Century Management

Q3 2017 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2017
Filed: Oct 13, 2017
US stock: $888M · prev $811M
Positions: 82 · prev 80
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%

Moves79 since the prior filing

+7.4 pp in · −7.4 pp out

New 9 +2.36 pp
Added 22 +5.07 pp
Trimmed 41 −4.00 pp
Exited 7 −3.37 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions25% of US stock

ATI ATI Inc. trimmed+1.44 pp trimmed+1.446.6%
BRK.B BERKSHIRE HATHAWAY Class B added+0.96 pp added+0.966.3%
unresolved Colfax Corp added+0.17 pp added+0.175.1%
WFC Wells Fargo & Co. added−0.30 pp added−0.303.8%
DISCK Discovery Inc-c added−1.20 pp added−1.203.7%

Positions82 in this filing · 7 exited


ATIATI Inc.	6.63%	2,464,804	$59M	trimmed−0%	+1.44 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	6.34%	307,179	$56M	added+19%	+0.96 pp	18 q
unresolvedColfax Corp	5.09%	1,087,031	$45M	added+7%	+0.17 pp	12 q
WFCWells Fargo & Co.	3.77%	608,025	$34M	added+2%	−0.30 pp	18 q
DISCKDiscovery Inc-c	3.66%	1,603,321	$32M	added+3%	−1.20 pp	12 q
UNTUNIT Corporation	3.46%	1,493,786	$31M	trimmed−4%	−0.12 pp	18 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.34%	869,712	$30M	trimmed−5%	−0.28 pp	11 q
unresolvedAtwood Oceanics Inc	3.31%	3,127,365	$29M	trimmed−0%	+0.15 pp	14 q
ESGREnstar Group Ltd	3.10%	123,868	$28M	trimmed−16%	−0.52 pp	14 q
ATKRAtkore Inc.	3.02%	1,373,035	$27M	added×2.2	+1.27 pp	4 q
unresolvedLayne Christensen Co	2.99%	2,115,261	$27M	trimmed−5%	+0.57 pp	18 q
SLBSLB Limited	2.89%	367,452	$26M	added+28%	+0.55 pp	6 q
SEASeabridge Gold, Inc.	2.72%	1,981,813	$24M	trimmed−4%	−0.02 pp	16 q
OXYOccidental Petroleum Corporation	2.70%	373,667	$24M	trimmed−2%	−0.12 pp	4 q
CERNCerner Corp	2.62%	325,964	$23M	trimmed−14%	−0.48 pp	4 q
BOOMDMC Global Inc.	2.39%	1,254,790	$21M	trimmed−3%	+0.30 pp	4 q
9990302DApache Corp	2.11%	409,025	$19M	added+4%	−0.22 pp	18 q
PESPioneer Energy Services Corp.	1.99%	6,918,334	$18M	added+3%	+0.29 pp	12 q
ERABristow Group Inc.	1.89%	1,499,696	$17M	trimmed−4%	+0.06 pp	18 q
DLTRDollar Tree Inc.	1.85%	188,914	$16M	added+47%	+0.75 pp	2 q
unresolvedManitowoc Inc	1.81%	1,789,888	$16M	added+18%	+0.69 pp	5 q
MCKMcKesson Corporation	1.77%	102,345	$16M	trimmed−3%	−0.36 pp	7 q
unresolvedEnsco PLC	1.70%	2,522,746	$15M	added+53%	+0.65 pp	14 q
DVNDevon Energy Corporation	1.57%	378,804	$14M	added+9%	+0.19 pp	7 q
DGDollar General Corp.	1.55%	170,261	$14M	added+45%	+0.51 pp	2 q
EMREmerson Electric Co.	1.42%	200,648	$13M	trimmed−4%	−0.12 pp	18 q
EWHiShares MSCI Hong Kong ETF	1.36%	490,790	$12M	trimmed−2%	−0.09 pp	9 q
PHIIKPHI, Inc. Non-Voting	1.36%	1,030,994	$12M	added+15%	+0.28 pp	6 q
IBMInternational Business Machines Corporation	1.33%	81,547	$12M	trimmed−4%	−0.29 pp	9 q
HALHalliburton Company	1.22%	236,110	$11M	trimmed−4%	−0.08 pp	18 q
CORCencora, Inc.	1.21%	130,084	$11M	trimmed−1%	−0.32 pp	6 q
unresolvedMaxwell Technologies Inc	1.17%	2,034,668	$10M	added+7%	−0.24 pp	18 q
CVSCvs Health Corporation	1.14%	124,642	$10M	trimmed−3%	−0.13 pp	4 q
DHRDanaher Corporation	1.07%	110,920	$10M	new	+1.07 pp	new
PICOPICO Holdings, Inc. (DE)	1.04%	551,614	$9M	trimmed−55%	−1.61 pp	16 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.03%	362,345	$9M	trimmed−3%	−0.07 pp	6 q
ORNOrion Group Holdings, Inc	1.03%	1,394,555	$9M	trimmed−5%	−0.32 pp	18 q
AEMAgnico Eagle Mines Ltd.	0.93%	181,797	$8M	trimmed−4%	−0.12 pp	16 q
