Century Management

Q2 2021 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2021
Filed: Aug 16, 2021
US stock: $508M · prev $457M
Positions: 74 · prev 69
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%

Moves70 since the prior filing

+6.6 pp in · −6.5 pp out

New 7 +4.12 pp
Added 12 +2.45 pp
Trimmed 49 −6.41 pp
Exited 2 −0.10 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.70 pp trimmed−0.7010.2%
PXD Pioneer Natural Resource Co. trimmed−0.61 pp trimmed−0.615.8%
GOOG Alphabet Inc. Class C trimmed+0.24 pp trimmed+0.245.3%
META Meta Platforms, Inc. Class A trimmed+0.09 pp trimmed+0.094.5%
unresolved Brookfield Asset Mgmt Inc trimmed+0.01 pp trimmed+0.013.6%

Positions74 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	10.16%	185,828	$52M	trimmed−4%	−0.70 pp	33 q
PXDPioneer Natural Resource Co.	5.75%	179,817	$29M	trimmed−2%	−0.61 pp	6 q
GOOGAlphabet Inc. Class C	5.32%	10,785	$27M	trimmed−4%	+0.24 pp	6 q
METAMeta Platforms, Inc. Class A	4.52%	66,133	$23M	trimmed−4%	+0.09 pp	6 q
unresolvedBrookfield Asset Mgmt Inc	3.61%	359,603	$18M	trimmed−3%	+0.01 pp	7 q
ATKRAtkore Inc.	3.38%	241,903	$17M	trimmed−6%	−0.68 pp	19 q
SLBSLB Limited	3.25%	516,750	$17M	trimmed−3%	+0.07 pp	21 q
SEASeabridge Gold, Inc.	3.06%	885,998	$16M	trimmed−1%	−0.10 pp	31 q
DGDollar General Corp.	2.75%	64,609	$14M	trimmed−3%	−0.20 pp	6 q
DLTRDollar Tree Inc.	2.72%	139,069	$14M	trimmed−3%	−0.88 pp	13 q
FANGDiamondback Energy, Inc.	2.70%	146,120	$14M	trimmed−2%	+0.30 pp	4 q
unresolvedColfax Corp	2.65%	293,970	$13M	trimmed−4%	−0.29 pp	27 q
VRSNVeriSign Inc	2.61%	58,312	$13M	trimmed−3%	−0.01 pp	4 q
COPConocoPhillips	2.46%	205,088	$12M	added+3%	+0.16 pp	16 q
0LW9Westrock Co	2.46%	234,988	$13M	trimmed−1%	−0.25 pp	7 q
BOOMDMC Global Inc.	2.39%	216,147	$12M	trimmed−4%	−0.29 pp	19 q
MKLMarkel Group Inc.	2.23%	9,536	$11M	trimmed−3%	−0.21 pp	30 q
KWKennedy-wilson Holdings, Inc.	2.18%	558,371	$11M	trimmed−3%	−0.37 pp	6 q
PSTHPershing Square Tontine Holdings, Ltd.	2.15%	479,974	$11M	new	+2.15 pp	new
LUMNLumen Technologies, Inc.	2.11%	790,822	$11M	added×18.9	+1.99 pp	2 q
DHRDanaher Corporation	1.99%	37,607	$10M	trimmed−6%	+0.03 pp	16 q
AIMCAltra Industrial Motion Corp.	1.90%	148,880	$10M	trimmed−4%	+0.02 pp	11 q
PHYSSprott Physical Gold Trust	1.84%	668,072	$9M	trimmed−2%	−0.16 pp	3 q
QCOMQualcomm Inc	1.65%	58,601	$8M	new	+1.65 pp	new
POSTPost Holdings, Inc.	1.57%	73,445	$8M	trimmed−4%	−0.20 pp	15 q
CRICarter's Inc.	1.51%	74,353	$8M	trimmed−3%	+0.02 pp	3 q
VNTVontier Corporation	1.46%	227,691	$7M	trimmed−2%	−0.08 pp	3 q
CIThe Cigna Group	1.38%	29,618	$7M	trimmed−3%	−0.23 pp	3 q
MCKMcKesson Corporation	1.32%	35,150	$7M	trimmed−1%	−0.20 pp	4 q
LKQLKQ Corporation	1.30%	133,975	$7M	trimmed−4%	+0.01 pp	3 q
TAT&T Inc.	1.29%	227,441	$7M	trimmed−3%	−0.27 pp	12 q
IBKRInteractive Brokers Group, Inc. Class A	1.22%	94,583	$6M	trimmed−3%	−0.34 pp	18 q
MSFTMicrosoft Corp	1.17%	21,956	$6M	trimmed−1%	+0.02 pp	4 q
CORCencora, Inc.	1.00%	44,257	$5M	trimmed−4%	−0.19 pp	2 q
