Century Management

Q2 2017 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2017
Filed: Aug 3, 2017
US stock: $811M · prev $878M
Positions: 80 · prev 83
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

+5.0 pp in · −5.0 pp out

New 2 +2.14 pp
Added 17 +2.84 pp
Trimmed 41 −2.77 pp
Exited 5 −2.18 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions24% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.33 pp trimmed+0.335.4%
ATI ATI Inc. trimmed−0.02 pp trimmed−0.025.2%
unresolved Colfax Corp trimmed+0.23 pp trimmed+0.234.9%
DISCK Discovery Inc-c added+0.15 pp added+0.154.9%
WFC Wells Fargo & Co. trimmed+0.21 pp trimmed+0.214.1%

Positions80 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	5.38%	257,494	$44M	trimmed−3%	+0.33 pp	17 q
ATIATI Inc.	5.19%	2,476,389	$42M	trimmed−3%	−0.02 pp	9 q
unresolvedColfax Corp	4.92%	1,014,191	$40M	trimmed−3%	+0.23 pp	11 q
DISCKDiscovery Inc-c	4.86%	1,563,536	$39M	added+7%	+0.15 pp	11 q
WFCWells Fargo & Co.	4.07%	596,025	$33M	trimmed−2%	+0.21 pp	17 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.62%	919,132	$29M	trimmed−4%	−0.45 pp	10 q
ESGREnstar Group Ltd	3.62%	147,789	$29M	trimmed−4%	+0.25 pp	13 q
UNTUNIT Corporation	3.58%	1,548,733	$29M	trimmed−3%	−0.80 pp	17 q
unresolvedAtwood Oceanics Inc	3.16%	3,141,330	$26M	trimmed−2%	−0.33 pp	13 q
CERNCerner Corp	3.10%	377,906	$25M	trimmed−2%	+0.51 pp	3 q
OXYOccidental Petroleum Corporation	2.82%	382,442	$23M	added+32%	+0.73 pp	3 q
SEASeabridge Gold, Inc.	2.74%	2,055,604	$22M	trimmed−4%	+0.07 pp	15 q
PICOPICO Holdings, Inc. (DE)	2.65%	1,229,945	$22M	trimmed−7%	+0.55 pp	15 q
unresolvedLayne Christensen Co	2.42%	2,228,521	$20M	trimmed−1%	+0.16 pp	17 q
SLBSLB Limited	2.34%	287,602	$19M	added+99%	+1.06 pp	5 q
9990302DApache Corp	2.33%	393,795	$19M	trimmed−1%	+0.01 pp	17 q
MCKMcKesson Corporation	2.13%	105,151	$17M	added+8%	+0.49 pp	6 q
BOOMDMC Global Inc.	2.09%	1,293,410	$17M	trimmed−3%	+0.21 pp	3 q
GDXVanEck Gold Miners ETF	1.84%	675,094	$15M	trimmed−2%	+0.04 pp	5 q
ERABristow Group Inc.	1.83%	1,565,013	$15M	trimmed−2%	−0.59 pp	17 q
ATKRAtkore Inc.	1.75%	627,875	$14M	added+2%	−0.08 pp	3 q
PESPioneer Energy Services Corp.	1.70%	6,713,999	$14M	added+64%	−0.17 pp	11 q
IBMInternational Business Machines Corporation	1.62%	85,305	$13M	trimmed−3%	−0.13 pp	8 q
EMREmerson Electric Co.	1.54%	209,108	$12M	trimmed−4%	+0.06 pp	17 q
CORCencora, Inc.	1.53%	131,239	$12M	trimmed−1%	+0.20 pp	5 q
EWHiShares MSCI Hong Kong ETF	1.45%	503,290	$12M	trimmed−3%	+0.14 pp	8 q
unresolvedMaxwell Technologies Inc	1.41%	1,906,988	$11M	trimmed−1%	+0.14 pp	17 q
DVNDevon Energy Corporation	1.38%	348,894	$11M	added+1%	−0.26 pp	6 q
ORNOrion Group Holdings, Inc	1.35%	1,462,355	$11M	trimmed−5%	+0.04 pp	17 q
HALHalliburton Company	1.30%	246,095	$11M	trimmed−4%	−0.13 pp	17 q
CVSCvs Health Corporation	1.27%	128,362	$10M	added+50%	+0.51 pp	3 q
unresolvedManitowoc Inc	1.12%	1,511,668	$9M	trimmed−1%	+0.13 pp	4 q
DLTRDollar Tree Inc.	1.10%	128,124	$9M	new	+1.10 pp	new
BATRKAtlanta Braves Holdings, Inc. Series C	1.10%	373,355	$9M	trimmed−2%	+0.07 pp	5 q
PHIIKPHI, Inc. Non-Voting	1.08%	894,725	$9M	added+28%	+0.13 pp	5 q
CAHCardinal Health, Inc.	1.07%	111,817	$9M	trimmed−1%	+0.02 pp	5 q
