Century Management

Q1 2022 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $445M · prev $551M
Positions: 90 · prev 77
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%

Moves89 since the prior filing

+4.4 pp in · −4.5 pp out

New 15 +1.12 pp
Added 17 +3.31 pp
Trimmed 55 −1.95 pp
Exited 2 −2.52 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions31% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.37 pp trimmed+0.379.5%
PXD Pioneer Natural Resource Co. trimmed+1.99 pp trimmed+1.997.8%
GOOG Alphabet Inc. Class C trimmed−0.20 pp trimmed−0.205.4%
ATKR Atkore Inc. trimmed−0.65 pp trimmed−0.654.1%
FANG Diamondback Energy, Inc. trimmed+0.92 pp trimmed+0.923.8%

Positions90 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.53%	120,139	$42M	trimmed−29%	+0.37 pp	36 q
PXDPioneer Natural Resource Co.	7.83%	139,202	$35M	trimmed−21%	+1.99 pp	9 q
GOOGAlphabet Inc. Class C	5.39%	8,588	$24M	trimmed−19%	−0.20 pp	9 q
ATKRAtkore Inc.	4.14%	187,039	$18M	trimmed−21%	−0.65 pp	22 q
FANGDiamondback Energy, Inc.	3.77%	122,215	$17M	trimmed−16%	+0.92 pp	7 q
MKLMarkel Group Inc.	3.70%	11,168	$16M	trimmed−22%	+0.51 pp	33 q
unresolvedBrookfield Asset Mgmt Inc	3.53%	277,497	$16M	trimmed−23%	−0.41 pp	10 q
COPConocoPhillips	3.45%	153,496	$15M	trimmed−24%	+0.82 pp	19 q
SLBSLB Limited	3.38%	364,072	$15M	trimmed−23%	+0.80 pp	24 q
SEASeabridge Gold, Inc.	2.94%	707,181	$13M	trimmed−19%	+0.33 pp	34 q
0LW9Westrock Co	2.67%	252,723	$12M	trimmed−19%	+0.16 pp	10 q
METAMeta Platforms, Inc. Class A	2.54%	50,741	$11M	trimmed−21%	−1.40 pp	9 q
DGDollar General Corp.	2.49%	49,742	$11M	trimmed−21%	−0.22 pp	9 q
QCOMQualcomm Inc	2.42%	70,399	$11M	trimmed−22%	−0.57 pp	4 q
KWKennedy-wilson Holdings, Inc.	2.28%	415,659	$10M	trimmed−24%	−0.10 pp	9 q
VRSNVeriSign Inc	2.23%	44,606	$10M	trimmed−21%	−0.36 pp	7 q
DHRDanaher Corporation	2.22%	33,729	$10M	trimmed−10%	−0.02 pp	19 q
MCKMcKesson Corporation	2.10%	30,456	$9M	trimmed−26%	+0.25 pp	7 q
VNTVontier Corporation	2.04%	357,025	$9M	added+1%	+0.07 pp	6 q
CRICarter's Inc.	1.92%	92,796	$9M	added+2%	+0.26 pp	6 q
PHYSSprott Physical Gold Trust	1.91%	554,124	$9M	trimmed−17%	+0.16 pp	6 q
EQTEqt Corp	1.87%	242,181	$8M	added×3.3	+1.58 pp	6 q
CIThe Cigna Group	1.82%	33,815	$8M	trimmed−27%	−0.11 pp	6 q
LUMNLumen Technologies, Inc.	1.76%	695,767	$8M	trimmed−12%	−0.05 pp	5 q
BOOMDMC Global Inc.	1.45%	210,829	$6M	trimmed−16%	−0.35 pp	22 q
CORCencora, Inc.	1.34%	38,599	$6M	trimmed−21%	+0.16 pp	5 q
MSFTMicrosoft Corp	1.24%	17,895	$6M	trimmed−17%	−0.08 pp	7 q
AIMCAltra Industrial Motion Corp.	1.20%	137,605	$5M	trimmed−11%	−0.25 pp	14 q
IBMInternational Business Machines Corporation	1.12%	38,235	$5M	trimmed−17%	+0.01 pp	5 q
IBKRInteractive Brokers Group, Inc. Class A	1.09%	73,844	$5M	trimmed−22%	−0.28 pp	21 q
LKQLKQ Corporation	1.09%	106,323	$5M	trimmed−20%	−0.35 pp	6 q
POSTPost Holdings, Inc.	1.00%	64,528	$4M	trimmed−14%	−0.54 pp	18 q
POWLPowell Industries Inc	0.98%	224,150	$4M	added+71%	+0.28 pp	6 q
AIRAAR Corp.	0.96%	87,773	$4M	trimmed−75%	−1.49 pp	6 q
MCOMoody's Corporation	0.92%	12,168	$4M	trimmed−4%	+0.02 pp	5 q
VZVerizon Communications	0.78%	67,834	$3M	trimmed−8%	+0.09 pp	19 q
WDAYWorkday, Inc. Class A	0.69%	12,745	$3M	trimmed−23%	−0.13 pp	7 q
TAT&T Inc.	0.55%	102,609	$2M	trimmed−56%	−0.49 pp	15 q
TRSTrimas Corporation	0.52%	71,518	$2M	trimmed−17%	−0.06 pp	22 q
CERNCerner Corp	0.45%	21,486	$2M	trimmed−68%	−0.69 pp	7 q
DVNDevon Energy Corporation	0.40%	30,453	$2M	trimmed−10%	+0.13 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.36%	3,172	$2M	trimmed−41%	−0.13 pp	6 q
ESTEEarthstone Energy Inc. Class A	0.35%	123,335	$2M	added+42%	+0.18 pp	6 q
