Century Management

Q4 2021 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $551M · prev $510M
Positions: 77 · prev 75
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%

Moves78 since the prior filing

+5.8 pp in · −5.8 pp out

New 6 +0.41 pp
Added 36 +5.36 pp
Trimmed 32 −0.49 pp
Exited 4 −5.30 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.73 pp trimmed−0.739.2%
PXD Pioneer Natural Resource Co. trimmed−0.02 pp trimmed−0.025.8%
GOOG Alphabet Inc. Class C trimmed−0.06 pp trimmed−0.065.6%
ATKR Atkore Inc. trimmed+0.67 pp trimmed+0.674.8%
unresolved Brookfield Asset Mgmt Inc trimmed+0.16 pp trimmed+0.163.9%

Positions77 in this filing · 4 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.16%	168,675	$50M	trimmed−9%	−0.73 pp	35 q
PXDPioneer Natural Resource Co.	5.84%	176,766	$32M	trimmed−2%	−0.02 pp	8 q
GOOGAlphabet Inc. Class C	5.59%	10,648	$31M	trimmed−2%	−0.06 pp	8 q
ATKRAtkore Inc.	4.79%	237,411	$26M	trimmed−2%	+0.67 pp	21 q
unresolvedBrookfield Asset Mgmt Inc	3.94%	359,597	$22M	trimmed−0%	+0.16 pp	9 q
METAMeta Platforms, Inc. Class A	3.94%	64,597	$22M	trimmed−2%	−0.44 pp	8 q
MKLMarkel Group Inc.	3.19%	14,262	$18M	added+6%	+0.05 pp	32 q
QCOMQualcomm Inc	2.99%	90,084	$16M	added+45%	+1.42 pp	3 q
FANGDiamondback Energy, Inc.	2.85%	145,723	$16M	trimmed−1%	+0.13 pp	6 q
DGDollar General Corp.	2.71%	63,357	$15M	trimmed−2%	+0.04 pp	8 q
COPConocoPhillips	2.63%	200,781	$14M	trimmed−2%	−0.09 pp	18 q
SEASeabridge Gold, Inc.	2.61%	870,754	$14M	trimmed−1%	−0.05 pp	33 q
VRSNVeriSign Inc	2.59%	56,285	$14M	trimmed−3%	+0.26 pp	6 q
SLBSLB Limited	2.58%	473,864	$14M	trimmed−8%	−0.41 pp	23 q
0LW9Westrock Co	2.51%	311,490	$14M	added+32%	+0.21 pp	9 q
AIRAAR Corp.	2.45%	345,587	$13M	added+2%	+0.30 pp	5 q
unresolvedColfax Corp	2.41%	288,692	$13M	trimmed−2%	−0.23 pp	29 q
KWKennedy-wilson Holdings, Inc.	2.38%	549,686	$13M	trimmed−1%	+0.10 pp	8 q
DHRDanaher Corporation	2.24%	37,432	$12M	added0%	+0.01 pp	18 q
VNTVontier Corporation	1.97%	353,753	$11M	added+51%	+0.42 pp	5 q
CIThe Cigna Group	1.93%	46,408	$11M	added+53%	+0.74 pp	5 q
MCKMcKesson Corporation	1.85%	40,954	$10M	added+17%	+0.48 pp	6 q
LUMNLumen Technologies, Inc.	1.81%	793,518	$10M	added0%	−0.11 pp	4 q
BOOMDMC Global Inc.	1.80%	249,648	$10M	added+15%	+0.23 pp	21 q
PHYSSprott Physical Gold Trust	1.75%	670,446	$10M	trimmed−1%	−0.08 pp	5 q
CRICarter's Inc.	1.66%	90,572	$9M	added+21%	+0.23 pp	5 q
POSTPost Holdings, Inc.	1.54%	75,069	$8M	added+1%	−0.06 pp	17 q
AIMCAltra Industrial Motion Corp.	1.45%	154,419	$8M	added+4%	−0.16 pp	13 q
LKQLKQ Corporation	1.44%	132,516	$8M	trimmed−1%	+0.12 pp	5 q
IBKRInteractive Brokers Group, Inc. Class A	1.37%	94,954	$8M	trimmed−1%	+0.20 pp	20 q
MSFTMicrosoft Corp	1.32%	21,581	$7M	trimmed−1%	+0.11 pp	6 q
CORCencora, Inc.	1.18%	48,756	$6M	added+9%	+0.13 pp	4 q
CERNCerner Corp	1.14%	67,505	$6M	added+3%	+0.23 pp	6 q
IBMInternational Business Machines Corporation	1.11%	45,821	$6M	added×5.8	+0.90 pp	4 q
TAT&T Inc.	1.04%	232,766	$6M	added+6%	−0.13 pp	14 q
MCOMoody's Corporation	0.90%	12,709	$5M	trimmed−2%	0.00 pp	4 q
WDAYWorkday, Inc. Class A	0.82%	16,579	$5M	trimmed−0%	+0.01 pp	6 q
POWLPowell Industries Inc	0.70%	130,759	$4M	added+2%	+0.08 pp	5 q
