Century Management

Q4 2018 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $676M · prev $939M
Positions: 70 · prev 78
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

+4.4 pp in · −4.2 pp out

New 6 +2.07 pp
Added 24 +2.33 pp
Trimmed 34 −2.04 pp
Exited 14 −2.15 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions32% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+2.34 pp trimmed+2.349.9%
ATI ATI Inc. trimmed+0.05 pp trimmed+0.056.6%
ATKR Atkore Inc. trimmed+0.16 pp trimmed+0.165.5%
BOOM DMC Global Inc. trimmed+0.83 pp trimmed+0.835.1%
SLB SLB Limited added−0.32 pp added−0.324.6%

Positions70 in this filing · 14 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.86%	326,362	$67M	trimmed−1%	+2.34 pp	23 q
ATIATI Inc.	6.58%	2,042,879	$44M	trimmed−2%	+0.05 pp	15 q
ATKRAtkore Inc.	5.55%	1,892,255	$38M	trimmed−1%	+0.16 pp	9 q
BOOMDMC Global Inc.	5.13%	987,135	$35M	trimmed−0%	+0.83 pp	9 q
SLBSLB Limited	4.59%	860,365	$31M	added+14%	−0.32 pp	11 q
9990302DApache Corp	4.12%	1,060,288	$28M	added+2%	−1.13 pp	23 q
unresolvedColfax Corp	3.39%	1,095,789	$23M	added+3%	−0.69 pp	17 q
ACTAllergan PLC	3.32%	167,714	$22M	trimmed−1%	−0.13 pp	5 q
DISCKDiscovery Inc-c	3.31%	969,626	$22M	trimmed−2%	+0.20 pp	17 q
GVAGranite Construction Inc.	3.18%	533,643	$21M	added+2%	+0.64 pp	3 q
WFCWells Fargo & Co.	3.13%	459,712	$21M	added+3%	+0.64 pp	23 q
SEASeabridge Gold, Inc.	2.89%	1,474,558	$20M	trimmed−8%	+0.69 pp	21 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	2.76%	703,437	$19M	trimmed−0%	−0.49 pp	16 q
CORCencora, Inc.	2.65%	240,480	$18M	trimmed−1%	+0.26 pp	11 q
BFHBread Financial Holdings, Inc.	2.36%	106,431	$16M	trimmed−3%	−0.41 pp	12 q
POSTPost Holdings, Inc.	2.28%	172,595	$15M	trimmed−1%	+0.46 pp	5 q
RIGTransocean LTD.	2.20%	2,143,732	$15M	added+93%	+0.55 pp	6 q
UNTUNIT Corporation	1.96%	929,936	$13M	trimmed−4%	−0.74 pp	23 q
ERABristow Group Inc.	1.94%	1,501,575	$13M	added+12%	+0.18 pp	23 q
unresolvedEnsco PLC	1.91%	3,636,834	$13M	trimmed−51%	−4.76 pp	19 q
PTENPatterson-UTI Energy Inc	1.72%	1,121,105	$12M	added×8.5	+1.48 pp	14 q
DLTRDollar Tree Inc.	1.66%	123,956	$11M	trimmed−1%	+0.57 pp	3 q
MCKMcKesson Corporation	1.66%	101,581	$11M	trimmed−3%	+0.18 pp	12 q
DHRDanaher Corporation	1.63%	106,687	$11M	trimmed−0%	+0.39 pp	6 q
TRSTrimas Corporation	1.39%	344,513	$9M	trimmed−7%	+0.19 pp	9 q
BABAAlibaba Group Holding Limited	1.35%	66,818	$9M	new	+1.35 pp	new
PESPioneer Energy Services Corp.	1.33%	7,328,852	$9M	trimmed−0%	−0.97 pp	17 q
HALHalliburton Company	1.17%	298,703	$8M	added+63%	+0.38 pp	23 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.17%	317,953	$8M	added+1%	+0.26 pp	11 q
ACNTAscent Industries Co.	1.15%	467,384	$8M	trimmed−1%	0.00 pp	23 q
MTWThe Manitowoc Company, Inc.	1.11%	508,515	$8M	added+6%	−0.12 pp	5 q
DVNDevon Energy Corporation	1.10%	330,965	$7M	trimmed−0%	−0.31 pp	12 q
SYFSynchrony Financial	0.94%	271,836	$6M	added×2.6	+0.59 pp	5 q
POWLPowell Industries Inc	0.93%	251,048	$6M	trimmed−0%	−0.04 pp	23 q
VZVerizon Communications	0.87%	104,495	$6M	trimmed−0%	+0.27 pp	6 q
ASCArdmore Shipping Corporation	0.68%	982,916	$5M	added+2%	+0.01 pp	17 q
RDIReading International, Inc Class A	0.67%	310,697	$5M	added0%	+0.15 pp	23 q
