Century Management

Q2 2025 13F · by Arnold Van Den Berg, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $352M · prev $327M
Positions: 110 · prev 102
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%

Moves95 since the prior filing

+3.1 pp in · −3.2 pp out

New 10 +0.45 pp
Added 29 +2.65 pp
Trimmed 54 −3.13 pp
Exited 2 −0.03 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.0% a year, about 11.1 years per position

Low
Moderate
High

Top 5 positions23% of US stock

Positions110 in this filing · 2 exited


PHYSSprott Physical Gold Trust	6.24%	866,612	$22M	trimmed−1%	−0.19 pp	19 q
XOMExxon Mobil Corp	4.80%	156,771	$17M	trimmed−4%	−1.12 pp	6 q
COHRCoherent Corp.	3.89%	153,593	$14M	added+1%	+0.88 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	3.86%	27,981	$14M	trimmed−4%	−0.90 pp	49 q
EQTEqt Corp	3.82%	230,707	$13M	trimmed−2%	−0.02 pp	19 q
BNBrookfield Corporation	3.65%	207,634	$13M	trimmed−1%	+0.30 pp	11 q
IBMInternational Business Machines Corporation	3.41%	40,646	$12M	trimmed−4%	+0.18 pp	18 q
GOOGAlphabet Inc. Class C	3.37%	66,853	$12M	trimmed−1%	+0.15 pp	22 q
FANGDiamondback Energy, Inc.	3.21%	82,099	$11M	added0%	−0.80 pp	20 q
CRKComstock Resources, Inc.	3.11%	395,228	$11M	trimmed−2%	+0.59 pp	19 q
SEASeabridge Gold, Inc.	3.11%	753,003	$11M	trimmed−0%	+0.41 pp	47 q
LUMNLumen Technologies, Inc.	3.01%	2,419,663	$11M	trimmed−1%	+0.09 pp	18 q
DELLDell Technologies Inc.	2.73%	78,375	$10M	added+9%	+0.72 pp	3 q
QCOMQualcomm Inc	2.64%	58,302	$9M	added+3%	−0.03 pp	17 q
VNTVontier Corporation	2.57%	244,678	$9M	added+3%	+0.17 pp	19 q
MSFTMicrosoft Corp	2.43%	17,223	$9M	added+23%	+0.82 pp	20 q
DISThe Walt Disney Company	2.42%	68,574	$9M	trimmed−1%	+0.32 pp	14 q
SWSmurfit Westrock plc	2.15%	175,653	$8M	trimmed−1%	−0.29 pp	4 q
ELVElevance Health, Inc.	2.04%	18,470	$7M	added+7%	−0.25 pp	8 q
SLBSLB Limited	1.81%	188,333	$6M	trimmed−1%	−0.62 pp	37 q
PRPermian Resources Corporation	1.79%	461,634	$6M	trimmed−0%	−0.17 pp	8 q
ACGLArch Capital Group Ltd	1.71%	65,945	$6M	added+39%	+0.31 pp	6 q
INTCIntel Corp	1.68%	263,260	$6M	added+4%	−0.08 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.67%	18,843	$6M	added+87%	+0.06 pp	9 q
TMOThermo Fisher Scientific, Inc.	1.64%	14,210	$6M	added+66%	+0.34 pp	7 q
KWKennedy-wilson Holdings, Inc.	1.55%	799,519	$5M	added+27%	−0.12 pp	22 q
CMECME Group Inc.	1.50%	19,177	$5M	trimmed−7%	−0.18 pp	6 q
SWKStanley Black & Decker, Inc.	1.47%	76,462	$5M	added+3%	−0.27 pp	13 q
CIThe Cigna Group	1.45%	15,409	$5M	added+4%	−0.04 pp	7 q
METAMeta Platforms, Inc. Class A	1.41%	6,731	$5M	trimmed−1%	+0.21 pp	22 q
ILMNIllumina Inc	1.33%	49,065	$5M	added+11%	+0.25 pp	14 q
DHRDanaher Corporation	1.27%	22,593	$4M	added+16%	+0.05 pp	32 q
VRSNVeriSign Inc	1.24%	15,109	$4M	trimmed−2%	+0.04 pp	20 q