VZVerizon Communications	0.69%	73,347	$4M	added+9%	−0.02 pp	18 q
TRSTrimas Corporation	0.58%	85,976	$3M	trimmed−2%	+0.03 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.49%	5,395	$3M	trimmed−2%	+0.07 pp	5 q
EQTEqt Corp	0.29%	73,151	$2M	added+3%	+0.01 pp	5 q
VTIVanguard Morningstar Total Stock Market ETF	0.29%	6,724	$2M	trimmed−2%	−0.01 pp	5 q
DVNDevon Energy Corporation	0.27%	33,669	$1M	trimmed−3%	+0.03 pp	3 q
VYMVanguard High Dividend Yield ETF	0.27%	13,338	$1M	trimmed−16%	−0.05 pp	5 q
MOATVanEck Morningstar Wide Moat ETF	0.21%	14,886	$1M	added+64%	+0.08 pp	5 q
VEAVanguard FTSE Developed Markets ETF	0.21%	22,562	$1M	added×3.0	+0.14 pp	4 q
CTRACoterra Energy Inc.	0.17%	50,379	$957,000	added+14%	−0.02 pp	5 q
ESTEEarthstone Energy Inc. Class A	0.17%	87,122	$953,000	added+22%	+0.04 pp	5 q
VYMIVanguard International High Dividend Yield ETF	0.17%	13,847	$930,000	trimmed−21%	−0.06 pp	5 q
CRKComstock Resources, Inc.	0.16%	109,950	$889,000	added+1%	−0.06 pp	5 q
RSPInvesco S&P 500 Equal Weight ETF	0.16%	5,296	$862,000	added×2.6	+0.10 pp	3 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.16%	9,462	$907,000	trimmed−1%	−0.02 pp	5 q
XLEState Street Energy Select Sector SPDR ETF	0.15%	15,320	$850,000	added+3%	0.00 pp	5 q
IWNiShares Russell 2000 Value ETF	0.11%	3,545	$589,000	added+1%	0.00 pp	6 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.11%	13,295	$594,000	new	+0.11 pp	new
MAMastercard Incorporated	0.10%	1,546	$556,000	new	+0.10 pp	new
OVVOvintiv Inc.	0.09%	13,992	$472,000	added+61%	+0.03 pp	2 q
VIGVanguard Dividend Appreciation ETF	0.09%	2,859	$491,000	added+5%	+0.01 pp	5 q
PVACPenn Virginia Corporation	0.08%	16,280	$438,000	added+89%	+0.04 pp	2 q
VXUSVanguard Total International Stock ETF	0.07%	6,297	$400,000	trimmed−40%	−0.06 pp	5 q
CVXChevron Corporation	0.06%	2,987	$351,000	held	—	8 q
LODEComstock Inc.	0.06%	267,309	$345,000	trimmed−5%	−0.09 pp	9 q
DFAUDimensional US Core Equity Market ETF	0.06%	9,282	$306,000	new	+0.06 pp	new
SBOWSilverBow Resources, Inc.	0.06%	15,204	$331,000	added+83%	+0.02 pp	3 q
VUGVanguard Morningstar Growth ETF	0.06%	1,059	$340,000	added+30%	+0.01 pp	3 q
AEMAgnico Eagle Mines Ltd.	0.05%	4,916	$261,000	added0%	0.00 pp	33 q
IEMGiShares Core MSCI Emerging Markets ETF	0.05%	4,687	$281,000	new	+0.05 pp	new
NOGNorthern Oil and Gas, Inc.	0.05%	13,971	$288,000	new	+0.05 pp	new
SUSuncor Energy, Inc.	0.05%	11,214	$281,000	trimmed−1%	0.00 pp	2 q
VBRVanguard Morningstar Small-Cap Value ETF	0.05%	1,510	$270,000	trimmed−8%	0.00 pp	5 q
VTVVanguard Morningstar Value ETF	0.05%	1,867	$275,000	added+25%	+0.01 pp	2 q
SEISolaris Energy Infrastructure, Inc.	0.04%	32,215	$211,000	new	+0.04 pp	new
VVVanguard Morningstar Large-Cap ETF	0.04%	1,116	$247,000	trimmed−20%	−0.02 pp	5 q
SJTSan Juan Basin Royalty Trust UBI	0.02%	17,500	$107,000	added+13%	0.00 pp	6 q
NVVEWNuvve Holding CORP-CW26	0.01%	14,800	$33,000	held	—	3 q
RIGTransocean LTD.	0.01%	24,671	$68,000	held	—	18 q
DLTRDollar Tree Inc.	—	−131,009	—	exited	−2.46 pp	—
PSTHPershing Square Tontine Holdings, Ltd.	—	−611,312	—	exited	−2.36 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−27,610	—	exited	−0.28 pp	—
GDPGoodrich Petroleum Corp	—	−43,096	—	exited	−0.20 pp	—