Century Management

Q4 2023 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $301M · prev $285M
Positions: 105 · prev 105
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%

Moves101 since the prior filing

+7.5 pp in · −7.4 pp out

New 9 +1.41 pp
Added 27 +6.06 pp
Trimmed 56 −4.95 pp
Exited 9 −2.46 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.45 pp trimmed−0.457.1%
PXD Pioneer Natural Resource Co. trimmed−0.79 pp trimmed−0.796.6%
FANG Diamondback Energy, Inc. trimmed−0.36 pp trimmed−0.364.7%
GOOG Alphabet Inc. Class C trimmed−0.45 pp trimmed−0.454.6%
PHYS Sprott Physical Gold Trust added+0.24 pp added+0.243.8%

Positions105 in this filing · 9 exited


BRK.BBERKSHIRE HATHAWAY Class B	7.11%	60,051	$21M	trimmed−2%	−0.45 pp	43 q
PXDPioneer Natural Resource Co.	6.57%	87,982	$20M	trimmed−4%	−0.79 pp	16 q
FANGDiamondback Energy, Inc.	4.67%	90,633	$14M	trimmed−2%	−0.36 pp	14 q
GOOGAlphabet Inc. Class C	4.58%	97,814	$14M	trimmed−10%	−0.45 pp	16 q
PHYSSprott Physical Gold Trust	3.77%	712,478	$11M	added+1%	+0.24 pp	13 q
MKLMarkel Group Inc.	3.75%	7,958	$11M	trimmed−1%	−0.38 pp	40 q
SLBSLB Limited	3.31%	191,315	$10M	trimmed−8%	−0.95 pp	31 q
ATKRAtkore Inc.	3.30%	62,104	$10M	trimmed−1%	+0.01 pp	29 q
QCOMQualcomm Inc	2.98%	61,965	$9M	added0%	+0.58 pp	11 q
VNTVontier Corporation	2.96%	257,995	$9M	trimmed−1%	+0.13 pp	13 q
BNBrookfield Corporation	2.90%	217,447	$9M	added+1%	+0.54 pp	5 q
0LW9Westrock Co	2.85%	206,759	$9M	trimmed−1%	+0.22 pp	17 q
SEASeabridge Gold, Inc.	2.69%	667,765	$8M	added+5%	+0.34 pp	41 q
COHRCoherent Corp.	2.68%	185,660	$8M	added+14%	+0.82 pp	4 q
CRICarter's Inc.	2.45%	98,586	$7M	trimmed−3%	−0.01 pp	13 q
IBMInternational Business Machines Corporation	2.31%	42,525	$7M	trimmed−1%	+0.19 pp	12 q
EQTEqt Corp	2.22%	173,015	$7M	trimmed−1%	−0.27 pp	13 q
BACBank of America Corporation	2.18%	195,173	$7M	added+11%	+0.50 pp	5 q
PRPermian Resources Corporation	2.14%	473,377	$6M	added×41.9	+2.08 pp	2 q
DISThe Walt Disney Company	2.11%	70,457	$6M	trimmed−4%	+0.03 pp	8 q
METAMeta Platforms, Inc. Class A	2.04%	17,395	$6M	trimmed−8%	+0.05 pp	16 q
ELVElevance Health, Inc.	1.70%	10,830	$5M	added+4%	+0.12 pp	2 q
MSFTMicrosoft Corp	1.65%	13,218	$5M	trimmed−2%	+0.16 pp	14 q
COPConocoPhillips	1.60%	41,415	$5M	trimmed−9%	−0.32 pp	26 q
KWKennedy-wilson Holdings, Inc.	1.60%	388,629	$5M	trimmed−1%	−0.42 pp	16 q
VRSNVeriSign Inc	1.53%	22,350	$5M	trimmed−2%	−0.08 pp	14 q
BAMBrookfield Asset Management Ltd.	1.52%	114,055	$5M	added+8%	+0.28 pp	5 q
DHRDanaher Corporation	1.48%	19,281	$4M	added+3%	−0.15 pp	26 q
WDAYWorkday, Inc. Class A	1.38%	15,011	$4M	trimmed−4%	+0.20 pp	14 q
CRKComstock Resources, Inc.	1.19%	403,968	$4M	added+7%	−0.27 pp	13 q
SWKStanley Black & Decker, Inc.	1.18%	36,213	$4M	trimmed−3%	+0.09 pp	7 q
BOOMDMC Global Inc.	1.12%	179,403	$3M	trimmed−1%	−0.43 pp	29 q
POWLPowell Industries Inc	1.01%	34,544	$3M	trimmed−8%	−0.08 pp	13 q
MCOMoody's Corporation	0.97%	7,510	$3M	trimmed−3%	+0.11 pp	12 q