MURMurphy Oil Corp.	0.65%	187,314	$4M	added+2%	0.00 pp	9 q
TAT&T Inc.	0.56%	132,050	$4M	added×3.9	+0.44 pp	2 q
DWSNDawson Geophysical Company New	0.42%	832,869	$3M	held	—	12 q
IBKRInteractive Brokers Group, Inc. Class A	0.39%	48,659	$3M	trimmed−0%	+0.10 pp	8 q
ALOTAstroNova, Inc.	0.37%	134,725	$3M	added+1%	+0.06 pp	3 q
PHIIKPHI, Inc. Non-Voting	0.36%	1,308,360	$2M	added+8%	−0.85 pp	11 q
KREState Street SPDR S&P Regional Banking ETF	0.36%	52,340	$2M	new	+0.36 pp	new
CDEVPermian Resources Corporation	0.35%	212,023	$2M	added+28%	−0.04 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.33%	71,778	$2M	trimmed−5%	+0.03 pp	11 q
INTGIntergroup Corporation (The)	0.30%	62,147	$2M	trimmed−8%	+0.05 pp	19 q
CMCOColumbus McKinnon Corp/NY	0.23%	51,531	$2M	added×2.7	+0.15 pp	4 q
CRSCarpenter Technology Corp	0.22%	40,915	$1M	held	—	6 q
COPConocoPhillips	0.18%	19,305	$1M	trimmed−1%	+0.02 pp	6 q
BMCHBMC Stock Holdings, Inc	0.16%	69,660	$1M	held	—	4 q
LDLLydall, Inc.	0.16%	52,563	$1M	added+9%	−0.06 pp	15 q
TG7Triumph Group Inc	0.15%	91,010	$1M	added+22%	−0.03 pp	4 q
unresolvedNewfield Expl Co	0.14%	65,450	$959,000	added+64%	+0.02 pp	6 q
AIMCAltra Industrial Motion Corp.	0.13%	34,862	$877,000	new	+0.13 pp	new
MKLMarkel Group Inc.	0.12%	808	$839,000	added+1%	+0.02 pp	20 q
SWXSouthwest Gas Holdings, Inc.	0.11%	10,010	$766,000	trimmed−50%	−0.06 pp	4 q
unresolvedIi-Vi Inc	0.11%	21,885	$710,000	new	+0.11 pp	new
ALNTAllient Inc.	0.10%	14,735	$659,000	trimmed−13%	0.00 pp	4 q
unresolvedComstock Mng Inc	0.09%	4,675,585	$622,000	trimmed−13%	+0.01 pp	5 q
DONDiamond Offshore Drilling	0.06%	43,622	$412,000	trimmed−84%	−0.54 pp	20 q
unresolvedSun Hydraulics Corp	0.06%	13,190	$438,000	new	+0.06 pp	new
OIHNVanEck Oil Services ETF	0.06%	28,295	$397,000	new	+0.06 pp	new
AXPAmerican Express Company	0.05%	3,680	$351,000	trimmed−1%	+0.01 pp	23 q
AEMAgnico Eagle Mines Ltd.	0.04%	5,960	$241,000	trimmed−95%	−0.42 pp	21 q
CSCOCisco Systems, Inc. (DE)	0.04%	6,327	$274,000	trimmed−2%	+0.01 pp	23 q
PFIEProfire Energy, Inc	0.04%	192,601	$279,000	held	—	15 q
DGDollar General Corp.	0.03%	2,105	$228,000	trimmed−1%	+0.01 pp	3 q
BTGB2Gold Corp.	0.00%	11,300	$33,000	held	—	17 q
YRIYamana Gold Inc	0.00%	13,795	$33,000	held	—	21 q
IBMInternational Business Machines Corporation	—	−44,409	—	exited	−0.71 pp	—
unresolvedEsterline Technologies Corp	—	−24,816	—	exited	−0.24 pp	—
FAROFaro Technologies Inc	—	−32,190	—	exited	−0.22 pp	—
EATBrinker International, Inc.	—	−38,865	—	exited	−0.19 pp	—
NATNordic American Tanker	—	−772,508	—	exited	−0.17 pp	—
unresolvedMaxwell Technologies Inc	—	−395,503	—	exited	−0.15 pp	—
SRSpire Inc.	—	−19,405	—	exited	−0.15 pp	—
MTSCMTS Systems Corp	—	−18,855	—	exited	−0.11 pp	—
unresolvedRandgold Res Ltd	—	−8,924	—	exited	−0.07 pp	—
HPRHighPoint Resources Corporation	—	−100,925	—	exited	−0.05 pp	—
NPKINPK International Inc.	—	−44,625	—	exited	−0.05 pp	—
OXYOccidental Petroleum Corporation	—	−2,541	—	exited	−0.02 pp	—
TTENTotalenergies SE -spon ADR	—	−3,383	—	exited	−0.02 pp	—
unresolvedCui Global Inc	—	−12,315	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0001398344-19-002694
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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