Century Management

Q1 2026 13F · by Arnold Van Den Berg, CIO

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $436M · prev $436M
Positions: 133 · prev 126
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%

Moves121 since the prior filing

+2.2 pp in · −2.3 pp out

New 14 +1.71 pp
Added 31 +0.45 pp
Trimmed 69 −0.32 pp
Exited 7 −2.03 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions24% of US stock

Positions133 in this filing · 7 exited


PHYSSprott Physical Gold Trust	6.78%	834,961	$30M	trimmed−2%	+0.31 pp	22 q
XOMExxon Mobil Corp	5.25%	134,915	$23M	trimmed−4%	+1.36 pp	9 q
SEASeabridge Gold, Inc.	4.28%	658,050	$19M	trimmed−7%	−0.52 pp	50 q
LUMNLumen Technologies, Inc.	3.87%	2,427,862	$17M	added+1%	−0.39 pp	21 q
FANGDiamondback Energy, Inc.	3.76%	82,958	$16M	trimmed−2%	+0.84 pp	23 q
COHRCoherent Corp.	3.52%	64,539	$15M	trimmed−46%	−1.55 pp	13 q
EQTEqt Corp	3.30%	226,057	$14M	trimmed−2%	+0.48 pp	22 q
GOOGAlphabet Inc. Class C	3.05%	46,423	$13M	trimmed−20%	−1.10 pp	25 q
DELLDell Technologies Inc.	2.95%	78,282	$13M	added0%	+0.70 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	2.58%	23,478	$11M	trimmed−13%	−0.54 pp	52 q
INTCIntel Corp	2.53%	249,846	$11M	trimmed−3%	+0.35 pp	6 q
PRPermian Resources Corporation	2.53%	516,902	$11M	trimmed−1%	+0.86 pp	11 q
MSFTMicrosoft Corp	2.33%	27,496	$10M	added+59%	+0.41 pp	23 q
BNBrookfield Corporation	2.20%	236,693	$10M	trimmed−20%	−0.93 pp	14 q
IBMInternational Business Machines Corporation	2.05%	36,942	$9M	added0%	−0.45 pp	21 q
SLBSLB Limited	2.04%	172,854	$9M	trimmed−4%	+0.46 pp	40 q
CRKComstock Resources, Inc.	1.91%	396,089	$8M	trimmed−1%	−0.22 pp	22 q
CIThe Cigna Group	1.90%	31,112	$8M	added+1%	−0.03 pp	10 q
ELVElevance Health, Inc.	1.89%	28,114	$8M	added+4%	−0.28 pp	11 q
QCOMQualcomm Inc	1.83%	62,118	$8M	added+8%	−0.43 pp	20 q
VNTVontier Corporation	1.81%	222,194	$8M	trimmed−5%	−0.18 pp	22 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.79%	28,888	$8M	added+11%	−0.19 pp	12 q
ACGLArch Capital Group Ltd	1.78%	81,086	$8M	added+1%	+0.01 pp	9 q
CMCOColumbus McKinnon Corp/NY	1.59%	478,328	$7M	added+26%	+0.09 pp	10 q
TMOThermo Fisher Scientific, Inc.	1.59%	14,146	$7M	added+2%	−0.26 pp	10 q
DHRDanaher Corporation	1.57%	36,228	$7M	added+1%	−0.31 pp	35 q
SWKStanley Black & Decker, Inc.	1.50%	92,203	$7M	added+3%	−0.02 pp	16 q
DISThe Walt Disney Company	1.47%	66,356	$6M	trimmed−0%	−0.26 pp	17 q
SWSmurfit Westrock plc	1.47%	160,915	$6M	added+3%	+0.09 pp	7 q
TKRThe Timken Company	1.37%	59,290	$6M	trimmed−1%	+0.22 pp	3 q
ILMNIllumina Inc	1.27%	44,778	$6M	trimmed−4%	−0.13 pp	17 q
