This is the Q4 portfolio update for Austin based Century Management. The long term value investing firm is run by Arnold Van Den Berg. This portfolio gained 12.06% Net of Fees in 2010.
Arnold Van Den Berg likes to invest in quality stocks that are traded at historical low price/sales ratios. This strategy has certain similarities with our screener of Companies at Historical Low Price/Sales Ratios. Arnold Van Den Berg did a lot more selling than buying in the fourth quarter. As a value investing who also pays attention to the macro market, it may tell us that he is seeing fewer opportunities.
As of 12/31/2010, Century Management owns 96 stocks with a total value of $1.2 billion. These are the details of the buys and sells.
This is the portfolio chart of Arnold Van Den Berg. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
These are the top 5 holdings of Arnold Van Den Berg
Added: Rudolph Technologies Inc. (RTEC, Financial)
Arnold Van Den Berg added to his holdings in Rudolph Technologies Inc. by 598.26%. His purchase prices were between $7.1 and $8.52, with an estimated average price of $7.79. The impact to his portfolio due to this purchase was 0.17%. His holdings were 288,870 shares as of 12/31/2010.
Rudolph Technologies is a worldwide leader in the design, development, manufacture and support of high-performance process control metrology, defect inspection and data analysis systems used by semiconductor device manufacturers. Rudolph Technologies Inc. has a market cap of $254.3 million; its shares were traded at around $8.1 with a P/E ratio of 14 and P/S ratio of 3.2.
New Purchase: The Kroger Co. (KR, Financial)
Arnold Van Den Berg initiated holdings in The Kroger Co.. His purchase prices were between $20.63 and $23.86, with an estimated average price of $22.03. The impact to his portfolio due to this purchase was 0.1%. His holdings were 53,255 shares as of 12/31/2010.
Kroger Company is one of the larger grocery retailers in the United States. The Kroger Co. has a market cap of $13.84 billion; its shares were traded at around $21.7 with a P/E ratio of 12.7 and P/S ratio of 0.2. The dividend yield of The Kroger Co. stocks is 1.9%. The Kroger Co. had an annual average earning growth of 3.8% over the past 10 years. GuruFocus rated The Kroger Co. the business predictability rank of 3-star.
Reduced: Walgreen Company (WAG, Financial)
Arnold Van Den Berg reduced to his holdings in Walgreen Company by 52.08%. His sale prices were between $33.11 and $39.48, with an estimated average price of $35.41. The impact to his portfolio due to this sale was -1.93%. Arnold Van Den Berg still held 548,855 shares as of 12/31/2010.
Walgreen Co. is a national retail pharmacy chain and considered the leader in innovative drugstore retailing. Walgreen Company has a market cap of $36.71 billion; its shares were traded at around $39.65 with a P/E ratio of 17.5 and P/S ratio of 0.5. The dividend yield of Walgreen Company stocks is 1.8%. Walgreen Company had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated Walgreen Company the business predictability rank of 4.5-star.
Reduced: Memc Electronic Materials Inc. (WFR, Financial)
Arnold Van Den Berg reduced to his holdings in Memc Electronic Materials Inc. by 69.29%. His sale prices were between $10.93 and $13.59, with an estimated average price of $12.18. The impact to his portfolio due to this sale was -1.22%. Arnold Van Den Berg still held 579,876 shares as of 12/31/2010.
MEMC Electronic Materials, Inc. is a global producer of polysilicon and silicon wafers. Memc Electronic Materials Inc. has a market cap of $2.58 billion; its shares were traded at around $11.35 with a P/E ratio of 378.3 and P/S ratio of 2.2.
Reduced: The Walt Disney Company Disney (DIS, Financial)
Arnold Van Den Berg reduced to his holdings in The Walt Disney Company Disney by 24.17%. His sale prices were between $33.14 and $37.95, with an estimated average price of $36.32. The impact to his portfolio due to this sale was -0.8%. Arnold Van Den Berg still held 804,967 shares as of 12/31/2010.
Walt Disney Company owns 100% of Disney Enterprises, Inc. The Walt Disney Company Disney has a market cap of $73.83 billion; its shares were traded at around $38.99 with a P/E ratio of 18.9 and P/S ratio of 2. The dividend yield of The Walt Disney Company Disney stocks is 1.1%. The Walt Disney Company Disney had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated The Walt Disney Company Disney the business predictability rank of 3-star.
