Century Management

Q1 2018 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2018
Filed: May 8, 2018
US stock: $829M · prev $889M
Positions: 79 · prev 76
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%

Moves78 since the prior filing

+9.9 pp in · −10.0 pp out

New 10 +1.23 pp
Added 18 +8.68 pp
Trimmed 43 −7.29 pp
Exited 7 −2.69 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+1.68 pp added+1.688.1%
ATI ATI Inc. trimmed−0.11 pp trimmed−0.116.1%
ATKR Atkore Inc. added+1.19 pp added+1.194.6%
unresolved Colfax Corp trimmed−1.00 pp trimmed−1.004.2%
unresolved Ensco PLC trimmed−1.13 pp trimmed−1.134.0%

Positions79 in this filing · 7 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.10%	336,447	$67M	added+17%	+1.68 pp	20 q
ATIATI Inc.	6.12%	2,143,588	$51M	trimmed−7%	−0.11 pp	12 q
ATKRAtkore Inc.	4.56%	1,904,987	$38M	added+36%	+1.19 pp	6 q
unresolvedColfax Corp	4.19%	1,088,424	$35M	trimmed−6%	−1.00 pp	14 q
unresolvedEnsco PLC	3.99%	7,527,985	$33M	trimmed−2%	−1.13 pp	16 q
unresolvedLayne Christensen Co	3.76%	2,090,518	$31M	trimmed−6%	+0.62 pp	20 q
ACTAllergan PLC	3.39%	167,054	$28M	trimmed−6%	+0.12 pp	2 q
BOOMDMC Global Inc.	3.35%	1,039,295	$28M	trimmed−9%	+0.13 pp	6 q
SLBSLB Limited	3.31%	423,924	$27M	trimmed−6%	−0.10 pp	8 q
9990302DApache Corp	3.25%	700,649	$27M	trimmed−5%	−0.27 pp	20 q
DISCKDiscovery Inc-c	3.24%	1,374,604	$27M	trimmed−9%	−0.36 pp	14 q
WFCWells Fargo & Co.	3.23%	511,269	$27M	trimmed−10%	−0.63 pp	20 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.12%	733,900	$26M	trimmed−11%	−0.31 pp	13 q
UNTUNIT Corporation	2.98%	1,251,960	$25M	trimmed−11%	−0.51 pp	20 q
BFHBread Financial Holdings, Inc.	2.90%	112,796	$24M	added×7.3	+2.46 pp	9 q
OXYOccidental Petroleum Corporation	2.76%	351,860	$23M	trimmed−3%	−0.24 pp	6 q
ESGREnstar Group Ltd	2.58%	101,598	$21M	trimmed−8%	+0.10 pp	16 q
PESPioneer Energy Services Corp.	2.40%	7,382,718	$20M	trimmed−2%	−0.18 pp	14 q
SEASeabridge Gold, Inc.	2.17%	1,668,626	$18M	trimmed−7%	−0.12 pp	18 q
MCKMcKesson Corporation	1.78%	104,861	$15M	trimmed−8%	−0.22 pp	9 q
unresolvedMaxwell Technologies Inc	1.65%	2,311,745	$14M	added+2%	+0.18 pp	20 q
POSTPost Holdings, Inc.	1.63%	178,325	$14M	added×3.9	+1.23 pp	2 q
ERABristow Group Inc.	1.54%	1,364,724	$13M	trimmed−6%	−0.21 pp	20 q
PHIIKPHI, Inc. Non-Voting	1.54%	1,243,153	$13M	added+11%	+0.08 pp	8 q
MTWThe Manitowoc Company, Inc.	1.38%	402,055	$11M	trimmed−6%	−0.50 pp	2 q
DVNDevon Energy Corporation	1.29%	335,258	$11M	trimmed−11%	−0.46 pp	9 q
DHRDanaher Corporation	1.27%	107,924	$11M	trimmed−1%	+0.13 pp	3 q
CORCencora, Inc.	1.22%	117,365	$10M	trimmed−3%	−0.03 pp	8 q
TRSTrimas Corporation	1.18%	371,123	$10M	added×2.1	+0.65 pp	6 q
HALHalliburton Company	1.07%	188,970	$9M	trimmed−16%	−0.16 pp	20 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.92%	335,211	$8M	trimmed−3%	+0.06 pp	8 q
ASCArdmore Shipping Corporation	0.88%	957,241	$7M	added+6%	+0.07 pp	14 q
IBMInternational Business Machines Corporation	0.87%	47,159	$7M	trimmed−34%	−0.36 pp	11 q
ACNTAscent Industries Co.	0.85%	481,434	$7M	trimmed−3%	+0.10 pp	20 q
POWLPowell Industries Inc	0.83%	255,004	$7M	added+48%	+0.28 pp	20 q
AEMAgnico Eagle Mines Ltd.	0.71%	140,480	$6M	trimmed−17%	−0.17 pp	18 q
ORNOrion Group Holdings, Inc	0.69%	866,177	$6M	trimmed−27%	−0.36 pp	20 q
EMREmerson Electric Co.	0.68%	82,604	$6M	trimmed−57%	−0.81 pp	20 q
