Arnold Van Den Berg, CEO and co-chief investment officer of Century Management, is a veteran value investor who pays homage to Benjamin Graham. Since founding Century Management in Austin, Texas in 1974, Van Den Berg has easily beaten all of the indices. The Century Management portfolio update shows a total of 64 stocks, seven of them new, with a total value of $1.01 billion and a quarter-over-quarter turnover of 5%.
Van Den Berg’s investment philosophy is to apply value investment strategies. His investment research seeks to determine the appraised value of a company, often referred to as intrinsic value. Investments are then made at a significant discount, normally 40% to 65% below the company's current intrinsic value, used as a margin of safety. Century Management seeks companies trading at discounts to their intrinsic value, looking for stocks that are out of favor, not well known, or may have a short-term problem. Investing primarily in U.S. headquartered companies, Van Den Berg usually holds between 35 to 40 companies when fully invested.
The stocks bought by Arnold Van Den Berg averaged a 12-month return of 6.22%. In 2012, he returned 16.23%. His 30-year cumulative return is 11.2% annually.
As of Sept. 30, 2013, the Van Den Berg portfolio is weighted with top sectors: industrials at 33.3%, technology at 20% and financial services at 16.3%.
Here’s an update on Century Management’s top-yield stocks, as of Sept. 30, 2013.
Newmont Mining Corporation (NEM, Financial) Yield: 5.26%
Weightings: 4.5%
Current Shares: 1,647,646
Value: $46,299,000
Down 48% over 12 months, Newmont Mining Corporation has a market cap of $11.48 billion; its shares were traded at around $23.28 with a P/B ratio of 1.00.
Newmont Mining Corporation is a gold producer engaged in the exploration for and acquisition of gold properties. The company is also engaged in the production of copper, mainly through its operations in Indonesia and Australia. Newmont Mining was incorporated in 1921 under the laws of Delaware.
GuruFocus currently ranks NEM one star out of five stars for business predictability.
Tracking historical data:
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 1.23%, selling 20,438 shares at an average price of $29.64 per share, taking a loss of 21.5%.
Over seven quarters, he has averaged a loss of 47% buying 1,668,530 shares at an average price of $43.97 per share. Selling, he lost 23% on 20,884 shares at an average price of $30.04 per share.
Total SA (TOT, Financial) Yield: 4.33%
Weightings: 1.4%
Current Shares: 243,955
Value: $14,130,000
Up 10% over 12 months, Total SAhas a market cap of $128.21 billion; its shares were traded at around $56.53 with a P/E ratio of 10.20
GuruFocus currently ranks TOT one star out of five stars for business predictability.
Incorporated in 1924 in France, Total SA is a publicly-traded integrated international oil and gas company in the world. With operations in more than 130 countries, the company engages in all aspects of the petroleum industry, including upstream operations (oil and gas exploration, development and production, LNG) and downstream operations (refining, marketing and the trading and shipping of crude oil and petroleum products). The company also produces base chemicals (petrochemicals and fertilizers) and specialty chemicals for the industrial and consumer markets.
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 1.51%, selling 3,730 shares at an average price of $54.05 per share, gaining 4.6%.
Over five gaining quarters, he has averaged a gain of 17% buying 279,773 shares at an average price of $48.45 per share. Selling, he gained 12% on 35,818 shares at an average price of $50.28 per share.
Tesco PLC (TSCDY, Financial) Yield: 4.12%
Weightings: 2.6%
Current Shares: 1,480,222
Value: $25,993,000
Down 5% over 12 months, Tesco PLChas a market cap of $42.63 billion; its shares were traded at around $15.82 with a P/E ratio of 209.80.
GuruFocus currently ranks TSCDY three stars out of five stars for business predictability.
Tesco PLC is engaged in retail and associated activities in the UK, China, the Czech Republic, Hungary, the Republic of Ireland, India, Japan, Malaysia, Poland, Slovakia, South Korea, Thailand, Turkey and the US. The company also provides retail banking and insurance services through its subsidiary, Tesco Bank.
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 0.9%, selling 13,455,698 shares at an average price of $17.08 per share, taking a loss of 7.4%.
Over seven quarters, he has averaged a gain of 5% buying 17,377,750 shares at an average price of $15.13 per share. Selling, he lost 7% on 15,897,529 shares at an average price of $16.99 per share.
Here’s the complete portfolio of Arnold Van Den Berg.
Use the GuruFocus Value Screen to find 52-Week Lows and discover potentially deep value stocks held by billionaire Guru investors.
