Century Management

Q4 2025 13F · by Arnold Van Den Berg, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $436M · prev $399M
Positions: 126 · 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%

Moves113 since the prior filing

+2.4 pp in · −2.4 pp out

New 22 +1.63 pp
Added 29 +0.75 pp
Trimmed 60 −2.26 pp
Exited 2 −0.17 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions126 in this filing · 2 exited


PHYSSprott Physical Gold Trust	6.47%	854,848	$28M	trimmed−1%	+0.05 pp	21 q
COHRCoherent Corp.	5.07%	119,837	$22M	trimmed−13%	+1.33 pp	12 q
SEASeabridge Gold, Inc.	4.80%	707,390	$21M	trimmed−5%	+0.30 pp	49 q
LUMNLumen Technologies, Inc.	4.26%	2,394,300	$19M	trimmed−1%	+0.56 pp	20 q
GOOGAlphabet Inc. Class C	4.15%	57,770	$18M	trimmed−8%	+0.32 pp	24 q
XOMExxon Mobil Corp	3.89%	141,017	$17M	trimmed−4%	−0.27 pp	8 q
BNBrookfield Corporation	3.13%	297,347	$14M	trimmed−2%	−0.35 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	3.12%	27,110	$14M	trimmed−3%	−0.39 pp	51 q
FANGDiamondback Energy, Inc.	2.92%	84,661	$13M	added+2%	−0.06 pp	22 q
EQTEqt Corp	2.82%	229,883	$12M	trimmed−2%	−0.36 pp	21 q
IBMInternational Business Machines Corporation	2.50%	36,875	$11M	trimmed−1%	−0.12 pp	20 q
QCOMQualcomm Inc	2.26%	57,705	$10M	trimmed−1%	−0.17 pp	19 q
DELLDell Technologies Inc.	2.25%	77,921	$10M	trimmed−1%	−0.54 pp	5 q
INTCIntel Corp	2.18%	258,183	$10M	trimmed−5%	−0.10 pp	5 q
ELVElevance Health, Inc.	2.17%	26,999	$9M	trimmed−5%	−0.13 pp	10 q
CRKComstock Resources, Inc.	2.13%	400,740	$9M	trimmed−0%	+0.13 pp	21 q
VNTVontier Corporation	1.99%	233,018	$9M	trimmed−2%	−0.52 pp	21 q
KWKennedy-wilson Holdings, Inc.	1.98%	894,821	$9M	trimmed−8%	−0.05 pp	24 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.98%	26,123	$9M	added+1%	−0.26 pp	11 q
CIThe Cigna Group	1.93%	30,665	$8M	added+15%	0.00 pp	9 q
MSFTMicrosoft Corp	1.92%	17,319	$8M	added+1%	−0.30 pp	22 q
DHRDanaher Corporation	1.88%	35,802	$8M	trimmed−1%	+0.09 pp	34 q
TMOThermo Fisher Scientific, Inc.	1.85%	13,897	$8M	trimmed−3%	+0.11 pp	9 q
ACGLArch Capital Group Ltd	1.77%	80,439	$8M	added+2%	−0.01 pp	8 q
DISThe Walt Disney Company	1.73%	66,511	$8M	trimmed−2%	−0.21 pp	16 q
PRPermian Resources Corporation	1.67%	519,501	$7M	added+1%	+0.02 pp	10 q
SLBSLB Limited	1.58%	179,118	$7M	trimmed−4%	−0.03 pp	39 q
SWKStanley Black & Decker, Inc.	1.52%	89,601	$7M	added+11%	+0.02 pp	15 q
CMCOColumbus McKinnon Corp/NY	1.50%	379,019	$7M	added+17%	+0.33 pp	9 q
ILMNIllumina Inc	1.40%	46,556	$6M	trimmed−5%	+0.23 pp	16 q
SWSmurfit Westrock plc	1.38%	156,087	$6M	trimmed−10%	−0.48 pp	6 q
MKTXMarketAxess Holdings Inc.	1.26%	30,399	$6M	added×2.2	+0.65 pp	2 q
CMECME Group Inc.	1.18%	18,810	$5M	trimmed−1%	−0.11 pp	8 q
TKRThe Timken Company	1.15%	59,686	$5M	added+43%	+0.37 pp	2 q
STSensata Technologies Holding plc	0.98%	127,965	$4M	added+3%	+0.03 pp	15 q
METAMeta Platforms, Inc. Class A	0.92%	6,096	$4M	trimmed−3%	−0.23 pp	24 q
COPConocoPhillips	0.91%	42,234	$4M	trimmed−4%	−0.14 pp	34 q
WDAYWorkday, Inc. Class A	0.85%	17,234	$4M	trimmed−1%	−0.20 pp	22 q
FDXFedEx Corporation	0.81%	12,276	$4M	trimmed−0%	+0.08 pp	2 q
VRSNVeriSign Inc	0.81%	14,474	$4M	trimmed−2%	−0.22 pp	22 q
