Van Den Berg Management I, Inc Portfolio Q2'2025: Top Holdings & Recent Changes
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Van Den Berg Management I, Inc continues to demonstrate disciplined value investing through their Q2 2025 portfolio, revealing a diversified $351.8 million strategy across 110 positions. The firm's latest 13F filing shows a methodical approach to portfolio management, with selective trimming across multiple holdings while maintaining long-term conviction in undervalued opportunities. With an 8.2% turnover rate and an average holding period of 13 quarters, Van Den Berg exemplifies patient capital allocation focused on fundamental value.
Portfolio Overview: Diversified Value with Defensive Positioning
Portfolio Highlights (Q2 2025): - Market Value: $351.8M - Top 10 Holdings: 39.4% - Portfolio Size: 110 +5 - Average Holding Period: 13 quarters - Turnover: 8.2%
Van Den Berg Management's portfolio structure reflects a truly diversified approach, with the top 10 holdings representing just 39.4% of total assets. This stands in stark contrast to the concentrated portfolios favored by many superinvestors, suggesting a risk-management philosophy that prioritizes capital preservation alongside growth. The addition of five new positions during Q2 2025 demonstrates ongoing opportunity identification, while the modest 8.2% turnover rate confirms the firm's long-term investment horizon.
The portfolio's composition reveals strategic exposure to defensive sectors including energy, technology, and precious metals. With an impressive average holding period of 13 quarters—more than three years—Van Den Berg Management clearly subscribes to the philosophy that wealth accumulation requires patience and conviction. This extended time horizon allows the firm to ride out short-term volatility while capturing the full value creation potential of undervalued businesses.
Key Holdings Analysis: Energy and Quality Dominate
Van Den Berg's Q2 2025 holdings reveal a strategic blend of defensive positioning and quality businesses. The portfolio maintains a significant allocation to the Sprott Physical Gold Trust at 6.2%, though this position was trimmed by 0.68%. This precious metals exposure serves as portfolio insurance during uncertain economic times, representing $22.0 million in assets.
Energy remains a core conviction theme, with Exxon Mobil holding the third-largest position at 4.8% of the portfolio, despite a 3.56% reduction. The $16.9 million stake reflects confidence in traditional energy's cash flow generation capabilities. EQT Corporation, a natural gas leader, commands 3.8% of assets with a $13.5 million position that saw a modest 1.81% trim. Diamondback Energy received one of the few additions, growing 0.34% to represent 3.2% of the portfolio with an $11.3 million allocation. Comstock Resources rounds out the energy exposure at 3.1% despite a 2.45% reduction.
Technology and diversified holdings provide balance to the energy concentration. Coherent, Inc., a photonics and laser systems company, received a 1.33% increase to reach 3.9% of the portfolio with $13.7 million deployed. Berkshire Hathaway represents 3.9% of assets despite a 4.18% reduction, maintaining Van Den Berg's connection to Warren Buffett's diversified conglomerate approach. IBM holds 3.4% of the portfolio with a $12.0 million position, reduced by 4.08% as the firm takes profits on the tech giant's recent strength.
Brookfield Corporation commands 3.7% of assets with $12.8 million invested, trimmed slightly by 0.60%. Alphabet maintains a 3.4% allocation worth $11.9 million despite a 0.80% reduction, demonstrating confidence in the search and cloud computing leader while managing position size.
What the Portfolio Reveals About Investment Strategy
Van Den Berg Management's Q2 2025 positioning demonstrates several clear strategic priorities. Defensive diversification stands out as the primary characteristic, with 110 positions ensuring that no single investment thesis dominates portfolio outcomes. This approach protects against individual company risk while maintaining exposure to multiple value opportunities across sectors.
Energy sector conviction remains evident despite selective trimming. The firm maintains substantial positions in both traditional oil (Exxon Mobil) and natural gas producers (EQT, Comstock Resources), suggesting confidence in energy's fundamental value despite volatile commodity prices. The selective addition to Diamondback Energy indicates opportunistic buying in high-quality operators.
Quality business focus permeates the portfolio, with holdings in Berkshire Hathaway, IBM, and Alphabet providing exposure to proven business models with durable competitive advantages. These companies generate substantial free cash flow and maintain fortress balance sheets—characteristics that align with value investing principles.
Precious metals hedging through the Sprott Physical Gold Trust allocation demonstrates awareness of macroeconomic risks. While gold doesn't generate earnings, it provides portfolio insurance during periods of monetary uncertainty or equity market stress—a prudent allocation in today's environment.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| SPROTT PHYSICAL GOLD TR | $22.0M | 6.2% | Reduce 0.68% |
| Exxon Mobil Corporation | $16.9M | 4.8% | Reduce 3.56% |
| Coherent, Inc. | $13.7M | 3.9% | Add 1.33% |
| Berkshire Hathaway Inc. (BRK-B) | $13.6M | 3.9% | Reduce 4.18% |
| EQT Corporation | $13.5M | 3.8% | Reduce 1.81% |
| BROOKFIELD CORP | $12.8M | 3.7% | Reduce 0.60% |
| International Business Machines Corporation | $12.0M | 3.4% | Reduce 4.08% |
| Alphabet Inc. | $11.9M | 3.4% | Reduce 0.80% |
| Diamondback Energy, Inc. | $11.3M | 3.2% | Add 0.34% |
The concentration analysis reveals Van Den Berg's commitment to true diversification, with the largest position representing only 6.2% of total assets. This measured approach stands in contrast to concentrated investors who might allocate 20-30% to their highest-conviction ideas. The widespread trimming across seven of the top nine holdings suggests systematic rebalancing rather than loss of conviction, likely driven by valuation discipline as positions appreciate.
