Century Management

Q4 2022 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $268M · prev $337M
Positions: 108 · prev 81
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%

Moves108 since the prior filing

+8.6 pp in · −8.9 pp out

New 33 +6.32 pp
Added 20 +2.25 pp
Trimmed 49 −1.82 pp
Exited 6 −7.07 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.15 pp trimmed+0.158.1%
PXD Pioneer Natural Resource Co. trimmed−0.55 pp trimmed−0.558.0%
FANG Diamondback Energy, Inc. trimmed+0.48 pp trimmed+0.484.8%
SLB SLB Limited trimmed+0.67 pp trimmed+0.674.4%
GOOG Alphabet Inc. Class C trimmed−0.77 pp trimmed−0.774.1%

Positions108 in this filing · 6 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.06%	70,033	$22M	trimmed−30%	+0.15 pp	39 q
PXDPioneer Natural Resource Co.	8.00%	94,041	$21M	trimmed−29%	−0.55 pp	12 q
FANGDiamondback Energy, Inc.	4.77%	93,522	$13M	trimmed−22%	+0.48 pp	10 q
SLBSLB Limited	4.38%	219,752	$12M	trimmed−37%	+0.67 pp	27 q
GOOGAlphabet Inc. Class C	4.09%	123,659	$11M	trimmed−27%	−0.77 pp	12 q
ATKRAtkore Inc.	4.09%	96,683	$11M	trimmed−48%	−0.20 pp	25 q
MKLMarkel Group Inc.	4.00%	8,139	$11M	trimmed−28%	+0.35 pp	36 q
COPConocoPhillips	2.78%	63,136	$7M	trimmed−46%	−0.75 pp	22 q
POWLPowell Industries Inc	2.77%	211,117	$7M	trimmed−32%	+0.84 pp	9 q
SEASeabridge Gold, Inc.	2.49%	531,821	$7M	trimmed−27%	−0.09 pp	37 q
VRSNVeriSign Inc	2.41%	31,490	$6M	trimmed−29%	+0.12 pp	10 q
AIMCAltra Industrial Motion Corp.	2.35%	105,628	$6M	trimmed−37%	+0.68 pp	17 q
BNBrookfield Corporation	2.35%	200,086	$6M	new	+2.35 pp	new
0LW9Westrock Co	2.30%	175,684	$6M	trimmed−32%	−0.08 pp	13 q
CRICarter's Inc.	2.27%	81,592	$6M	trimmed−31%	−0.02 pp	9 q
EQTEqt Corp	2.21%	175,328	$6M	trimmed−24%	−0.57 pp	9 q
QCOMQualcomm Inc	2.16%	52,832	$6M	trimmed−36%	−0.61 pp	7 q
PHYSSprott Physical Gold Trust	2.11%	401,600	$6M	trimmed−25%	+0.06 pp	9 q
BACBank of America Corporation	2.02%	163,907	$5M	new	+2.02 pp	new
DHRDanaher Corporation	1.98%	20,055	$5M	trimmed−39%	−0.55 pp	22 q
IBMInternational Business Machines Corporation	1.92%	36,661	$5M	trimmed−18%	+0.34 pp	8 q
VNTVontier Corporation	1.89%	261,847	$5M	trimmed−34%	−0.08 pp	9 q
KWKennedy-wilson Holdings, Inc.	1.82%	310,758	$5M	trimmed−27%	−0.13 pp	12 q
DISThe Walt Disney Company	1.75%	53,976	$5M	added+6%	+0.32 pp	4 q
ESTEEarthstone Energy Inc. Class A	1.69%	319,368	$5M	trimmed−31%	0.00 pp	9 q
CORCencora, Inc.	1.48%	23,966	$4M	trimmed−35%	−0.01 pp	8 q
BOOMDMC Global Inc.	1.35%	186,402	$4M	trimmed−14%	+0.32 pp	25 q
METAMeta Platforms, Inc. Class A	1.29%	28,773	$3M	trimmed−42%	−0.69 pp	12 q
MSFTMicrosoft Corp	1.21%	13,555	$3M	trimmed−26%	−0.06 pp	10 q
VZVerizon Communications	1.15%	78,578	$3M	added+1%	+0.27 pp	22 q
TAT&T Inc.	1.10%	160,345	$3M	added+27%	+0.52 pp	18 q
WDAYWorkday, Inc. Class A	1.01%	16,147	$3M	trimmed−28%	0.00 pp	10 q
BAMBrookfield Asset Management Ltd.	0.91%	85,616	$2M	new	+0.91 pp	new
LUMNLumen Technologies, Inc.	0.91%	468,675	$2M	trimmed−37%	−0.71 pp	8 q
