Century Management

Q2 2023 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $278M · prev $269M
Positions: 106 · 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%

Moves80 since the prior filing

+2.9 pp in · −2.8 pp out

New 3 +0.58 pp
Added 30 +2.29 pp
Trimmed 42 −2.03 pp
Exited 5 −0.78 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.14 pp trimmed+0.147.8%
PXD Pioneer Natural Resource Co. trimmed−0.22 pp trimmed−0.226.9%
GOOG Alphabet Inc. Class C trimmed+0.33 pp trimmed+0.335.1%
FANG Diamondback Energy, Inc. trimmed−0.31 pp trimmed−0.314.4%
MKL Markel Group Inc. trimmed+0.16 pp trimmed+0.164.0%

Positions106 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.75%	63,215	$22M	trimmed−5%	+0.14 pp	41 q
PXDPioneer Natural Resource Co.	6.89%	92,535	$19M	trimmed−1%	−0.22 pp	14 q
GOOGAlphabet Inc. Class C	5.08%	116,830	$14M	trimmed−5%	+0.33 pp	14 q
FANGDiamondback Energy, Inc.	4.39%	93,013	$12M	trimmed−0%	−0.31 pp	12 q
MKLMarkel Group Inc.	4.00%	8,039	$11M	trimmed−0%	+0.16 pp	38 q
ATKRAtkore Inc.	3.88%	69,126	$11M	trimmed−10%	−0.15 pp	27 q
SLBSLB Limited	3.74%	211,523	$10M	trimmed−1%	−0.16 pp	29 q
PHYSSprott Physical Gold Trust	3.26%	607,494	$9M	added+34%	+0.64 pp	11 q
VNTVontier Corporation	2.97%	256,527	$8M	trimmed−1%	+0.34 pp	11 q
COHRCoherent Corp.	2.65%	144,292	$7M	added+50%	+1.29 pp	2 q
EQTEqt Corp	2.60%	175,665	$7M	trimmed−0%	+0.51 pp	11 q
BNBrookfield Corporation	2.59%	213,939	$7M	added+6%	+0.15 pp	3 q
CRICarter's Inc.	2.53%	96,897	$7M	added+12%	+0.22 pp	11 q
SEASeabridge Gold, Inc.	2.52%	580,391	$7M	added+9%	−0.05 pp	39 q
QCOMQualcomm Inc	2.44%	56,991	$7M	added+6%	−0.12 pp	9 q
COPConocoPhillips	2.29%	61,583	$6M	trimmed−1%	−0.01 pp	24 q
0LW9Westrock Co	2.07%	198,081	$6M	added+4%	−0.09 pp	15 q
METAMeta Platforms, Inc. Class A	2.02%	19,578	$6M	trimmed−25%	−0.04 pp	14 q
KWKennedy-wilson Holdings, Inc.	1.99%	339,242	$6M	added+3%	−0.05 pp	14 q
IBMInternational Business Machines Corporation	1.98%	41,154	$6M	added+8%	+0.11 pp	10 q
POWLPowell Industries Inc	1.98%	90,930	$6M	trimmed−50%	−0.90 pp	11 q
VRSNVeriSign Inc	1.89%	23,218	$5M	trimmed−19%	−0.36 pp	12 q
DISThe Walt Disney Company	1.84%	57,351	$5M	added+7%	−0.17 pp	6 q
BACBank of America Corporation	1.77%	171,977	$5M	added+3%	0.00 pp	3 q
MSFTMicrosoft Corp	1.66%	13,543	$5M	trimmed−1%	+0.20 pp	12 q
ESTEEarthstone Energy Inc. Class A	1.65%	321,394	$5M	added0%	+0.10 pp	11 q
DHRDanaher Corporation	1.62%	18,763	$5M	trimmed−1%	−0.16 pp	24 q
WDAYWorkday, Inc. Class A	1.30%	15,951	$4M	trimmed−1%	+0.06 pp	12 q
SWKStanley Black & Decker, Inc.	1.25%	37,211	$3M	trimmed−1%	+0.13 pp	5 q
BAMBrookfield Asset Management Ltd.	1.22%	103,885	$3M	added+21%	+0.18 pp	3 q
BOOMDMC Global Inc.	1.17%	182,509	$3M	trimmed−0%	−0.32 pp	27 q
VZVerizon Communications	1.00%	75,049	$3M	trimmed−8%	−0.19 pp	24 q
