Century Management

Q3 2018 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $939M · prev $944M
Positions: 78 · 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%

Moves62 since the prior filing

+7.2 pp in · −7.2 pp out

New 1 +0.12 pp
Added 18 +7.04 pp
Trimmed 38 −4.56 pp
Exited 5 −2.68 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions31% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.91 pp trimmed+0.917.5%
unresolved Ensco PLC trimmed+0.88 pp trimmed+0.886.7%
ATI ATI Inc. trimmed+0.91 pp trimmed+0.916.5%
ATKR Atkore Inc. trimmed+1.12 pp trimmed+1.125.4%
9990302D Apache Corp added+1.79 pp added+1.795.3%

Positions78 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.52%	329,970	$71M	trimmed−1%	+0.91 pp	22 q
unresolvedEnsco PLC	6.67%	7,419,658	$63M	trimmed−1%	+0.88 pp	18 q
ATIATI Inc.	6.53%	2,074,900	$61M	trimmed−2%	+0.91 pp	14 q
ATKRAtkore Inc.	5.39%	1,909,030	$51M	trimmed−2%	+1.12 pp	8 q
9990302DApache Corp	5.25%	1,034,941	$49M	added+48%	+1.79 pp	22 q
SLBSLB Limited	4.91%	757,128	$46M	added+79%	+1.91 pp	10 q
BOOMDMC Global Inc.	4.30%	989,080	$40M	trimmed−4%	−0.59 pp	8 q
unresolvedColfax Corp	4.08%	1,062,201	$38M	trimmed−2%	+0.58 pp	16 q
ACTAllergan PLC	3.45%	169,922	$32M	trimmed−1%	+0.41 pp	4 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	3.25%	704,377	$30M	trimmed−3%	−0.05 pp	15 q
DISCKDiscovery Inc-c	3.11%	988,593	$29M	trimmed−27%	−0.53 pp	16 q
BFHBread Financial Holdings, Inc.	2.77%	109,958	$26M	trimmed−2%	0.00 pp	11 q
UNTUNIT Corporation	2.70%	972,035	$25M	trimmed−21%	−0.65 pp	22 q
GVAGranite Construction Inc.	2.54%	521,933	$24M	trimmed−1%	−0.58 pp	2 q
WFCWells Fargo & Co.	2.49%	444,493	$23M	trimmed−12%	−0.46 pp	22 q
CORCencora, Inc.	2.39%	243,636	$22M	added×2.1	+1.34 pp	10 q
PESPioneer Energy Services Corp.	2.30%	7,330,911	$22M	trimmed−1%	−2.27 pp	16 q
SEASeabridge Gold, Inc.	2.20%	1,598,175	$21M	trimmed−3%	+0.26 pp	20 q
POSTPost Holdings, Inc.	1.82%	174,310	$17M	trimmed−2%	+0.20 pp	4 q
ERABristow Group Inc.	1.76%	1,340,310	$17M	trimmed−1%	−0.10 pp	22 q
RIGTransocean LTD.	1.65%	1,109,775	$15M	added×2.1	+0.90 pp	5 q
MCKMcKesson Corporation	1.48%	105,012	$14M	added+1%	+0.01 pp	11 q
DVNDevon Energy Corporation	1.41%	331,547	$13M	trimmed−1%	−0.14 pp	11 q
DHRDanaher Corporation	1.24%	107,095	$12M	trimmed−0%	+0.12 pp	5 q
MTWThe Manitowoc Company, Inc.	1.23%	481,787	$12M	added+4%	−0.04 pp	4 q
PHIIKPHI, Inc. Non-Voting	1.21%	1,211,751	$11M	trimmed−3%	−0.13 pp	10 q
TRSTrimas Corporation	1.20%	371,123	$11M	held	—	8 q
ACNTAscent Industries Co.	1.15%	472,069	$11M	trimmed−2%	+0.14 pp	22 q
DLTRDollar Tree Inc.	1.09%	125,743	$10M	added×15.2	+1.02 pp	2 q
POWLPowell Industries Inc	0.97%	251,951	$9M	trimmed−1%	+0.03 pp	22 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.91%	313,911	$9M	trimmed−5%	0.00 pp	10 q
HALHalliburton Company	0.79%	183,682	$7M	trimmed−1%	−0.10 pp	22 q
IBMInternational Business Machines Corporation	0.71%	44,409	$7M	trimmed−4%	+0.03 pp	13 q
ASCArdmore Shipping Corporation	0.67%	967,241	$6M	added+1%	−0.16 pp	16 q
MURMurphy Oil Corp.	0.65%	184,235	$6M	added0%	−0.01 pp	8 q
DONDiamond Offshore Drilling	0.60%	280,037	$6M	added+1%	−0.01 pp	19 q