BACBank of America Corporation	0.74%	58,964	$3M	trimmed−13%	−0.13 pp	13 q
GNRCGenerac Holdings Inc	0.72%	23,049	$3M	added+2%	−0.23 pp	7 q
MCOMoody's Corporation	0.69%	5,927	$3M	trimmed−2%	−0.03 pp	20 q
FTVFortive Corporation	0.65%	51,439	$3M	new	+0.65 pp	new
UPSUnited Parcel Service, Inc. Class B	0.57%	25,205	$3M	added+6%	+0.07 pp	2 q
VTOLBristow Group Inc.	0.52%	62,328	$2M	added+7%	−0.01 pp	7 q
CRGYCrescent Energy Company	0.42%	218,153	$2M	added+64%	+0.12 pp	6 q
BAMBrookfield Asset Management Ltd.	0.34%	28,131	$1M	added0%	−0.06 pp	13 q
CTRACoterra Energy Inc.	0.30%	50,034	$1M	trimmed−1%	0.00 pp	21 q
GDXJVanEck Junior Gold Miners ETF	0.27%	10,353	$1M	held	—	13 q
DVNDevon Energy Corporation	0.25%	29,259	$1M	trimmed−6%	−0.02 pp	19 q
EROEro Copper Corp.	0.22%	33,593	$950,346	trimmed−23%	0.00 pp	15 q
RSPInvesco S&P 500 Equal Weight ETF	0.21%	4,825	$924,243	added0%	−0.02 pp	19 q
MAMastercard Incorporated	0.21%	1,592	$908,841	trimmed−2%	−0.02 pp	17 q
PSLVSprott Physical Silver Trust	0.20%	37,819	$894,419	held	—	9 q
TXNTexas Instruments Incorporated	0.20%	5,125	$889,136	new	+0.20 pp	new
VIGVanguard Dividend Appreciation ETF	0.20%	3,885	$853,845	trimmed−5%	−0.02 pp	21 q
VTIVanguard Morningstar Total Stock Market ETF	0.20%	2,582	$865,605	trimmed−2%	−0.02 pp	21 q
AEMAgnico Eagle Mines Ltd.	0.19%	4,797	$813,235	trimmed−1%	−0.01 pp	49 q
NOGNorthern Oil and Gas, Inc.	0.19%	38,305	$822,416	added+4%	−0.04 pp	17 q
OVVOvintiv Inc.	0.18%	19,742	$773,689	trimmed−1%	−0.02 pp	18 q
CVXChevron Corporation	0.16%	4,496	$685,235	added+25%	+0.02 pp	24 q
IVViShares Core S&P 500 ETF	0.16%	1,008	$690,378	new	+0.16 pp	new
LBRTLiberty Energy Inc.	0.16%	38,141	$704,083	new	+0.16 pp	new
FNDFSchwab Fundamental International Equity ETF	0.16%	15,033	$679,642	added+7%	+0.01 pp	9 q
SEISolaris Energy Infrastructure, Inc.	0.16%	15,465	$710,930	trimmed−2%	0.00 pp	17 q
MOATVanEck Morningstar Wide Moat ETF	0.16%	6,906	$715,193	added+1%	−0.01 pp	21 q
VEAVanguard FTSE Developed Markets ETF	0.16%	10,895	$680,609	trimmed−6%	−0.01 pp	20 q
IWBiShares Russell 1000 ETF	0.14%	1,622	$605,720	new	+0.14 pp	new
XLEState Street Energy Select Sector SPDR ETF	0.14%	13,850	$619,246	trimmed−3%	−0.02 pp	21 q
VOOVanguard S&P 500 ETF	0.14%	953	$597,667	trimmed−1%	−0.01 pp	13 q
AZZAZZ Inc.	0.13%	5,414	$580,283	trimmed−18%	−0.05 pp	10 q
BTEBaytex Energy Corp.	0.13%	180,571	$583,244	added0%	+0.02 pp	11 q
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	0.13%	1,160	$557,461	added×2.6	+0.08 pp	2 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.10%	3,492	$440,858	trimmed−8%	−0.03 pp	21 q
EGEverest Group, Ltd.	0.10%	1,240	$420,794	trimmed−77%	−0.37 pp	8 q
SUSuncor Energy, Inc.	0.09%	9,168	$406,692	trimmed−1%	−0.01 pp	18 q
VYMVanguard High Dividend Yield ETF	0.09%	2,857	$410,037	trimmed−6%	−0.02 pp	21 q
AMZNAmazon.Com Inc	0.08%	1,523	$351,539	added+5%	0.00 pp	3 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.08%	7,292	$341,703	added+2%	0.00 pp	17 q
VYMIVanguard International High Dividend Yield ETF	0.08%	4,074	$366,660	trimmed−1%	−0.01 pp	21 q
TAT&T Inc.	0.07%	11,495	$285,536	trimmed−4%	−0.01 pp	30 q
HLHecla Mining Company	0.07%	17,000	$326,230	held	—	15 q
