Century Management

Q2 2022 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $375M · prev $445M
Positions: 86 · prev 90
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%

Moves95 since the prior filing

+7.4 pp in · −7.4 pp out

New 10 +2.16 pp
Added 44 +5.27 pp
Trimmed 27 −0.88 pp
Exited 14 −6.54 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

PXD Pioneer Natural Resource Co. trimmed+0.38 pp trimmed+0.388.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−2.14 pp trimmed−2.147.4%
GOOG Alphabet Inc. Class C added−0.29 pp added−0.295.1%
ATKR Atkore Inc. added+0.03 pp added+0.034.2%
FANG Diamondback Energy, Inc. added+0.18 pp added+0.184.0%

Positions86 in this filing · 14 exited


PXDPioneer Natural Resource Co.	8.21%	138,016	$31M	trimmed−1%	+0.38 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	7.39%	101,543	$28M	trimmed−15%	−2.14 pp	37 q
GOOGAlphabet Inc. Class C	5.10%	8,737	$19M	added+2%	−0.29 pp	10 q
ATKRAtkore Inc.	4.17%	188,544	$16M	added+1%	+0.03 pp	23 q
FANGDiamondback Energy, Inc.	3.95%	122,238	$15M	added0%	+0.18 pp	8 q
MKLMarkel Group Inc.	3.87%	11,227	$15M	added+1%	+0.17 pp	34 q
SLBSLB Limited	3.42%	358,039	$13M	trimmed−2%	+0.04 pp	25 q
unresolvedBrookfield Asset Mgmt Inc	3.34%	281,549	$13M	added+1%	−0.19 pp	11 q
COPConocoPhillips	2.85%	119,155	$11M	trimmed−22%	−0.60 pp	20 q
0LW9Westrock Co	2.83%	265,985	$11M	added+5%	+0.16 pp	11 q
QCOMQualcomm Inc	2.61%	76,717	$10M	added+9%	+0.19 pp	5 q
SEASeabridge Gold, Inc.	2.48%	747,004	$9M	added+6%	−0.46 pp	35 q
CIThe Cigna Group	2.36%	33,539	$9M	trimmed−1%	+0.54 pp	7 q
DHRDanaher Corporation	2.32%	34,306	$9M	added+2%	+0.10 pp	20 q
CRICarter's Inc.	2.27%	120,867	$9M	added+30%	+0.35 pp	7 q
VNTVontier Corporation	2.24%	365,533	$8M	added+2%	+0.20 pp	7 q
METAMeta Platforms, Inc. Class A	2.19%	51,000	$8M	added+1%	−0.35 pp	10 q
EQTEqt Corp	2.17%	236,029	$8M	trimmed−3%	+0.30 pp	7 q
PHYSSprott Physical Gold Trust	2.10%	556,263	$8M	added0%	+0.19 pp	7 q
KWKennedy-wilson Holdings, Inc.	2.09%	413,466	$8M	trimmed−1%	−0.19 pp	10 q
LUMNLumen Technologies, Inc.	2.05%	704,894	$8M	added+1%	+0.29 pp	6 q
VRSNVeriSign Inc	2.04%	45,747	$8M	added+3%	−0.19 pp	8 q
POWLPowell Industries Inc	1.82%	292,304	$7M	added+30%	+0.84 pp	7 q
ESTEEarthstone Energy Inc. Class A	1.70%	466,998	$6M	added×3.8	+1.35 pp	7 q
AIMCAltra Industrial Motion Corp.	1.61%	171,135	$6M	added+24%	+0.41 pp	15 q
CORCencora, Inc.	1.45%	38,333	$5M	trimmed−1%	+0.11 pp	6 q
POSTPost Holdings, Inc.	1.43%	65,295	$5M	added+1%	+0.43 pp	19 q
