Century Management

Q3 2021 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $510M · prev $508M
Positions: 75 · prev 74
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%

Moves72 since the prior filing

+1.9 pp in · −1.9 pp out

New 4 +0.19 pp
Added 37 +1.66 pp
Trimmed 28 −0.84 pp
Exited 3 −1.04 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.6 years per position

Low
Moderate
High

Top 5 positions30% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.27 pp trimmed−0.279.9%
PXD Pioneer Natural Resource Co. trimmed+0.11 pp trimmed+0.115.9%
GOOG Alphabet Inc. Class C added+0.33 pp added+0.335.7%
META Meta Platforms, Inc. Class A trimmed−0.14 pp trimmed−0.144.4%
ATKR Atkore Inc. trimmed+0.74 pp trimmed+0.744.1%

Positions75 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.89%	184,921	$50M	trimmed−0%	−0.27 pp	34 q
PXDPioneer Natural Resource Co.	5.86%	179,672	$30M	trimmed−0%	+0.11 pp	7 q
GOOGAlphabet Inc. Class C	5.65%	10,822	$29M	added0%	+0.33 pp	7 q
METAMeta Platforms, Inc. Class A	4.38%	65,918	$22M	trimmed−0%	−0.14 pp	7 q
ATKRAtkore Inc.	4.12%	241,851	$21M	trimmed−0%	+0.74 pp	20 q
unresolvedBrookfield Asset Mgmt Inc	3.78%	360,515	$19M	added0%	+0.17 pp	8 q
MKLMarkel Group Inc.	3.14%	13,399	$16M	added+41%	+0.91 pp	31 q
SLBSLB Limited	2.99%	515,429	$15M	trimmed−0%	−0.26 pp	22 q
COPConocoPhillips	2.72%	204,920	$14M	trimmed−0%	+0.26 pp	17 q
FANGDiamondback Energy, Inc.	2.72%	146,926	$14M	added+1%	+0.02 pp	5 q
DGDollar General Corp.	2.67%	64,326	$14M	trimmed−0%	−0.08 pp	7 q
SEASeabridge Gold, Inc.	2.66%	880,265	$14M	trimmed−1%	−0.40 pp	32 q
unresolvedColfax Corp	2.64%	293,228	$13M	trimmed−0%	−0.01 pp	28 q
DLTRDollar Tree Inc.	2.46%	131,009	$13M	trimmed−6%	−0.26 pp	14 q
PSTHPershing Square Tontine Holdings, Ltd.	2.36%	611,312	$12M	added+27%	+0.21 pp	2 q
VRSNVeriSign Inc	2.33%	58,002	$12M	trimmed−1%	−0.28 pp	5 q
0LW9Westrock Co	2.30%	235,449	$12M	added0%	−0.16 pp	8 q
KWKennedy-wilson Holdings, Inc.	2.28%	557,198	$12M	trimmed−0%	+0.10 pp	7 q
DHRDanaher Corporation	2.23%	37,347	$11M	trimmed−1%	+0.24 pp	17 q
AIRAAR Corp.	2.15%	337,909	$11M	added×3.0	+1.28 pp	4 q
LUMNLumen Technologies, Inc.	1.92%	791,379	$10M	added0%	−0.19 pp	3 q
PHYSSprott Physical Gold Trust	1.83%	678,454	$9M	added+2%	−0.01 pp	4 q
AIMCAltra Industrial Motion Corp.	1.61%	148,404	$8M	trimmed−0%	−0.29 pp	12 q
POSTPost Holdings, Inc.	1.60%	74,082	$8M	added+1%	+0.03 pp	16 q
BOOMDMC Global Inc.	1.57%	216,785	$8M	added0%	−0.82 pp	20 q
QCOMQualcomm Inc	1.57%	62,061	$8M	added+6%	−0.08 pp	2 q
VNTVontier Corporation	1.55%	235,008	$8M	added+3%	+0.09 pp	4 q
CRICarter's Inc.	1.43%	74,860	$7M	added+1%	−0.08 pp	4 q
MCKMcKesson Corporation	1.37%	35,144	$7M	trimmed−0%	+0.05 pp	5 q
LKQLKQ Corporation	1.32%	133,713	$7M	trimmed−0%	+0.02 pp	4 q
MSFTMicrosoft Corp	1.21%	21,877	$6M	trimmed−0%	+0.04 pp	5 q
CIThe Cigna Group	1.19%	30,257	$6M	added+2%	−0.19 pp	4 q
TAT&T Inc.	1.17%	220,496	$6M	trimmed−3%	−0.12 pp	13 q
IBKRInteractive Brokers Group, Inc. Class A	1.17%	96,177	$6M	added+2%	−0.05 pp	19 q
CORCencora, Inc.	1.05%	44,689	$5M	added+1%	+0.05 pp	3 q
