Century Management

Q3 2019 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $578M · prev $671M
Positions: 59 · prev 61
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%

Moves64 since the prior filing

+6.4 pp in · −6.6 pp out

New 8 +3.17 pp
Added 12 +3.20 pp
Trimmed 34 −0.35 pp
Exited 10 −6.27 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.14 pp trimmed+1.1411.1%
BOOM DMC Global Inc. trimmed−1.64 pp trimmed−1.646.1%
ATKR Atkore Inc. trimmed−1.52 pp trimmed−1.525.5%
WFC Wells Fargo & Co. trimmed+0.89 pp trimmed+0.895.4%
unresolved Colfax Corp trimmed+0.60 pp trimmed+0.605.0%

Positions59 in this filing · 10 exited


BRK.BBERKSHIRE HATHAWAY Class B	11.13%	309,332	$64M	trimmed−2%	+1.14 pp	26 q
BOOMDMC Global Inc.	6.08%	798,719	$35M	trimmed−2%	−1.64 pp	12 q
ATKRAtkore Inc.	5.51%	1,049,574	$32M	trimmed−42%	−1.52 pp	12 q
WFCWells Fargo & Co.	5.42%	621,515	$31M	trimmed−3%	+0.89 pp	26 q
unresolvedColfax Corp	5.02%	999,242	$29M	trimmed−5%	+0.60 pp	20 q
SLBSLB Limited	4.85%	820,844	$28M	trimmed−2%	−0.10 pp	14 q
ATIATI Inc.	4.79%	1,366,294	$28M	trimmed−2%	−0.43 pp	18 q
GVAGranite Construction Inc.	4.54%	816,741	$26M	added+96%	+1.54 pp	6 q
9990302DApache Corp	4.48%	1,010,313	$26M	trimmed−2%	+0.04 pp	26 q
DISCKDiscovery Inc-c	3.38%	792,906	$20M	trimmed−4%	−0.12 pp	20 q
CORCencora, Inc.	3.16%	221,791	$18M	trimmed−3%	+0.25 pp	14 q
SEASeabridge Gold, Inc.	2.91%	1,326,447	$17M	trimmed−4%	+0.13 pp	24 q
ERABristow Group Inc.	2.85%	1,557,183	$16M	trimmed−6%	+0.79 pp	26 q
DHRDanaher Corporation	2.58%	103,223	$15M	trimmed−1%	+0.36 pp	9 q
DLTRDollar Tree Inc.	2.26%	114,291	$13M	trimmed−3%	+0.38 pp	6 q
BFHBread Financial Holdings, Inc.	2.24%	100,811	$13M	trimmed−2%	+0.08 pp	15 q
MCKMcKesson Corporation	2.24%	94,730	$13M	trimmed−3%	+0.28 pp	15 q
TRSTrimas Corporation	1.83%	344,513	$11M	held	—	12 q
AIMCAltra Industrial Motion Corp.	1.70%	355,497	$10M	added+2%	−0.17 pp	4 q
PTENPatterson-UTI Energy Inc	1.62%	1,097,901	$9M	trimmed−0%	−0.27 pp	17 q
POSTPost Holdings, Inc.	1.61%	87,659	$9M	trimmed−3%	+0.21 pp	8 q
RIGTransocean LTD.	1.59%	2,060,021	$9M	trimmed−1%	−0.40 pp	9 q
HALHalliburton Company	1.45%	445,506	$8M	added+54%	+0.47 pp	26 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.41%	292,662	$8M	trimmed−4%	+0.14 pp	14 q
IBKRInteractive Brokers Group, Inc. Class A	1.34%	144,068	$8M	added×3.0	+0.95 pp	11 q
DVNDevon Energy Corporation	1.27%	304,348	$7M	trimmed−5%	−0.09 pp	15 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.22%	50,866	$7M	new	+1.22 pp	new
MTWThe Manitowoc Company, Inc.	1.06%	490,724	$6M	trimmed−2%	−0.27 pp	8 q