IBMInternational Business Machines Corporation	1.42%	37,589	$5M	trimmed−2%	+0.30 pp	6 q
LKQLKQ Corporation	1.39%	105,794	$5M	trimmed−1%	+0.30 pp	7 q
MSFTMicrosoft Corp	1.27%	18,523	$5M	added+4%	+0.03 pp	8 q
IBKRInteractive Brokers Group, Inc. Class A	1.22%	83,284	$5M	added+13%	+0.13 pp	22 q
DISThe Walt Disney Company	1.08%	42,836	$4M	added×9.2	+0.94 pp	2 q
BOOMDMC Global Inc.	1.07%	221,843	$4M	added+5%	−0.38 pp	23 q
SWKStanley Black & Decker, Inc.	0.97%	34,509	$4M	new	+0.97 pp	new
VZVerizon Communications	0.96%	70,743	$4M	added+4%	+0.18 pp	20 q
MCOMoody's Corporation	0.92%	12,618	$3M	added+4%	0.00 pp	6 q
WDAYWorkday, Inc. Class A	0.85%	22,939	$3M	added+80%	+0.16 pp	8 q
TAT&T Inc.	0.62%	110,303	$2M	added+8%	+0.07 pp	16 q
TRSTrimas Corporation	0.61%	82,587	$2M	added+15%	+0.09 pp	23 q
STSensata Technologies Holding plc	0.59%	53,204	$2M	new	+0.59 pp	new
DVNDevon Energy Corporation	0.44%	29,776	$2M	trimmed−2%	+0.04 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.39%	2,882	$1M	trimmed−9%	+0.03 pp	7 q
CTRACoterra Energy Inc.	0.38%	55,552	$1M	trimmed−1%	+0.04 pp	7 q
CRKComstock Resources, Inc.	0.37%	114,463	$1M	trimmed−1%	+0.03 pp	7 q
VYMVanguard High Dividend Yield ETF	0.32%	11,938	$1M	trimmed−0%	+0.02 pp	7 q
LPINVital Energy Inc	0.30%	16,230	$1M	added×5.6	+0.25 pp	2 q
TXNTexas Instruments Incorporated	0.29%	7,134	$1M	trimmed−0%	−0.01 pp	2 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.26%	8,266	$988,000	trimmed−1%	+0.01 pp	7 q
XLEState Street Energy Select Sector SPDR ETF	0.24%	12,393	$886,000	trimmed−3%	+0.02 pp	7 q
MOATVanEck Morningstar Wide Moat ETF	0.24%	14,089	$898,000	added+1%	+0.01 pp	7 q
VTIVanguard Morningstar Total Stock Market ETF	0.24%	4,863	$917,000	trimmed−0%	−0.01 pp	7 q
PVACPenn Virginia Corporation	0.23%	25,838	$849,000	added+32%	+0.08 pp	4 q
SBOWSilverBow Resources, Inc.	0.23%	30,775	$873,000	added+22%	+0.05 pp	5 q
NOGNorthern Oil and Gas, Inc.	0.21%	30,930	$781,000	added+30%	+0.06 pp	3 q
CEFSprott Physical Gold and Silver Trust	0.20%	45,056	$758,000	new	+0.20 pp	new
VEAVanguard FTSE Developed Markets ETF	0.20%	18,317	$747,000	trimmed−6%	−0.01 pp	6 q
MAMastercard Incorporated	0.19%	2,215	$699,000	trimmed−1%	+0.01 pp	3 q
OVVOvintiv Inc.	0.19%	16,514	$730,000	added+14%	+0.01 pp	4 q
PDCEPDC Energy, Inc.	0.19%	11,587	$714,000	added+41%	+0.06 pp	2 q
VYMIVanguard International High Dividend Yield ETF	0.18%	11,551	$679,000	added0%	+0.01 pp	7 q
RSPInvesco S&P 500 Equal Weight ETF	0.17%	4,844	$650,000	added+4%	0.00 pp	5 q
