Semper Augustus

Q4 2016 13F · by Christopher Bloomstran, CIO

As of: Dec 31, 2016
Filed: Feb 13, 2017
US stock: $135M · prev $138M
Positions: 28 · prev 30
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%

Moves20 since the prior filing

−0.0 pp in · −2.6 pp out

New 0 0.00 pp
Added 1 −0.01 pp
Trimmed 17 −2.33 pp
Exited 2 −0.27 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions55% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+2.47 pp trimmed+2.4722.2%
BRK.A Berkshire Hathaway Inc. held held15.6%
XOM Exxon Mobil Corp trimmed+0.36 pp trimmed+0.367.1%
unresolved Leucadia National trimmed+1.04 pp trimmed+1.045.3%
NEM Newmont Corporation trimmed−0.65 pp trimmed−0.655.0%

Positions28 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	22.23%	183,949	$30M	trimmed−2%	+2.47 pp	15 q
BRK.ABerkshire Hathaway Inc.	15.57%	86	$21M	held	—	15 q
XOMExxon Mobil Corp	7.12%	106,369	$10M	trimmed−0%	+0.36 pp	15 q
unresolvedLeucadia National	5.25%	304,676	$7M	trimmed−0%	+1.04 pp	15 q
NEMNewmont Corporation	4.99%	197,496	$7M	trimmed−0%	−0.65 pp	15 q
18614USDGoldcorp Inc	4.47%	443,630	$6M	added+19%	−0.01 pp	15 q
MRKMerck & Co., Inc.	3.43%	78,477	$5M	held	—	15 q
SNYSanofi	3.17%	105,610	$4M	trimmed−0%	+0.24 pp	15 q
HXLHexcel Corporation	3.16%	82,781	$4M	trimmed−0%	+0.50 pp	3 q
unresolvedGeneral Electric Co	3.03%	129,415	$4M	held	—	15 q
MCYMercury General Corp.	2.92%	65,295	$4M	trimmed−62%	−3.84 pp	15 q
unresolvedAVX Corporation	2.59%	223,165	$3M	trimmed−0%	+0.36 pp	15 q
COSTCostco Wholesale Corp	2.40%	20,251	$3M	trimmed−0%	+0.15 pp	15 q
INTCIntel Corp	2.34%	87,025	$3M	trimmed−0%	−0.05 pp	15 q
unresolvedValidus Holdings Ltd	2.28%	56,001	$3M	held	—	15 q
AXPAmerican Express Company	1.99%	36,242	$3M	trimmed−0%	+0.30 pp	8 q
TRVThe Travelers Companies, Inc.	1.82%	20,000	$2M	held	—	15 q
unresolvedStatoil ASA	1.72%	126,874	$2M	trimmed−0%	+0.17 pp	15 q
JNJJohnson & Johnson	1.70%	19,844	$2M	trimmed−0%	0.00 pp	15 q
KOCoca-Cola Company	1.54%	50,000	$2M	held	—	15 q
WAFDWaFd, Inc.	1.43%	56,253	$2M	trimmed−76%	−3.04 pp	15 q
unresolvedChicago Bridge & Iron Co N V	1.32%	55,920	$2M	trimmed−0%	+0.18 pp	10 q
CNACNA Financial Corporation	1.15%	37,530	$2M	trimmed−0%	+0.21 pp	15 q
KGCKinross Gold Corporation	0.89%	386,390	$1M	trimmed−27%	−0.73 pp	15 q
CBChubb Limited	0.59%	6,018	$795,000	held	—	4 q
unresolvedDst Sys Inc DEL	0.44%	5,514	$591,000	held	—	8 q
MDTMedtronic plc	0.26%	5,000	$356,000	held	—	8 q
RDS.ARoyal Dutch Shell PLC	0.20%	4,868	$265,000	held	—	15 q
SYFSynchrony Financial	—	−9,532	—	exited	−0.19 pp	—
unresolvedVical Inc.	—	−36,848	—	exited	−0.08 pp	—