Century Management

Q1 2019 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $727M · prev $676M
Positions: 66 · prev 70
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%

Moves57 since the prior filing

+2.4 pp in · −2.6 pp out

New 2 +0.44 pp
Added 7 +1.96 pp
Trimmed 42 +1.92 pp
Exited 6 −4.53 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.2% a year, about 12.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.02 pp trimmed−1.028.8%
ATI ATI Inc. trimmed−0.39 pp trimmed−0.396.2%
BOOM DMC Global Inc. trimmed+0.81 pp trimmed+0.815.9%
ATKR Atkore Inc. trimmed−0.05 pp trimmed−0.055.5%
SLB SLB Limited trimmed+0.49 pp trimmed+0.495.1%

Positions66 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.84%	319,876	$64M	trimmed−2%	−1.02 pp	24 q
ATIATI Inc.	6.19%	1,761,394	$45M	trimmed−14%	−0.39 pp	16 q
BOOMDMC Global Inc.	5.94%	870,555	$43M	trimmed−12%	+0.81 pp	10 q
ATKRAtkore Inc.	5.50%	1,859,222	$40M	trimmed−2%	−0.05 pp	10 q
SLBSLB Limited	5.08%	847,311	$37M	trimmed−2%	+0.49 pp	12 q
9990302DApache Corp	4.98%	1,045,111	$36M	trimmed−1%	+0.86 pp	24 q
unresolvedColfax Corp	4.40%	1,078,764	$32M	trimmed−2%	+1.01 pp	18 q
DISCKDiscovery Inc-c	3.32%	949,922	$24M	trimmed−2%	+0.01 pp	18 q
ACTAllergan PLC	3.32%	165,054	$24M	trimmed−2%	0.00 pp	6 q
GVAGranite Construction Inc.	3.11%	524,940	$23M	trimmed−2%	−0.07 pp	4 q
WFCWells Fargo & Co.	2.99%	450,484	$22M	trimmed−2%	−0.14 pp	24 q
ERABristow Group Inc.	2.63%	1,659,600	$19M	added+11%	+0.69 pp	24 q
CORCencora, Inc.	2.57%	234,830	$19M	trimmed−2%	−0.08 pp	12 q
RIGTransocean LTD.	2.54%	2,124,551	$19M	trimmed−1%	+0.34 pp	7 q
BFHBread Financial Holdings, Inc.	2.53%	105,230	$18M	trimmed−1%	+0.17 pp	13 q
SEASeabridge Gold, Inc.	2.43%	1,428,749	$18M	trimmed−3%	−0.46 pp	22 q
PTENPatterson-UTI Energy Inc	2.14%	1,111,612	$16M	trimmed−1%	+0.42 pp	15 q
unresolvedEnsco PLC	1.94%	3,584,221	$14M	trimmed−1%	+0.03 pp	20 q
DHRDanaher Corporation	1.92%	105,860	$14M	trimmed−1%	+0.29 pp	7 q
UNTUNIT Corporation	1.78%	908,316	$13M	trimmed−2%	−0.18 pp	24 q
PESPioneer Energy Services Corp.	1.76%	7,238,131	$13M	trimmed−1%	+0.43 pp	18 q
DLTRDollar Tree Inc.	1.74%	120,521	$13M	trimmed−3%	+0.08 pp	4 q
MCKMcKesson Corporation	1.60%	99,289	$12M	trimmed−2%	−0.06 pp	13 q
TRSTrimas Corporation	1.43%	344,513	$10M	held	—	10 q
DVNDevon Energy Corporation	1.41%	325,917	$10M	trimmed−2%	+0.31 pp	13 q
POSTPost Holdings, Inc.	1.38%	91,753	$10M	trimmed−47%	−0.90 pp	6 q
AIMCAltra Industrial Motion Corp.	1.36%	318,237	$10M	added×9.1	+1.23 pp	2 q
SYFSynchrony Financial	1.20%	273,431	$9M	added+1%	+0.26 pp	6 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.19%	310,831	$9M	trimmed−2%	+0.02 pp	12 q
HALHalliburton Company	1.18%	292,357	$9M	trimmed−2%	+0.01 pp	24 q
