Century Management

Q4 2019 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $596M · prev $578M
Positions: 65 · prev 59
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

+6.5 pp in · −6.5 pp out

New 11 +3.83 pp
Added 9 +2.69 pp
Trimmed 37 −6.25 pp
Exited 5 −0.30 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.18 pp trimmed+0.1811.3%
BOOM DMC Global Inc. trimmed−0.34 pp trimmed−0.345.7%
unresolved Colfax Corp trimmed+0.36 pp trimmed+0.365.4%
WFC Wells Fargo & Co. trimmed−0.06 pp trimmed−0.065.4%
SLB SLB Limited trimmed+0.47 pp trimmed+0.475.3%

Positions65 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	11.31%	297,827	$67M	trimmed−4%	+0.18 pp	27 q
BOOMDMC Global Inc.	5.74%	761,177	$34M	trimmed−5%	−0.34 pp	13 q
unresolvedColfax Corp	5.38%	881,178	$32M	trimmed−12%	+0.36 pp	21 q
WFCWells Fargo & Co.	5.36%	593,816	$32M	trimmed−4%	−0.06 pp	27 q
SLBSLB Limited	5.32%	789,549	$32M	trimmed−4%	+0.47 pp	15 q
9990302DApache Corp	4.18%	974,643	$25M	trimmed−4%	−0.30 pp	27 q
ATKRAtkore Inc.	3.95%	581,974	$24M	trimmed−45%	−1.56 pp	13 q
DISCKDiscovery Inc-c	3.89%	759,851	$23M	trimmed−4%	+0.51 pp	21 q
GVAGranite Construction Inc.	3.61%	778,632	$22M	trimmed−5%	−0.93 pp	7 q
BFHBread Financial Holdings, Inc.	3.06%	162,434	$18M	added+61%	+0.82 pp	16 q
CORCencora, Inc.	3.01%	211,237	$18M	trimmed−5%	−0.15 pp	15 q
SEASeabridge Gold, Inc.	2.87%	1,238,309	$17M	trimmed−7%	−0.04 pp	25 q
0LW9Westrock Co	2.62%	363,982	$16M	new	+2.62 pp	new
DHRDanaher Corporation	2.60%	100,958	$15M	trimmed−2%	+0.02 pp	10 q
ERABristow Group Inc.	2.55%	1,495,363	$15M	trimmed−4%	−0.30 pp	27 q
RIGTransocean LTD.	2.30%	1,993,496	$14M	trimmed−3%	+0.71 pp	10 q
MCKMcKesson Corporation	2.12%	91,227	$13M	trimmed−4%	−0.12 pp	16 q
AIMCAltra Industrial Motion Corp.	2.10%	345,777	$13M	trimmed−3%	+0.40 pp	5 q
PTENPatterson-UTI Energy Inc	1.86%	1,055,398	$11M	trimmed−4%	+0.24 pp	18 q
TRSTrimas Corporation	1.81%	344,263	$11M	trimmed−0%	−0.02 pp	13 q
HALHalliburton Company	1.80%	437,501	$11M	trimmed−2%	+0.35 pp	27 q
MTWThe Manitowoc Company, Inc.	1.77%	601,952	$11M	added+23%	+0.71 pp	9 q
DLTRDollar Tree Inc.	1.73%	109,728	$10M	trimmed−4%	−0.53 pp	7 q
CDEVPermian Resources Corporation	1.55%	2,003,805	$9M	added+53%	+0.53 pp	10 q
POSTPost Holdings, Inc.	1.52%	83,249	$9M	trimmed−5%	−0.09 pp	9 q
ATIATI Inc.	1.38%	397,420	$8M	trimmed−71%	−3.41 pp	19 q
BATRKAtlanta Braves Holdings, Inc. Series C	1.33%	268,874	$8M	trimmed−8%	−0.08 pp	15 q
DVNDevon Energy Corporation	1.27%	292,408	$8M	trimmed−4%	0.00 pp	16 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.18%	49,377	$7M	trimmed−3%	−0.04 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	1.08%	138,555	$6M	trimmed−4%	−0.26 pp	12 q
