Century Management

Q1 2023 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $269M · prev $268M
Positions: 108 · prev 108
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%

Moves84 since the prior filing

+2.5 pp in · −2.6 pp out

New 3 +1.45 pp
Added 32 +1.09 pp
Trimmed 46 −0.14 pp
Exited 3 −2.43 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.45 pp trimmed−0.457.6%
PXD Pioneer Natural Resource Co. trimmed−0.89 pp trimmed−0.897.1%
GOOG Alphabet Inc. Class C trimmed+0.66 pp trimmed+0.664.8%
FANG Diamondback Energy, Inc. trimmed−0.07 pp trimmed−0.074.7%
ATKR Atkore Inc. trimmed−0.06 pp trimmed−0.064.0%

Positions108 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.61%	66,263	$20M	trimmed−5%	−0.45 pp	40 q
PXDPioneer Natural Resource Co.	7.11%	93,595	$19M	trimmed−0%	−0.89 pp	13 q
GOOGAlphabet Inc. Class C	4.75%	122,853	$13M	trimmed−1%	+0.66 pp	13 q
FANGDiamondback Energy, Inc.	4.70%	93,442	$13M	trimmed−0%	−0.07 pp	11 q
ATKRAtkore Inc.	4.03%	77,098	$11M	trimmed−20%	−0.06 pp	26 q
SLBSLB Limited	3.90%	213,756	$10M	trimmed−3%	−0.48 pp	28 q
MKLMarkel Group Inc.	3.84%	8,078	$10M	trimmed−1%	−0.16 pp	37 q
POWLPowell Industries Inc	2.88%	181,572	$8M	trimmed−14%	+0.11 pp	10 q
VNTVontier Corporation	2.63%	258,148	$7M	trimmed−1%	+0.74 pp	10 q
PHYSSprott Physical Gold Trust	2.62%	455,057	$7M	added+13%	+0.51 pp	10 q
SEASeabridge Gold, Inc.	2.57%	533,271	$7M	added0%	+0.08 pp	38 q
QCOMQualcomm Inc	2.56%	53,887	$7M	added+2%	+0.40 pp	8 q
BNBrookfield Corporation	2.44%	200,970	$7M	added0%	+0.09 pp	2 q
CRICarter's Inc.	2.31%	86,163	$6M	added+6%	+0.04 pp	10 q
COPConocoPhillips	2.30%	62,195	$6M	trimmed−1%	−0.48 pp	23 q
VRSNVeriSign Inc	2.25%	28,627	$6M	trimmed−9%	−0.16 pp	11 q
0LW9Westrock Co	2.16%	190,416	$6M	added+8%	−0.14 pp	14 q
EQTEqt Corp	2.09%	176,341	$6M	added+1%	−0.12 pp	10 q
METAMeta Platforms, Inc. Class A	2.06%	26,094	$6M	trimmed−9%	+0.77 pp	13 q
KWKennedy-wilson Holdings, Inc.	2.04%	330,394	$5M	added+6%	+0.22 pp	13 q
DISThe Walt Disney Company	2.01%	53,844	$5M	trimmed−0%	+0.26 pp	5 q
IBMInternational Business Machines Corporation	1.87%	38,260	$5M	added+4%	−0.05 pp	9 q
DHRDanaher Corporation	1.78%	18,973	$5M	trimmed−5%	−0.20 pp	23 q
BACBank of America Corporation	1.77%	166,350	$5M	added+1%	−0.25 pp	2 q
ESTEEarthstone Energy Inc. Class A	1.55%	319,878	$4M	added0%	−0.14 pp	10 q
BOOMDMC Global Inc.	1.49%	182,740	$4M	trimmed−2%	+0.14 pp	26 q
MSFTMicrosoft Corp	1.46%	13,634	$4M	added+1%	+0.25 pp	11 q
COHRCoherent Corp.	1.36%	96,106	$4M	new	+1.36 pp	new
CORCencora, Inc.	1.26%	21,159	$3M	trimmed−12%	−0.22 pp	9 q
WDAYWorkday, Inc. Class A	1.24%	16,082	$3M	trimmed−0%	+0.23 pp	11 q
VZVerizon Communications	1.19%	81,929	$3M	added+4%	+0.04 pp	23 q
TAT&T Inc.	1.13%	157,538	$3M	trimmed−2%	+0.03 pp	19 q
SWKStanley Black & Decker, Inc.	1.12%	37,439	$3M	added+31%	+0.32 pp	4 q
