Century Management

Q4 2016 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2016
Filed: Feb 9, 2017
US stock: $843M · prev $811M
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%

Moves75 since the prior filing

+12.1 pp in · −12.3 pp out

New 11 +8.42 pp
Added 21 +3.64 pp
Trimmed 32 −0.23 pp
Exited 11 −12.07 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.29 pp trimmed+0.295.3%
UNT UNIT Corporation trimmed+1.34 pp trimmed+1.345.2%
ATI ATI Inc. added−0.59 pp added−0.594.9%
XOP State Street SPDR S&P Oil & Gas Exploration & Production ETF trimmed+0.04 pp trimmed+0.044.8%
DISCK Discovery Inc-c added−0.07 pp added−0.074.7%

Positions82 in this filing · 11 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.31%	274,558	$45M	trimmed−3%	+0.29 pp	15 q
UNTUNIT Corporation	5.18%	1,624,589	$44M	trimmed−3%	+1.34 pp	15 q
ATIATI Inc.	4.92%	2,603,616	$41M	added+5%	−0.59 pp	7 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	4.83%	983,420	$41M	trimmed−3%	+0.04 pp	8 q
DISCKDiscovery Inc-c	4.74%	1,492,465	$40M	added+1%	−0.07 pp	9 q
unresolvedColfax Corp	4.60%	1,079,277	$39M	trimmed−1%	+0.39 pp	9 q
unresolvedAtwood Oceanics Inc	4.11%	2,640,107	$35M	added+12%	+1.57 pp	11 q
WFCWells Fargo & Co.	4.11%	628,705	$35M	trimmed−3%	+0.57 pp	15 q
ESGREnstar Group Ltd	3.76%	160,160	$32M	trimmed−27%	−0.69 pp	11 q
ERABristow Group Inc.	3.28%	1,630,820	$28M	trimmed−3%	+1.61 pp	15 q
GDXJVanEck Junior Gold Miners ETF	3.13%	836,160	$26M	trimmed−3%	−1.58 pp	3 q
unresolvedLayne Christensen Co	2.96%	2,291,067	$25M	trimmed−2%	+0.50 pp	15 q
BOOMDMC Global Inc.	2.55%	1,355,762	$21M	new	+2.55 pp	new
9990302DApache Corp	2.53%	336,237	$21M	added+9%	+0.09 pp	15 q
PICOPICO Holdings, Inc. (DE)	2.43%	1,354,080	$21M	trimmed−3%	+0.40 pp	13 q
CERNCerner Corp	2.22%	394,505	$19M	new	+2.22 pp	new
SEASeabridge Gold, Inc.	2.12%	2,193,072	$18M	trimmed−3%	−0.94 pp	13 q
ORNOrion Group Holdings, Inc	1.88%	1,591,105	$16M	trimmed−12%	+0.36 pp	15 q
IBMInternational Business Machines Corporation	1.80%	91,338	$15M	trimmed−3%	−0.04 pp	6 q
HALHalliburton Company	1.68%	262,085	$14M	trimmed−3%	+0.19 pp	15 q
PESPioneer Energy Services Corp.	1.64%	2,011,291	$14M	added+14%	+0.76 pp	9 q
GDXVanEck Gold Miners ETF	1.64%	661,105	$14M	added+5%	−0.41 pp	3 q
unresolvedEnsco PLC	1.62%	1,405,189	$14M	added+21%	+0.40 pp	11 q
LSXMKLiberty Media Cor-siriusxm C	1.56%	387,820	$13M	trimmed−3%	−0.09 pp	3 q
EMREmerson Electric Co.	1.49%	225,706	$13M	trimmed−3%	−0.08 pp	15 q
DVNDevon Energy Corporation	1.47%	270,489	$12M	added+7%	+0.09 pp	4 q
MCKMcKesson Corporation	1.38%	82,958	$12M	trimmed−2%	−0.36 pp	4 q
SLBSLB Limited	1.29%	129,292	$11M	added+23%	+0.27 pp	3 q
CORCencora, Inc.	1.25%	134,837	$11M	added+29%	+0.21 pp	3 q
EWHiShares MSCI Hong Kong ETF	1.20%	518,519	$10M	added+31%	+0.12 pp	6 q
OXYOccidental Petroleum Corporation	1.20%	142,070	$10M	new	+1.20 pp	new
unresolvedManitowoc Inc	1.11%	1,568,333	$9M	trimmed−3%	+0.16 pp	2 q
unresolvedMaxwell Technologies Inc	1.05%	1,735,951	$9M	trimmed−3%	−0.09 pp	15 q
ATKRAtkore Inc.	1.04%	366,075	$9M	new	+1.04 pp	new
AEMAgnico Eagle Mines Ltd.	1.02%	205,232	$9M	trimmed−3%	−0.39 pp	13 q
CAHCardinal Health, Inc.	0.99%	115,802	$8M	added+20%	+0.06 pp	3 q
unresolvedComstock Mining Inc.	0.99%	31,584,470	$8M	trimmed−2%	−0.47 pp	15 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.90%	369,027	$8M	added+15%	+0.21 pp	3 q
ACNTAscent Industries Co.	0.83%	634,968	$7M	added+3%	+0.11 pp	15 q