VZVerizon Communications	0.60%	104,680	$6M	trimmed−0%	+0.04 pp	5 q
DWSNDawson Geophysical Company New	0.55%	832,869	$5M	held	—	11 q
RDIReading International, Inc Class A	0.52%	310,197	$5M	trimmed−1%	−0.01 pp	22 q
AEMAgnico Eagle Mines Ltd.	0.46%	125,643	$4M	trimmed−6%	−0.19 pp	20 q
CDEVPermian Resources Corporation	0.39%	165,808	$4M	added+18%	+0.12 pp	5 q
SYFSynchrony Financial	0.35%	106,532	$3M	added+7%	0.00 pp	4 q
ALOTAstroNova, Inc.	0.31%	133,825	$3M	added+28%	+0.10 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.30%	75,273	$3M	trimmed−12%	−0.04 pp	10 q
IBKRInteractive Brokers Group, Inc. Class A	0.29%	48,760	$3M	trimmed−0%	−0.04 pp	7 q
CRSCarpenter Technology Corp	0.26%	40,915	$2M	held	—	5 q
INTGIntergroup Corporation (The)	0.25%	67,598	$2M	held	—	18 q
unresolvedEsterline Technologies Corp	0.24%	24,816	$2M	held	—	11 q
PTENPatterson-UTI Energy Inc	0.24%	131,420	$2M	added+40%	+0.06 pp	13 q
FAROFaro Technologies Inc	0.22%	32,190	$2M	added0%	+0.03 pp	3 q
LDLLydall, Inc.	0.22%	48,083	$2M	held	—	14 q
EATBrinker International, Inc.	0.19%	38,865	$2M	held	—	3 q
TG7Triumph Group Inc	0.18%	74,370	$2M	held	—	3 q
SWXSouthwest Gas Holdings, Inc.	0.17%	20,025	$2M	held	—	3 q
NATNordic American Tanker	0.17%	772,508	$2M	trimmed−2%	−0.05 pp	7 q
COPConocoPhillips	0.16%	19,575	$2M	trimmed−1%	+0.01 pp	5 q
unresolvedMaxwell Technologies Inc	0.15%	395,503	$1M	trimmed−83%	−1.11 pp	22 q
SRSpire Inc.	0.15%	19,405	$1M	held	—	3 q
BMCHBMC Stock Holdings, Inc	0.14%	69,660	$1M	held	—	3 q
TAT&T Inc.	0.12%	33,615	$1M	new	+0.12 pp	new
unresolvedNewfield Expl Co	0.12%	39,885	$1M	added0%	−0.01 pp	5 q
MTSCMTS Systems Corp	0.11%	18,855	$1M	held	—	3 q
ALNTAllient Inc.	0.10%	17,010	$926,000	held	—	3 q
MKLMarkel Group Inc.	0.10%	798	$948,000	trimmed−1%	+0.01 pp	19 q
CMCOColumbus McKinnon Corp/NY	0.08%	18,936	$749,000	held	—	3 q
unresolvedComstock Mng Inc	0.08%	5,387,853	$754,000	trimmed−1%	−0.07 pp	4 q
PFIEProfire Energy, Inc	0.07%	192,601	$614,000	held	—	14 q
unresolvedRandgold Res Ltd	0.07%	8,924	$630,000	added+4%	0.00 pp	19 q
HPRHighPoint Resources Corporation	0.05%	100,925	$493,000	added0%	−0.01 pp	3 q
NPKINPK International Inc.	0.05%	44,625	$462,000	held	—	11 q
AXPAmerican Express Company	0.04%	3,705	$395,000	held	—	22 q
CSCOCisco Systems, Inc. (DE)	0.03%	6,457	$314,000	trimmed−7%	0.00 pp	22 q
DGDollar General Corp.	0.02%	2,119	$232,000	held	—	2 q
OXYOccidental Petroleum Corporation	0.02%	2,541	$209,000	trimmed−99%	−3.08 pp	8 q
TTENTotalenergies SE -spon ADR	0.02%	3,383	$218,000	trimmed−40%	−0.02 pp	22 q
BTGB2Gold Corp.	0.00%	11,300	$26,000	held	—	16 q
unresolvedCui Global Inc	0.00%	12,315	$27,000	held	—	20 q
YRIYamana Gold Inc	0.00%	13,795	$34,000	held	—	20 q
ESGREnstar Group Ltd	—	−73,879	—	exited	−1.62 pp	—
EMREmerson Electric Co.	—	−80,524	—	exited	−0.59 pp	—
CSLCarlisle Companies, Inc.	—	−19,645	—	exited	−0.23 pp	—
AIMCAltra Industrial Motion Corp.	—	−39,155	—	exited	−0.18 pp	—
ORNOrion Group Holdings, Inc	—	−72,367	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 8 unresolved
Accession: 0001398344-18-016477
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search