STSensata Technologies Holding plc	0.86%	69,269	$3M	trimmed−7%	−0.12 pp	7 q
ILMNIllumina Inc	0.72%	15,483	$2M	added+46%	+0.21 pp	8 q
LUMNLumen Technologies, Inc.	0.66%	1,085,015	$2M	added+72%	+0.35 pp	12 q
TMOThermo Fisher Scientific, Inc.	0.63%	3,594	$2M	new	+0.63 pp	new
DVNDevon Energy Corporation	0.49%	32,630	$1M	added+1%	−0.05 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.48%	2,719	$1M	trimmed−1%	0.00 pp	3 q
CTRACoterra Energy Inc.	0.46%	54,056	$1M	trimmed−0%	−0.05 pp	13 q
NOGNorthern Oil and Gas, Inc.	0.44%	35,884	$1M	trimmed−1%	−0.07 pp	9 q
RSPInvesco S&P 500 Equal Weight ETF	0.39%	7,409	$1M	added+73%	+0.18 pp	11 q
TXNTexas Instruments Incorporated	0.36%	6,298	$1M	trimmed−5%	−0.01 pp	8 q
SBOWSilverBow Resources, Inc.	0.35%	36,349	$1M	added+1%	−0.10 pp	11 q
MOATVanEck Morningstar Wide Moat ETF	0.34%	12,237	$1M	added+8%	+0.04 pp	13 q
VIGVanguard Dividend Appreciation ETF	0.33%	5,875	$1M	added×3.5	+0.24 pp	13 q
OVVOvintiv Inc.	0.31%	21,002	$922,408	trimmed−0%	−0.04 pp	10 q
VTIVanguard Morningstar Total Stock Market ETF	0.31%	3,889	$922,468	trimmed−8%	0.00 pp	13 q
VEAVanguard FTSE Developed Markets ETF	0.30%	19,063	$913,117	added+14%	+0.04 pp	12 q
CIThe Cigna Group	0.29%	2,919	$874,095	new	+0.29 pp	new
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.29%	6,443	$882,074	trimmed−15%	−0.10 pp	13 q
LPINVital Energy Inc	0.27%	17,655	$803,126	trimmed−11%	−0.12 pp	8 q
MAMastercard Incorporated	0.27%	1,930	$823,164	trimmed−2%	0.00 pp	9 q
EROEro Copper Corp.	0.26%	49,099	$775,273	added+2%	−0.03 pp	7 q
XLEState Street Energy Select Sector SPDR ETF	0.25%	9,116	$764,270	trimmed−11%	−0.07 pp	13 q
BTEBaytex Energy Corp.	0.24%	218,709	$726,114	added+1%	−0.09 pp	3 q
TRSTrimas Corporation	0.24%	28,974	$733,911	trimmed−1%	−0.01 pp	29 q
AZZAZZ Inc.	0.23%	12,100	$702,894	added+2%	+0.04 pp	2 q
FNDFSchwab Fundamental International Equity ETF	0.23%	20,845	$703,102	new	+0.23 pp	new
CVXChevron Corporation	0.19%	3,824	$570,388	trimmed−0%	−0.04 pp	16 q
VOOVanguard S&P 500 ETF	0.19%	1,283	$560,414	added×61.1	+0.19 pp	5 q
CORCencora, Inc.	0.17%	2,541	$521,939	trimmed−20%	−0.03 pp	12 q
VYMVanguard High Dividend Yield ETF	0.17%	4,479	$499,991	trimmed−46%	−0.13 pp	13 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.15%	10,900	$459,762	added+31%	+0.04 pp	9 q
HALHalliburton Company	0.12%	10,290	$371,983	trimmed−1%	−0.03 pp	8 q
TALOTalos Energy, Inc.	0.12%	26,100	$371,403	added+1%	−0.03 pp	8 q
VYMIVanguard International High Dividend Yield ETF	0.12%	5,618	$373,541	trimmed−29%	−0.05 pp	13 q
SUSuncor Energy, Inc.	0.11%	10,734	$343,917	trimmed−1%	−0.02 pp	10 q
URAGlobal X Uranium ETF	0.10%	10,858	$300,664	held	—	7 q
SEISolaris Energy Infrastructure, Inc.	0.10%	38,787	$308,745	added0%	−0.04 pp	9 q
AEMAgnico Eagle Mines Ltd.	0.09%	4,847	$265,858	trimmed−5%	+0.01 pp	41 q
CMCOColumbus McKinnon Corp/NY	0.09%	6,585	$256,947	new	+0.09 pp	new