CTRACoterra Energy Inc.	0.34%	56,315	$2M	added+12%	+0.17 pp	6 q
CRKComstock Resources, Inc.	0.34%	115,180	$2M	added+5%	+0.18 pp	6 q
TXNTexas Instruments Incorporated	0.30%	7,166	$1M	new	+0.30 pp	new
VYMVanguard High Dividend Yield ETF	0.30%	11,963	$1M	trimmed−10%	+0.03 pp	6 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.25%	8,382	$1M	trimmed−11%	+0.09 pp	6 q
VTIVanguard Morningstar Total Stock Market ETF	0.25%	4,883	$1M	trimmed−27%	−0.04 pp	6 q
MOATVanEck Morningstar Wide Moat ETF	0.23%	13,882	$1M	trimmed−7%	+0.02 pp	6 q
XLEState Street Energy Select Sector SPDR ETF	0.22%	12,730	$973,000	trimmed−17%	+0.07 pp	6 q
VEAVanguard FTSE Developed Markets ETF	0.21%	19,549	$939,000	trimmed−13%	0.00 pp	5 q
MAMastercard Incorporated	0.18%	2,240	$801,000	added+45%	+0.08 pp	2 q
OVVOvintiv Inc.	0.18%	14,540	$786,000	added+4%	+0.09 pp	3 q
SBOWSilverBow Resources, Inc.	0.18%	25,128	$804,000	added+65%	+0.12 pp	4 q
RSPInvesco S&P 500 Equal Weight ETF	0.17%	4,664	$735,000	trimmed−12%	+0.01 pp	4 q
VYMIVanguard International High Dividend Yield ETF	0.17%	11,501	$778,000	trimmed−17%	0.00 pp	6 q
NOGNorthern Oil and Gas, Inc.	0.15%	23,786	$671,000	added+70%	+0.10 pp	2 q
PVACPenn Virginia Corporation	0.15%	19,529	$674,000	added+20%	+0.07 pp	3 q
DISThe Walt Disney Company	0.14%	4,640	$636,000	new	+0.14 pp	new
PDCEPDC Energy, Inc.	0.13%	8,200	$596,000	new	+0.13 pp	new
CVXChevron Corporation	0.11%	2,974	$484,000	trimmed−0%	+0.05 pp	9 q
LODEComstock Inc.	0.10%	261,747	$437,000	trimmed−2%	+0.04 pp	10 q
HALHalliburton Company	0.10%	11,422	$433,000	new	+0.10 pp	new
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.10%	10,192	$429,000	trimmed−23%	−0.01 pp	2 q
SUSuncor Energy, Inc.	0.10%	13,823	$450,000	added+23%	+0.05 pp	3 q
SEISolaris Energy Infrastructure, Inc.	0.08%	32,655	$369,000	added+1%	+0.04 pp	2 q
VIGVanguard Dividend Appreciation ETF	0.08%	2,192	$355,000	trimmed−23%	−0.01 pp	6 q
AEMAgnico Eagle Mines Ltd.	0.07%	5,438	$333,000	added+11%	+0.02 pp	34 q
DFAUDimensional US Core Equity Market ETF	0.07%	9,568	$302,000	added+3%	+0.01 pp	2 q
VUGVanguard Morningstar Growth ETF	0.07%	1,052	$303,000	trimmed−1%	+0.01 pp	4 q
TALOTalos Energy, Inc.	0.06%	15,665	$247,000	new	+0.06 pp	new
UNPUnion Pacific Corp.	0.06%	900	$246,000	new	+0.06 pp	new
VXUSVanguard Total International Stock ETF	0.06%	4,842	$289,000	trimmed−23%	−0.01 pp	6 q
VTVVanguard Morningstar Value ETF	0.06%	1,922	$284,000	added+3%	+0.01 pp	3 q
CVSCvs Health Corporation	0.05%	2,080	$211,000	new	+0.05 pp	new
ILMNIllumina Inc	0.05%	597	$209,000	new	+0.05 pp	new
IEMGiShares Core MSCI Emerging Markets ETF	0.05%	3,980	$221,000	trimmed−15%	0.00 pp	2 q
LPINVital Energy Inc	0.05%	2,889	$229,000	new	+0.05 pp	new
LMTLockheed Martin Corp.	0.05%	520	$230,000	new	+0.05 pp	new
OIHVanEck Oil Services ETF	0.05%	844	$239,000	new	+0.05 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.05%	1,163	$205,000	trimmed−23%	0.00 pp	6 q
VVVanguard Morningstar Large-Cap ETF	0.05%	1,114	$232,000	trimmed−0%	+0.01 pp	6 q
WMTWalmart Inc.	0.05%	1,414	$211,000	new	+0.05 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.03%	17,500	$153,000	held	—	7 q
RIGTransocean LTD.	0.03%	24,671	$113,000	held	—	19 q
unresolvedAirspan Networks Holdings In	0.01%	21,500	$63,000	new	+0.01 pp	new
TEOTelecom Argentina S.A.	0.01%	10,000	$60,000	new	+0.01 pp	new
YPFYPF Sociedad Anonima	0.01%	10,500	$51,000	new	+0.01 pp	new
NVVEWNuvve Holding CORP-CW26	0.00%	14,800	$13,000	held	—	4 q
unresolvedColfax Corp	—	−288,692	—	exited	−2.41 pp	—
IWNiShares Russell 2000 Value ETF	—	−3,545	—	exited	−0.11 pp	—