Semper Augustus

Q3 2021 13F · by Christopher Bloomstran, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $309M · prev $301M
Positions: 38 · prev 36
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%

Moves29 since the prior filing

+2.5 pp in · −2.2 pp out

New 3 +2.80 pp
Added 10 −0.29 pp
Trimmed 15 −1.56 pp
Exited 1 −0.64 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.4% a year, about 18.6 years per position

Low
Moderate
High

Top 5 positions59% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+0.25 pp added+0.2519.2%
BRK.A Berkshire Hathaway Inc. added−0.38 pp added−0.3811.4%
OLN Olin Corp. trimmed+0.15 pp trimmed+0.1511.4%
PARA Paramount Global-class B added+0.75 pp added+0.759.8%
NEM Newmont Corporation added−0.90 pp added−0.906.7%

Positions38 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	19.24%	218,209	$60M	added+6%	+0.25 pp	34 q
BRK.ABerkshire Hathaway Inc.	11.43%	86	$35M	added+1%	−0.38 pp	34 q
OLNOlin Corp.	11.42%	732,298	$35M	trimmed−0%	+0.15 pp	9 q
PARAParamount Global-class B	9.78%	766,023	$30M	added+27%	+0.75 pp	2 q
NEMNewmont Corporation	6.69%	381,192	$21M	added+6%	−0.90 pp	34 q
KGCKinross Gold Corporation	3.62%	2,091,111	$11M	added+18%	−0.12 pp	34 q
XOMExxon Mobil Corp	3.14%	165,173	$10M	added+1%	−0.30 pp	34 q
HFCHollyfrontier Corp	2.88%	269,298	$9M	added+8%	+0.15 pp	4 q
SBUXStarbucks Corp	2.79%	78,207	$9M	trimmed−8%	−0.35 pp	14 q
VLOValero Energy Corporation	2.67%	116,990	$8M	added+9%	−0.12 pp	4 q
MCYMercury General Corp.	2.42%	134,516	$7M	trimmed−6%	−0.67 pp	34 q
ALKAlaska Air Group, Inc.	2.31%	122,227	$7M	added+38%	+0.53 pp	7 q
DLTRDollar Tree Inc.	2.14%	69,122	$7M	new	+2.14 pp	new
CMICummins Inc.	2.11%	29,111	$7M	trimmed−0%	−0.25 pp	13 q
DISThe Walt Disney Company	2.05%	37,559	$6M	trimmed−3%	−0.21 pp	14 q
YAlleghany Corporation	1.73%	8,595	$5M	added+1%	−0.15 pp	7 q
EQNREquinor ASA	1.55%	188,356	$5M	trimmed−0%	+0.22 pp	14 q
NXPINXP Semiconductors N.V.	1.47%	23,233	$5M	trimmed−0%	−0.12 pp	13 q
HXLHexcel Corporation	1.36%	71,118	$4M	trimmed−0%	−0.11 pp	22 q
AXPAmerican Express Company	1.19%	21,908	$4M	trimmed−1%	−0.03 pp	27 q
MRKMerck & Co., Inc.	1.07%	44,073	$3M	held	—	34 q
OXY/WSOccidental Petroleum Corporation Warrants to Purchase	1.02%	266,717	$3M	held	—	2 q
TRVThe Travelers Companies, Inc.	0.98%	20,000	$3M	held	—	34 q
COSTCostco Wholesale Corp	0.80%	5,507	$2M	trimmed−18%	−0.09 pp	34 q
DGDollar General Corp.	0.73%	10,627	$2M	trimmed−0%	−0.03 pp	19 q
WAFDWaFd, Inc.	0.71%	64,478	$2M	trimmed−0%	+0.03 pp	34 q
GEGE Aerospace	0.59%	17,821	$2M	new	+0.59 pp	new
NKENike, Inc.	0.50%	10,639	$2M	trimmed−0%	−0.05 pp	18 q
KOCoca-Cola Company	0.40%	23,500	$1M	trimmed−8%	−0.06 pp	34 q
SMHISEACOR Marine Holdings Inc.	0.39%	260,372	$1M	trimmed−0%	+0.01 pp	18 q
OXYOccidental Petroleum Corporation	0.20%	21,000	$621,000	held	—	2 q
CVXChevron Corporation	0.11%	3,288	$334,000	held	—	3 q
METAMeta Platforms, Inc. Class A	0.10%	900	$305,000	held	—	2 q
PSTHPershing Square Tontine Holdings, Ltd.	0.09%	14,000	$276,000	held	—	2 q
PEPPepsiCo, Inc.	0.08%	1,582	$238,000	held	—	6 q
UPBDUpbound Group, Inc.	0.08%	4,600	$259,000	held	—	2 q
RDS.ARoyal Dutch Shell PLC	0.07%	4,868	$217,000	new	+0.07 pp	new
SYFSynchrony Financial	0.07%	4,437	$217,000	held	—	2 q
unresolvedGeneral Electric Co	—	−142,607	—	exited	−0.64 pp	—