Semper Augustus

Q1 2022 13F · by Christopher Bloomstran, CIO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $393M · prev $321M
Positions: 32 · prev 33
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%

Moves27 since the prior filing

+5.3 pp in · −5.0 pp out

New 2 +2.90 pp
Added 14 +2.41 pp
Trimmed 8 −2.14 pp
Exited 3 −2.87 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions56% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.82 pp trimmed−0.8218.9%
BRK.A Berkshire Hathaway Inc. trimmed−1.33 pp trimmed−1.3310.8%
OLN Olin Corp. added−2.89 pp added−2.8910.0%
PARA Paramount Global-class B added+1.66 pp added+1.668.7%
NEM Newmont Corporation added+0.48 pp added+0.487.9%

Positions32 in this filing · 3 exited


BRK.BBERKSHIRE HATHAWAY Class B	18.91%	210,746	$74M	trimmed−0%	−0.82 pp	36 q
BRK.ABerkshire Hathaway Inc.	10.76%	80	$42M	trimmed−7%	−1.33 pp	36 q
OLNOlin Corp.	9.98%	751,253	$39M	added+5%	−2.89 pp	11 q
PARAParamount Global-class B	8.71%	906,403	$34M	added+21%	+1.66 pp	4 q
NEMNewmont Corporation	7.88%	390,240	$31M	added+2%	+0.48 pp	36 q
YAlleghany Corporation	7.05%	32,757	$28M	added×3.7	+5.23 pp	9 q
KGCKinross Gold Corporation	3.72%	2,488,764	$15M	added+5%	−0.58 pp	36 q
XOMExxon Mobil Corp	3.34%	159,094	$13M	trimmed−0%	+0.30 pp	36 q
VLOValero Energy Corporation	3.07%	119,079	$12M	added0%	+0.29 pp	6 q
DINOHF Sinclair Corporation	2.83%	279,185	$11M	new	+2.83 pp	new
DLTRDollar Tree Inc.	2.79%	68,469	$11M	added0%	−0.20 pp	3 q
ALKAlaska Air Group, Inc.	2.28%	154,305	$9M	added+14%	+0.07 pp	9 q
SBUXStarbucks Corp	2.04%	88,073	$8M	added+12%	−0.82 pp	16 q
MCYMercury General Corp.	2.00%	142,768	$8M	added+6%	−0.24 pp	36 q
EQNREquinor ASA	1.88%	196,752	$7M	trimmed−0%	+0.26 pp	16 q
CMICummins Inc.	1.84%	35,382	$7M	added+21%	−0.15 pp	15 q
DISThe Walt Disney Company	1.71%	49,107	$7M	added+29%	−0.13 pp	16 q
NXPINXP Semiconductors N.V.	1.27%	26,957	$5M	added+16%	−0.38 pp	15 q
HXLHexcel Corporation	1.08%	71,490	$4M	trimmed−0%	−0.08 pp	24 q
AXPAmerican Express Company	0.98%	20,624	$4M	trimmed−3%	−0.11 pp	29 q
TRVThe Travelers Companies, Inc.	0.93%	20,000	$4M	held	—	36 q
MRKMerck & Co., Inc.	0.92%	44,073	$4M	held	—	36 q
DGDollar General Corp.	0.85%	15,095	$3M	added+42%	+0.07 pp	21 q
COSTCostco Wholesale Corp	0.76%	5,166	$3M	trimmed−6%	−0.21 pp	36 q
SMHISEACOR Marine Holdings Inc.	0.52%	254,744	$2M	held	—	20 q
WAFDWaFd, Inc.	0.51%	61,190	$2M	trimmed−4%	−0.15 pp	36 q
GEGE Aerospace	0.41%	17,821	$2M	held	—	3 q
NKENike, Inc.	0.36%	10,639	$1M	held	—	20 q
KOCoca-Cola Company	0.35%	22,000	$1M	held	—	36 q
CVXChevron Corporation	0.14%	3,288	$535,000	held	—	5 q
PEPPepsiCo, Inc.	0.07%	1,582	$265,000	held	—	8 q
SHELShell plc	0.07%	4,868	$267,000	new	+0.07 pp	new
HFCHollyfrontier Corp	—	−267,893	—	exited	−2.74 pp	—
RDS.ARoyal Dutch Shell PLC	—	−4,868	—	exited	−0.07 pp	—
SYFSynchrony Financial	—	−4,437	—	exited	−0.06 pp	—