Semper Augustus Investments Portfolio in 2026: Top Holdings & Recent Changes
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Semper Augustus Investments, led by Christopher Bloomstran, maintains its disciplined value investing approach through targeted adjustments in a volatile market. Their $801.2M portfolio for Q3 2025 showcases conviction in core holdings like BRK-B while making significant moves in commodities and consumer sectors, with the top 10 positions commanding over 80% of assets.
Portfolio Overview: Concentrated Conviction in Quality Value Plays
Portfolio Highlights (Q3’2025): - Market Value: $801.2M - Top 10 Holdings: 80.6% - Portfolio Size: 38 +1 - Average Holding Period: 26 quarters - Turnover: 7.9%
Semper Augustus Investments demonstrates classic value investing discipline with an ultra-concentrated portfolio where the top 10 holdings represent 80.6% of the total $801.2M value. This structure underscores a high-conviction strategy, favoring long-term positions averaging 26 quarters—over six years—while keeping turnover low at 7.9%. The addition of one new position brings the total to 38, signaling measured expansion without diluting focus.
The portfolio's emphasis on quality businesses at reasonable prices shines through, with heavy weighting toward stalwarts like Berkshire Hathaway and consumer staples amid economic uncertainty. Christopher Bloomstran's approach avoids chasing momentum, instead doubling down on undervalued names through selective adds and trims. Tracking changes via their Semper Augustus portfolio page on ValueSense reveals a patient strategy that prioritizes intrinsic value over short-term noise.
Low turnover reflects confidence in core convictions, allowing compound growth while nimbly adjusting exposures like the massive build in OLN. This setup positions the fund to weather market swings, leveraging deep research into business moats and management quality.
Top Holdings Breakdown: Berkshire Backbone with Commodity Shifts and Retail Resilience
The Semper Augustus Q3 2025 portfolio leads with Berkshire Hathaway Inc. (BRK-B) at 15.7%, where they added 1.45% to bolster this cornerstone position. Dollar General Corporation (DG) follows closely at 11.9% after a minor reduce of 0.03%, maintaining strong exposure to discount retail. A significant trim in Kinross Gold Corporation (KGC) by 16.10% drops it to 8.0%, suggesting profit-taking in gold amid price rallies.
Tweaks continue with a tiny add of 0.01% to Newmont Corporation (NEM) at 7.1%, balancing commodity bets. The standout move is a massive 141.30% add to Olin Corporation (OLN), now 6.0%, signaling bullishness on chemicals and industrials. Retail names see reductions: Five Below, Inc. (FIVE) down 4.48% to 6.0% and Dollar Tree, Inc. (DLTR) trimmed 0.24% to 6.0%.
Further activity includes a 78.05% add to Deckers Outdoor Corporation (DECK) at 4.7% and a small 0.41% increase in Valero Energy Corporation (VLO) to 4.2%. Even outside the top 10, Starbucks Corporation (SBUX) was reduced 0.05% to 2.5%. Steady holdings like Berkshire Hathaway Inc. (BRK-A) at 10.9% with no change provide stability, rounding out a mix of 11 key positions with active management.
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What the Portfolio Reveals About Semper Augustus Strategy
Semper Augustus' Q3 moves highlight a value-oriented playbook emphasizing quality compounders and cyclical opportunities: - Quality over speculation: Heavy Berkshire exposure (26.6% combined BRK-A/B) shows faith in proven allocators like Warren Buffett. - Sector focus on resilient retail and commodities: Dollar stores (DG, DLTR, FIVE at ~24%) bet on inflation-resistant consumer staples; gold/miners (KGC, NEM ~15%) hedge uncertainty. - Opportunistic cyclicals: Big adds to OLN (chemicals) and DECK (apparel) target undervalued turnarounds. - Risk management via trims: Reducing high-flyers like KGC and FIVE locks in gains without abandoning themes. - Long-term horizon: 26-quarter average hold supports patience in volatile sectors like energy (VLO) and consumer discretionary.