ACNTAscent Industries Co.	0.88%	623,294	$8M	trimmed−1%	0.00 pp	18 q
ASCArdmore Shipping Corporation	0.84%	901,561	$7M	trimmed−0%	−0.07 pp	12 q
POWLPowell Industries Inc	0.59%	174,830	$5M	added+96%	+0.24 pp	18 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.56%	131,128	$5M	trimmed−6%	−0.07 pp	6 q
unresolvedComstock Mining Inc.	0.53%	29,901,124	$5M	trimmed−3%	−0.16 pp	18 q
IBKRInteractive Brokers Group, Inc. Class A	0.52%	102,090	$5M	trimmed−0%	+0.05 pp	3 q
MURMurphy Oil Corp.	0.52%	174,300	$5M	added+2%	−0.02 pp	4 q
RDIReading International, Inc Class A	0.52%	295,085	$5M	added+56%	+0.14 pp	18 q
VZVerizon Communications	0.52%	93,499	$5M	new	+0.52 pp	new
NATNordic American Tanker	0.51%	840,757	$4M	trimmed−22%	−0.34 pp	3 q
DONDiamond Offshore Drilling	0.46%	282,792	$4M	added+1%	+0.08 pp	15 q
BFHBread Financial Holdings, Inc.	0.43%	17,430	$4M	trimmed−1%	−0.13 pp	7 q
DWSNDawson Geophysical Company New	0.41%	808,431	$4M	added+1%	+0.02 pp	7 q
INTGIntergroup Corporation (The)	0.41%	150,457	$4M	held	—	14 q
TRSTrimas Corporation	0.32%	106,625	$3M	added×3.6	+0.24 pp	4 q
RIGTransocean LTD.	0.31%	253,175	$3M	new	+0.31 pp	new
CSLCarlisle Companies, Inc.	0.22%	19,645	$2M	new	+0.22 pp	new
AIMCAltra Industrial Motion Corp.	0.21%	39,155	$2M	held	—	10 q
PTENPatterson-UTI Energy Inc	0.17%	72,630	$2M	held	—	9 q
unresolvedEsterline Technologies Corp	0.14%	13,836	$1M	added+38%	+0.02 pp	7 q
LDLLydall, Inc.	0.13%	20,600	$1M	held	—	10 q
NPKINPK International Inc.	0.13%	119,000	$1M	trimmed−20%	0.00 pp	7 q
BRCBrady Corporation	0.11%	25,383	$963,000	trimmed−25%	−0.03 pp	11 q
CLDCloud Peak Energy Inc	0.10%	231,115	$846,000	trimmed−0%	0.00 pp	12 q
MKLMarkel Group Inc.	0.10%	864	$923,000	trimmed−1%	0.00 pp	15 q
COPConocoPhillips	0.09%	16,570	$829,000	new	+0.09 pp	new
PLOWDouglas Dynamics, Inc.	0.07%	16,235	$640,000	held	—	4 q
CSCOCisco Systems, Inc. (DE)	0.06%	14,862	$500,000	trimmed−37%	−0.03 pp	18 q
BBGBill Barrett Corp	0.05%	100,320	$430,000	held	—	11 q
unresolvedCui Global Inc	0.05%	129,205	$477,000	trimmed−28%	−0.03 pp	16 q
18614USDGoldcorp Inc	0.05%	31,157	$404,000	trimmed−3%	0.00 pp	12 q
unresolvedSelect Comfort Corporation	0.05%	13,545	$421,000	new	+0.05 pp	new
MMYTMakeMyTrip Limited	0.05%	15,196	$437,000	held	—	4 q
AXPAmerican Express Company	0.04%	3,750	$339,000	held	—	18 q
CRSCarpenter Technology Corp	0.04%	6,940	$333,000	new	+0.04 pp	new
PFIEProfire Energy, Inc	0.04%	192,601	$383,000	held	—	10 q
unresolvedRandgold Res Ltd	0.04%	4,079	$398,000	trimmed−8%	−0.01 pp	15 q
TTENTotalenergies SE -spon ADR	0.04%	5,832	$312,000	trimmed−39%	−0.02 pp	18 q
CDEVPermian Resources Corporation	0.03%	15,835	$285,000	new	+0.03 pp	new
unresolvedNewfield Expl Co	0.03%	10,430	$309,000	new	+0.03 pp	new
unresolvedSecond Sight Med Prods Inc	0.03%	243,679	$292,000	held	—	7 q
GDXJVanEck Junior Gold Miners ETF	0.03%	7,804	$262,000	trimmed−95%	−0.63 pp	6 q
BTGB2Gold Corp.	0.00%	11,300	$32,000	trimmed−17%	0.00 pp	12 q
YRIYamana Gold Inc	0.00%	13,949	$37,000	trimmed−7%	0.00 pp	16 q
GDXVanEck Gold Miners ETF	—	−675,094	—	exited	−1.84 pp	—
CAHCardinal Health, Inc.	—	−111,817	—	exited	−1.07 pp	—
INOVInovalon Holdings Inc - A	—	−168,615	—	exited	−0.27 pp	—
HCCIHeritage-Crystal Clean, Inc.	—	−34,755	—	exited	−0.07 pp	—
SSUPSuperior Industries Intl	—	−21,010	—	exited	−0.05 pp	—
RELYReal Industry Inc	—	−114,811	—	exited	−0.04 pp	—
KEGKey Energy Services, Inc.	—	−12,279	—	exited	−0.03 pp	—