BAMBrookfield Asset Management Ltd.	1.04%	85,805	$3M	added0%	+0.13 pp	2 q
MCOMoody's Corporation	0.90%	7,919	$2M	trimmed−1%	+0.07 pp	9 q
DOCNDigitalOcean Holdings, Inc.	0.78%	53,441	$2M	added+12%	+0.33 pp	2 q
LUMNLumen Technologies, Inc.	0.60%	610,374	$2M	added+30%	−0.31 pp	9 q
DVNDevon Energy Corporation	0.59%	31,444	$2M	added+1%	−0.12 pp	8 q
STSensata Technologies Holding plc	0.56%	29,941	$1M	trimmed−1%	+0.10 pp	4 q
CTRACoterra Energy Inc.	0.51%	55,820	$1M	trimmed−0%	0.00 pp	10 q
CRKComstock Resources, Inc.	0.51%	128,067	$1M	added+11%	−0.08 pp	10 q
TXNTexas Instruments Incorporated	0.46%	6,661	$1M	trimmed−2%	+0.04 pp	5 q
PVACPenn Virginia Corporation	0.43%	28,305	$1M	added+1%	+0.01 pp	7 q
NOGNorthern Oil and Gas, Inc.	0.39%	34,819	$1M	added+4%	+0.01 pp	6 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.37%	7,888	$1M	trimmed−3%	−0.04 pp	10 q
VYMVanguard High Dividend Yield ETF	0.36%	9,198	$970,396	trimmed−5%	−0.03 pp	10 q
VTIVanguard Morningstar Total Stock Market ETF	0.35%	4,639	$946,807	trimmed−0%	+0.02 pp	10 q
XLEState Street Energy Select Sector SPDR ETF	0.34%	11,125	$921,468	trimmed−4%	−0.04 pp	10 q
MOATVanEck Morningstar Wide Moat ETF	0.34%	12,483	$921,644	trimmed−3%	+0.03 pp	10 q
EROEro Copper Corp.	0.32%	48,299	$851,994	held	—	4 q
PDCEPDC Energy, Inc.	0.32%	13,454	$863,478	added+3%	+0.01 pp	5 q
TRSTrimas Corporation	0.31%	29,614	$825,046	held	—	26 q
SBOWSilverBow Resources, Inc.	0.30%	35,620	$813,917	added+3%	−0.07 pp	8 q
LPINVital Energy Inc	0.29%	16,914	$770,264	trimmed−3%	−0.04 pp	5 q
VEAVanguard FTSE Developed Markets ETF	0.29%	17,169	$775,523	trimmed−3%	+0.01 pp	9 q
MAMastercard Incorporated	0.28%	2,036	$739,903	trimmed−4%	0.00 pp	6 q
CEFSprott Physical Gold and Silver Trust	0.28%	40,369	$763,378	trimmed−8%	−0.01 pp	4 q
RSPInvesco S&P 500 Equal Weight ETF	0.25%	4,586	$663,175	trimmed−1%	+0.01 pp	8 q
OVVOvintiv Inc.	0.24%	18,058	$651,533	added+3%	−0.09 pp	7 q
ILMNIllumina Inc	0.21%	2,455	$570,910	added0%	+0.03 pp	5 q
VYMIVanguard International High Dividend Yield ETF	0.20%	8,742	$541,571	trimmed−3%	0.00 pp	10 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.13%	9,288	$350,808	trimmed−4%	0.00 pp	6 q
SUSuncor Energy, Inc.	0.13%	10,979	$340,898	added+1%	0.00 pp	7 q
TALOTalos Energy, Inc.	0.13%	23,835	$353,711	added+10%	−0.02 pp	5 q
HALHalliburton Company	0.12%	10,389	$328,708	trimmed−10%	−0.05 pp	5 q
AEMAgnico Eagle Mines Ltd.	0.10%	5,290	$269,631	added+1%	0.00 pp	38 q
DODiamond Offshore Drilling, Inc.	0.10%	23,038	$277,378	trimmed−8%	0.00 pp	4 q
SEISolaris Energy Infrastructure, Inc.	0.10%	32,980	$281,649	held	—	6 q
VIGVanguard Dividend Appreciation ETF	0.10%	1,800	$277,218	trimmed−0%	0.00 pp	10 q
CVXChevron Corporation	0.09%	1,480	$241,477	added0%	−0.01 pp	13 q
VXUSVanguard Total International Stock ETF	0.09%	4,142	$228,694	trimmed−1%	+0.01 pp	10 q
