Century Management

Q1 2017 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2017
Filed: May 9, 2017
US stock: $878M · prev $843M
Positions: 83 · 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%

Moves66 since the prior filing

+5.4 pp in · −4.9 pp out

New 3 +1.45 pp
Added 22 +3.95 pp
Trimmed 39 −4.84 pp
Exited 2 −0.07 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.1% a year, about 12.4 years per position

Low
Moderate
High

Top 5 positions24% of US stock

ATI ATI Inc. trimmed+0.29 pp trimmed+0.295.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.26 pp trimmed−0.265.0%
DISCK Discovery Inc-c trimmed−0.03 pp trimmed−0.034.7%
unresolved Colfax Corp trimmed+0.09 pp trimmed+0.094.7%
UNT UNIT Corporation trimmed−0.80 pp trimmed−0.804.4%

Positions83 in this filing · 2 exited


ATIATI Inc.	5.21%	2,545,239	$46M	trimmed−2%	+0.29 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	5.05%	266,088	$44M	trimmed−3%	−0.26 pp	16 q
DISCKDiscovery Inc-c	4.71%	1,461,471	$41M	trimmed−2%	−0.03 pp	10 q
unresolvedColfax Corp	4.69%	1,049,471	$41M	trimmed−3%	+0.09 pp	10 q
UNTUNIT Corporation	4.38%	1,592,063	$38M	trimmed−2%	−0.80 pp	16 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	4.07%	953,562	$36M	trimmed−3%	−0.76 pp	9 q
WFCWells Fargo & Co.	3.86%	609,153	$34M	trimmed−3%	−0.25 pp	16 q
unresolvedAtwood Oceanics Inc	3.49%	3,211,890	$31M	added+22%	−0.62 pp	12 q
ESGREnstar Group Ltd	3.37%	154,634	$30M	trimmed−3%	−0.39 pp	12 q
GDXJVanEck Junior Gold Miners ETF	3.33%	812,140	$29M	trimmed−3%	+0.20 pp	4 q
SEASeabridge Gold, Inc.	2.67%	2,132,917	$23M	trimmed−3%	+0.55 pp	14 q
CERNCerner Corp	2.59%	386,166	$23M	trimmed−2%	+0.37 pp	2 q
ERABristow Group Inc.	2.42%	1,603,168	$21M	trimmed−2%	−0.86 pp	16 q
9990302DApache Corp	2.32%	396,699	$20M	added+18%	−0.21 pp	16 q
unresolvedLayne Christensen Co	2.26%	2,240,474	$20M	trimmed−2%	−0.70 pp	16 q
PICOPICO Holdings, Inc. (DE)	2.10%	1,316,850	$18M	trimmed−3%	−0.33 pp	14 q
OXYOccidental Petroleum Corporation	2.09%	290,137	$18M	added×2.0	+0.89 pp	2 q
LSXMKLiberty Media Cor-siriusxm C	1.92%	435,222	$17M	added+12%	+0.36 pp	4 q
BOOMDMC Global Inc.	1.88%	1,329,375	$16M	trimmed−2%	−0.67 pp	2 q
PESPioneer Energy Services Corp.	1.87%	4,105,301	$16M	added×2.0	+0.23 pp	10 q
ATKRAtkore Inc.	1.83%	612,725	$16M	added+67%	+0.79 pp	2 q
GDXVanEck Gold Miners ETF	1.80%	691,439	$16M	added+5%	+0.16 pp	4 q
IBMInternational Business Machines Corporation	1.75%	88,077	$15M	trimmed−4%	−0.05 pp	7 q
unresolvedEnsco PLC	1.71%	1,679,006	$15M	added+19%	+0.09 pp	12 q
DVNDevon Energy Corporation	1.64%	345,694	$14M	added+28%	+0.17 pp	5 q
MCKMcKesson Corporation	1.64%	97,378	$14M	added+17%	+0.26 pp	5 q
EMREmerson Electric Co.	1.48%	217,726	$13M	trimmed−4%	−0.01 pp	16 q
HALHalliburton Company	1.43%	255,248	$13M	trimmed−3%	−0.25 pp	16 q
CORCencora, Inc.	1.33%	131,964	$12M	trimmed−2%	+0.08 pp	4 q
EWHiShares MSCI Hong Kong ETF	1.31%	516,455	$11M	trimmed−0%	+0.11 pp	7 q
ORNOrion Group Holdings, Inc	1.31%	1,536,100	$11M	trimmed−3%	−0.57 pp	16 q
SLBSLB Limited	1.28%	144,402	$11M	added+12%	−0.01 pp	4 q
unresolvedMaxwell Technologies Inc	1.27%	1,924,398	$11M	added+11%	+0.22 pp	16 q
CAHCardinal Health, Inc.	1.05%	113,282	$9M	trimmed−2%	+0.06 pp	4 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.03%	382,311	$9M	added+4%	+0.13 pp	4 q
NATNordic American Tanker	1.03%	1,110,260	$9M	new	+1.03 pp	new