This blend navigates inflation, rates, and geopolitics by favoring moats with cyclical upside.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Berkshire Hathaway Inc. (BRK-B) | $125.8M | 15.7% | Add 1.45% |
| Dollar General Corporation | $95.7M | 11.9% | Reduce 0.03% |
| Berkshire Hathaway Inc. (BRK-A) | $87.5M | 10.9% | No change |
| Kinross Gold Corporation | $64.4M | 8.0% | Reduce 16.10% |
| Newmont Corporation | $57.2M | 7.1% | Add 0.01% |
| Olin Corporation | $48.1M | 6.0% | Add 141.30% |
| Five Below, Inc. | $47.7M | 6.0% | Reduce 4.48% |
| Dollar Tree, Inc. | $47.7M | 6.0% | Reduce 0.24% |
| Deckers Outdoor Corporation | $38.0M | 4.7% | Add 78.05% |
| Valero Energy Corporation | $34.0M | 4.2% | Add 0.41% |
This table illustrates extreme concentration, with the top 10 devouring 80.6% of the portfolio—a hallmark of high-conviction value investing. Berkshire's dual-class dominance 26.6% acts as a stable anchor, while retail trio (DG, FIVE, DLTR) at ~24% bets on everyday value amid cost pressures. Dramatic adds like OLN +141% and DECK +78% show willingness to scale winners aggressively.
Trims in KGC -16% and FIVE signal disciplined profit-taking, preventing overexposure. Low turnover preserves tax efficiency, letting winners like steady BRK-A compound. Overall, this setup demands deep conviction but rewards patient investors tracking via ValueSense.
Investment Lessons from Christopher Bloomstran's Semper Augustus Approach
- Concentrate in what you understand: 80%+ in top 10 demands thorough research, as seen in Berkshire and retail bets.
- Long holding periods build wealth: 26 quarters average proves patience trumps trading.
- Trim winners, add to value: Big OLN/DECK builds vs. KGC trim show dynamic sizing.
- Hedge with commodities: Gold/energy exposure (KGC, NEM, VLO) balances equities.
- Favor resilient moats: Discount retailers thrive in downturns, justifying oversized weights.
Looking Ahead: What Comes Next?
With 38 positions and low 7.9% turnover, Semper Augustus holds dry powder in the remaining 19.4% for opportunistic buys, potentially in undervalued cyclicals if inflation persists. Recent OLN/DECK adds suggest eyeing industrials and consumer recovery plays. Gold trims may shift to energy like VLO amid volatility.
Current positioning—Berkshire core, retail resilience, commodity hedges—sets up for stagflation or slowdowns. Watch Q4 13F for further retail tweaks or new value unlocks. ValueSense tracks these in real-time at their superinvestor page.
FAQ about Semper Augustus Investments Portfolio
Q: What are the biggest changes in Semper Augustus' Q3 2025 13F filing?
A: Key moves include a 141.30% add to OLN 6.0%, 78.05% to DECK 4.7%, and a 16.10% reduce in KGC 8.0%, reflecting tactical shifts in cyclicals and commodities.
Q: Why is Semper Augustus' portfolio so concentrated?
A: Christopher Bloomstran favors high-conviction bets, with top 10 at 80.6%, focusing on quality like Berkshire 26.6% and resilient retail to maximize returns on deeply researched ideas.
Q: What sectors dominate the Semper Augustus portfolio?
A: Retail (DG, FIVE, DLTR ~24%), Berkshire 26.6%, and commodities/miners (KGC, NEM ~15%) lead, with emerging energy/chemicals via VLO and OLN for diversification.
Q: How can I track Semper Augustus' 13F filings and portfolio?
A: Use ValueSense's superinvestor tracker for real-time updates. Note 13F lag of 45 days post-quarter; ValueSense alerts on changes.
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