MCOMoody's Corporation	0.83%	8,030	$2M	trimmed−34%	−0.05 pp	8 q
SWKStanley Black & Decker, Inc.	0.80%	28,476	$2M	trimmed−28%	−0.08 pp	3 q
DVNDevon Energy Corporation	0.71%	30,999	$2M	added0%	+0.16 pp	7 q
CRKComstock Resources, Inc.	0.59%	115,288	$2M	added+1%	+0.01 pp	9 q
CTRACoterra Energy Inc.	0.51%	55,910	$1M	trimmed−0%	+0.08 pp	9 q
STSensata Technologies Holding plc	0.46%	30,383	$1M	trimmed−56%	−0.30 pp	3 q
DOCNDigitalOcean Holdings, Inc.	0.45%	47,764	$1M	new	+0.45 pp	new
PVACPenn Virginia Corporation	0.42%	28,054	$1M	added+1%	+0.16 pp	6 q
TXNTexas Instruments Incorporated	0.42%	6,823	$1M	trimmed−4%	+0.09 pp	4 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.41%	8,149	$1M	trimmed−1%	+0.11 pp	9 q
VYMVanguard High Dividend Yield ETF	0.39%	9,716	$1M	trimmed−0%	+0.12 pp	9 q
NOGNorthern Oil and Gas, Inc.	0.38%	33,372	$1M	added+1%	+0.11 pp	5 q
XLEState Street Energy Select Sector SPDR ETF	0.38%	11,540	$1M	trimmed−1%	+0.13 pp	9 q
SBOWSilverBow Resources, Inc.	0.37%	34,682	$980,807	added+7%	+0.11 pp	7 q
LPINVital Energy Inc	0.33%	17,480	$898,822	added+2%	+0.01 pp	4 q
OVVOvintiv Inc.	0.33%	17,583	$891,634	added+1%	+0.09 pp	6 q
VTIVanguard Morningstar Total Stock Market ETF	0.33%	4,662	$891,328	trimmed−2%	+0.08 pp	9 q
PDCEPDC Energy, Inc.	0.31%	13,001	$825,303	added0%	+0.09 pp	4 q
TRSTrimas Corporation	0.31%	29,614	$821,492	trimmed−63%	−0.29 pp	25 q
MOATVanEck Morningstar Wide Moat ETF	0.31%	12,862	$834,872	trimmed−2%	+0.08 pp	9 q
CEFSprott Physical Gold and Silver Trust	0.29%	43,798	$785,298	trimmed−57%	−0.18 pp	3 q
MAMastercard Incorporated	0.28%	2,124	$738,579	trimmed−2%	+0.10 pp	5 q
VEAVanguard FTSE Developed Markets ETF	0.28%	17,630	$739,931	added+1%	+0.09 pp	8 q
EROEro Copper Corp.	0.25%	48,299	$664,111	held	—	3 q
RSPInvesco S&P 500 Equal Weight ETF	0.24%	4,611	$651,304	added0%	+0.07 pp	7 q
VYMIVanguard International High Dividend Yield ETF	0.20%	9,009	$536,666	trimmed−1%	+0.06 pp	9 q
ILMNIllumina Inc	0.18%	2,451	$495,592	added+12%	+0.06 pp	4 q
HALHalliburton Company	0.17%	11,514	$453,076	held	—	4 q
TALOTalos Energy, Inc.	0.15%	21,750	$410,640	added+2%	+0.04 pp	4 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.13%	9,674	$357,648	added0%	+0.03 pp	5 q
SUSuncor Energy, Inc.	0.13%	10,829	$343,604	trimmed−6%	+0.03 pp	6 q
SEISolaris Energy Infrastructure, Inc.	0.12%	32,980	$327,491	added+1%	+0.03 pp	5 q
AEMAgnico Eagle Mines Ltd.	0.10%	5,260	$273,467	trimmed−1%	+0.03 pp	37 q
CVXChevron Corporation	0.10%	1,475	$264,748	trimmed−28%	+0.01 pp	12 q
DODiamond Offshore Drilling, Inc.	0.10%	25,038	$260,395	held	—	3 q
VIGVanguard Dividend Appreciation ETF	0.10%	1,805	$274,089	trimmed−7%	+0.02 pp	9 q
DFAUDimensional US Core Equity Market ETF	0.08%	7,811	$211,053	new	+0.08 pp	new
URAGlobal X Uranium ETF	0.08%	11,183	$224,555	trimmed−2%	+0.01 pp	3 q
RRCRange Resources Corp	0.08%	8,301	$207,691	added+1%	+0.02 pp	3 q
OIHVanEck Oil Services ETF	0.08%	670	$203,714	new	+0.08 pp	new
