Century Management

Q4 2017 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2017
Filed: Feb 2, 2018
US stock: $889M · prev $888M
Positions: 76 · 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%

Moves72 since the prior filing

+14.2 pp in · −14.3 pp out

New 5 +6.24 pp
Added 17 +7.96 pp
Trimmed 39 −1.36 pp
Exited 11 −12.90 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 55% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.08 pp trimmed+0.086.4%
ATI ATI Inc. trimmed−0.40 pp trimmed−0.406.2%
unresolved Colfax Corp added+0.10 pp added+0.105.2%
unresolved Ensco PLC added+3.42 pp added+3.425.1%
WFC Wells Fargo & Co. trimmed+0.09 pp trimmed+0.093.9%

Positions76 in this filing · 11 exited


BRK.BBERKSHIRE HATHAWAY Class B	6.42%	288,141	$57M	trimmed−6%	+0.08 pp	19 q
ATIATI Inc.	6.23%	2,294,146	$55M	trimmed−7%	−0.40 pp	11 q
unresolvedColfax Corp	5.19%	1,163,515	$46M	added+7%	+0.10 pp	13 q
unresolvedEnsco PLC	5.12%	7,705,642	$46M	added×3.1	+3.42 pp	15 q
WFCWells Fargo & Co.	3.86%	565,301	$34M	trimmed−7%	+0.09 pp	19 q
DISCKDiscovery Inc-c	3.60%	1,512,356	$32M	trimmed−6%	−0.06 pp	13 q
9990302DApache Corp	3.52%	740,362	$31M	added+81%	+1.41 pp	19 q
UNTUNIT Corporation	3.49%	1,411,998	$31M	trimmed−5%	+0.03 pp	19 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.43%	820,314	$30M	trimmed−6%	+0.09 pp	12 q
SLBSLB Limited	3.41%	449,697	$30M	added+22%	+0.52 pp	7 q
ATKRAtkore Inc.	3.37%	1,398,570	$30M	added+2%	+0.35 pp	5 q
ACTAllergan PLC	3.27%	177,805	$29M	new	+3.27 pp	new
BOOMDMC Global Inc.	3.22%	1,143,514	$29M	trimmed−9%	+0.83 pp	5 q
unresolvedLayne Christensen Co	3.14%	2,227,757	$28M	added+5%	+0.15 pp	19 q
OXYOccidental Petroleum Corporation	3.00%	362,192	$27M	trimmed−3%	+0.30 pp	5 q
PESPioneer Energy Services Corp.	2.58%	7,515,234	$23M	added+9%	+0.59 pp	13 q
ESGREnstar Group Ltd	2.48%	109,832	$22M	trimmed−11%	−0.62 pp	15 q
SEASeabridge Gold, Inc.	2.29%	1,800,113	$20M	trimmed−9%	−0.43 pp	17 q
MCKMcKesson Corporation	2.00%	114,084	$18M	added+11%	+0.23 pp	8 q
MTWThe Manitowoc Company, Inc.	1.88%	425,650	$17M	new	+1.88 pp	new
DVNDevon Energy Corporation	1.75%	375,399	$16M	trimmed−1%	+0.18 pp	8 q
ERABristow Group Inc.	1.75%	1,446,703	$16M	trimmed−4%	−0.14 pp	19 q
DGDollar General Corp.	1.74%	165,898	$15M	trimmed−3%	+0.19 pp	3 q
EMREmerson Electric Co.	1.49%	189,875	$13M	trimmed−5%	+0.07 pp	19 q
unresolvedMaxwell Technologies Inc	1.47%	2,269,682	$13M	added+12%	+0.30 pp	19 q
PHIIKPHI, Inc. Non-Voting	1.46%	1,122,005	$13M	added+9%	+0.10 pp	7 q
CORCencora, Inc.	1.25%	121,321	$11M	trimmed−7%	+0.04 pp	7 q
HALHalliburton Company	1.23%	224,582	$11M	trimmed−5%	+0.01 pp	19 q
IBMInternational Business Machines Corporation	1.23%	71,045	$11M	trimmed−13%	−0.10 pp	10 q
DHRDanaher Corporation	1.14%	109,330	$10M	trimmed−1%	+0.07 pp	2 q
ORNOrion Group Holdings, Inc	1.05%	1,189,540	$9M	trimmed−15%	+0.02 pp	19 q
AEMAgnico Eagle Mines Ltd.	0.88%	168,557	$8M	trimmed−7%	−0.05 pp	17 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.86%	345,521	$8M	trimmed−5%	−0.17 pp	7 q
ASCArdmore Shipping Corporation	0.81%	899,671	$7M	trimmed−0%	−0.03 pp	13 q
ACNTAscent Industries Co.	0.75%	496,310	$7M	trimmed−20%	−0.13 pp	19 q
PICOPICO Holdings, Inc. (DE)	0.68%	470,221	$6M	trimmed−15%	−0.36 pp	17 q
MURMurphy Oil Corp.	0.64%	183,645	$6M	added+5%	+0.12 pp	5 q
DONDiamond Offshore Drilling	0.59%	280,397	$5M	trimmed−67%	+0.13 pp	16 q