COPConocoPhillips	1.26%	41,762	$6M	trimmed−1%	+0.35 pp	35 q
CMECME Group Inc.	1.25%	18,498	$5M	trimmed−2%	+0.07 pp	9 q
MKTXMarketAxess Holdings Inc.	1.19%	31,423	$5M	added+3%	−0.07 pp	3 q
WDAYWorkday, Inc. Class A	1.13%	37,898	$5M	added×2.2	+0.28 pp	23 q
STSensata Technologies Holding plc	1.04%	128,294	$5M	added0%	+0.06 pp	16 q
GNRCGenerac Holdings Inc	1.02%	22,794	$4M	trimmed−1%	+0.30 pp	8 q
VTOLBristow Group Inc.	1.00%	92,927	$4M	added+49%	+0.48 pp	8 q
FDXFedEx Corporation	0.99%	12,110	$4M	trimmed−1%	+0.18 pp	3 q
VRSNVeriSign Inc	0.82%	14,348	$4M	trimmed−1%	+0.01 pp	23 q
FTVFortive Corporation	0.80%	63,238	$3M	added+23%	+0.15 pp	2 q
METAMeta Platforms, Inc. Class A	0.79%	6,056	$3M	trimmed−1%	−0.13 pp	25 q
TREXTrex Company, Inc.	0.71%	84,871	$3M	new	+0.71 pp	new
CRGYCrescent Energy Company	0.70%	227,213	$3M	added+4%	+0.28 pp	7 q
INTUIntuit Inc	0.68%	6,869	$3M	new	+0.68 pp	new
MCOMoody's Corporation	0.59%	5,850	$3M	trimmed−1%	−0.10 pp	21 q
BACBank of America Corporation	0.58%	51,725	$3M	trimmed−12%	−0.16 pp	14 q
UPSUnited Parcel Service, Inc. Class B	0.57%	25,193	$2M	trimmed−0%	0.00 pp	3 q
BAMBrookfield Asset Management Ltd.	0.43%	42,080	$2M	added+50%	+0.09 pp	14 q
CTRACoterra Energy Inc.	0.40%	49,090	$2M	trimmed−2%	+0.10 pp	22 q
DVNDevon Energy Corporation	0.33%	28,973	$1M	trimmed−1%	+0.08 pp	20 q
NOGNorthern Oil and Gas, Inc.	0.28%	42,343	$1M	added+11%	+0.09 pp	18 q
GDXJVanEck Junior Gold Miners ETF	0.28%	10,353	$1M	held	—	14 q
OVVOvintiv Inc.	0.26%	19,300	$1M	trimmed−2%	+0.08 pp	19 q
LBRTLiberty Energy Inc.	0.25%	38,141	$1M	held	—	2 q
CVXChevron Corporation	0.24%	5,115	$1M	added+14%	+0.08 pp	25 q
AEMAgnico Eagle Mines Ltd.	0.22%	4,762	$966,591	trimmed−1%	+0.03 pp	50 q
EROEro Copper Corp.	0.21%	33,593	$895,925	held	—	16 q
RSPInvesco S&P 500 Equal Weight ETF	0.21%	4,732	$908,081	trimmed−2%	0.00 pp	20 q
PSLVSprott Physical Silver Trust	0.21%	38,019	$927,283	added+1%	+0.01 pp	10 q
VIGVanguard Dividend Appreciation ETF	0.20%	4,062	$873,574	added+5%	0.00 pp	22 q
XLEState Street Energy Select Sector SPDR ETF	0.19%	13,480	$825,802	trimmed−3%	+0.05 pp	22 q
SEISolaris Energy Infrastructure, Inc.	0.19%	14,868	$840,191	trimmed−4%	+0.03 pp	18 q
VTIVanguard Morningstar Total Stock Market ETF	0.19%	2,639	$846,693	added+2%	−0.01 pp	22 q
MAMastercard Incorporated	0.18%	1,588	$793,460	trimmed−0%	−0.03 pp	18 q
BTEBaytex Energy Corp.	0.17%	166,027	$742,141	trimmed−8%	+0.04 pp	12 q
FNDFSchwab Fundamental International Equity ETF	0.16%	14,694	$718,977	trimmed−2%	0.00 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.16%	10,646	$682,194	trimmed−2%	0.00 pp	21 q