DWSNDawson Geophysical Company New	0.64%	793,214	$5M	trimmed−21%	+0.08 pp	9 q
RIGTransocean LTD.	0.63%	529,600	$5M	added+36%	+0.16 pp	3 q
MURMurphy Oil Corp.	0.57%	182,565	$5M	trimmed−1%	−0.07 pp	6 q
RDIReading International, Inc Class A	0.56%	276,377	$5M	added+7%	+0.07 pp	20 q
VZVerizon Communications	0.54%	92,965	$4M	trimmed−0%	−0.02 pp	3 q
DONDiamond Offshore Drilling	0.49%	276,817	$4M	trimmed−1%	−0.10 pp	17 q
SYFSynchrony Financial	0.40%	99,826	$3M	trimmed−1%	−0.04 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.39%	48,645	$3M	trimmed−3%	+0.06 pp	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.33%	87,799	$3M	trimmed−20%	−0.09 pp	8 q
CSLCarlisle Companies, Inc.	0.25%	19,645	$2M	held	—	3 q
CDEVPermian Resources Corporation	0.23%	103,685	$2M	added+100%	+0.11 pp	3 q
AIMCAltra Industrial Motion Corp.	0.22%	39,155	$2M	held	—	12 q
EATBrinker International, Inc.	0.22%	49,830	$2M	new	+0.22 pp	new
CRSCarpenter Technology Corp	0.22%	40,915	$2M	added×5.9	+0.18 pp	3 q
unresolvedEsterline Technologies Corp	0.22%	24,816	$2M	added+79%	+0.10 pp	9 q
INTGIntergroup Corporation (The)	0.20%	67,883	$2M	held	—	16 q
PTENPatterson-UTI Energy Inc	0.20%	93,845	$2M	added+29%	+0.01 pp	11 q
LDLLydall, Inc.	0.19%	33,005	$2M	added×2.5	+0.11 pp	12 q
NATNordic American Tanker	0.18%	784,722	$2M	trimmed−1%	−0.04 pp	5 q
SRSpire Inc.	0.17%	19,375	$1M	new	+0.17 pp	new
BMCHBMC Stock Holdings, Inc	0.16%	69,660	$1M	new	+0.16 pp	new
unresolvedComstock Mng Inc	0.16%	5,468,714	$1M	trimmed−2%	−0.09 pp	2 q
SWXSouthwest Gas Holdings, Inc.	0.16%	20,025	$1M	new	+0.16 pp	new
COPConocoPhillips	0.14%	20,190	$1M	trimmed−1%	+0.01 pp	3 q
MKLMarkel Group Inc.	0.12%	842	$985,000	trimmed−3%	+0.01 pp	17 q
unresolvedNewfield Expl Co	0.12%	39,580	$967,000	added×3.8	+0.08 pp	3 q
FAROFaro Technologies Inc	0.11%	15,150	$885,000	new	+0.11 pp	new
TG7Triumph Group Inc	0.11%	35,610	$897,000	new	+0.11 pp	new
NPKINPK International Inc.	0.09%	89,250	$723,000	held	—	9 q
unresolvedRandgold Res Ltd	0.09%	8,790	$732,000	added×2.2	+0.04 pp	17 q
ALNTAllient Inc.	0.08%	17,010	$676,000	new	+0.08 pp	new
CMCOColumbus McKinnon Corp/NY	0.08%	18,936	$679,000	new	+0.08 pp	new
MTSCMTS Systems Corp	0.08%	12,855	$664,000	new	+0.08 pp	new
HPRHighPoint Resources Corporation	0.06%	100,520	$511,000	new	+0.06 pp	new
PFIEProfire Energy, Inc	0.06%	192,601	$526,000	held	—	12 q
AXPAmerican Express Company	0.04%	3,715	$347,000	held	—	20 q
CSCOCisco Systems, Inc. (DE)	0.04%	7,577	$325,000	trimmed−49%	−0.02 pp	20 q
TTENTotalenergies SE -spon ADR	0.04%	5,642	$325,000	trimmed−3%	0.00 pp	20 q
BTGB2Gold Corp.	0.00%	11,300	$31,000	held	—	14 q
unresolvedCui Global Inc	0.00%	14,505	$38,000	held	—	18 q
YRIYamana Gold Inc	0.00%	13,795	$38,000	trimmed−1%	0.00 pp	18 q
DGDollar General Corp.	—	−165,898	—	exited	−1.74 pp	—
PICOPICO Holdings, Inc. (DE)	—	−470,221	—	exited	−0.68 pp	—
CLDCloud Peak Energy Inc	—	−181,115	—	exited	−0.09 pp	—
BBGBill Barrett Corp	—	−100,320	—	exited	−0.06 pp	—
unresolvedSecond Sight Med Prods Inc	—	−241,227	—	exited	−0.05 pp	—
18614USDGoldcorp Inc	—	−31,157	—	exited	−0.04 pp	—
GDXJVanEck Junior Gold Miners ETF	—	−7,804	—	exited	−0.03 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 9 unresolved
Accession: 0001398344-18-007515
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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