CERNCerner Corp	1.00%	65,161	$5M	trimmed−3%	−0.05 pp	4 q
MCOMoody's Corporation	0.97%	13,620	$5M	trimmed−0%	+0.08 pp	2 q
JPMJPMorgan Chase & Co.	0.88%	28,917	$4M	trimmed−2%	−0.10 pp	5 q
AIRAAR Corp.	0.87%	113,586	$4M	trimmed−4%	−0.20 pp	3 q
POWLPowell Industries Inc	0.81%	133,618	$4M	trimmed−3%	−0.21 pp	3 q
WDAYWorkday, Inc. Class A	0.78%	16,619	$4M	trimmed−1%	−0.13 pp	4 q
VZVerizon Communications	0.74%	66,849	$4M	added+6%	−0.06 pp	16 q
TRSTrimas Corporation	0.52%	87,298	$3M	trimmed−7%	−0.10 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.43%	5,516	$2M	held	—	3 q
VYMVanguard High Dividend Yield ETF	0.33%	15,849	$2M	trimmed−1%	−0.02 pp	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.30%	6,910	$2M	trimmed−6%	−0.03 pp	3 q
EQTEqt Corp	0.26%	58,565	$1M	added+7%	+0.04 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.26%	27,502	$1M	trimmed−7%	−0.02 pp	21 q
VYMIVanguard International High Dividend Yield ETF	0.23%	17,020	$1M	trimmed−0%	−0.01 pp	3 q
LODEComstock Inc.	0.20%	279,623	$1M	trimmed−5%	−0.10 pp	7 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.18%	9,491	$918,000	trimmed−7%	0.00 pp	3 q
DVNDevon Energy Corporation	0.17%	29,352	$857,000	new	+0.17 pp	new
IBMInternational Business Machines Corporation	0.16%	5,614	$823,000	added+28%	+0.03 pp	2 q
XLEState Street Energy Select Sector SPDR ETF	0.16%	14,767	$796,000	trimmed−2%	0.00 pp	3 q
CTRACoterra Energy Inc.	0.15%	44,122	$770,000	trimmed−0%	−0.03 pp	3 q
ESTEEarthstone Energy Inc. Class A	0.15%	68,078	$754,000	added+21%	+0.06 pp	3 q
CRKComstock Resources, Inc.	0.14%	104,618	$698,000	added+6%	+0.02 pp	3 q
IWNiShares Russell 2000 Value ETF	0.14%	4,295	$712,000	held	—	4 q
VXUSVanguard Total International Stock ETF	0.14%	10,515	$691,000	added+2%	0.00 pp	3 q
GDPGoodrich Petroleum Corp	0.12%	41,959	$626,000	added×2.0	+0.08 pp	2 q
MOATVanEck Morningstar Wide Moat ETF	0.12%	8,424	$624,000	added+42%	+0.03 pp	3 q
TALOTalos Energy, Inc.	0.10%	32,533	$509,000	added×3.0	+0.07 pp	2 q
VIGVanguard Dividend Appreciation ETF	0.08%	2,737	$424,000	trimmed−5%	−0.01 pp	3 q
CVXChevron Corporation	0.07%	3,277	$343,000	held	—	6 q
VEAVanguard FTSE Developed Markets ETF	0.07%	6,549	$337,000	added+60%	+0.03 pp	2 q
AEMAgnico Eagle Mines Ltd.	0.06%	4,905	$297,000	held	—	31 q
XOMExxon Mobil Corp	0.06%	5,182	$327,000	trimmed−19%	−0.02 pp	7 q
RSPInvesco S&P 500 Equal Weight ETF	0.05%	1,680	$253,000	new	+0.05 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.05%	1,595	$277,000	trimmed−6%	−0.01 pp	3 q
VVVanguard Morningstar Large-Cap ETF	0.05%	1,359	$273,000	held	—	3 q
VUGVanguard Morningstar Growth ETF	0.05%	806	$231,000	new	+0.05 pp	new
SBOWSilverBow Resources, Inc.	0.04%	8,672	$201,000	new	+0.04 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.02%	15,500	$80,000	held	—	4 q
RIGTransocean LTD.	0.02%	24,171	$109,000	trimmed−0%	0.00 pp	16 q
NVVEWNuvve Holding CORP-CW26	0.01%	14,800	$32,000	new	+0.01 pp	new
RSPHInvesco S&P 500 Equal Weight Health Care ETF	—	−808	—	exited	−0.05 pp	—
OIHVanEck Oil Services ETF	—	−1,112	—	exited	−0.05 pp	—