Century Management

Q3 2022 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $337M · prev $375M
Positions: 81 · prev 86
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%

Moves80 since the prior filing

+0.4 pp in · −0.4 pp out

New 0 0.00 pp
Added 27 +0.40 pp
Trimmed 48 +2.56 pp
Exited 5 −2.95 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.8% a year, about 12.8 years per position

Low
Moderate
High

Top 5 positions30% of US stock

PXD Pioneer Natural Resource Co. trimmed+0.34 pp trimmed+0.348.6%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.52 pp trimmed+0.527.9%
GOOG Alphabet Inc. Class C trimmed−0.24 pp trimmed−0.244.9%
ATKR Atkore Inc. trimmed+0.12 pp trimmed+0.124.3%
FANG Diamondback Energy, Inc. trimmed+0.34 pp trimmed+0.344.3%

Positions81 in this filing · 5 exited


PXDPioneer Natural Resource Co.	8.55%	133,112	$29M	trimmed−4%	+0.34 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	7.91%	99,794	$27M	trimmed−2%	+0.52 pp	38 q
GOOGAlphabet Inc. Class C	4.86%	170,399	$16M	trimmed−2%	−0.24 pp	11 q
ATKRAtkore Inc.	4.29%	185,883	$14M	trimmed−1%	+0.12 pp	24 q
FANGDiamondback Energy, Inc.	4.29%	119,973	$14M	trimmed−2%	+0.34 pp	9 q
SLBSLB Limited	3.71%	348,458	$13M	trimmed−3%	+0.29 pp	26 q
MKLMarkel Group Inc.	3.65%	11,328	$12M	added+1%	−0.22 pp	35 q
COPConocoPhillips	3.53%	116,205	$12M	trimmed−2%	+0.68 pp	21 q
unresolvedBrookfield Asset Mgmt Inc	3.37%	277,802	$11M	trimmed−1%	+0.03 pp	12 q
EQTEqt Corp	2.78%	229,986	$9M	trimmed−3%	+0.61 pp	8 q
QCOMQualcomm Inc	2.77%	82,748	$9M	added+8%	+0.16 pp	6 q
CIThe Cigna Group	2.60%	31,527	$9M	trimmed−6%	+0.24 pp	8 q
SEASeabridge Gold, Inc.	2.58%	732,983	$9M	trimmed−2%	+0.10 pp	36 q
DHRDanaher Corporation	2.53%	33,035	$9M	trimmed−4%	+0.21 pp	21 q
0LW9Westrock Co	2.38%	259,394	$8M	trimmed−2%	−0.45 pp	12 q
CRICarter's Inc.	2.29%	117,785	$8M	trimmed−3%	+0.02 pp	8 q
VRSNVeriSign Inc	2.29%	44,377	$8M	trimmed−3%	+0.25 pp	9 q
PHYSSprott Physical Gold Trust	2.05%	538,461	$7M	trimmed−3%	−0.05 pp	8 q
METAMeta Platforms, Inc. Class A	1.98%	49,181	$7M	trimmed−4%	−0.21 pp	11 q
VNTVontier Corporation	1.97%	397,384	$7M	added+9%	−0.27 pp	8 q
KWKennedy-wilson Holdings, Inc.	1.95%	425,626	$7M	added+3%	−0.14 pp	11 q
POWLPowell Industries Inc	1.93%	308,264	$6M	added+5%	+0.11 pp	8 q
ESTEEarthstone Energy Inc. Class A	1.69%	462,500	$6M	trimmed−1%	−0.01 pp	8 q
AIMCAltra Industrial Motion Corp.	1.67%	166,935	$6M	trimmed−2%	+0.06 pp	16 q
LUMNLumen Technologies, Inc.	1.62%	749,158	$5M	added+6%	−0.43 pp	7 q
IBMInternational Business Machines Corporation	1.58%	44,815	$5M	added+19%	+0.16 pp	7 q
CORCencora, Inc.	1.49%	37,051	$5M	trimmed−3%	+0.04 pp	7 q
DISThe Walt Disney Company	1.43%	50,994	$5M	added+19%	+0.35 pp	3 q
MSFTMicrosoft Corp	1.27%	18,332	$4M	trimmed−1%	0.00 pp	9 q
BOOMDMC Global Inc.	1.03%	216,796	$3M	trimmed−2%	−0.04 pp	24 q
WDAYWorkday, Inc. Class A	1.01%	22,306	$3M	trimmed−3%	+0.16 pp	9 q
MCOMoody's Corporation	0.88%	12,187	$3M	trimmed−3%	−0.04 pp	7 q
SWKStanley Black & Decker, Inc.	0.88%	39,306	$3M	added+14%	−0.09 pp	2 q
VZVerizon Communications	0.88%	77,755	$3M	added+10%	−0.08 pp	21 q
STSensata Technologies Holding plc	0.76%	68,490	$3M	added+29%	+0.17 pp	2 q
TRSTrimas Corporation	0.60%	81,097	$2M	trimmed−2%	−0.01 pp	24 q
IBKRInteractive Brokers Group, Inc. Class A	0.59%	31,333	$2M	trimmed−62%	−0.63 pp	23 q
TAT&T Inc.	0.58%	126,587	$2M	added+15%	−0.04 pp	17 q
CRKComstock Resources, Inc.	0.58%	113,800	$2M	trimmed−1%	+0.21 pp	8 q