MTWThe Manitowoc Company, Inc.	1.14%	507,047	$8M	trimmed−0%	+0.03 pp	6 q
ACNTAscent Industries Co.	0.96%	459,814	$7M	trimmed−2%	−0.19 pp	24 q
POWLPowell Industries Inc	0.91%	249,793	$7M	trimmed−1%	−0.02 pp	24 q
VZVerizon Communications	0.85%	104,035	$6M	trimmed−0%	−0.02 pp	7 q
ASCArdmore Shipping Corporation	0.83%	981,886	$6M	trimmed−0%	+0.15 pp	18 q
MURMurphy Oil Corp.	0.75%	187,280	$5M	trimmed−0%	+0.10 pp	10 q
RDIReading International, Inc Class A	0.68%	310,272	$5M	trimmed−0%	+0.01 pp	24 q
TAT&T Inc.	0.56%	130,915	$4M	trimmed−1%	0.00 pp	3 q
ALOTAstroNova, Inc.	0.38%	134,725	$3M	held	—	4 q
KREState Street SPDR S&P Regional Banking ETF	0.37%	52,340	$3M	held	—	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.35%	48,475	$3M	trimmed−0%	−0.04 pp	9 q
DWSNDawson Geophysical Company New	0.34%	832,869	$2M	held	—	13 q
CDEVPermian Resources Corporation	0.32%	264,898	$2M	added+25%	−0.03 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.32%	66,907	$2M	trimmed−7%	−0.01 pp	12 q
MEIMethode Electronics	0.27%	68,600	$2M	new	+0.27 pp	new
CRSCarpenter Technology Corp	0.26%	40,915	$2M	held	—	7 q
INTGIntergroup Corporation (The)	0.26%	60,950	$2M	trimmed−2%	−0.04 pp	20 q
BMCHBMC Stock Holdings, Inc	0.24%	99,660	$2M	added+43%	+0.08 pp	5 q
CMCOColumbus McKinnon Corp/NY	0.24%	51,531	$2M	held	—	5 q
TG7Triumph Group Inc	0.24%	91,010	$2M	held	—	5 q
COPConocoPhillips	0.18%	19,225	$1M	trimmed−0%	0.00 pp	7 q
unresolvedEncana Corp	0.17%	174,874	$1M	new	+0.17 pp	new
LDLLydall, Inc.	0.17%	52,563	$1M	held	—	16 q
unresolvedComstock Mng Inc	0.13%	4,611,626	$968,000	trimmed−1%	+0.04 pp	6 q
MKLMarkel Group Inc.	0.11%	803	$800,000	trimmed−1%	−0.01 pp	21 q
PHIIKPHI, Inc. Non-Voting	0.08%	1,369,557	$589,000	added+5%	−0.28 pp	12 q
unresolvedSun Hydraulics Corp	0.08%	13,190	$613,000	held	—	2 q
ALNTAllient Inc.	0.07%	14,735	$507,000	held	—	5 q
DONDiamond Offshore Drilling	0.07%	46,652	$489,000	added+7%	+0.01 pp	21 q
AXPAmerican Express Company	0.06%	3,680	$402,000	held	—	24 q
CSCOCisco Systems, Inc. (DE)	0.05%	6,327	$342,000	held	—	24 q
PFIEProfire Energy, Inc	0.05%	192,601	$345,000	held	—	16 q
AEMAgnico Eagle Mines Ltd.	0.03%	5,280	$230,000	trimmed−11%	−0.01 pp	22 q
DGDollar General Corp.	0.03%	1,815	$217,000	trimmed−14%	0.00 pp	4 q
BTGB2Gold Corp.	0.00%	11,300	$32,000	held	—	18 q
YRIYamana Gold Inc	0.00%	13,795	$36,000	held	—	22 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	—	−703,437	—	exited	−2.76 pp	—
BABAAlibaba Group Holding Limited	—	−66,818	—	exited	−1.35 pp	—
unresolvedNewfield Expl Co	—	−65,450	—	exited	−0.14 pp	—
SWXSouthwest Gas Holdings, Inc.	—	−10,010	—	exited	−0.11 pp	—
unresolvedIi-Vi Inc	—	−21,885	—	exited	−0.11 pp	—
OIHNVanEck Oil Services ETF	—	−28,295	—	exited	−0.06 pp	—