Semper Augustus

Q1 2018 13F · by Christopher Bloomstran, CIO

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $144M · prev $134M
Positions: 26 · prev 26
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%

Moves19 since the prior filing

+3.6 pp in · −1.4 pp out

New 0 0.00 pp
Added 7 +3.57 pp
Trimmed 12 −1.40 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions59% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−1.35 pp added−1.3525.2%
BRK.A Berkshire Hathaway Inc. held held17.9%
XOM Exxon Mobil Corp added−0.81 pp added−0.815.8%
MCY Mercury General Corp. added+2.39 pp added+2.395.0%
NEM Newmont Corporation trimmed−0.59 pp trimmed−0.594.8%

Positions26 in this filing · 0 exited


BRK.BBERKSHIRE HATHAWAY Class B	25.18%	181,426	$36M	added+1%	−1.35 pp	20 q
BRK.ABerkshire Hathaway Inc.	17.89%	86	$26M	held	—	20 q
XOMExxon Mobil Corp	5.84%	112,602	$8M	added+6%	−0.81 pp	20 q
MCYMercury General Corp.	4.98%	156,148	$7M	added×2.4	+2.39 pp	20 q
NEMNewmont Corporation	4.78%	175,761	$7M	trimmed−8%	−0.59 pp	20 q
SMHISEACOR Marine Holdings Inc.	4.45%	336,221	$6M	added+2%	+1.57 pp	4 q
DGDollar General Corp.	3.90%	59,915	$6M	added+1%	−0.25 pp	5 q
18614USDGoldcorp Inc	3.72%	386,587	$5M	trimmed−3%	−0.11 pp	20 q
KGCKinross Gold Corporation	3.06%	1,112,085	$4M	added×2.9	+1.83 pp	20 q
HXLHexcel Corporation	2.99%	66,594	$4M	trimmed−1%	−0.13 pp	8 q
SNYSanofi	2.90%	104,085	$4M	trimmed−1%	−0.49 pp	20 q
COSTCostco Wholesale Corp	2.60%	19,851	$4M	trimmed−2%	−0.22 pp	20 q
unresolvedValidus Holdings Ltd	2.59%	55,210	$4M	trimmed−1%	+0.63 pp	20 q
TRVThe Travelers Companies, Inc.	1.93%	20,000	$3M	held	—	20 q
NKENike, Inc.	1.84%	39,800	$3M	trimmed−1%	−0.04 pp	4 q
unresolvedStatoil ASA	1.84%	112,139	$3M	trimmed−1%	+0.02 pp	20 q
MRKMerck & Co., Inc.	1.62%	42,723	$2M	held	—	20 q
AXPAmerican Express Company	1.42%	21,881	$2M	trimmed−1%	−0.22 pp	13 q
WAFDWaFd, Inc.	1.33%	55,464	$2M	trimmed−1%	−0.11 pp	20 q
unresolvedAVX Corporation	1.18%	102,240	$2M	trimmed−1%	−0.16 pp	20 q
unresolvedGeneral Electric Co	1.12%	119,415	$2M	held	—	20 q
KOCoca-Cola Company	0.91%	30,000	$1M	held	—	20 q
INTCIntel Corp	0.77%	21,305	$1M	trimmed−1%	+0.02 pp	20 q
unresolvedDst Sys Inc DEL	0.66%	11,348	$949,000	added+12%	+0.19 pp	13 q
MDTMedtronic plc	0.28%	5,000	$401,000	held	—	13 q
RDS.ARoyal Dutch Shell PLC	0.22%	4,868	$311,000	held	—	20 q