IWFiShares Russell 1000 Growth ETF	0.07%	681	$322,317	new	+0.07 pp	new
TALOTalos Energy, Inc.	0.07%	26,407	$291,005	trimmed−7%	0.00 pp	16 q
ARAntero Resources Corporation	0.06%	7,970	$274,646	added+1%	−0.01 pp	12 q
URAGlobal X Uranium ETF	0.06%	6,113	$261,224	trimmed−2%	−0.01 pp	3 q
IWDiShares Russell 1000 Value ETF	0.06%	1,256	$264,187	new	+0.06 pp	new
CEFSprott Physical Gold and Silver Trust	0.06%	6,126	$280,571	held	—	2 q
IJHiShares Core S&P Mid-Cap ETF	0.05%	3,022	$199,456	new	+0.05 pp	new
RRCRange Resources Corp	0.05%	6,434	$226,863	trimmed−1%	−0.01 pp	15 q
IWRiShares Russell Mid-Cap ETF	0.04%	1,804	$173,670	new	+0.04 pp	new
IJSiShares S&P Small-Cap 600 Value ETF	0.04%	1,523	$173,153	new	+0.04 pp	new
FNDESchwab Fundamental Emerging Markets Equity ETF	0.04%	4,258	$153,543	added+84%	+0.02 pp	9 q
IWSiShares Russell Mid-Cap Value ETF	0.03%	913	$128,779	new	+0.03 pp	new
GDXVanEck Gold Miners ETF	0.03%	1,590	$136,374	held	—	13 q
RIGTransocean LTD.	0.03%	27,743	$114,579	trimmed−1%	+0.01 pp	34 q
EUenCore Energy Corp.	0.01%	10,000	$24,800	held	—	6 q
FXIiShares China Large-Cap ETF	0.01%	710	$27,186	new	+0.01 pp	new
ILFiShares Latin America 40 ETF	0.01%	1,300	$39,585	new	+0.01 pp	new
IJRiShares Core S&P Small-Cap ETF	0.01%	194	$23,267	new	+0.01 pp	new
REIRing Energy Inc.	0.01%	57,884	$50,359	added+14%	0.00 pp	12 q
SCHDSchwab US Dividend Equity ETF	0.01%	1,899	$52,090	held	—	9 q
NLRVanEck Uranium and Nuclear ETF	0.01%	216	$26,827	held	—	4 q
VBRVanguard Morningstar Small-Cap Value ETF	0.01%	149	$31,557	trimmed−60%	−0.01 pp	13 q
VVVanguard Morningstar Large-Cap ETF	0.01%	86	$27,073	trimmed−45%	0.00 pp	13 q
GOOGLAlphabet Inc. Class A	0.00%	51	$15,963	added×2.2	0.00 pp	13 q
EFASGlobal X MSCI SuperDividend EAFE ETF	0.00%	325	$6,307	held	—	3 q
SILGlobal X Silver Miners ETF (NEW)	0.00%	175	$14,616	held	—	3 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$8,571	held	—	13 q
IVWiShares S&P 500 Growth ETF	0.00%	150	$18,489	new	0.00 pp	new
IVEiShares S&P 500 Value ETF	0.00%	19	$4,092	new	0.00 pp	new
EFAiShares MSCI EAFE ETF	0.00%	3	$316	new	0.00 pp	new
IJKiShares S&P Mid-Cap 400 Growth ETF	0.00%	64	$6,200	new	0.00 pp	new
IWNiShares Russell 2000 Value ETF	0.00%	15	$2,718	new	0.00 pp	new
IWMiShares Russell 2000 ETF	0.00%	5	$1,305	new	0.00 pp	new
IJJiShares S&P Mid-Cap 400 Value ETF	0.00%	12	$1,579	new	0.00 pp	new
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	17	$2,400	new	0.00 pp	new
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	62	$5,082	held	—	13 q
XLFState Street Financial Select Sector SPDR ETF	0.00%	133	$7,309	trimmed−39%	0.00 pp	13 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	4	$576	held	—	3 q
MORTVanEck Mortgage REIT Income ETF	0.00%	240	$2,522	trimmed−59%	0.00 pp	13 q
VNQVanguard Real Estate ETF	0.00%	125	$11,061	trimmed−43%	−0.01 pp	13 q
VUGVanguard Morningstar Growth ETF	0.00%	35	$17,075	trimmed−10%	0.00 pp	13 q
VTVVanguard Morningstar Value ETF	0.00%	113	$21,582	held	—	13 q
VBVanguard Morningstar Small-Cap ETF	0.00%	5	$1,290	held	—	13 q
LPINVital Energy Inc	—	−34,588	—	exited	−0.15 pp	—
BOOMDMC Global Inc.	—	−10,209	—	exited	−0.02 pp	—