Reduced: Newport Corp. (NEWP, Financial)
Arnold Van Den Berg reduced to his holdings in Newport Corp. by 27.43%. His sale prices were between $10.93 and $18.02, with an estimated average price of $14.62. The impact to his portfolio due to this sale was -0.72%. Arnold Van Den Berg still held 1,308,735 shares as of 12/31/2010.
Newport Corp. is a global supplier of high-precision test, measurement and automation systems and subsystems that enable manufacturers of fiber optic components, semiconductor capital equipment, industrial metrology, aerospace and high-precision products to automate their manufacturing processes, enhance product performance, and improve manufacturing efficiencies and yields. Newport Corp. has a market cap of $647.2 million; its shares were traded at around $17.61 with a P/E ratio of 21.2 and P/S ratio of 1.8.
Reduced: Steelcase Inc. (SCS, Financial)
Arnold Van Den Berg reduced to his holdings in Steelcase Inc. by 52.29%. His sale prices were between $8.05 and $10.69, with an estimated average price of $9.29. The impact to his portfolio due to this sale was -0.39%. Arnold Van Den Berg still held 408,861 shares as of 12/31/2010.
Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Steelcase Inc. has a market cap of $1.43 billion; its shares were traded at around $10.78 with a P/E ratio of 83 and P/S ratio of 0.6. The dividend yield of Steelcase Inc. stocks is 1.5%.
Reduced: Texas Instruments Inc. (TXN, Financial)
Arnold Van Den Berg reduced to his holdings in Texas Instruments Inc. by 11.74%. His sale prices were between $27.21 and $33.75, with an estimated average price of $30.87. The impact to his portfolio due to this sale was -0.32%. Arnold Van Den Berg still held 895,598 shares as of 12/31/2010.
Texas Instruments, Inc. is a global semiconductor company and one of the world's designers and suppliers of digital signal processors and analog integrated circuits, the engines driving the digitization of electronics. Texas Instruments Inc. has a market cap of $38.36 billion; its shares were traded at around $32.67 with a P/E ratio of 13.8 and P/S ratio of 3.7. The dividend yield of Texas Instruments Inc. stocks is 1.6%. Texas Instruments Inc. had an annual average earning growth of 4.2% over the past 5 years.
Reduced: Arctic Cat Inc. (ACAT, Financial)
Arnold Van Den Berg reduced to his holdings in Arctic Cat Inc. by 25.03%. His sale prices were between $10.97 and $15.97, with an estimated average price of $13.94. The impact to his portfolio due to this sale was -0.06%. Arnold Van Den Berg still held 155,630 shares as of 12/31/2010.
Arctic Cat, Inc. operates in a single industry segment and designs, engineers , manufactures and markets snowmobiles and all-terrain vehicles under the Arctic Cat brand name, as well as related parts, garments and accessories. Arctic Cat Inc. has a market cap of $259 million; its shares were traded at around $14.21 with a P/E ratio of 41.8 and P/S ratio of 0.6.
Reduced: Lawson Products Inc. (LAWS, Financial)
Arnold Van Den Berg reduced to his holdings in Lawson Products Inc. by 26.13%. His sale prices were between $14.34 and $26.29, with an estimated average price of $20.78. The impact to his portfolio due to this sale was -0.05%. Arnold Van Den Berg still held 72,197 shares as of 12/31/2010.
Lawson Products, Inc. is a distributor of expendable maintenance, repair & replacement products. Lawson Products Inc. has a market cap of $206.8 million; its shares were traded at around $24.27 with a P/E ratio of 21.4 and P/S ratio of 0.6. The dividend yield of Lawson Products Inc. stocks is 1.3%.
Reduced: Johnson & Johnson (JNJ, Financial)
Arnold Van Den Berg reduced to his holdings in Johnson & Johnson by 42.08%. His sale prices were between $61.55 and $64.76, with an estimated average price of $63.08. The impact to his portfolio due to this sale was -0.01%. Arnold Van Den Berg still held 4,198 shares as of 12/31/2010.
Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $173.98 billion; its shares were traded at around $63.35 with a P/E ratio of 13.3 and P/S ratio of 2.8. The dividend yield of Johnson & Johnson stocks is 3.4%. Johnson & Johnson had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.