MCOMoody's Corporation	0.97%	7,776	$3M	trimmed−2%	+0.07 pp	10 q
TAT&T Inc.	0.89%	155,111	$2M	trimmed−2%	−0.24 pp	20 q
DOCNDigitalOcean Holdings, Inc.	0.78%	53,892	$2M	added+1%	0.00 pp	3 q
DVNDevon Energy Corporation	0.56%	31,979	$2M	added+2%	−0.03 pp	9 q
CRKComstock Resources, Inc.	0.53%	128,117	$1M	added0%	+0.02 pp	11 q
CTRACoterra Energy Inc.	0.51%	55,820	$1M	held	—	11 q
LUMNLumen Technologies, Inc.	0.51%	633,045	$1M	added+4%	−0.09 pp	10 q
CORCencora, Inc.	0.48%	6,963	$1M	trimmed−67%	−0.78 pp	10 q
STSensata Technologies Holding plc	0.48%	29,817	$1M	trimmed−0%	−0.08 pp	5 q
NOGNorthern Oil and Gas, Inc.	0.44%	35,371	$1M	added+2%	+0.05 pp	7 q
TXNTexas Instruments Incorporated	0.43%	6,661	$1M	held	—	6 q
SBOWSilverBow Resources, Inc.	0.37%	35,805	$1M	added+1%	+0.07 pp	9 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.36%	7,767	$1M	trimmed−2%	−0.01 pp	11 q
MOATVanEck Morningstar Wide Moat ETF	0.36%	12,380	$987,826	trimmed−1%	+0.02 pp	11 q
EROEro Copper Corp.	0.35%	48,299	$977,089	held	—	5 q
VTIVanguard Morningstar Total Stock Market ETF	0.35%	4,464	$983,336	trimmed−4%	0.00 pp	11 q
PDCEPDC Energy, Inc.	0.34%	13,424	$954,998	trimmed−0%	+0.02 pp	6 q
VYMVanguard High Dividend Yield ETF	0.34%	8,893	$943,288	trimmed−3%	−0.02 pp	11 q
XLEState Street Energy Select Sector SPDR ETF	0.32%	11,069	$898,455	trimmed−1%	−0.02 pp	11 q
LPINVital Energy Inc	0.29%	17,964	$811,075	added+6%	0.00 pp	6 q
TRSTrimas Corporation	0.29%	29,614	$814,089	held	—	27 q
MAMastercard Incorporated	0.28%	1,985	$780,700	trimmed−3%	0.00 pp	7 q
VEAVanguard FTSE Developed Markets ETF	0.28%	16,969	$783,627	trimmed−1%	−0.01 pp	10 q
OVVOvintiv Inc.	0.27%	19,989	$760,981	added+11%	+0.03 pp	8 q
BTEBaytex Energy Corp.	0.25%	211,966	$691,009	new	+0.25 pp	new
RSPInvesco S&P 500 Equal Weight ETF	0.24%	4,545	$680,062	trimmed−1%	−0.01 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.24%	1,401	$673,377	new	+0.24 pp	new
VYMIVanguard International High Dividend Yield ETF	0.19%	8,212	$519,003	trimmed−6%	−0.01 pp	11 q
ILMNIllumina Inc	0.17%	2,455	$460,288	held	—	6 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.13%	9,131	$354,648	trimmed−2%	0.00 pp	7 q
HALHalliburton Company	0.12%	10,389	$342,733	held	—	6 q
SEISolaris Energy Infrastructure, Inc.	0.12%	38,644	$321,904	added+17%	+0.02 pp	7 q
SUSuncor Energy, Inc.	0.12%	11,238	$329,498	added+2%	−0.01 pp	8 q
TALOTalos Energy, Inc.	0.12%	24,839	$344,517	added+4%	−0.01 pp	6 q
AEMAgnico Eagle Mines Ltd.	0.10%	5,377	$268,742	added+2%	0.00 pp	39 q
DODiamond Offshore Drilling, Inc.	0.10%	19,731	$280,969	trimmed−14%	0.00 pp	5 q
VIGVanguard Dividend Appreciation ETF	0.10%	1,762	$286,202	trimmed−2%	0.00 pp	11 q
DFAUDimensional US Core Equity Market ETF	0.09%	7,880	$244,200	added0%	+0.01 pp	3 q
URAGlobal X Uranium ETF	0.09%	11,168	$242,350	held	—	5 q