WDAYWorkday, Inc. Class A	1.17%	17,214	$4M	added+1%	−0.05 pp	20 q
COPConocoPhillips	1.11%	43,638	$4M	added0%	−0.29 pp	32 q
STSensata Technologies Holding plc	1.06%	124,074	$4M	added+16%	+0.26 pp	13 q
CMCOColumbus McKinnon Corp/NY	1.05%	242,574	$4M	trimmed−1%	−0.22 pp	7 q
GNRCGenerac Holdings Inc	0.92%	22,684	$3M	added×3.9	+0.69 pp	5 q
BACBank of America Corporation	0.91%	67,738	$3M	added+13%	+0.14 pp	11 q
MCOMoody's Corporation	0.87%	6,113	$3M	trimmed−1%	−0.01 pp	18 q
ATKRAtkore Inc.	0.85%	42,196	$3M	trimmed−1%	+0.07 pp	35 q
EGEverest Group, Ltd.	0.56%	5,780	$2M	trimmed−60%	−1.07 pp	6 q
BAMBrookfield Asset Management Ltd.	0.46%	29,169	$2M	trimmed−0%	+0.03 pp	11 q
CTRACoterra Energy Inc.	0.36%	50,426	$1M	trimmed−2%	−0.10 pp	19 q
CRGYCrescent Energy Company	0.32%	129,182	$1M	added+5%	−0.10 pp	4 q
NOGNorthern Oil and Gas, Inc.	0.30%	37,837	$1M	trimmed−2%	−0.06 pp	15 q
VTOLBristow Group Inc.	0.29%	30,639	$1M	added+4%	0.00 pp	5 q
DVNDevon Energy Corporation	0.29%	31,727	$1M	trimmed−4%	−0.09 pp	17 q
MAMastercard Incorporated	0.27%	1,672	$939,564	trimmed−3%	−0.02 pp	15 q
VIGVanguard Dividend Appreciation ETF	0.26%	4,402	$900,957	trimmed−3%	−0.01 pp	19 q
AZZAZZ Inc.	0.25%	9,386	$886,798	trimmed−6%	−0.01 pp	8 q
RSPInvesco S&P 500 Equal Weight ETF	0.25%	4,857	$882,673	trimmed−3%	−0.02 pp	17 q
OVVOvintiv Inc.	0.22%	19,888	$756,738	trimmed−0%	−0.04 pp	16 q
VTIVanguard Morningstar Total Stock Market ETF	0.22%	2,590	$787,165	trimmed−1%	0.00 pp	19 q
EROEro Copper Corp.	0.21%	43,508	$733,110	held	—	13 q
SEISolaris Energy Infrastructure, Inc.	0.21%	26,712	$755,685	held	—	15 q
GDXJVanEck Junior Gold Miners ETF	0.20%	10,353	$699,759	trimmed−0%	+0.02 pp	11 q
VEAVanguard FTSE Developed Markets ETF	0.20%	12,246	$698,143	trimmed−4%	0.00 pp	18 q
MOATVanEck Morningstar Wide Moat ETF	0.19%	6,996	$656,162	trimmed−9%	−0.02 pp	19 q
XLEState Street Energy Select Sector SPDR ETF	0.18%	7,305	$619,521	trimmed−4%	−0.04 pp	19 q
LPINVital Energy Inc	0.17%	37,619	$605,290	added+25%	−0.03 pp	14 q
AEMAgnico Eagle Mines Ltd.	0.16%	4,847	$576,454	held	—	47 q
FNDFSchwab Fundamental International Equity ETF	0.16%	14,226	$569,325	trimmed−4%	0.00 pp	7 q
TRSTrimas Corporation	0.16%	19,566	$559,783	trimmed−16%	−0.01 pp	35 q
CVXChevron Corporation	0.15%	3,598	$515,198	trimmed−1%	−0.04 pp	22 q
TXNTexas Instruments Incorporated	0.15%	2,483	$515,520	trimmed−55%	−0.15 pp	14 q
VOOVanguard S&P 500 ETF	0.15%	942	$535,084	trimmed−9%	−0.01 pp	11 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.14%	3,780	$475,469	trimmed−5%	−0.02 pp	19 q
PSLVSprott Physical Silver Trust	0.13%	37,819	$462,905	trimmed−1%	−0.01 pp	7 q
VYMVanguard High Dividend Yield ETF	0.13%	3,302	$440,190	trimmed−2%	0.00 pp	19 q
TAT&T Inc.	0.10%	11,945	$345,688	held	—	28 q
SUSuncor Energy, Inc.	0.10%	9,244	$346,188	trimmed−0%	−0.01 pp	16 q