VZVerizon Communications	1.06%	101,260	$6M	trimmed−1%	+0.19 pp	9 q
CDEVPermian Resources Corporation	1.02%	1,309,268	$6M	added×4.9	+0.72 pp	9 q
ACNTAscent Industries Co.	0.90%	326,511	$5M	trimmed−25%	−0.11 pp	26 q
TAT&T Inc.	0.79%	121,092	$5M	trimmed−3%	+0.17 pp	5 q
MURMurphy Oil Corp.	0.78%	203,569	$5M	added+9%	+0.09 pp	12 q
VALPQValaris PLC	0.76%	916,624	$4M	new	+0.76 pp	new
UNTUNIT Corporation	0.63%	1,082,648	$4M	added+22%	−0.55 pp	26 q
RDIReading International, Inc Class A	0.62%	300,581	$4M	trimmed−2%	+0.03 pp	26 q
ALOTAstroNova, Inc.	0.44%	158,655	$3M	added+13%	−0.10 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.43%	59,294	$2M	trimmed−7%	+0.07 pp	14 q
CEFSprott Physical Gold and Silver Trust	0.40%	162,945	$2M	new	+0.40 pp	new
GEFGreif, Inc.	0.39%	58,745	$2M	new	+0.39 pp	new
CMCOColumbus McKinnon Corp/NY	0.37%	58,036	$2M	added+13%	+0.05 pp	7 q
FLIRFLIR Systems, Inc. (DE)	0.21%	23,260	$1M	added×2.9	+0.15 pp	2 q
DWSNDawson Geophysical Company New	0.20%	546,598	$1M	trimmed−34%	−0.11 pp	15 q
COPConocoPhillips	0.18%	18,050	$1M	added0%	+0.02 pp	9 q
CRSCarpenter Technology Corp	0.15%	17,030	$880,000	trimmed−58%	−0.14 pp	9 q
MKLMarkel Group Inc.	0.15%	722	$853,000	added0%	+0.03 pp	23 q
POLAvient Corporation	0.15%	26,000	$849,000	new	+0.15 pp	new
HLIOHelios Technologies, Inc.	0.13%	18,190	$738,000	held	—	2 q
LDLLydall, Inc.	0.13%	30,153	$751,000	trimmed−18%	+0.02 pp	18 q
PEParsley Energy Inc	0.11%	39,170	$658,000	new	+0.11 pp	new
MBUUMalibu Boats, Inc. Class A	0.10%	18,500	$568,000	new	+0.10 pp	new
unresolvedComstock Mng Inc	0.08%	4,486,812	$478,000	trimmed−2%	−0.05 pp	8 q
PESPioneer Energy Services Corp.	0.07%	7,285,580	$401,000	trimmed−4%	−0.21 pp	20 q
MEIMethode Electronics	0.06%	9,960	$335,000	trimmed−92%	−0.47 pp	3 q
AEMAgnico Eagle Mines Ltd.	0.05%	5,280	$283,000	held	—	24 q
INTGIntergroup Corporation (The)	0.05%	10,149	$302,000	trimmed−81%	−0.19 pp	22 q
DGDollar General Corp.	0.04%	1,443	$229,000	new	+0.04 pp	new
BTGB2Gold Corp.	0.01%	11,300	$36,000	held	—	20 q
YRIYamana Gold Inc	0.01%	13,795	$44,000	held	—	24 q
POWLPowell Industries Inc	—	−249,738	—	exited	−1.41 pp	—
SYFSynchrony Financial	—	−269,142	—	exited	−1.39 pp	—
ASCArdmore Shipping Corporation	—	−979,111	—	exited	−1.19 pp	—
unresolvedEnsco Rowan PLC	—	−887,847	—	exited	−1.13 pp	—
TG7Triumph Group Inc	—	−109,266	—	exited	−0.37 pp	—
BMCHBMC Stock Holdings, Inc	—	−99,660	—	exited	−0.32 pp	—
KREState Street SPDR S&P Regional Banking ETF	—	−31,340	—	exited	−0.25 pp	—
ALNTAllient Inc.	—	−14,735	—	exited	−0.08 pp	—
AXPAmerican Express Company	—	−3,680	—	exited	−0.07 pp	—
DONDiamond Offshore Drilling	—	−44,276	—	exited	−0.06 pp	—