13F filing recap · Q1 2025

What did Semper Augustus buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$620.32M

Positions

Estimated turnover

11.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Semper Augustus opened a new position in iShares Trust and exited Amazon.com and Mercury General entirely. The firm substantially added to Dollar General and Paramount Global, while substantially trimming Dollar Tree. It also increased its Olin stake and made slight adjustments across a range of other holdings, including Berkshire Hathaway, Kinross Gold, and Starbucks.

New positions

SGOViShares Trust$1.07Mreported value+10.6K shares

Increased positions

BRK.BBerkshire Hathaway Inc$127.47Mreported value+1.3K shares+0.5%DGDollar General Corp$79.77Mreported value+295.6K shares+48.3%NEMNewmont Corporation$31.99Mreported value+5.7K shares+0.9%VLOValero Energy Corp/tx$25.16Mreported value+1.5K shares

Reduced positions

BRK.ABerkshire Hathaway Inc$92.62Mreported value-4 shares-3.3%KGCKinross Gold Corp$56.83Mreported value-101.5K shares-2.2%DLTRDollar Tree, Inc.$37.04Mreported value-290.4K shares-37.1%SBUXStarbucks Corporation$22.73Mreported value-2.0K shares

Exited positions

MCYMercury General Corp$1.78Mprior reported value-26.8K shares-100.0%AMZNAmazon.com Inc$210.6Kprior reported value-960 shares-100.0%