AMZNAmazon.Com Inc	0.09%	1,442	$316,360	new	+0.09 pp	new
ARAntero Resources Corporation	0.09%	7,895	$318,011	held	—	10 q
BTEBaytex Energy Corp.	0.09%	179,446	$321,208	trimmed−2%	−0.04 pp	9 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.09%	7,270	$309,702	trimmed−8%	−0.01 pp	15 q
VYMIVanguard International High Dividend Yield ETF	0.09%	4,134	$331,175	trimmed−2%	−0.01 pp	19 q
ETEnergy Transfer LP	0.08%	14,797	$268,270	new	+0.08 pp	new
EPDEnterprise Products Partners L.P.	0.08%	8,800	$272,888	new	+0.08 pp	new
RRCRange Resources Corp	0.08%	6,490	$263,948	held	—	13 q
URAGlobal X Uranium ETF	0.07%	6,407	$248,670	new	+0.07 pp	new
KMIKinder Morgan, Inc.	0.06%	7,500	$220,500	new	+0.06 pp	new
MPLXMplx LP	0.06%	3,990	$205,525	new	+0.06 pp	new
TALOTalos Energy, Inc.	0.06%	26,734	$226,704	trimmed−2%	−0.02 pp	14 q
HLHecla Mining Company	0.03%	17,000	$101,830	held	—	13 q
FNDESchwab Fundamental Emerging Markets Equity ETF	0.02%	2,356	$77,772	trimmed−4%	0.00 pp	7 q
GDXVanEck Gold Miners ETF	0.02%	1,590	$82,775	trimmed−5%	0.00 pp	11 q
VBRVanguard Morningstar Small-Cap Value ETF	0.02%	370	$72,154	held	—	11 q
VVVanguard Morningstar Large-Cap ETF	0.02%	225	$64,192	trimmed−4%	0.00 pp	11 q
RIGTransocean LTD.	0.02%	27,410	$70,992	added+6%	0.00 pp	32 q
EUenCore Energy Corp.	0.01%	10,000	$28,600	held	—	4 q
REIRing Energy Inc.	0.01%	36,361	$28,871	added+56%	0.00 pp	10 q
SCHDSchwab US Dividend Equity ETF	0.01%	1,904	$50,456	trimmed−1%	−0.01 pp	7 q
BIZDVanEck BDC Income ETF	0.01%	3,000	$48,840	new	+0.01 pp	new
NLRVanEck Uranium and Nuclear ETF	0.01%	216	$24,015	held	—	2 q
VNQVanguard Real Estate ETF	0.01%	222	$19,771	held	—	11 q
VUGVanguard Morningstar Growth ETF	0.01%	43	$18,851	added+65%	+0.01 pp	11 q
VTVVanguard Morningstar Value ETF	0.01%	124	$21,916	added+63%	+0.01 pp	11 q
GOOGLAlphabet Inc. Class A	0.00%	23	$4,053	added+10%	0.00 pp	11 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	325	$5,915	new	0.00 pp	new
SILGlobal X Silver Miners ETF (NEW)	0.00%	50	$2,407	new	0.00 pp	new
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$7,978	held	—	11 q
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	71	$4,504	held	—	11 q
SCHXSchwab U.S. Large- Cap ETF	0.00%	22	$538	held	—	2 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	218	$11,440	trimmed−19%	0.00 pp	11 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	2	$506	new	0.00 pp	new
MORTVanEck Mortgage REIT Income ETF	0.00%	585	$6,178	held	—	11 q
VOEVanguard Morningstar Mid-Cap Value ETF	0.00%	1	$164	held	—	2 q
VOVanguard Morningstar Mid-Cap ETF	0.00%	2	$560	held	—	2 q
VBVanguard Morningstar Small-Cap ETF	0.00%	7	$1,659	trimmed−46%	0.00 pp	11 q
VRNVeren Inc.	—	−14,035	—	exited	−0.03 pp	—
PFXFVanEck Preferred Securities ex Financials ETF	—	−50	—	exited	0.00 pp	—