

ATI ATI Inc. trimmed+1.40 pp trimmed+1.405.5%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.33 pp trimmed−0.335.0%
DISCK Discovery Inc-c trimmed+0.17 pp trimmed+0.174.8%
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF trimmed+0.20 pp trimmed+0.204.8%
GDXJ VanEck Junior Gold Miners ETF trimmed−0.10 pp trimmed−0.104.7%

Positions82 in this filing · 1 exited


ATIATI Inc.	5.51%	2,473,320	$45M	trimmed−2%	+1.40 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	5.02%	281,910	$41M	trimmed−2%	−0.33 pp	14 q
DISCKDiscovery Inc-c	4.81%	1,483,396	$39M	trimmed−2%	+0.17 pp	8 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	4.79%	1,010,599	$39M	trimmed−2%	+0.20 pp	7 q
GDXJVanEck Junior Gold Miners ETF	4.71%	862,607	$38M	trimmed−2%	−0.10 pp	2 q
ESGREnstar Group Ltd	4.45%	219,326	$36M	added+5%	+0.12 pp	10 q
unresolvedColfax Corp	4.21%	1,086,880	$34M	trimmed−1%	+0.46 pp	8 q
GMGeneral Motors Company	4.06%	1,035,420	$33M	trimmed−2%	+0.23 pp	6 q
UNTUNIT Corporation	3.84%	1,672,142	$31M	trimmed−1%	+0.45 pp	14 q
WFCWells Fargo & Co.	3.54%	647,330	$29M	trimmed−1%	−0.43 pp	14 q
SEASeabridge Gold, Inc.	3.06%	2,250,554	$25M	trimmed−1%	−1.25 pp	12 q
unresolvedAtwood Oceanics Inc	2.54%	2,367,206	$21M	added+45%	−0.09 pp	10 q
unresolvedLayne Christensen Co	2.46%	2,346,402	$20M	trimmed−1%	−0.01 pp	14 q
USBU.S. Bancorp	2.46%	464,756	$20M	trimmed−14%	−0.33 pp	14 q
9990302DApache Corp	2.44%	309,331	$20M	trimmed−2%	+0.19 pp	14 q
GDXVanEck Gold Miners ETF	2.05%	628,496	$17M	trimmed−2%	−0.23 pp	2 q
PICOPICO Holdings, Inc. (DE)	2.03%	1,394,555	$16M	trimmed−2%	+0.31 pp	12 q
IBMInternational Business Machines Corporation	1.84%	93,939	$15M	trimmed−2%	−0.03 pp	5 q
unresolvedAvid Technology Inc	1.76%	1,794,572	$14M	trimmed−32%	−0.22 pp	8 q
MCKMcKesson Corporation	1.74%	84,790	$14M	trimmed−1%	−0.32 pp	3 q
ERABristow Group Inc.	1.67%	1,685,359	$14M	added+3%	−0.30 pp	14 q
unresolvedDynamic Materials Corporation	1.66%	1,265,021	$13M	added+10%	+0.07 pp	14 q
LSXMKLiberty Media Cor-siriusxm C	1.65%	400,081	$13M	trimmed−3%	+0.02 pp	2 q
EMREmerson Electric Co.	1.57%	233,063	$13M	trimmed−2%	−0.03 pp	14 q
ORNOrion Group Holdings, Inc	1.52%	1,802,531	$12M	trimmed−6%	+0.22 pp	14 q
HALHalliburton Company	1.49%	268,916	$12M	trimmed−2%	−0.11 pp	14 q
unresolvedComstock Mining Inc.	1.46%	32,081,540	$12M	added+4%	+0.08 pp	14 q
AEMAgnico Eagle Mines Ltd.	1.41%	211,560	$11M	trimmed−13%	−0.27 pp	12 q
DVNDevon Energy Corporation	1.38%	253,318	$11M	trimmed−1%	+0.18 pp	3 q
unresolvedEnsco PLC	1.22%	1,165,250	$10M	trimmed−1%	−0.25 pp	10 q
POWLPowell Industries Inc	1.19%	240,435	$10M	trimmed−13%	−0.20 pp	14 q
unresolvedMaxwell Technologies Inc	1.14%	1,789,256	$9M	trimmed−2%	−0.10 pp	14 q
unresolvedExpress Scripts Hldg Co	1.10%	125,914	$9M	trimmed−2%	−0.15 pp	2 q
EWHiShares MSCI Hong Kong ETF	1.08%	396,567	$9M	trimmed−2%	+0.06 pp	5 q
CORCencora, Inc.	1.04%	104,868	$8M	trimmed−2%	−0.05 pp	2 q
SLBSLB Limited	1.02%	104,893	$8M	trimmed−2%	−0.06 pp	2 q
BFHBread Financial Holdings, Inc.	1.01%	38,125	$8M	trimmed−2%	+0.03 pp	3 q
