Century Management

Q2 2018 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $944M · prev $829M
Positions: 82 · prev 79
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%

Moves70 since the prior filing

+2.8 pp in · −2.7 pp out

New 4 +3.42 pp
Added 19 −0.63 pp
Trimmed 46 +1.09 pp
Exited 1 −3.76 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.49 pp trimmed−1.496.6%
unresolved Ensco PLC trimmed+1.80 pp trimmed+1.805.8%
ATI ATI Inc. trimmed−0.50 pp trimmed−0.505.6%
BOOM DMC Global Inc. trimmed+1.54 pp trimmed+1.544.9%
PES Pioneer Energy Services Corp. trimmed+2.17 pp trimmed+2.174.6%

Positions82 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	6.61%	334,478	$62M	trimmed−1%	−1.49 pp	21 q
unresolvedEnsco PLC	5.79%	7,523,336	$55M	trimmed−0%	+1.80 pp	17 q
ATIATI Inc.	5.62%	2,112,525	$53M	trimmed−1%	−0.50 pp	13 q
BOOMDMC Global Inc.	4.89%	1,027,970	$46M	trimmed−1%	+1.54 pp	7 q
PESPioneer Energy Services Corp.	4.57%	7,375,048	$43M	trimmed−0%	+2.17 pp	15 q
ATKRAtkore Inc.	4.27%	1,939,819	$40M	added+2%	−0.29 pp	7 q
DISCKDiscovery Inc-c	3.64%	1,346,513	$34M	trimmed−2%	+0.40 pp	15 q
unresolvedColfax Corp	3.50%	1,079,078	$33M	trimmed−1%	−0.69 pp	15 q
9990302DApache Corp	3.46%	697,926	$33M	trimmed−0%	+0.21 pp	21 q
UNTUNIT Corporation	3.35%	1,235,957	$32M	trimmed−1%	+0.37 pp	21 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.30%	722,553	$31M	trimmed−2%	+0.18 pp	14 q
GVAGranite Construction Inc.	3.12%	529,740	$29M	new	+3.12 pp	new
OXYOccidental Petroleum Corporation	3.10%	349,641	$29M	trimmed−1%	+0.34 pp	7 q
ACTAllergan PLC	3.04%	171,954	$29M	added+3%	−0.35 pp	3 q
SLBSLB Limited	3.00%	422,367	$28M	trimmed−0%	−0.31 pp	9 q
WFCWells Fargo & Co.	2.95%	503,012	$28M	trimmed−2%	−0.28 pp	21 q
BFHBread Financial Holdings, Inc.	2.77%	111,926	$26M	trimmed−1%	−0.13 pp	10 q
SEASeabridge Gold, Inc.	1.94%	1,640,126	$18M	trimmed−2%	−0.23 pp	19 q
ERABristow Group Inc.	1.86%	1,355,711	$18M	trimmed−1%	+0.32 pp	21 q
POSTPost Holdings, Inc.	1.62%	177,360	$15M	trimmed−1%	−0.01 pp	3 q
ESGREnstar Group Ltd	1.62%	73,879	$15M	trimmed−27%	−0.96 pp	17 q
DVNDevon Energy Corporation	1.55%	333,627	$15M	trimmed−0%	+0.26 pp	10 q
MCKMcKesson Corporation	1.47%	103,957	$14M	trimmed−1%	−0.31 pp	10 q
PHIIKPHI, Inc. Non-Voting	1.34%	1,247,066	$13M	added0%	−0.20 pp	9 q
MTWThe Manitowoc Company, Inc.	1.27%	461,935	$12M	added+15%	−0.11 pp	3 q
unresolvedMaxwell Technologies Inc	1.26%	2,284,008	$12M	trimmed−1%	−0.39 pp	21 q
TRSTrimas Corporation	1.16%	371,123	$11M	held	—	7 q
DHRDanaher Corporation	1.12%	107,558	$11M	trimmed−0%	−0.15 pp	4 q
CORCencora, Inc.	1.05%	116,159	$10M	trimmed−1%	−0.17 pp	9 q
ACNTAscent Industries Co.	1.01%	479,374	$10M	trimmed−0%	+0.16 pp	21 q
POWLPowell Industries Inc	0.94%	253,984	$9M	trimmed−0%	+0.11 pp	21 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.91%	331,202	$9M	trimmed−1%	−0.01 pp	9 q
HALHalliburton Company	0.89%	186,009	$8M	trimmed−2%	−0.18 pp	21 q
ASCArdmore Shipping Corporation	0.83%	959,586	$8M	added0%	−0.05 pp	15 q
RIGTransocean LTD.	0.75%	528,910	$7M	trimmed−0%	+0.12 pp	4 q
DWSNDawson Geophysical Company New	0.70%	832,869	$7M	trimmed0%	+0.06 pp	10 q
IBMInternational Business Machines Corporation	0.68%	46,105	$6M	trimmed−2%	−0.19 pp	12 q