Sold Out: Carmax Inc. (KMX, Financial)
Arnold Van Den Berg sold out his holdings in Carmax Inc.. His sale prices were between $27.73 and $35.9, with an estimated average price of $31.92.
CarMax Group is a subsidiary of Circuit City Stores, Inc. Carmax Inc. has a market cap of $7.06 billion; its shares were traded at around $31.42 with a P/E ratio of 20.4 and P/S ratio of 1. Carmax Inc. had an annual average earning growth of 18.7% over the past 5 years.
Sold Out: Pacific Sunwear Of California Inc. (PSUN)
Arnold Van Den Berg sold out his holdings in Pacific Sunwear Of California Inc.. His sale prices were between $5.22 and $6.8, with an estimated average price of $5.88.
Pacific Sunwear of CA, Inc. and its wholly-owned subsidiaries is a specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. Pacific Sunwear Of California Inc. has a market cap of $348 million; its shares were traded at around $5.27 with and P/S ratio of 0.4.
Sold Out: Frontier Commun Cp (FTR)
Arnold Van Den Berg sold out his holdings in Frontier Commun Cp. His sale prices were between $8.18 and $9.66, with an estimated average price of $9.03.
FRONTIER COMMUNICATIONS CORPORATION, formerly Citizens Communications Company, is a full-service communications provider and one of the largest rural local exchange telephone companies in the country. Frontier Commun Cp has a market cap of $9.56 billion; its shares were traded at around $9.62 with a P/E ratio of 16.5 and P/S ratio of 4.5. The dividend yield of Frontier Commun Cp stocks is 7.8%. Frontier Commun Cp had an annual average earning growth of 2.9% over the past 10 years.
Arnold Van Den Berg likes to invest in quality stocks that are traded at historical low price/sales ratios. This strategy has certain similarities with our screener of Companies at Historical Low Price/Sales Ratios. Arnold Van Den Berg did a lot more selling than buying in the fourth quarter. As a value investing who also pays attention to the macro market, it may tell us that he is seeing fewer opportunities.
As of 12/31/2010, Century Management owns 96 stocks with a total value of $1.2 billion. These are the details of the buys and sells.
This is the portfolio chart of Arnold Van Den Berg. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
- New Purchases: KR,
- Added Positions: RTEC,
- Reduced Positions: WAG, WFR, DIS, NEWP, SCS, TXN, ACAT, LAWS, JNJ,
- Sold Out: KMX, PSUN, FTR,
These are the top 5 holdings of Arnold Van Den Berg
- Microsoft Corp. (MSFT) - 2,605,209 shares, 6.07% of the total portfolio. Shares reduced by 3.95%
- The CocaCola Company (KO) - 887,952 shares, 4.87% of the total portfolio. Shares reduced by 3.84%
- WalMart Stores Inc. (WMT) - 1,078,234 shares, 4.85% of the total portfolio. Shares reduced by 3.46%
- Marsh & McLennan Companies Inc. (MMC) - 1,501,036 shares, 3.43% of the total portfolio. Shares reduced by 3.7%
- ColgatePalmolive Company (CL) - 510,156 shares, 3.42% of the total portfolio. Shares reduced by 3.12%
Added: Rudolph Technologies Inc. (RTEC, Financial)
Arnold Van Den Berg added to his holdings in Rudolph Technologies Inc. by 598.26%. His purchase prices were between $7.1 and $8.52, with an estimated average price of $7.79. The impact to his portfolio due to this purchase was 0.17%. His holdings were 288,870 shares as of 12/31/2010.
Rudolph Technologies is a worldwide leader in the design, development, manufacture and support of high-performance process control metrology, defect inspection and data analysis systems used by semiconductor device manufacturers. Rudolph Technologies Inc. has a market cap of $254.3 million; its shares were traded at around $8.1 with a P/E ratio of 14 and P/S ratio of 3.2.
New Purchase: The Kroger Co. (KR, Financial)
Arnold Van Den Berg initiated holdings in The Kroger Co.. His purchase prices were between $20.63 and $23.86, with an estimated average price of $22.03. The impact to his portfolio due to this purchase was 0.1%. His holdings were 53,255 shares as of 12/31/2010.
