Century Management

Q3 2023 13F · by Arnold Van Den Berg, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $285M · prev $278M
Positions: 105 · prev 106
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%

Moves87 since the prior filing

+4.3 pp in · −4.2 pp out

New 4 +1.91 pp
Added 28 +2.36 pp
Trimmed 50 −2.01 pp
Exited 5 −2.22 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.19 pp trimmed−0.197.6%
PXD Pioneer Natural Resource Co. trimmed+0.47 pp trimmed+0.477.4%
GOOG Alphabet Inc. Class C trimmed−0.05 pp trimmed−0.055.0%
FANG Diamondback Energy, Inc. trimmed+0.64 pp trimmed+0.645.0%
SLB SLB Limited trimmed+0.52 pp trimmed+0.524.3%

Positions105 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.56%	61,548	$22M	trimmed−3%	−0.19 pp	42 q
PXDPioneer Natural Resource Co.	7.36%	91,516	$21M	trimmed−1%	+0.47 pp	15 q
GOOGAlphabet Inc. Class C	5.03%	108,849	$14M	trimmed−7%	−0.05 pp	15 q
FANGDiamondback Energy, Inc.	5.03%	92,758	$14M	trimmed−0%	+0.64 pp	13 q
SLBSLB Limited	4.26%	208,636	$12M	trimmed−1%	+0.52 pp	30 q
MKLMarkel Group Inc.	4.13%	7,998	$12M	trimmed−1%	+0.13 pp	39 q
PHYSSprott Physical Gold Trust	3.53%	704,149	$10M	added+16%	+0.27 pp	12 q
ATKRAtkore Inc.	3.29%	62,944	$9M	trimmed−9%	−0.59 pp	28 q
VNTVontier Corporation	2.83%	261,080	$8M	added+2%	−0.14 pp	12 q
0LW9Westrock Co	2.63%	209,551	$8M	added+6%	+0.56 pp	16 q
EQTEqt Corp	2.49%	174,848	$7M	trimmed−0%	−0.11 pp	12 q
CRICarter's Inc.	2.46%	101,640	$7M	added+5%	−0.07 pp	12 q
QCOMQualcomm Inc	2.40%	61,703	$7M	added+8%	−0.04 pp	10 q
BNBrookfield Corporation	2.36%	214,925	$7M	added0%	−0.23 pp	4 q
SEASeabridge Gold, Inc.	2.35%	636,543	$7M	added+10%	−0.17 pp	40 q
ESTEEarthstone Energy Inc. Class A	2.28%	321,269	$7M	trimmed−0%	+0.63 pp	12 q
IBMInternational Business Machines Corporation	2.12%	43,083	$6M	added+5%	+0.14 pp	11 q
DISThe Walt Disney Company	2.08%	73,092	$6M	added+27%	+0.24 pp	7 q
KWKennedy-wilson Holdings, Inc.	2.02%	391,967	$6M	added+16%	+0.03 pp	15 q
METAMeta Platforms, Inc. Class A	1.99%	18,883	$6M	trimmed−4%	−0.03 pp	15 q
COPConocoPhillips	1.92%	45,662	$5M	trimmed−26%	−0.37 pp	25 q
COHRCoherent Corp.	1.86%	162,610	$5M	added+13%	−0.79 pp	3 q
BACBank of America Corporation	1.68%	175,548	$5M	added+2%	−0.09 pp	4 q
DHRDanaher Corporation	1.63%	18,746	$5M	trimmed−0%	+0.01 pp	25 q
VRSNVeriSign Inc	1.61%	22,719	$5M	trimmed−2%	−0.28 pp	13 q
ELVElevance Health, Inc.	1.58%	10,377	$5M	new	+1.58 pp	new
BOOMDMC Global Inc.	1.55%	180,980	$4M	trimmed−1%	+0.38 pp	28 q
MSFTMicrosoft Corp	1.49%	13,504	$4M	trimmed−0%	−0.17 pp	13 q
CRKComstock Resources, Inc.	1.46%	377,603	$4M	added×2.9	+0.93 pp	12 q
BAMBrookfield Asset Management Ltd.	1.24%	105,863	$4M	added+2%	+0.02 pp	4 q
WDAYWorkday, Inc. Class A	1.18%	15,661	$3M	trimmed−2%	−0.12 pp	13 q
POWLPowell Industries Inc	1.09%	37,351	$3M	trimmed−59%	−0.89 pp	12 q