MOATVanEck Morningstar Wide Moat ETF	0.15%	6,629	$641,032	trimmed−4%	−0.01 pp	22 q
VOOVanguard S&P 500 ETF	0.15%	1,127	$673,464	added+18%	+0.01 pp	14 q
SUSuncor Energy, Inc.	0.14%	9,116	$602,659	trimmed−1%	+0.05 pp	19 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.12%	2,918	$530,569	trimmed−16%	+0.02 pp	22 q
VYMVanguard High Dividend Yield ETF	0.12%	3,647	$540,121	added+28%	+0.03 pp	22 q
TXNTexas Instruments Incorporated	0.10%	2,158	$418,954	trimmed−58%	−0.10 pp	2 q
AMZNAmazon.Com Inc	0.09%	1,807	$376,344	added+19%	+0.01 pp	4 q
VYMIVanguard International High Dividend Yield ETF	0.09%	3,960	$373,190	trimmed−3%	+0.01 pp	22 q
TAT&T Inc.	0.08%	11,454	$332,051	trimmed−0%	+0.01 pp	31 q
ARAntero Resources Corporation	0.08%	7,970	$338,247	held	—	13 q
SPSMState Street SPDR Portfolio S&P 600 Small Cap ETF	0.08%	7,242	$349,933	trimmed−1%	0.00 pp	18 q
EGEverest Group, Ltd.	0.08%	1,082	$353,652	trimmed−13%	−0.02 pp	9 q
AZZAZZ Inc.	0.07%	2,351	$294,181	trimmed−57%	−0.06 pp	11 q
URAGlobal X Uranium ETF	0.07%	6,114	$296,101	added0%	+0.01 pp	4 q
HLHecla Mining Company	0.07%	17,000	$316,710	held	—	16 q
RRCRange Resources Corp	0.07%	6,387	$288,565	trimmed−1%	+0.02 pp	16 q
CEFSprott Physical Gold and Silver Trust	0.07%	5,986	$285,652	trimmed−2%	+0.01 pp	3 q
NVDANvidia Corp	0.06%	1,560	$272,064	new	+0.06 pp	new
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	0.06%	569	$263,555	trimmed−51%	−0.07 pp	3 q
TALOTalos Energy, Inc.	0.06%	17,895	$282,025	trimmed−32%	−0.01 pp	17 q
AAPLApple Inc.	0.05%	904	$229,334	new	+0.05 pp	new
CWCurtiss-Wright Corp.	0.05%	327	$222,726	new	+0.05 pp	new
GEGE Aerospace	0.05%	784	$222,476	new	+0.05 pp	new
SMSM Energy Company	0.05%	7,003	$218,354	new	+0.05 pp	new
RIGTransocean LTD.	0.04%	27,743	$183,936	held	—	35 q
GDXVanEck Gold Miners ETF	0.03%	1,590	$145,914	held	—	14 q
VHTVanguard Health Care ETF	0.03%	489	$133,172	new	+0.03 pp	new
IVViShares Core S&P 500 ETF	0.02%	116	$75,949	trimmed−88%	−0.14 pp	2 q
REIRing Energy Inc.	0.02%	53,191	$81,382	trimmed−8%	+0.01 pp	13 q
FNDESchwab Fundamental Emerging Markets Equity ETF	0.02%	2,649	$101,351	trimmed−38%	−0.02 pp	10 q
GOOGLAlphabet Inc. Class A	0.01%	214	$61,431	added×4.2	+0.01 pp	14 q
ILFiShares Latin America 40 ETF	0.01%	1,300	$46,176	held	—	2 q
IWSiShares Russell Mid-Cap Value ETF	0.01%	368	$53,632	trimmed−60%	−0.02 pp	2 q
IWDiShares Russell 1000 Value ETF	0.01%	247	$52,776	trimmed−80%	−0.05 pp	2 q
IWFiShares Russell 1000 Growth ETF	0.01%	141	$60,122	trimmed−79%	−0.06 pp	2 q