The relatively equal weighting among top holdings—ranging from 3.2% to 6.2%—indicates a portfolio construction philosophy that avoids excessive single-stock risk. This structure allows Van Den Berg to participate in multiple value themes simultaneously while maintaining downside protection through diversification.
Investment Lessons from Van Den Berg's Diversified Approach
Van Den Berg Management's portfolio strategy offers several valuable lessons for individual investors seeking to build sustainable wealth:
Diversification doesn't mean dilution. With 110 positions, Van Den Berg demonstrates that broad diversification can coexist with meaningful returns when combined with rigorous stock selection. Each holding must meet strict value criteria, ensuring quality across the portfolio rather than random diversification.
Patience creates compounding power. An average holding period of 13 quarters—over three years—allows investments sufficient time to reach intrinsic value. This extended horizon reduces transaction costs, minimizes tax drag, and captures the full benefit of business compounding.
Systematic rebalancing maintains discipline. The Q2 2025 trimming across multiple appreciated positions demonstrates the importance of taking profits when valuations stretch. This disciplined approach prevents concentrated bets from dominating the portfolio and creates dry powder for new opportunities.
Sector diversification manages risk. Exposure across energy, technology, financials, and precious metals ensures that portfolio returns don't depend on a single industry thesis. This approach proved particularly valuable during sector rotations that have characterized recent markets.
Low turnover signals conviction. With just 8.2% quarterly turnover, Van Den Berg demonstrates confidence in initial investment decisions and avoids the performance drag associated with excessive trading. This patience allows time for market recognition of intrinsic value.
Looking Ahead: Positioning for Multiple Scenarios
Van Den Berg Management's Q2 2025 portfolio positioning suggests preparation for multiple market scenarios. The continued energy sector exposure provides inflation protection and cash flow generation in a potentially stagflationary environment. Meanwhile, quality technology holdings like Alphabet and Coherent offer growth potential if economic conditions strengthen.
The precious metals allocation through Sprott Physical Gold Trust serves as portfolio insurance against monetary instability or geopolitical risks. This defensive positioning doesn't prevent participation in equity upside but provides downside cushioning during market dislocations. The slight trimming of this position may indicate reduced concern about immediate crisis scenarios while maintaining prudent hedging.
The addition of five new positions during the quarter demonstrates ongoing opportunity identification within Van Den Berg's investment universe. With modest portfolio turnover and significant diversification, the firm maintains flexibility to increase allocations opportunistically when compelling value emerges. The systematic trimming of appreciated positions creates capital available for deployment into new ideas without requiring portfolio-wide liquidation.
Energy sector positioning appears particularly strategic given the recent volatility in oil and natural gas prices. Van Den Berg's selective additions to Diamondback Energy while trimming Exxon Mobil and EQT suggests tactical positioning within the sector rather than wholesale abandonment of the energy thesis.
FAQ about Van Den Berg Management Portfolio
Q: What makes Van Den Berg Management's approach different from concentrated superinvestors?
Van Den Berg Management employs a diversified value strategy with 110 positions, contrasting sharply with concentrated investors who might hold 10-20 stocks. This approach prioritizes risk management through broad diversification while maintaining quality standards for each holding. The strategy proves particularly effective for investors seeking value exposure without the volatility associated with concentrated portfolios. With top 10 holdings representing just 39.4% of assets, individual position risk remains limited while allowing participation across multiple value themes.
Q: Why is Van Den Berg trimming so many positions in Q2 2025?
The widespread trimming across seven of the top ten holdings reflects systematic rebalancing rather than loss of conviction. As positions appreciate and approach fair value, disciplined investors take profits to maintain target weightings and capture gains. This approach prevents any single position from dominating the portfolio while creating capital for redeployment into new opportunities. The modest reduction percentages (generally under 5%) suggest fine-tuning rather than wholesale position exits.
Q: How can investors follow Van Den Berg Management's portfolio changes?
Investors can track Van Den Berg's holdings through quarterly 13F filings, which institutional investment managers must file within 45 days of quarter-end. ValueSense provides comprehensive tracking of superinvestor portfolios at https://valuesense.io/superinvestors/vandenberg, offering detailed position analysis, historical changes, and portfolio composition data. Remember that 13F filings reflect positions as of quarter-end, meaning actual holdings may have changed by the time the filing becomes public.
Q: What does the 13-quarter average holding period tell us about Van Den Berg's strategy?
An average holding period of 13 quarters—over three years—demonstrates genuine long-term investing rather than tactical trading. This extended time horizon allows investments to reach intrinsic value, reduces transaction costs, and minimizes tax liability from short-term capital gains. It also suggests rigorous initial due diligence, as the firm commits to positions for extended periods. This patience stands in contrast to many modern portfolio managers who turn over holdings multiple times annually, often to their detriment.
Q: Should individual investors replicate Van Den Berg's portfolio?
While Van Den Berg's holdings offer valuable insights into quality value opportunities, individual investors should conduct independent research before replicating positions. The 45-day reporting lag means that actual holdings may differ from filed positions, and individual circumstances (risk tolerance, time horizon, tax situation) require personalized portfolio construction. However, studying the firm's sector allocations, position sizing discipline, and holding period patience provides valuable lessons for developing a personal investment framework. Use ValueSense's intrinsic value tools at valuesense.io to conduct independent analysis of any holdings that interest you.
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