MURMurphy Oil Corp.	0.66%	184,025	$6M	added+1%	+0.09 pp	7 q
AEMAgnico Eagle Mines Ltd.	0.65%	133,283	$6M	trimmed−5%	−0.06 pp	19 q
DONDiamond Offshore Drilling	0.61%	277,707	$6M	added0%	+0.12 pp	18 q
EMREmerson Electric Co.	0.59%	80,524	$6M	trimmed−3%	−0.09 pp	21 q
VZVerizon Communications	0.56%	105,180	$5M	added+13%	+0.02 pp	4 q
RDIReading International, Inc Class A	0.53%	311,757	$5M	added+13%	−0.03 pp	21 q
SYFSynchrony Financial	0.35%	99,816	$3M	trimmed−0%	−0.05 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.34%	85,984	$3M	trimmed−2%	+0.01 pp	9 q
IBKRInteractive Brokers Group, Inc. Class A	0.33%	48,900	$3M	added+1%	−0.06 pp	6 q
CDEVPermian Resources Corporation	0.27%	140,685	$3M	added+36%	+0.04 pp	4 q
CSLCarlisle Companies, Inc.	0.23%	19,645	$2M	held	—	4 q
CRSCarpenter Technology Corp	0.23%	40,915	$2M	held	—	4 q
LDLLydall, Inc.	0.22%	48,083	$2M	added+46%	+0.03 pp	13 q
NATNordic American Tanker	0.22%	785,146	$2M	added0%	+0.04 pp	6 q
ALOTAstroNova, Inc.	0.21%	104,150	$2M	new	+0.21 pp	new
EATBrinker International, Inc.	0.20%	38,865	$2M	trimmed−22%	−0.02 pp	2 q
unresolvedEsterline Technologies Corp	0.19%	24,816	$2M	held	—	10 q
FAROFaro Technologies Inc	0.19%	32,155	$2M	added×2.1	+0.08 pp	2 q
INTGIntergroup Corporation (The)	0.19%	67,598	$2M	trimmed−0%	−0.01 pp	17 q
AIMCAltra Industrial Motion Corp.	0.18%	39,155	$2M	held	—	13 q
PTENPatterson-UTI Energy Inc	0.18%	93,930	$2M	added0%	−0.02 pp	12 q
SWXSouthwest Gas Holdings, Inc.	0.16%	20,025	$2M	held	—	2 q
BMCHBMC Stock Holdings, Inc	0.15%	69,660	$1M	held	—	2 q
unresolvedComstock Mng Inc	0.15%	5,442,572	$1M	trimmed−0%	−0.01 pp	3 q
COPConocoPhillips	0.15%	19,695	$1M	trimmed−2%	+0.01 pp	4 q
SRSpire Inc.	0.15%	19,405	$1M	added0%	−0.02 pp	2 q
TG7Triumph Group Inc	0.15%	74,370	$1M	added×2.1	+0.04 pp	2 q
unresolvedNewfield Expl Co	0.13%	39,840	$1M	added+1%	+0.01 pp	4 q
MTSCMTS Systems Corp	0.11%	18,855	$993,000	added+47%	+0.03 pp	2 q
ALNTAllient Inc.	0.09%	17,010	$814,000	held	—	2 q
CMCOColumbus McKinnon Corp/NY	0.09%	18,936	$821,000	held	—	2 q
MKLMarkel Group Inc.	0.09%	806	$874,000	trimmed−4%	−0.03 pp	18 q
DLTRDollar Tree Inc.	0.07%	8,271	$703,000	new	+0.07 pp	new
PFIEProfire Energy, Inc	0.07%	192,601	$651,000	held	—	13 q
unresolvedRandgold Res Ltd	0.07%	8,589	$662,000	trimmed−2%	−0.02 pp	18 q
HPRHighPoint Resources Corporation	0.06%	100,520	$611,000	held	—	2 q
ORNOrion Group Holdings, Inc	0.06%	72,367	$598,000	trimmed−92%	−0.63 pp	21 q
NPKINPK International Inc.	0.05%	44,625	$484,000	trimmed−50%	−0.04 pp	10 q
AXPAmerican Express Company	0.04%	3,705	$363,000	trimmed−0%	0.00 pp	21 q
TTENTotalenergies SE -spon ADR	0.04%	5,592	$339,000	trimmed−1%	0.00 pp	21 q
CSCOCisco Systems, Inc. (DE)	0.03%	6,977	$300,000	trimmed−8%	−0.01 pp	21 q
DGDollar General Corp.	0.02%	2,119	$209,000	new	+0.02 pp	new
BTGB2Gold Corp.	0.00%	11,300	$29,000	held	—	15 q
unresolvedCui Global Inc	0.00%	12,315	$37,000	trimmed−15%	0.00 pp	19 q
YRIYamana Gold Inc	0.00%	13,795	$40,000	held	—	19 q
unresolvedLayne Christensen Co	—	−2,090,518	—	exited	−3.76 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 8 unresolved
Accession: 0001398344-18-011849
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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