CERNCerner Corp	0.91%	65,721	$5M	added+1%	−0.09 pp	5 q
MCOMoody's Corporation	0.90%	12,903	$5M	trimmed−5%	−0.07 pp	3 q
WDAYWorkday, Inc. Class A	0.81%	16,597	$4M	trimmed−0%	+0.03 pp	5 q
VZVerizon Communications	0.71%	67,222	$4M	added+1%	−0.03 pp	17 q
POWLPowell Industries Inc	0.62%	128,522	$3M	trimmed−4%	−0.19 pp	4 q
TRSTrimas Corporation	0.55%	87,298	$3M	held	—	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.42%	5,516	$2M	held	—	4 q
VYMVanguard High Dividend Yield ETF	0.32%	15,841	$2M	trimmed−0%	−0.01 pp	4 q
VTIVanguard Morningstar Total Stock Market ETF	0.30%	6,896	$2M	trimmed−0%	0.00 pp	4 q
EQTEqt Corp	0.28%	70,998	$1M	added+21%	+0.02 pp	4 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.28%	27,610	$1M	added0%	+0.02 pp	22 q
DVNDevon Energy Corporation	0.24%	34,645	$1M	added+18%	+0.07 pp	2 q
VYMIVanguard International High Dividend Yield ETF	0.23%	17,451	$1M	added+3%	0.00 pp	4 q
CRKComstock Resources, Inc.	0.22%	108,836	$1M	added+4%	+0.08 pp	4 q
IBMInternational Business Machines Corporation	0.21%	7,835	$1M	added+40%	+0.05 pp	3 q
GDPGoodrich Petroleum Corp	0.20%	43,096	$1M	added+3%	+0.08 pp	3 q
CTRACoterra Energy Inc.	0.19%	44,122	$960,000	held	—	4 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.18%	9,522	$921,000	added0%	0.00 pp	4 q
LODEComstock Inc.	0.15%	282,089	$753,000	added+1%	−0.05 pp	8 q
XLEState Street Energy Select Sector SPDR ETF	0.15%	14,924	$777,000	added+1%	−0.01 pp	4 q
ESTEEarthstone Energy Inc. Class A	0.13%	71,483	$658,000	added+5%	−0.02 pp	4 q
MOATVanEck Morningstar Wide Moat ETF	0.13%	9,100	$667,000	added+8%	+0.01 pp	4 q
VXUSVanguard Total International Stock ETF	0.13%	10,465	$662,000	trimmed−0%	−0.01 pp	4 q
IWNiShares Russell 2000 Value ETF	0.11%	3,515	$563,000	trimmed−18%	−0.03 pp	5 q
VIGVanguard Dividend Appreciation ETF	0.08%	2,724	$418,000	trimmed−0%	0.00 pp	4 q
VEAVanguard FTSE Developed Markets ETF	0.07%	7,450	$376,000	added+14%	0.00 pp	3 q
CVXChevron Corporation	0.06%	2,987	$303,000	trimmed−9%	−0.01 pp	7 q
RSPInvesco S&P 500 Equal Weight ETF	0.06%	2,042	$306,000	added+22%	+0.01 pp	2 q
OVVOvintiv Inc.	0.06%	8,716	$287,000	new	+0.06 pp	new
VVVanguard Morningstar Large-Cap ETF	0.06%	1,400	$281,000	added+3%	+0.01 pp	4 q
AEMAgnico Eagle Mines Ltd.	0.05%	4,905	$254,000	held	—	32 q
SUSuncor Energy, Inc.	0.05%	11,312	$235,000	new	+0.05 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.05%	1,635	$277,000	added+3%	0.00 pp	4 q
VUGVanguard Morningstar Growth ETF	0.05%	816	$237,000	added+1%	0.00 pp	2 q
PVACPenn Virginia Corporation	0.04%	8,601	$229,000	new	+0.04 pp	new
SBOWSilverBow Resources, Inc.	0.04%	8,316	$204,000	trimmed−4%	0.00 pp	2 q
VTVVanguard Morningstar Value ETF	0.04%	1,494	$202,000	new	+0.04 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.02%	15,500	$78,000	held	—	5 q
RIGTransocean LTD.	0.02%	24,671	$94,000	added+2%	0.00 pp	17 q
NVVEWNuvve Holding CORP-CW26	0.00%	14,800	$20,000	held	—	2 q
JPMJPMorgan Chase & Co.	—	−28,917	—	exited	−0.88 pp	—
TALOTalos Energy, Inc.	—	−32,533	—	exited	−0.10 pp	—
XOMExxon Mobil Corp	—	−5,182	—	exited	−0.06 pp	—