DVNDevon Energy Corporation	0.55%	30,969	$2M	added+4%	+0.11 pp	6 q
CEFSprott Physical Gold and Silver Trust	0.47%	102,035	$2M	added×2.3	+0.27 pp	2 q
CTRACoterra Energy Inc.	0.43%	56,072	$1M	added+1%	+0.05 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.42%	2,776	$1M	trimmed−4%	+0.03 pp	8 q
TXNTexas Instruments Incorporated	0.33%	7,103	$1M	trimmed−0%	+0.04 pp	3 q
LPINVital Energy Inc	0.32%	17,129	$1M	added+6%	+0.02 pp	3 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.30%	8,192	$1M	trimmed−1%	+0.04 pp	8 q
NOGNorthern Oil and Gas, Inc.	0.27%	33,109	$908,000	added+7%	+0.06 pp	4 q
VYMVanguard High Dividend Yield ETF	0.27%	9,743	$924,000	trimmed−18%	−0.05 pp	8 q
PVACPenn Virginia Corporation	0.26%	27,849	$876,000	added+8%	+0.03 pp	5 q
SBOWSilverBow Resources, Inc.	0.26%	32,317	$869,000	added+5%	+0.03 pp	6 q
XLEState Street Energy Select Sector SPDR ETF	0.25%	11,666	$840,000	trimmed−6%	+0.01 pp	8 q
VTIVanguard Morningstar Total Stock Market ETF	0.25%	4,738	$850,000	trimmed−3%	+0.01 pp	8 q
OVVOvintiv Inc.	0.24%	17,443	$802,000	added+6%	+0.05 pp	5 q
MOATVanEck Morningstar Wide Moat ETF	0.23%	13,137	$788,000	trimmed−7%	−0.01 pp	8 q
PDCEPDC Energy, Inc.	0.22%	12,947	$748,000	added+12%	+0.03 pp	3 q
VEAVanguard FTSE Developed Markets ETF	0.19%	17,463	$635,000	trimmed−5%	−0.01 pp	7 q
MAMastercard Incorporated	0.18%	2,177	$619,000	trimmed−2%	−0.01 pp	4 q
RSPInvesco S&P 500 Equal Weight ETF	0.17%	4,594	$585,000	trimmed−5%	0.00 pp	6 q
EROEro Copper Corp.	0.16%	48,299	$531,000	added0%	+0.05 pp	2 q
VYMIVanguard International High Dividend Yield ETF	0.14%	9,111	$474,000	trimmed−21%	−0.04 pp	8 q
ILMNIllumina Inc	0.12%	2,187	$417,000	trimmed−2%	+0.01 pp	3 q
TALOTalos Energy, Inc.	0.11%	21,258	$354,000	added+1%	+0.02 pp	3 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.10%	9,660	$329,000	trimmed−9%	0.00 pp	4 q
SUSuncor Energy, Inc.	0.10%	11,577	$326,000	trimmed−1%	−0.01 pp	5 q
CVXChevron Corporation	0.09%	2,050	$295,000	trimmed−1%	+0.01 pp	11 q
SEISolaris Energy Infrastructure, Inc.	0.09%	32,770	$307,000	held	—	4 q
WBDWarner Bros. Discovery, Inc. Series A	0.09%	25,330	$291,000	trimmed−2%	0.00 pp	2 q
HALHalliburton Company	0.08%	11,514	$283,000	added+1%	−0.02 pp	3 q
VIGVanguard Dividend Appreciation ETF	0.08%	1,932	$261,000	trimmed−3%	0.00 pp	8 q
AEMAgnico Eagle Mines Ltd.	0.07%	5,290	$223,000	trimmed−4%	0.00 pp	36 q
URAGlobal X Uranium ETF	0.07%	11,421	$226,000	added+4%	+0.02 pp	2 q
RRCRange Resources Corp	0.06%	8,201	$207,000	added+1%	+0.01 pp	2 q
VXUSVanguard Total International Stock ETF	0.06%	4,389	$201,000	trimmed−9%	−0.01 pp	8 q
DODiamond Offshore Drilling, Inc.	0.05%	25,038	$166,000	trimmed−2%	+0.01 pp	2 q
SJTSan Juan Basin Royalty Trust UBI	0.05%	17,500	$164,000	held	—	9 q
LODEComstock Inc.	0.03%	221,346	$93,000	added+1%	−0.01 pp	12 q
unresolvedAirspan Networks Holdings In	0.01%	21,500	$43,000	held	—	3 q
HLHecla Mining Company	0.01%	11,000	$43,000	held	—	2 q
TEOTelecom Argentina S.A.	0.01%	10,000	$40,000	held	—	3 q
RIGTransocean LTD.	0.01%	14,896	$37,000	trimmed−3%	0.00 pp	21 q
NVVEWNuvve Holding CORP-CW26	0.00%	14,800	$2,000	held	—	6 q
POSTPost Holdings, Inc.	—	−65,295	—	exited	−1.43 pp	—
LKQLKQ Corporation	—	−105,794	—	exited	−1.39 pp	—
DFAUDimensional US Core Equity Market ETF	—	−9,671	—	exited	−0.07 pp	—
CXTCrane NXT, Co.	—	−2,302	—	exited	−0.05 pp	—
YPFYPF Sociedad Anonima	—	−10,500	—	exited	−0.01 pp	—