Semper Augustus

Q1 2019 13F · by Christopher Bloomstran, CIO

As of: Mar 31, 2019
Filed: May 14, 2019
US stock: $163M · prev $156M
Positions: 28 · prev 28
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%

Moves10 since the prior filing

+1.9 pp in · −3.5 pp out

New 1 +2.99 pp
Added 3 −1.05 pp
Trimmed 5 +0.10 pp
Exited 1 −3.57 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions56% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added−1.37 pp added−1.3722.4%
BRK.A Berkshire Hathaway Inc. held held15.7%
SBUX Starbucks Corp held held7.9%
XOM Exxon Mobil Corp trimmed+0.54 pp trimmed+0.545.5%
MCY Mercury General Corp. added−0.31 pp added−0.314.7%

Positions28 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	22.37%	181,295	$36M	added0%	−1.37 pp	24 q
BRK.ABerkshire Hathaway Inc.	15.73%	85	$26M	held	—	24 q
SBUXStarbucks Corp	7.89%	172,724	$13M	held	—	4 q
XOMExxon Mobil Corp	5.45%	109,839	$9M	trimmed−2%	+0.54 pp	24 q
MCYMercury General Corp.	4.71%	153,035	$8M	added+1%	−0.31 pp	24 q
DGDollar General Corp.	4.04%	55,147	$7M	trimmed−2%	+0.15 pp	9 q
NEMNewmont Corporation	3.84%	174,526	$6M	held	—	24 q
SWKSSkyworks Solutions Inc	2.99%	59,003	$5M	new	+2.99 pp	new
COSTCostco Wholesale Corp	2.90%	19,516	$5M	held	—	24 q
NXPINXP Semiconductors N.V.	2.86%	52,592	$5M	held	—	3 q
CMICummins Inc.	2.84%	29,281	$5M	trimmed−0%	+0.33 pp	3 q
HXLHexcel Corporation	2.75%	64,762	$4M	held	—	12 q
SMHISEACOR Marine Holdings Inc.	2.63%	321,148	$4M	held	—	8 q
18614USDGoldcorp Inc	2.58%	366,798	$4M	trimmed−0%	+0.27 pp	24 q
KGCKinross Gold Corporation	2.29%	1,083,752	$4M	held	—	24 q
MRKMerck & Co., Inc.	2.18%	42,723	$4M	held	—	24 q
TRVThe Travelers Companies, Inc.	1.69%	20,000	$3M	held	—	24 q
unresolvedAVX Corporation	1.56%	146,367	$3M	added+54%	+0.63 pp	24 q
DISThe Walt Disney Company	1.46%	21,468	$2M	held	—	4 q
EQNREquinor ASA	1.46%	107,815	$2M	held	—	4 q
AXPAmerican Express Company	1.43%	21,284	$2M	held	—	17 q
WAFDWaFd, Inc.	0.96%	54,022	$2M	held	—	24 q
KOCoca-Cola Company	0.86%	30,000	$1M	held	—	24 q
unresolvedGeneral Electric Co	0.73%	119,415	$1M	held	—	24 q
INTCIntel Corp	0.68%	20,677	$1M	held	—	24 q
NKENike, Inc.	0.66%	12,723	$1M	trimmed−67%	−1.19 pp	8 q
MDTMedtronic plc	0.28%	5,050	$460,000	held	—	17 q
RDS.ARoyal Dutch Shell PLC	0.19%	4,868	$305,000	held	—	24 q
unresolvedU S G Corp	—	−130,280	—	exited	−3.57 pp	—