SWKStanley Black & Decker, Inc.	1.09%	37,154	$3M	trimmed−0%	−0.16 pp	6 q
STSensata Technologies Holding plc	0.98%	74,184	$3M	added×2.5	+0.50 pp	6 q
MCOMoody's Corporation	0.86%	7,739	$2M	trimmed−0%	−0.11 pp	11 q
DVNDevon Energy Corporation	0.54%	32,431	$2M	added+1%	−0.02 pp	10 q
CTRACoterra Energy Inc.	0.51%	54,262	$1M	trimmed−3%	0.00 pp	12 q
ILMNIllumina Inc	0.51%	10,641	$1M	added×4.3	+0.34 pp	7 q
NOGNorthern Oil and Gas, Inc.	0.51%	36,213	$1M	added+2%	+0.07 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.48%	2,736	$1M	added+95%	+0.24 pp	2 q
SBOWSilverBow Resources, Inc.	0.45%	35,940	$1M	added0%	+0.08 pp	10 q
LPINVital Energy Inc	0.39%	19,830	$1M	added+10%	+0.10 pp	7 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.39%	7,585	$1M	trimmed−2%	+0.03 pp	12 q
TXNTexas Instruments Incorporated	0.37%	6,660	$1M	trimmed−0%	−0.06 pp	7 q
OVVOvintiv Inc.	0.35%	21,076	$1M	added+5%	+0.08 pp	9 q
BTEBaytex Energy Corp.	0.33%	216,269	$953,746	added+2%	+0.08 pp	2 q
XLEState Street Energy Select Sector SPDR ETF	0.32%	10,220	$923,769	trimmed−8%	0.00 pp	12 q
LUMNLumen Technologies, Inc.	0.31%	632,517	$898,174	trimmed−0%	−0.20 pp	11 q
VTIVanguard Morningstar Total Stock Market ETF	0.31%	4,227	$897,764	trimmed−5%	−0.04 pp	12 q
MOATVanEck Morningstar Wide Moat ETF	0.30%	11,282	$855,633	trimmed−9%	−0.06 pp	12 q
VYMVanguard High Dividend Yield ETF	0.30%	8,320	$859,622	trimmed−6%	−0.04 pp	12 q
EROEro Copper Corp.	0.29%	48,299	$832,675	held	—	6 q
MAMastercard Incorporated	0.27%	1,978	$783,110	trimmed−0%	−0.01 pp	8 q
VEAVanguard FTSE Developed Markets ETF	0.26%	16,753	$732,440	trimmed−1%	−0.02 pp	11 q
TRSTrimas Corporation	0.25%	29,148	$721,704	trimmed−2%	−0.04 pp	28 q
CVXChevron Corporation	0.23%	3,839	$647,332	added×2.6	+0.15 pp	15 q
RSPInvesco S&P 500 Equal Weight ETF	0.21%	4,276	$605,820	trimmed−6%	−0.03 pp	10 q
CORCencora, Inc.	0.20%	3,161	$568,945	trimmed−55%	−0.28 pp	11 q
AZZAZZ Inc.	0.19%	11,900	$542,402	new	+0.19 pp	new
VYMIVanguard International High Dividend Yield ETF	0.17%	7,929	$490,726	trimmed−3%	−0.02 pp	12 q
HALHalliburton Company	0.15%	10,415	$421,807	added0%	+0.03 pp	7 q
TALOTalos Energy, Inc.	0.15%	25,874	$425,369	added+4%	+0.03 pp	7 q
SEISolaris Energy Infrastructure, Inc.	0.14%	38,702	$412,564	added0%	+0.02 pp	8 q
SUSuncor Energy, Inc.	0.13%	10,818	$371,923	trimmed−4%	+0.01 pp	9 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.11%	8,317	$306,897	trimmed−9%	−0.02 pp	8 q
DODiamond Offshore Drilling, Inc.	0.10%	19,731	$289,651	held	—	6 q
URAGlobal X Uranium ETF	0.10%	10,858	$293,606	trimmed−3%	+0.01 pp	6 q
RRCRange Resources Corp	0.10%	8,690	$281,643	held	—	6 q
VIGVanguard Dividend Appreciation ETF	0.09%	1,657	$257,465	trimmed−6%	−0.01 pp	12 q
AEMAgnico Eagle Mines Ltd.	0.08%	5,092	$231,431	trimmed−5%	−0.02 pp	40 q