VXUSVanguard Total International Stock ETF	0.08%	4,186	$216,500	trimmed−5%	+0.02 pp	9 q
SJTSan Juan Basin Royalty Trust UBI	0.07%	17,500	$199,850	held	—	10 q
VVVanguard Morningstar Large-Cap ETF	0.07%	1,089	$189,704	new	+0.07 pp	new
VUGVanguard Morningstar Growth ETF	0.07%	830	$176,881	new	+0.07 pp	new
VTVVanguard Morningstar Value ETF	0.07%	1,412	$198,202	new	+0.07 pp	new
HLHecla Mining Company	0.04%	17,000	$94,520	added+55%	+0.03 pp	3 q
VNQVanguard Real Estate ETF	0.04%	1,431	$118,029	new	+0.04 pp	new
VBRVanguard Morningstar Small-Cap Value ETF	0.04%	649	$103,061	new	+0.04 pp	new
VBVanguard Morningstar Small-Cap ETF	0.04%	517	$94,890	new	+0.04 pp	new
RIGTransocean LTD.	0.04%	21,946	$100,074	added+47%	+0.03 pp	22 q
GOOGLAlphabet Inc. Class A	0.03%	960	$84,701	new	+0.03 pp	new
DFAIDimensional International Core Equity Market ETF	0.02%	2,538	$63,552	new	+0.02 pp	new
TEOTelecom Argentina S.A.	0.02%	10,000	$54,500	held	—	4 q
GDXVanEck Gold Miners ETF	0.02%	1,850	$53,021	new	+0.02 pp	new
GDXJVanEck Junior Gold Miners ETF	0.02%	1,555	$55,436	new	+0.02 pp	new
unresolvedAirspan Networks Holdings In	0.01%	21,500	$28,165	held	—	4 q
DFAEDimensional Emerging Core Equity Market ETF	0.01%	668	$14,663	new	+0.01 pp	new
LODEComstock Inc.	0.00%	22,392	$6,158	trimmed−90%	−0.03 pp	13 q
DFASDimensional US Small Cap ETF	0.00%	211	$10,793	new	0.00 pp	new
DFATDimensional US Target Value	0.00%	103	$4,527	new	0.00 pp	new
DTCRGlobal X Funds Global X Data Center & Digital Infrastructure ETF	0.00%	100	$1,248	new	0.00 pp	new
QYLDGlobal X Funds Global X NASDAQ-100 Covered Call ETF	0.00%	750	$11,932	new	0.00 pp	new
PFFDGlobal X U.S. Preferred ETF	0.00%	600	$11,622	new	0.00 pp	new
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	575	$7,734	new	0.00 pp	new
ALTYGlobal X Funds Global X Alternative Income ETF	0.00%	300	$3,303	new	0.00 pp	new
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$1,408	new	0.00 pp	new
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$6,549	new	0.00 pp	new
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	39	$3,110	new	0.00 pp	new
XLVState Street Health Care Select Sector SPDR ETF	0.00%	25	$3,396	new	0.00 pp	new
XLFState Street Financial Select Sector SPDR ETF	0.00%	318	$10,876	new	0.00 pp	new
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$249	new	0.00 pp	new
RSXGBXVaneck Vectors Russia ETF	0.00%	2,203	$12,447	new	0.00 pp	new
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,827	new	0.00 pp	new
VOOVanguard S&P 500 ETF	0.00%	21	$7,378	new	0.00 pp	new
unresolvedBrookfield Asset Mgmt Inc	—	−277,802	—	exited	−3.37 pp	—
CIThe Cigna Group	—	−31,527	—	exited	−2.60 pp	—
IBKRInteractive Brokers Group, Inc. Class A	—	−31,333	—	exited	−0.59 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−2,776	—	exited	−0.42 pp	—
WBDWarner Bros. Discovery, Inc. Series A	—	−25,330	—	exited	−0.09 pp	—
NVVEWNuvve Holding CORP-CW26	—	−14,800	—	exited	0.00 pp	—