RRCRange Resources Corp	0.09%	8,690	$255,486	added+1%	+0.01 pp	5 q
VRTVertiv Holdings Co Class A	0.09%	9,861	$244,257	new	+0.09 pp	new
CVXChevron Corporation	0.08%	1,480	$232,878	held	—	14 q
VXUSVanguard Total International Stock ETF	0.08%	3,748	$210,202	trimmed−10%	−0.01 pp	11 q
VVVanguard Morningstar Large-Cap ETF	0.08%	1,029	$208,599	trimmed−1%	+0.01 pp	3 q
VUGVanguard Morningstar Growth ETF	0.08%	801	$226,690	trimmed−3%	0.00 pp	3 q
ARAntero Resources Corporation	0.07%	8,887	$204,668	added+2%	0.00 pp	2 q
VTVVanguard Morningstar Value ETF	0.07%	1,343	$190,840	trimmed−5%	0.00 pp	3 q
RIGTransocean LTD.	0.06%	25,041	$175,537	held	—	24 q
VNQVanguard Real Estate ETF	0.05%	1,521	$127,058	added+10%	+0.01 pp	3 q
GOOGLAlphabet Inc. Class A	0.04%	960	$114,912	held	—	3 q
VBRVanguard Morningstar Small-Cap Value ETF	0.04%	604	$99,902	held	—	3 q
HLHecla Mining Company	0.03%	17,000	$87,550	held	—	5 q
VBVanguard Morningstar Small-Cap ETF	0.03%	450	$89,589	trimmed−12%	−0.01 pp	3 q
DFAIDimensional International Core Equity Market ETF	0.02%	2,230	$60,924	trimmed−9%	0.00 pp	3 q
REIRing Energy Inc.	0.02%	31,730	$54,258	added+33%	0.00 pp	2 q
TEOTelecom Argentina S.A.	0.02%	10,000	$60,900	held	—	6 q
GDXVanEck Gold Miners ETF	0.02%	1,850	$55,703	held	—	3 q
GDXJVanEck Junior Gold Miners ETF	0.02%	1,555	$55,451	held	—	3 q
DFAEDimensional Emerging Core Equity Market ETF	0.01%	668	$15,671	held	—	3 q
unresolvedAirspan Networks Holdings In	0.00%	21,500	$3,575	held	—	6 q
DFASDimensional US Small Cap ETF	0.00%	211	$11,563	held	—	3 q
DFATDimensional US Target Value	0.00%	103	$4,778	held	—	3 q
DTCRGlobal X Funds Global X Data Center & Digital Infrastructure ETF	0.00%	100	$1,360	held	—	3 q
QYLDGlobal X Funds Global X NASDAQ-100 Covered Call ETF	0.00%	750	$13,312	held	—	3 q
PFFDGlobal X U.S. Preferred ETF	0.00%	600	$11,634	held	—	3 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	575	$7,734	held	—	3 q
ALTYGlobal X Funds Global X Alternative Income ETF	0.00%	300	$3,387	held	—	3 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$1,299	held	—	3 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$6,402	held	—	3 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	39	$3,049	held	—	3 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	318	$10,735	held	—	3 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$348	held	—	3 q
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$7,026	held	—	3 q
VOOVanguard S&P 500 ETF	0.00%	21	$8,507	held	—	3 q
PVACPenn Virginia Corporation	—	−28,305	—	exited	−0.43 pp	—
CEFSprott Physical Gold and Silver Trust	—	−40,369	—	exited	−0.28 pp	—
SJTSan Juan Basin Royalty Trust UBI	—	−17,500	—	exited	−0.07 pp	—
XLVState Street Health Care Select Sector SPDR ETF	—	−25	—	exited	0.00 pp	—
RSXGBXVaneck Vectors Russia ETF	—	−2,203	—	exited	0.00 pp	—