AEMAgnico Eagle Mines Ltd.	1.05%	188,862	$9M	trimmed−5%	+0.09 pp	15 q
unresolvedEnsco PLC	1.05%	1,654,196	$9M	trimmed−1%	−0.66 pp	13 q
DGDollar General Corp.	1.04%	117,156	$8M	new	+1.04 pp	new
ASCArdmore Shipping Corporation	0.91%	901,896	$7M	added+3%	+0.10 pp	11 q
ACNTAscent Industries Co.	0.88%	629,159	$7M	trimmed−1%	0.00 pp	17 q
NATNordic American Tanker	0.85%	1,082,905	$7M	trimmed−2%	−0.18 pp	2 q
unresolvedComstock Mining Inc.	0.69%	30,671,322	$6M	trimmed−2%	−0.11 pp	17 q
GDXJVanEck Junior Gold Miners ETF	0.66%	161,037	$5M	trimmed−80%	−2.67 pp	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.63%	139,789	$5M	trimmed−26%	−0.11 pp	5 q
BFHBread Financial Holdings, Inc.	0.56%	17,626	$5M	trimmed−4%	+0.04 pp	6 q
MURMurphy Oil Corp.	0.54%	171,185	$4M	added+9%	+0.03 pp	3 q
IBKRInteractive Brokers Group, Inc. Class A	0.47%	102,510	$4M	added+93%	+0.26 pp	2 q
INTGIntergroup Corporation (The)	0.47%	150,457	$4M	held	—	13 q
DWSNDawson Geophysical Company New	0.39%	801,231	$3M	added+3%	−0.10 pp	6 q
DONDiamond Offshore Drilling	0.38%	281,012	$3M	added+8%	−0.11 pp	14 q
RDIReading International, Inc Class A	0.38%	189,188	$3M	added+1%	+0.05 pp	17 q
POWLPowell Industries Inc	0.35%	89,335	$3M	trimmed−8%	−0.03 pp	17 q
INOVInovalon Holdings Inc - A	0.27%	168,615	$2M	added+1%	+0.03 pp	3 q
AIMCAltra Industrial Motion Corp.	0.19%	39,155	$2M	held	—	9 q
PTENPatterson-UTI Energy Inc	0.18%	72,630	$1M	held	—	8 q
BRCBrady Corporation	0.14%	33,848	$1M	held	—	10 q
LDLLydall, Inc.	0.13%	20,600	$1M	held	—	9 q
NPKINPK International Inc.	0.13%	148,750	$1M	held	—	6 q
unresolvedEsterline Technologies Corp	0.12%	10,051	$953,000	held	—	6 q
CLDCloud Peak Energy Inc	0.10%	231,490	$817,000	held	—	11 q
MKLMarkel Group Inc.	0.10%	872	$851,000	added+22%	+0.02 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.09%	23,715	$742,000	trimmed−7%	−0.01 pp	17 q
unresolvedCui Global Inc	0.08%	178,365	$685,000	held	—	15 q
TRSTrimas Corporation	0.08%	30,000	$625,000	held	—	3 q
PLOWDouglas Dynamics, Inc.	0.07%	16,235	$534,000	held	—	3 q
HCCIHeritage-Crystal Clean, Inc.	0.07%	34,755	$553,000	trimmed−46%	−0.03 pp	6 q
TTENTotalenergies SE -spon ADR	0.06%	9,533	$473,000	held	—	17 q
MMYTMakeMyTrip Limited	0.06%	15,196	$510,000	trimmed−1%	0.00 pp	3 q
18614USDGoldcorp Inc	0.05%	32,092	$414,000	trimmed−2%	0.00 pp	11 q
unresolvedRandgold Res Ltd	0.05%	4,429	$392,000	held	—	14 q
SSUPSuperior Industries Intl	0.05%	21,010	$432,000	held	—	9 q
AXPAmerican Express Company	0.04%	3,750	$316,000	held	—	17 q
BBGBill Barrett Corp	0.04%	100,320	$308,000	held	—	10 q
RELYReal Industry Inc	0.04%	114,811	$333,000	held	—	9 q
unresolvedSecond Sight Med Prods Inc	0.04%	243,679	$307,000	held	—	6 q
KEGKey Energy Services, Inc.	0.03%	12,279	$236,000	trimmed−28%	−0.01 pp	3 q
PFIEProfire Energy, Inc	0.03%	192,601	$250,000	held	—	9 q
BTGB2Gold Corp.	0.00%	13,550	$38,000	held	—	11 q
YRIYamana Gold Inc	0.00%	15,034	$37,000	trimmed−21%	−0.01 pp	15 q
LSXMKLiberty Media Cor-siriusxm C	—	−435,222	—	exited	−1.92 pp	—
WAIRWESCO Aircraft Holdings Inc.	—	−163,310	—	exited	−0.21 pp	—
AKGGaliano Gold Inc.	—	−100,000	—	exited	−0.03 pp	—
DNRDenbury Resources, Inc.	—	−76,975	—	exited	−0.02 pp	—
unresolvedBanro Corp	—	−50,000	—	exited	0.00 pp	—