EROEro Copper Corp.	0.11%	48,167	$406,000	new	+0.11 pp	new
ILMNIllumina Inc	0.11%	2,222	$410,000	added×3.7	+0.06 pp	2 q
SUSuncor Energy, Inc.	0.11%	11,673	$409,000	trimmed−16%	+0.01 pp	4 q
HALHalliburton Company	0.10%	11,450	$359,000	added0%	0.00 pp	2 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.10%	10,660	$384,000	added+5%	0.00 pp	3 q
SEISolaris Energy Infrastructure, Inc.	0.10%	32,770	$357,000	added0%	+0.02 pp	3 q
TALOTalos Energy, Inc.	0.09%	20,985	$325,000	added+34%	+0.03 pp	2 q
WBDWarner Bros. Discovery, Inc. Series A	0.09%	25,965	$348,000	new	+0.09 pp	new
CVXChevron Corporation	0.08%	2,061	$298,000	trimmed−31%	−0.03 pp	10 q
VIGVanguard Dividend Appreciation ETF	0.08%	1,992	$286,000	trimmed−9%	0.00 pp	7 q
AEMAgnico Eagle Mines Ltd.	0.07%	5,488	$251,000	added+1%	0.00 pp	35 q
DFAUDimensional US Core Equity Market ETF	0.07%	9,671	$256,000	added+1%	0.00 pp	3 q
VXUSVanguard Total International Stock ETF	0.07%	4,804	$248,000	trimmed−1%	+0.01 pp	7 q
CXTCrane NXT, Co.	0.05%	2,302	$202,000	new	+0.05 pp	new
URAGlobal X Uranium ETF	0.05%	11,013	$204,000	new	+0.05 pp	new
RRCRange Resources Corp	0.05%	8,145	$202,000	new	+0.05 pp	new
LODEComstock Inc.	0.04%	219,066	$136,000	trimmed−16%	−0.06 pp	11 q
DODiamond Offshore Drilling, Inc.	0.04%	25,595	$151,000	new	+0.04 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.04%	17,500	$152,000	held	—	8 q
unresolvedAirspan Networks Holdings In	0.02%	21,500	$64,000	held	—	2 q
HLHecla Mining Company	0.01%	11,000	$43,000	new	+0.01 pp	new
TEOTelecom Argentina S.A.	0.01%	10,000	$45,000	held	—	2 q
YPFYPF Sociedad Anonima	0.01%	10,500	$34,000	held	—	2 q
RIGTransocean LTD.	0.01%	15,396	$51,000	trimmed−38%	−0.02 pp	20 q
NVVEWNuvve Holding CORP-CW26	0.00%	14,800	$6,000	held	—	5 q
DGDollar General Corp.	—	−49,742	—	exited	−2.49 pp	—
MCKMcKesson Corporation	—	−30,456	—	exited	−2.10 pp	—
AIRAAR Corp.	—	−87,773	—	exited	−0.96 pp	—
CERNCerner Corp	—	−21,486	—	exited	−0.45 pp	—
VUGVanguard Morningstar Growth ETF	—	−1,052	—	exited	−0.07 pp	—
UNPUnion Pacific Corp.	—	−900	—	exited	−0.06 pp	—
VTVVanguard Morningstar Value ETF	—	−1,922	—	exited	−0.06 pp	—
CVSCvs Health Corporation	—	−2,080	—	exited	−0.05 pp	—
IEMGiShares Core MSCI Emerging Markets ETF	—	−3,980	—	exited	−0.05 pp	—
LMTLockheed Martin Corp.	—	−520	—	exited	−0.05 pp	—
OIHVanEck Oil Services ETF	—	−844	—	exited	−0.05 pp	—
VBRVanguard Morningstar Small-Cap Value ETF	—	−1,163	—	exited	−0.05 pp	—
VVVanguard Morningstar Large-Cap ETF	—	−1,114	—	exited	−0.05 pp	—
WMTWalmart Inc.	—	−1,414	—	exited	−0.05 pp	—