RRCRange Resources Corp	0.09%	8,690	$264,524	held	—	7 q
TAT&T Inc.	0.07%	11,920	$200,018	trimmed−6%	0.00 pp	22 q
ARAntero Resources Corporation	0.07%	9,086	$206,070	added+3%	−0.01 pp	4 q
DODiamond Offshore Drilling, Inc.	0.07%	16,680	$216,840	trimmed−15%	−0.03 pp	7 q
VRTVertiv Holdings Co Class A	0.07%	4,606	$221,226	trimmed−24%	−0.01 pp	3 q
SPXS1Direxion Dly S&P 500 Bear 3X	0.05%	12,360	$142,758	new	+0.05 pp	new
PSLVSprott Physical Silver Trust	0.05%	20,261	$163,709	new	+0.05 pp	new
VVVanguard Morningstar Large-Cap ETF	0.05%	658	$143,543	trimmed−35%	−0.02 pp	5 q
RIGTransocean LTD.	0.05%	22,000	$139,700	held	—	26 q
HLHecla Mining Company	0.03%	17,000	$81,770	held	—	7 q
FNDESchwab Fundamental Emerging Markets Equity ETF	0.03%	3,035	$82,370	new	+0.03 pp	new
KGEIKolibri Global Energy Inc.	0.02%	13,646	$51,172	new	+0.02 pp	new
SCHDSchwab US Dividend Equity ETF	0.02%	609	$46,363	new	+0.02 pp	new
GDXVanEck Gold Miners ETF	0.02%	1,845	$57,213	trimmed−0%	0.00 pp	5 q
GDXJVanEck Junior Gold Miners ETF	0.02%	1,543	$58,495	trimmed−1%	0.00 pp	5 q
VBRVanguard Morningstar Small-Cap Value ETF	0.02%	369	$66,409	trimmed−39%	−0.01 pp	5 q
REIRing Energy Inc.	0.01%	30,398	$44,381	trimmed−16%	−0.01 pp	4 q
VNQVanguard Real Estate ETF	0.01%	220	$19,439	trimmed−85%	−0.03 pp	5 q
unresolvedAirspan Networks Holdings In	0.00%	15,500	$1,395	held	—	8 q
GOOGLAlphabet Inc. Class A	0.00%	20	$2,794	held	—	5 q
DTCRGlobal X Funds Global X Data Center & Digital Infrastructure ETF	0.00%	100	$1,466	held	—	5 q
QYLDGlobal X Funds Global X NASDAQ-100 Covered Call ETF	0.00%	750	$13,005	held	—	5 q
PFFDGlobal X U.S. Preferred ETF	0.00%	600	$11,640	held	—	5 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	325	$4,690	trimmed−43%	0.00 pp	5 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$1,418	held	—	5 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$6,903	held	—	5 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	38	$3,211	trimmed−3%	0.00 pp	5 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	318	$11,974	held	—	5 q
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,915	held	—	5 q
VUGVanguard Morningstar Growth ETF	0.00%	29	$9,059	trimmed−96%	−0.07 pp	5 q
VTVVanguard Morningstar Value ETF	0.00%	54	$8,073	trimmed−96%	−0.06 pp	5 q
VBVanguard Morningstar Small-Cap ETF	0.00%	13	$2,868	trimmed−97%	−0.03 pp	5 q
ESTEEarthstone Energy Inc. Class A	—	−321,269	—	exited	−2.28 pp	—
CPECallon Petroleum Company	—	−6,005	—	exited	−0.08 pp	—
DFAUDimensional US Core Equity Market ETF	—	−7,133	—	exited	−0.07 pp	—
DFAIDimensional International Core Equity Market ETF	—	−2,230	—	exited	−0.02 pp	—
DFAEDimensional Emerging Core Equity Market ETF	—	−668	—	exited	−0.01 pp	—
DFASDimensional US Small Cap ETF	—	−211	—	exited	0.00 pp	—
DFATDimensional US Target Value	—	−103	—	exited	0.00 pp	—
ALTYGlobal X Funds Global X Alternative Income ETF	—	−300	—	exited	0.00 pp	—
XLKState Street Technology Select Sector SPDR ETF	—	−2	—	exited	0.00 pp	—