unresolvedManitowoc Inc	0.95%	1,609,075	$8M	new	+0.95 pp	new
CAHCardinal Health, Inc.	0.93%	96,600	$8M	trimmed−2%	−0.06 pp	2 q
PESPioneer Energy Services Corp.	0.88%	1,760,176	$7M	added+13%	−0.04 pp	8 q
DVADaVita Inc.	0.81%	99,368	$7M	trimmed−4%	−0.22 pp	7 q
DWSNDawson Geophysical Company New	0.73%	779,996	$6M	trimmed−0%	−0.09 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.72%	206,295	$6M	trimmed−27%	+0.03 pp	2 q
ACNTAscent Industries Co.	0.72%	615,892	$6M	added+4%	+0.13 pp	14 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.69%	321,213	$6M	trimmed−2%	+0.07 pp	2 q
INTGIntergroup Corporation (The)	0.45%	150,457	$4M	added+1%	−0.04 pp	10 q
RDIReading International, Inc Class A	0.31%	187,878	$3M	added+1%	+0.01 pp	14 q
SSUPSuperior Industries Intl	0.26%	72,010	$2M	held	—	6 q
CLDCloud Peak Energy Inc	0.22%	333,705	$2M	trimmed−0%	+0.13 pp	8 q
PTENPatterson-UTI Energy Inc	0.20%	72,630	$2M	held	—	5 q
AIMCAltra Industrial Motion Corp.	0.14%	39,155	$1M	held	—	6 q
BRCBrady Corporation	0.14%	33,848	$1M	held	—	7 q
18614USDGoldcorp Inc	0.14%	67,427	$1M	trimmed−1%	−0.03 pp	8 q
NPKINPK International Inc.	0.14%	148,750	$1M	held	—	3 q
unresolvedCui Global Inc	0.13%	180,285	$1M	held	—	12 q
LDLLydall, Inc.	0.13%	20,700	$1M	trimmed−0%	+0.03 pp	6 q
PHIIKPHI, Inc. Non-Voting	0.12%	53,893	$979,000	trimmed−7%	−0.01 pp	2 q
HCCIHeritage-Crystal Clean, Inc.	0.11%	64,755	$860,000	held	—	3 q
CSCOCisco Systems, Inc. (DE)	0.10%	25,865	$820,000	trimmed−7%	0.00 pp	14 q
unresolvedEsterline Technologies Corp	0.09%	10,051	$764,000	held	—	3 q
ASCArdmore Shipping Corporation	0.09%	101,095	$712,000	added+47%	+0.03 pp	8 q
DONDiamond Offshore Drilling	0.08%	36,217	$638,000	trimmed−2%	−0.04 pp	11 q
AXTAAxalta Coating Systems Ltd.	0.08%	21,910	$619,000	held	—	3 q
MKLMarkel Group Inc.	0.07%	602	$559,000	trimmed−4%	−0.01 pp	11 q
unresolvedSecond Sight Med Prods Inc	0.07%	165,900	$584,000	trimmed−1%	−0.01 pp	3 q
UANCVR Partners, LP	0.06%	99,316	$526,000	held	—	7 q
RELYReal Industry Inc	0.06%	78,387	$480,000	held	—	6 q
TTENTotalenergies SE -spon ADR	0.06%	9,903	$472,000	trimmed−4%	0.00 pp	14 q
AKGGaliano Gold Inc.	0.05%	100,000	$420,000	held	—	11 q
BBGBill Barrett Corp	0.05%	65,605	$365,000	held	—	7 q
unresolvedRandgold Res Ltd	0.05%	4,444	$445,000	trimmed−4%	−0.02 pp	11 q
CCJCameco Corporation	0.04%	40,011	$342,000	added+1%	−0.02 pp	2 q
LLoews Corporation	0.04%	7,058	$290,000	trimmed−8%	0.00 pp	10 q
AXPAmerican Express Company	0.03%	3,750	$240,000	held	—	14 q
DNRDenbury Resources, Inc.	0.03%	76,975	$249,000	trimmed−1%	−0.01 pp	3 q
XOMExxon Mobil Corp	0.03%	2,484	$217,000	held	—	4 q
PFIEProfire Energy, Inc	0.03%	192,601	$239,000	held	—	6 q
unresolvedKey Energy Svcs Inc	0.02%	3,462,303	$144,000	trimmed−1%	−0.08 pp	14 q
unresolvedStone Energy Corp	0.02%	10,988	$131,000	held	—	2 q
YRIYamana Gold Inc	0.02%	29,315	$126,000	trimmed−31%	−0.01 pp	12 q
BTGB2Gold Corp.	0.01%	15,800	$42,000	held	—	8 q
unresolvedBanro Corp	0.00%	50,000	$16,000	trimmed−15%	0.00 pp	12 q
WTMWhite Mountains Insurance Group Ltd.	—	−500	—	exited	−0.05 pp	—