DWSNDawson Geophysical Company New	0.56%	1,002,729	$5M	added+24%	+0.15 pp	8 q
VZVerizon Communications	0.56%	93,400	$5M	trimmed−0%	+0.04 pp	2 q
POWLPowell Industries Inc	0.55%	171,820	$5M	trimmed−2%	−0.04 pp	19 q
TRSTrimas Corporation	0.53%	174,727	$5M	added+64%	+0.21 pp	5 q
RDIReading International, Inc Class A	0.49%	258,724	$4M	trimmed−12%	−0.03 pp	19 q
RIGTransocean LTD.	0.47%	389,505	$4M	added+54%	+0.16 pp	2 q
BFHBread Financial Holdings, Inc.	0.44%	15,472	$4M	trimmed−11%	+0.01 pp	8 q
SYFSynchrony Financial	0.44%	101,328	$4M	new	+0.44 pp	new
FWONKLiberty Media Corporation Series C Liberty Formula One	0.42%	109,954	$4M	trimmed−16%	−0.14 pp	7 q
POSTPost Holdings, Inc.	0.40%	45,172	$4M	new	+0.40 pp	new
IBKRInteractive Brokers Group, Inc. Class A	0.33%	50,170	$3M	trimmed−51%	−0.19 pp	4 q
CSLCarlisle Companies, Inc.	0.25%	19,645	$2M	held	—	2 q
unresolvedComstock Mng Inc	0.25%	5,588,077	$2M	new	+0.25 pp	new
AIMCAltra Industrial Motion Corp.	0.22%	39,155	$2M	held	—	11 q
NATNordic American Tanker	0.22%	796,052	$2M	trimmed−5%	−0.29 pp	4 q
PTENPatterson-UTI Energy Inc	0.19%	72,750	$2M	added0%	+0.02 pp	10 q
INTGIntergroup Corporation (The)	0.18%	67,883	$2M	trimmed−55%	−0.23 pp	15 q
COPConocoPhillips	0.13%	20,440	$1M	added+23%	+0.04 pp	2 q
CDEVPermian Resources Corporation	0.12%	51,875	$1M	added×3.3	+0.09 pp	2 q
unresolvedEsterline Technologies Corp	0.12%	13,836	$1M	held	—	8 q
MKLMarkel Group Inc.	0.11%	864	$984,000	held	—	16 q
CLDCloud Peak Energy Inc	0.09%	181,115	$806,000	trimmed−22%	−0.01 pp	13 q
NPKINPK International Inc.	0.09%	89,250	$768,000	trimmed−25%	−0.04 pp	8 q
LDLLydall, Inc.	0.08%	13,400	$680,000	trimmed−35%	−0.05 pp	11 q
BBGBill Barrett Corp	0.06%	100,320	$515,000	held	—	12 q
CSCOCisco Systems, Inc. (DE)	0.06%	14,862	$569,000	held	—	19 q
unresolvedRandgold Res Ltd	0.05%	4,079	$403,000	held	—	16 q
unresolvedSecond Sight Med Prods Inc	0.05%	241,227	$461,000	trimmed−1%	+0.02 pp	8 q
AXPAmerican Express Company	0.04%	3,715	$369,000	trimmed−1%	0.00 pp	19 q
CRSCarpenter Technology Corp	0.04%	6,940	$354,000	held	—	2 q
18614USDGoldcorp Inc	0.04%	31,157	$398,000	held	—	13 q
unresolvedNewfield Expl Co	0.04%	10,430	$329,000	held	—	2 q
PFIEProfire Energy, Inc	0.04%	192,601	$370,000	held	—	11 q
TTENTotalenergies SE -spon ADR	0.04%	5,832	$322,000	held	—	19 q
GDXJVanEck Junior Gold Miners ETF	0.03%	7,804	$266,000	held	—	7 q
BTGB2Gold Corp.	0.00%	11,300	$35,000	held	—	13 q
unresolvedCui Global Inc	0.00%	14,505	$40,000	trimmed−89%	−0.05 pp	17 q
YRIYamana Gold Inc	0.00%	13,949	$44,000	held	—	17 q
unresolvedAtwood Oceanics Inc	—	−3,127,365	—	exited	−3.31 pp	—
CERNCerner Corp	—	−325,964	—	exited	−2.62 pp	—
DLTRDollar Tree Inc.	—	−188,914	—	exited	−1.85 pp	—
unresolvedManitowoc Inc	—	−1,789,888	—	exited	−1.81 pp	—
EWHiShares MSCI Hong Kong ETF	—	−490,790	—	exited	−1.36 pp	—
CVSCvs Health Corporation	—	−124,642	—	exited	−1.14 pp	—
unresolvedComstock Mining Inc.	—	−29,901,124	—	exited	−0.53 pp	—
BRCBrady Corporation	—	−25,383	—	exited	−0.11 pp	—
PLOWDouglas Dynamics, Inc.	—	−16,235	—	exited	−0.07 pp	—
unresolvedSelect Comfort Corporation	—	−13,545	—	exited	−0.05 pp	—
MMYTMakeMyTrip Limited	—	−15,196	—	exited	−0.05 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 10 unresolved
Accession: 0001398344-18-002349
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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