Kroger Company is one of the larger grocery retailers in the United States. The Kroger Co. has a market cap of $13.84 billion; its shares were traded at around $21.7 with a P/E ratio of 12.7 and P/S ratio of 0.2. The dividend yield of The Kroger Co. stocks is 1.9%. The Kroger Co. had an annual average earning growth of 3.8% over the past 10 years. GuruFocus rated The Kroger Co. the business predictability rank of 3-star.
Reduced: Walgreen Company (WAG, Financial)
Arnold Van Den Berg reduced to his holdings in Walgreen Company by 52.08%. His sale prices were between $33.11 and $39.48, with an estimated average price of $35.41. The impact to his portfolio due to this sale was -1.93%. Arnold Van Den Berg still held 548,855 shares as of 12/31/2010.
Walgreen Co. is a national retail pharmacy chain and considered the leader in innovative drugstore retailing. Walgreen Company has a market cap of $36.71 billion; its shares were traded at around $39.65 with a P/E ratio of 17.5 and P/S ratio of 0.5. The dividend yield of Walgreen Company stocks is 1.8%. Walgreen Company had an annual average earning growth of 11.7% over the past 10 years. GuruFocus rated Walgreen Company the business predictability rank of 4.5-star.
Reduced: Memc Electronic Materials Inc. (WFR, Financial)
Arnold Van Den Berg reduced to his holdings in Memc Electronic Materials Inc. by 69.29%. His sale prices were between $10.93 and $13.59, with an estimated average price of $12.18. The impact to his portfolio due to this sale was -1.22%. Arnold Van Den Berg still held 579,876 shares as of 12/31/2010.
MEMC Electronic Materials, Inc. is a global producer of polysilicon and silicon wafers. Memc Electronic Materials Inc. has a market cap of $2.58 billion; its shares were traded at around $11.35 with a P/E ratio of 378.3 and P/S ratio of 2.2.
Reduced: The Walt Disney Company Disney (DIS, Financial)
Arnold Van Den Berg reduced to his holdings in The Walt Disney Company Disney by 24.17%. His sale prices were between $33.14 and $37.95, with an estimated average price of $36.32. The impact to his portfolio due to this sale was -0.8%. Arnold Van Den Berg still held 804,967 shares as of 12/31/2010.
Walt Disney Company owns 100% of Disney Enterprises, Inc. The Walt Disney Company Disney has a market cap of $73.83 billion; its shares were traded at around $38.99 with a P/E ratio of 18.9 and P/S ratio of 2. The dividend yield of The Walt Disney Company Disney stocks is 1.1%. The Walt Disney Company Disney had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated The Walt Disney Company Disney the business predictability rank of 3-star.
Reduced: Newport Corp. (NEWP, Financial)
Arnold Van Den Berg reduced to his holdings in Newport Corp. by 27.43%. His sale prices were between $10.93 and $18.02, with an estimated average price of $14.62. The impact to his portfolio due to this sale was -0.72%. Arnold Van Den Berg still held 1,308,735 shares as of 12/31/2010.
Newport Corp. is a global supplier of high-precision test, measurement and automation systems and subsystems that enable manufacturers of fiber optic components, semiconductor capital equipment, industrial metrology, aerospace and high-precision products to automate their manufacturing processes, enhance product performance, and improve manufacturing efficiencies and yields. Newport Corp. has a market cap of $647.2 million; its shares were traded at around $17.61 with a P/E ratio of 21.2 and P/S ratio of 1.8.
Reduced: Steelcase Inc. (SCS, Financial)
Arnold Van Den Berg reduced to his holdings in Steelcase Inc. by 52.29%. His sale prices were between $8.05 and $10.69, with an estimated average price of $9.29. The impact to his portfolio due to this sale was -0.39%. Arnold Van Den Berg still held 408,861 shares as of 12/31/2010.
Steelcase Inc. is a designer and manufacturer of products used to create high-performance work environments. Steelcase Inc. has a market cap of $1.43 billion; its shares were traded at around $10.78 with a P/E ratio of 83 and P/S ratio of 0.6. The dividend yield of Steelcase Inc. stocks is 1.5%.
Reduced: Texas Instruments Inc. (TXN, Financial)
Arnold Van Den Berg reduced to his holdings in Texas Instruments Inc. by 11.74%. His sale prices were between $27.21 and $33.75, with an estimated average price of $30.87. The impact to his portfolio due to this sale was -0.32%. Arnold Van Den Berg still held 895,598 shares as of 12/31/2010.