GuruFocus Real Time Picks reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.
If you are not a Premium Member, we invite you for a 7-day Free Trial.
Van Den Berg’s investment philosophy is to apply value investment strategies. His investment research seeks to determine the appraised value of a company, often referred to as intrinsic value. Investments are then made at a significant discount, normally 40% to 65% below the company's current intrinsic value, used as a margin of safety. Century Management seeks companies trading at discounts to their intrinsic value, looking for stocks that are out of favor, not well known, or may have a short-term problem. Investing primarily in U.S. headquartered companies, Van Den Berg usually holds between 35 to 40 companies when fully invested.
The stocks bought by Arnold Van Den Berg averaged a 12-month return of 6.22%. In 2012, he returned 16.23%. His 30-year cumulative return is 11.2% annually.
As of Sept. 30, 2013, the Van Den Berg portfolio is weighted with top sectors: industrials at 33.3%, technology at 20% and financial services at 16.3%.
Here’s an update on Century Management’s top-yield stocks, as of Sept. 30, 2013.
Newmont Mining Corporation (NEM, Financial) Yield: 5.26%
Weightings: 4.5%
Current Shares: 1,647,646
Value: $46,299,000
Down 48% over 12 months, Newmont Mining Corporation has a market cap of $11.48 billion; its shares were traded at around $23.28 with a P/B ratio of 1.00.
Newmont Mining Corporation is a gold producer engaged in the exploration for and acquisition of gold properties. The company is also engaged in the production of copper, mainly through its operations in Indonesia and Australia. Newmont Mining was incorporated in 1921 under the laws of Delaware.
GuruFocus currently ranks NEM one star out of five stars for business predictability.
Tracking historical data:
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 1.23%, selling 20,438 shares at an average price of $29.64 per share, taking a loss of 21.5%.
Over seven quarters, he has averaged a loss of 47% buying 1,668,530 shares at an average price of $43.97 per share. Selling, he lost 23% on 20,884 shares at an average price of $30.04 per share.
Total SA (TOT, Financial) Yield: 4.33%
Weightings: 1.4%
Current Shares: 243,955
Value: $14,130,000
Up 10% over 12 months, Total SAhas a market cap of $128.21 billion; its shares were traded at around $56.53 with a P/E ratio of 10.20
GuruFocus currently ranks TOT one star out of five stars for business predictability.
Incorporated in 1924 in France, Total SA is a publicly-traded integrated international oil and gas company in the world. With operations in more than 130 countries, the company engages in all aspects of the petroleum industry, including upstream operations (oil and gas exploration, development and production, LNG) and downstream operations (refining, marketing and the trading and shipping of crude oil and petroleum products). The company also produces base chemicals (petrochemicals and fertilizers) and specialty chemicals for the industrial and consumer markets.
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 1.51%, selling 3,730 shares at an average price of $54.05 per share, gaining 4.6%.
Over five gaining quarters, he has averaged a gain of 17% buying 279,773 shares at an average price of $48.45 per share. Selling, he gained 12% on 35,818 shares at an average price of $50.28 per share.
Tesco PLC (TSCDY, Financial) Yield: 4.12%
Weightings: 2.6%
Current Shares: 1,480,222
Value: $25,993,000
Down 5% over 12 months, Tesco PLChas a market cap of $42.63 billion; its shares were traded at around $15.82 with a P/E ratio of 209.80.
GuruFocus currently ranks TSCDY three stars out of five stars for business predictability.
Tesco PLC is engaged in retail and associated activities in the UK, China, the Czech Republic, Hungary, the Republic of Ireland, India, Japan, Malaysia, Poland, Slovakia, South Korea, Thailand, Turkey and the US. The company also provides retail banking and insurance services through its subsidiary, Tesco Bank.
Guru Action: As of Sept. 30, 2013, Arnold Van Den Berg reduced his position by 0.9%, selling 13,455,698 shares at an average price of $17.08 per share, taking a loss of 7.4%.
Over seven quarters, he has averaged a gain of 5% buying 17,377,750 shares at an average price of $15.13 per share. Selling, he lost 7% on 15,897,529 shares at an average price of $16.99 per share.
Here’s the complete portfolio of Arnold Van Den Berg.
Use the GuruFocus Value Screen to find 52-Week Lows and discover potentially deep value stocks held by billionaire Guru investors.
GuruFocus Real Time Picks reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.
If you are not a Premium Member, we invite you for a 7-day Free Trial.