IWBiShares Russell 1000 ETF	0.01%	161	$57,406	trimmed−90%	−0.13 pp	2 q
SCHDSchwab US Dividend Equity ETF	0.01%	1,899	$58,261	held	—	10 q
NLRVanEck Uranium and Nuclear ETF	0.01%	216	$28,769	held	—	5 q
VIGIVanguard International Dividend Appreciation ETF	0.01%	268	$23,707	new	+0.01 pp	new
VGTVanguard Information Technology ETF	0.01%	75	$52,329	new	+0.01 pp	new
VPUVanguard Utilities ETF	0.01%	162	$32,099	new	+0.01 pp	new
VVVanguard Morningstar Large-Cap ETF	0.01%	86	$25,701	held	—	14 q
EUenCore Energy Corp.	0.00%	10,000	$18,000	held	—	7 q
COPXGlobal X Copper Miners ETF (NEW)	0.00%	274	$20,883	new	0.00 pp	new
SILGlobal X Silver Miners ETF (NEW)	0.00%	175	$15,764	held	—	4 q
DJDInvesco Dow Jones Industrial Average Dividend ETF	0.00%	150	$8,961	held	—	14 q
IVWiShares S&P 500 Growth ETF	0.00%	135	$15,270	trimmed−10%	0.00 pp	2 q
IVEiShares S&P 500 Value ETF	0.00%	18	$3,801	trimmed−5%	0.00 pp	2 q
IJHiShares Core S&P Mid-Cap ETF	0.00%	107	$7,226	trimmed−96%	−0.05 pp	2 q
IJKiShares S&P Mid-Cap 400 Growth ETF	0.00%	41	$4,125	trimmed−36%	0.00 pp	2 q
IWNiShares Russell 2000 Value ETF	0.00%	15	$2,844	held	—	2 q
IJRiShares Core S&P Small-Cap ETF	0.00%	26	$3,182	trimmed−87%	−0.01 pp	2 q
IJSiShares S&P Small-Cap 600 Value ETF	0.00%	26	$3,080	trimmed−98%	−0.04 pp	2 q
IJTiShares S&P Small-Cap 600 Growth ETF	0.00%	17	$2,460	held	—	2 q
NAKNorthern Dynasty Minerals, Ltd.	0.00%	10,000	$14,000	new	0.00 pp	new
XESState Street SPDR S&P Oil & Gas Equipment & Services ETF	0.00%	34	$3,955	trimmed−45%	0.00 pp	14 q
SCHHSchwab U.S. REIT ETF	0.00%	172	$3,702	new	0.00 pp	new
XLFState Street Financial Select Sector SPDR ETF	0.00%	133	$6,588	held	—	14 q
XLKState Street Technology Select Sector SPDR ETF	0.00%	4	$532	held	—	4 q
MORTVanEck Mortgage REIT Income ETF	0.00%	140	$1,436	trimmed−42%	0.00 pp	14 q
VNQVanguard Real Estate ETF	0.00%	25	$2,217	trimmed−80%	0.00 pp	14 q
VBRVanguard Morningstar Small-Cap Value ETF	0.00%	34	$7,386	trimmed−77%	−0.01 pp	14 q
VUGVanguard Morningstar Growth ETF	0.00%	22	$9,609	trimmed−37%	0.00 pp	14 q
VTVVanguard Morningstar Value ETF	0.00%	54	$10,595	trimmed−52%	0.00 pp	14 q
VBVanguard Morningstar Small-Cap ETF	0.00%	5	$1,310	held	—	14 q
KWKennedy-wilson Holdings, Inc.	—	−894,821	—	exited	−1.98 pp	—
IWRiShares Russell Mid-Cap ETF	—	−1,804	—	exited	−0.04 pp	—
FXIiShares China Large-Cap ETF	—	−710	—	exited	−0.01 pp	—
EFASGlobal X MSCI SuperDividend EAFE ETF	—	−325	—	exited	0.00 pp	—
EFAiShares MSCI EAFE ETF	—	−3	—	exited	0.00 pp	—
IWMiShares Russell 2000 ETF	—	−5	—	exited	0.00 pp	—
IJJiShares S&P Mid-Cap 400 Value ETF	—	−12	—	exited	0.00 pp	—