CVSCvs Health Corporation	0.81%	86,945	$7M	new	+0.81 pp	new
DWSNDawson Geophysical Company New	0.74%	779,996	$6M	held	—	4 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.74%	197,849	$6M	trimmed−4%	+0.02 pp	3 q
POWLPowell Industries Inc	0.61%	132,157	$5M	trimmed−45%	−0.58 pp	15 q
BFHBread Financial Holdings, Inc.	0.52%	19,233	$4M	trimmed−50%	−0.49 pp	4 q
DONDiamond Offshore Drilling	0.51%	244,697	$4M	added×6.8	+0.43 pp	12 q
INTGIntergroup Corporation (The)	0.48%	150,457	$4M	held	—	11 q
RDIReading International, Inc Class A	0.37%	187,628	$3M	trimmed−0%	+0.06 pp	15 q
MURMurphy Oil Corp.	0.32%	87,380	$3M	new	+0.32 pp	new
PHIIKPHI, Inc. Non-Voting	0.31%	146,436	$3M	added×2.7	+0.19 pp	3 q
ASCArdmore Shipping Corporation	0.31%	352,453	$3M	added×3.5	+0.22 pp	9 q
PTENPatterson-UTI Energy Inc	0.23%	72,630	$2M	held	—	6 q
AIMCAltra Industrial Motion Corp.	0.17%	39,155	$1M	held	—	7 q
BRCBrady Corporation	0.15%	33,848	$1M	held	—	8 q
unresolvedCui Global Inc	0.15%	180,285	$1M	held	—	13 q
CLDCloud Peak Energy Inc	0.15%	231,490	$1M	trimmed−31%	−0.07 pp	9 q
LDLLydall, Inc.	0.15%	20,600	$1M	trimmed−0%	+0.02 pp	7 q
NPKINPK International Inc.	0.13%	148,750	$1M	held	—	4 q
HCCIHeritage-Crystal Clean, Inc.	0.12%	64,755	$1M	held	—	4 q
unresolvedEsterline Technologies Corp	0.11%	10,051	$897,000	held	—	4 q
CSCOCisco Systems, Inc. (DE)	0.09%	25,865	$782,000	held	—	15 q
MKLMarkel Group Inc.	0.08%	725	$656,000	added+20%	+0.01 pp	12 q
TRSTrimas Corporation	0.08%	30,000	$705,000	new	+0.08 pp	new
KEGKey Energy Services, Inc.	0.07%	17,356	$555,000	new	+0.07 pp	new
SSUPSuperior Industries Intl	0.07%	21,010	$554,000	trimmed−71%	−0.19 pp	7 q
RELYReal Industry Inc	0.06%	78,387	$478,000	held	—	7 q
TTENTotalenergies SE -spon ADR	0.06%	9,903	$505,000	held	—	15 q
BBGBill Barrett Corp	0.05%	65,605	$459,000	held	—	8 q
CCJCameco Corporation	0.05%	41,996	$440,000	added+5%	+0.01 pp	3 q
18614USDGoldcorp Inc	0.05%	32,927	$448,000	trimmed−51%	−0.09 pp	9 q
INOVInovalon Holdings Inc - A	0.05%	39,893	$411,000	new	+0.05 pp	new
AKGGaliano Gold Inc.	0.04%	100,000	$306,000	held	—	12 q
PLOWDouglas Dynamics, Inc.	0.04%	10,000	$336,000	new	+0.04 pp	new
unresolvedRandgold Res Ltd	0.04%	4,544	$347,000	added+2%	−0.01 pp	12 q
unresolvedSecond Sight Med Prods Inc	0.04%	191,577	$377,000	added+15%	−0.03 pp	4 q
MMYTMakeMyTrip Limited	0.04%	15,315	$340,000	new	+0.04 pp	new
AXPAmerican Express Company	0.03%	3,750	$278,000	held	—	15 q
DNRDenbury Resources, Inc.	0.03%	76,975	$283,000	held	—	4 q
PFIEProfire Energy, Inc	0.03%	192,601	$266,000	held	—	7 q
XOMExxon Mobil Corp	0.02%	2,319	$209,000	trimmed−7%	−0.01 pp	5 q
YRIYamana Gold Inc	0.01%	21,960	$62,000	trimmed−25%	−0.01 pp	13 q
unresolvedBanro Corp	0.00%	50,000	$9,000	held	—	13 q
BTGB2Gold Corp.	0.00%	13,550	$32,000	trimmed−14%	−0.01 pp	9 q
GMGeneral Motors Company	—	−1,035,420	—	exited	−4.06 pp	—
USBU.S. Bancorp	—	−464,756	—	exited	−2.46 pp	—
unresolvedAvid Technology Inc	—	−1,794,572	—	exited	−1.76 pp	—
unresolvedDynamic Materials Corporation	—	−1,265,021	—	exited	−1.66 pp	—
unresolvedExpress Scripts Hldg Co	—	−125,914	—	exited	−1.10 pp	—
DVADaVita Inc.	—	−99,368	—	exited	−0.81 pp	—
AXTAAxalta Coating Systems Ltd.	—	−21,910	—	exited	−0.08 pp	—
UANCVR Partners, LP	—	−99,316	—	exited	−0.06 pp	—
LLoews Corporation	—	−7,058	—	exited	−0.04 pp	—
unresolvedKey Energy Svcs Inc	—	−3,462,303	—	exited	−0.02 pp	—
unresolvedStone Energy Corp	—	−10,988	—	exited	−0.02 pp	—