Texas Instruments, Inc. is a global semiconductor company and one of the world's designers and suppliers of digital signal processors and analog integrated circuits, the engines driving the digitization of electronics. Texas Instruments Inc. has a market cap of $38.36 billion; its shares were traded at around $32.67 with a P/E ratio of 13.8 and P/S ratio of 3.7. The dividend yield of Texas Instruments Inc. stocks is 1.6%. Texas Instruments Inc. had an annual average earning growth of 4.2% over the past 5 years.
Reduced: Arctic Cat Inc. (ACAT, Financial)
Arnold Van Den Berg reduced to his holdings in Arctic Cat Inc. by 25.03%. His sale prices were between $10.97 and $15.97, with an estimated average price of $13.94. The impact to his portfolio due to this sale was -0.06%. Arnold Van Den Berg still held 155,630 shares as of 12/31/2010.
Arctic Cat, Inc. operates in a single industry segment and designs, engineers , manufactures and markets snowmobiles and all-terrain vehicles under the Arctic Cat brand name, as well as related parts, garments and accessories. Arctic Cat Inc. has a market cap of $259 million; its shares were traded at around $14.21 with a P/E ratio of 41.8 and P/S ratio of 0.6.
Reduced: Lawson Products Inc. (LAWS, Financial)
Arnold Van Den Berg reduced to his holdings in Lawson Products Inc. by 26.13%. His sale prices were between $14.34 and $26.29, with an estimated average price of $20.78. The impact to his portfolio due to this sale was -0.05%. Arnold Van Den Berg still held 72,197 shares as of 12/31/2010.
Lawson Products, Inc. is a distributor of expendable maintenance, repair & replacement products. Lawson Products Inc. has a market cap of $206.8 million; its shares were traded at around $24.27 with a P/E ratio of 21.4 and P/S ratio of 0.6. The dividend yield of Lawson Products Inc. stocks is 1.3%.
Reduced: Johnson & Johnson (JNJ, Financial)
Arnold Van Den Berg reduced to his holdings in Johnson & Johnson by 42.08%. His sale prices were between $61.55 and $64.76, with an estimated average price of $63.08. The impact to his portfolio due to this sale was -0.01%. Arnold Van Den Berg still held 4,198 shares as of 12/31/2010.
Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. Johnson & Johnson has a market cap of $173.98 billion; its shares were traded at around $63.35 with a P/E ratio of 13.3 and P/S ratio of 2.8. The dividend yield of Johnson & Johnson stocks is 3.4%. Johnson & Johnson had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.
Sold Out: Carmax Inc. (KMX, Financial)
Arnold Van Den Berg sold out his holdings in Carmax Inc.. His sale prices were between $27.73 and $35.9, with an estimated average price of $31.92.
CarMax Group is a subsidiary of Circuit City Stores, Inc. Carmax Inc. has a market cap of $7.06 billion; its shares were traded at around $31.42 with a P/E ratio of 20.4 and P/S ratio of 1. Carmax Inc. had an annual average earning growth of 18.7% over the past 5 years.
Sold Out: Pacific Sunwear Of California Inc. (PSUN)
Arnold Van Den Berg sold out his holdings in Pacific Sunwear Of California Inc.. His sale prices were between $5.22 and $6.8, with an estimated average price of $5.88.
Pacific Sunwear of CA, Inc. and its wholly-owned subsidiaries is a specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. Pacific Sunwear Of California Inc. has a market cap of $348 million; its shares were traded at around $5.27 with and P/S ratio of 0.4.
Sold Out: Frontier Commun Cp (FTR)
Arnold Van Den Berg sold out his holdings in Frontier Commun Cp. His sale prices were between $8.18 and $9.66, with an estimated average price of $9.03.
FRONTIER COMMUNICATIONS CORPORATION, formerly Citizens Communications Company, is a full-service communications provider and one of the largest rural local exchange telephone companies in the country. Frontier Commun Cp has a market cap of $9.56 billion; its shares were traded at around $9.62 with a P/E ratio of 16.5 and P/S ratio of 4.5. The dividend yield of Frontier Commun Cp stocks is 7.8%. Frontier Commun Cp had an annual average earning growth of 2.9% over the past 10 years.