VZVerizon Communications	1.04%	100,801	$6M	trimmed−0%	−0.02 pp	10 q
VALPQValaris PLC	0.96%	875,933	$6M	trimmed−4%	+0.20 pp	2 q
MURMurphy Oil Corp.	0.93%	207,459	$6M	added+2%	+0.15 pp	13 q
TAT&T Inc.	0.74%	113,227	$4M	trimmed−7%	−0.05 pp	6 q
ACNTAscent Industries Co.	0.65%	299,726	$4M	trimmed−8%	−0.25 pp	27 q
IWMiShares Russell 2000 ETF	0.57%	20,430	$3M	new	+0.57 pp	new
RDIReading International, Inc Class A	0.55%	295,491	$3M	trimmed−2%	−0.07 pp	27 q
GEFGreif, Inc.	0.50%	66,941	$3M	added+14%	+0.11 pp	2 q
CEFSprott Physical Gold and Silver Trust	0.40%	162,945	$2M	held	—	2 q
CMCOColumbus McKinnon Corp/NY	0.39%	58,036	$2M	held	—	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.37%	48,359	$2M	trimmed−18%	−0.06 pp	15 q
PEParsley Energy Inc	0.27%	84,255	$2M	added×2.2	+0.16 pp	2 q
LDLLydall, Inc.	0.23%	67,053	$1M	added×2.2	+0.10 pp	19 q
FLIRFLIR Systems, Inc. (DE)	0.20%	23,260	$1M	held	—	3 q
HIHillenbrand, Inc.	0.20%	35,000	$1M	new	+0.20 pp	new
MBUUMalibu Boats, Inc. Class A	0.20%	28,500	$1M	added+54%	+0.10 pp	2 q
ALOTAstroNova, Inc.	0.19%	83,655	$1M	trimmed−47%	−0.25 pp	7 q
COPConocoPhillips	0.19%	17,805	$1M	trimmed−1%	+0.01 pp	10 q
MKLMarkel Group Inc.	0.16%	828	$947,000	added+15%	+0.01 pp	24 q
DWSNDawson Geophysical Company New	0.15%	365,216	$877,000	trimmed−33%	−0.05 pp	16 q
CRSCarpenter Technology Corp	0.14%	17,030	$848,000	held	—	10 q
HLIOHelios Technologies, Inc.	0.14%	18,190	$841,000	held	—	3 q
unresolvedBrookfield Asset Mgmt Inc	0.07%	7,141	$413,000	new	+0.07 pp	new
LODEComstock Inc.	0.06%	864,700	$382,000	new	+0.06 pp	new
FRACKeane Group, Inc.	0.06%	50,000	$335,000	new	+0.06 pp	new
POLAvient Corporation	0.06%	9,000	$331,000	trimmed−65%	−0.09 pp	2 q
ZIXIZix Corporation	0.06%	50,000	$339,000	new	+0.06 pp	new
AEMAgnico Eagle Mines Ltd.	0.05%	5,280	$325,000	held	—	25 q
GOOGLAlphabet Inc. Class A	0.05%	212	$284,000	new	+0.05 pp	new
XOMExxon Mobil Corp	0.05%	4,363	$304,000	new	+0.05 pp	new
SUSuncor Energy, Inc.	0.05%	9,295	$305,000	new	+0.05 pp	new
PLOWDouglas Dynamics, Inc.	0.04%	4,055	$223,000	new	+0.04 pp	new
BTGB2Gold Corp.	0.01%	11,300	$45,000	held	—	21 q
YRIYamana Gold Inc	0.01%	13,795	$54,000	held	—	25 q
UNTUNIT Corporation	0.00%	14,059	$10,000	trimmed−99%	−0.63 pp	27 q
unresolvedComstock Mng Inc	—	−4,486,812	—	exited	−0.08 pp	—
PESPioneer Energy Services Corp.	—	−7,285,580	—	exited	−0.07 pp	—
MEIMethode Electronics	—	−9,960	—	exited	−0.06 pp	—
INTGIntergroup Corporation (The)	—	−10,149	—	exited	−0.05 pp	—
DGDollar General Corp.	—	−1,443	—	exited	−0.04 pp	—