ARAntero Resources Corporation	0.08%	8,787	$223,014	trimmed−1%	+0.01 pp	3 q
CPECallon Petroleum Company	0.08%	6,005	$234,916	new	+0.08 pp	new
VRTVertiv Holdings Co Class A	0.08%	6,071	$225,841	trimmed−38%	−0.01 pp	2 q
TAT&T Inc.	0.07%	12,719	$191,039	trimmed−92%	−0.82 pp	21 q
DFAUDimensional US Core Equity Market ETF	0.07%	7,133	$213,632	trimmed−9%	−0.02 pp	4 q
VVVanguard Morningstar Large-Cap ETF	0.07%	1,018	$199,212	trimmed−1%	−0.01 pp	4 q
VUGVanguard Morningstar Growth ETF	0.07%	783	$213,257	trimmed−2%	−0.01 pp	4 q
PRPermian Resources Corporation	0.06%	11,301	$157,762	new	+0.06 pp	new
VTVVanguard Morningstar Value ETF	0.06%	1,312	$180,964	trimmed−2%	−0.01 pp	4 q
RIGTransocean LTD.	0.06%	22,000	$180,620	trimmed−12%	0.00 pp	25 q
VNQVanguard Real Estate ETF	0.04%	1,469	$111,164	trimmed−3%	−0.01 pp	4 q
VBRVanguard Morningstar Small-Cap Value ETF	0.03%	604	$96,332	held	—	4 q
VBVanguard Morningstar Small-Cap ETF	0.03%	420	$79,493	trimmed−7%	0.00 pp	4 q
DFAIDimensional International Core Equity Market ETF	0.02%	2,230	$58,225	held	—	4 q
HLHecla Mining Company	0.02%	17,000	$66,470	held	—	6 q
REIRing Energy Inc.	0.02%	36,055	$70,307	added+14%	0.00 pp	3 q
GDXVanEck Gold Miners ETF	0.02%	1,850	$49,783	held	—	4 q
GDXJVanEck Junior Gold Miners ETF	0.02%	1,555	$50,118	held	—	4 q
DFAEDimensional Emerging Core Equity Market ETF	0.01%	668	$15,077	held	—	4 q
unresolvedAirspan Networks Holdings In	0.00%	15,500	$2,325	trimmed−28%	0.00 pp	7 q
GOOGLAlphabet Inc. Class A	0.00%	20	$2,617	trimmed−98%	−0.04 pp	4 q
DFASDimensional US Small Cap ETF	0.00%	211	$11,075	held	—	4 q
DFATDimensional US Target Value	0.00%	103	$4,706	held	—	4 q
DTCRGlobal X Funds Global X Data Center & Digital Infrastructure ETF	0.00%	100	$1,272	held	—	4 q
QYLDGlobal X Funds Global X NASDAQ-100 Covered Call ETF	0.00%	750	$12,577	held	—	4 q
PFFDGlobal X U.S. Preferred ETF	0.00%	600	$11,286	held	—	4 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	575	$7,547	held	—	4 q
ALTYGlobal X Funds Global X Alternative Income ETF	0.00%	300	$3,228	held	—	4 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$1,195	held	—	4 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$6,202	held	—	4 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	39	$3,735	held	—	4 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	318	$10,563	held	—	4 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$328	held	—	4 q
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,651	held	—	4 q
VOOVanguard S&P 500 ETF	0.00%	21	$8,202	held	—	4 q
VZVerizon Communications	—	−75,049	—	exited	−1.00 pp	—
DOCNDigitalOcean Holdings, Inc.	—	−53,892	—	exited	−0.78 pp	—
PDCEPDC Energy, Inc.	—	−13,424	—	exited	−0.34 pp	—
VXUSVanguard Total International Stock ETF	—	−3,748	—	exited	−0.08 pp	—
TEOTelecom Argentina S.A.	—	−10,000	—	exited	−0.02 pp	—