unresolvedManitowoc Inc	0.99%	1,528,203	$9M	trimmed−3%	−0.12 pp	3 q
AEMAgnico Eagle Mines Ltd.	0.96%	198,600	$8M	trimmed−3%	−0.06 pp	14 q
PHIIKPHI, Inc. Non-Voting	0.95%	699,266	$8M	added×4.8	+0.64 pp	4 q
ACNTAscent Industries Co.	0.88%	634,239	$8M	trimmed−0%	+0.05 pp	16 q
ASCArdmore Shipping Corporation	0.81%	879,941	$7M	added×2.5	+0.50 pp	10 q
unresolvedComstock Mining Inc.	0.80%	31,215,848	$7M	trimmed−1%	−0.19 pp	16 q
CVSCvs Health Corporation	0.76%	85,322	$7M	trimmed−2%	−0.05 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.74%	189,871	$6M	trimmed−4%	0.00 pp	4 q
BFHBread Financial Holdings, Inc.	0.52%	18,388	$5M	trimmed−4%	0.00 pp	5 q
MURMurphy Oil Corp.	0.51%	157,500	$5M	added+80%	+0.19 pp	2 q
DWSNDawson Geophysical Company New	0.49%	779,996	$4M	held	—	5 q
DONDiamond Offshore Drilling	0.49%	259,457	$4M	added+6%	−0.02 pp	13 q
INTGIntergroup Corporation (The)	0.43%	150,457	$4M	held	—	12 q
POWLPowell Industries Inc	0.38%	96,872	$3M	trimmed−27%	−0.23 pp	16 q
RDIReading International, Inc Class A	0.33%	187,628	$3M	held	—	16 q
INOVInovalon Holdings Inc - A	0.24%	167,305	$2M	added×4.2	+0.19 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.21%	53,205	$2M	new	+0.21 pp	new
WAIRWESCO Aircraft Holdings Inc.	0.21%	163,310	$2M	new	+0.21 pp	new
PTENPatterson-UTI Energy Inc	0.20%	72,630	$2M	held	—	7 q
AIMCAltra Industrial Motion Corp.	0.17%	39,155	$2M	held	—	8 q
BRCBrady Corporation	0.15%	33,848	$1M	held	—	9 q
NPKINPK International Inc.	0.14%	148,750	$1M	held	—	5 q
LDLLydall, Inc.	0.13%	20,600	$1M	held	—	8 q
CLDCloud Peak Energy Inc	0.12%	231,490	$1M	held	—	10 q
unresolvedCui Global Inc	0.10%	178,365	$845,000	trimmed−1%	−0.05 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.10%	25,475	$861,000	trimmed−2%	+0.01 pp	16 q
unresolvedEsterline Technologies Corp	0.10%	10,051	$865,000	held	—	5 q
HCCIHeritage-Crystal Clean, Inc.	0.10%	64,755	$887,000	held	—	5 q
MKLMarkel Group Inc.	0.08%	714	$697,000	trimmed−2%	0.00 pp	13 q
TRSTrimas Corporation	0.07%	30,000	$622,000	held	—	2 q
PLOWDouglas Dynamics, Inc.	0.06%	16,235	$498,000	added+62%	+0.02 pp	2 q
SSUPSuperior Industries Intl	0.06%	21,010	$533,000	held	—	8 q
MMYTMakeMyTrip Limited	0.06%	15,305	$530,000	trimmed−0%	+0.02 pp	2 q
BBGBill Barrett Corp	0.05%	100,320	$456,000	added+53%	0.00 pp	9 q
18614USDGoldcorp Inc	0.05%	32,637	$476,000	trimmed−1%	0.00 pp	10 q
TTENTotalenergies SE -spon ADR	0.05%	9,533	$481,000	trimmed−4%	−0.01 pp	16 q
KEGKey Energy Services, Inc.	0.04%	17,024	$395,000	trimmed−2%	−0.03 pp	2 q
unresolvedRandgold Res Ltd	0.04%	4,429	$387,000	trimmed−3%	0.00 pp	13 q
RELYReal Industry Inc	0.04%	114,811	$327,000	added+46%	−0.02 pp	8 q
AXPAmerican Express Company	0.03%	3,750	$297,000	held	—	16 q
AKGGaliano Gold Inc.	0.03%	100,000	$261,000	held	—	13 q
PFIEProfire Energy, Inc	0.03%	192,601	$272,000	held	—	8 q
unresolvedSecond Sight Med Prods Inc	0.03%	243,679	$295,000	added+27%	−0.01 pp	5 q
DNRDenbury Resources, Inc.	0.02%	76,975	$199,000	held	—	5 q
YRIYamana Gold Inc	0.01%	19,139	$53,000	trimmed−13%	0.00 pp	14 q
unresolvedBanro Corp	0.00%	50,000	$6,000	held	—	14 q
BTGB2Gold Corp.	0.00%	13,550	$38,000	held	—	10 q
CCJCameco Corporation	—	−41,996	—	exited	−0.05 pp	—
XOMExxon Mobil Corp	—	−2,319	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 12 unresolved
Accession: 0001398344-17-006156
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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