DFAUDimensional US Core Equity Market ETF	0.08%	7,844	$225,671	added0%	0.00 pp	2 q
URAGlobal X Uranium ETF	0.08%	11,168	$222,582	trimmed−0%	0.00 pp	4 q
RRCRange Resources Corp	0.08%	8,595	$227,510	added+4%	0.00 pp	4 q
VUGVanguard Morningstar Growth ETF	0.08%	826	$206,072	trimmed−0%	+0.01 pp	2 q
ARAntero Resources Corporation	0.07%	8,687	$200,583	new	+0.07 pp	new
SJTSan Juan Basin Royalty Trust UBI	0.07%	17,500	$184,100	held	—	11 q
VVVanguard Morningstar Large-Cap ETF	0.07%	1,038	$193,909	trimmed−5%	0.00 pp	2 q
VTVVanguard Morningstar Value ETF	0.07%	1,409	$194,597	trimmed−0%	0.00 pp	2 q
RIGTransocean LTD.	0.06%	25,041	$159,261	added+14%	+0.02 pp	23 q
GOOGLAlphabet Inc. Class A	0.04%	960	$99,581	held	—	2 q
HLHecla Mining Company	0.04%	17,000	$107,610	held	—	4 q
VNQVanguard Real Estate ETF	0.04%	1,386	$115,057	trimmed−3%	0.00 pp	2 q
VBRVanguard Morningstar Small-Cap Value ETF	0.04%	604	$95,891	trimmed−7%	0.00 pp	2 q
VBVanguard Morningstar Small-Cap ETF	0.04%	510	$96,760	trimmed−1%	0.00 pp	2 q
DFAIDimensional International Core Equity Market ETF	0.02%	2,462	$66,351	trimmed−3%	0.00 pp	2 q
REIRing Energy Inc.	0.02%	23,805	$45,229	new	+0.02 pp	new
TEOTelecom Argentina S.A.	0.02%	10,000	$49,900	held	—	5 q
GDXVanEck Gold Miners ETF	0.02%	1,850	$59,847	held	—	2 q
GDXJVanEck Junior Gold Miners ETF	0.02%	1,555	$61,422	held	—	2 q
unresolvedAirspan Networks Holdings In	0.01%	21,500	$14,884	held	—	5 q
DFAEDimensional Emerging Core Equity Market ETF	0.01%	668	$15,377	held	—	2 q
DFASDimensional US Small Cap ETF	0.00%	211	$11,120	held	—	2 q
DFATDimensional US Target Value	0.00%	103	$4,583	held	—	2 q
DTCRGlobal X Funds Global X Data Center & Digital Infrastructure ETF	0.00%	100	$1,314	held	—	2 q
QYLDGlobal X Funds Global X NASDAQ-100 Covered Call ETF	0.00%	750	$12,862	held	—	2 q
PFFDGlobal X U.S. Preferred ETF	0.00%	600	$11,916	held	—	2 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	575	$7,935	held	—	2 q
ALTYGlobal X Funds Global X Alternative Income ETF	0.00%	300	$3,402	held	—	2 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$1,536	held	—	2 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$6,417	held	—	2 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	39	$2,933	held	—	2 q
XLVState Street Health Care Select Sector SPDR ETF	0.00%	25	$3,236	held	—	2 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	318	$10,238	held	—	2 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$302	held	—	2 q
RSXGBXVaneck Vectors Russia ETF	0.00%	2,203	$12,378	held	—	2 q
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,610	held	—	2 q
VOOVanguard S&P 500 ETF	0.00%	21	$7,855	held	—	2 q
AIMCAltra Industrial Motion Corp.	—	−105,628	—	exited	−2.35 pp	—
OIHVanEck Oil Services ETF	—	−670	—	exited	−0.08 pp	—
LODEComstock Inc.	—	−22,392	—	exited	0.00 pp	—