13F filing recap · Q2 2025

What did Semper Augustus buy in Q2 2025?

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

Stock value

$710.64M

Positions

Estimated turnover

14.6%

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 new positions in Deckers Outdoor and Flex, and exited Nike entirely. The investor added to Berkshire Hathaway, Dollar General, and Dollar Tree, while dramatically increasing its Five Below stake. Kinross Gold, Olin, HF Sinclair, Costco, Coca-Cola, and iShares Trust were trimmed, with the gold miner seeing a moderate reduction.

New positions

DECKDeckers Outdoor Corp$21.70Mreported value+210.5K shares FLEXFlex Ltd.$254.1Kreported value+5.1K shares

Increased positions

BRK.BBerkshire Hathaway Inc$119.82Mreported value+7.3K shares+3.1%DGDollar General Corp$105.93Mreported value+18.9K shares+2.1%DLTRDollar Tree, Inc.$50.15Mreported value+13.0K shares+2.6%FIVEFive Below, Inc.$42.35Mreported value+244.1K shares

Reduced positions

KGCKinross Gold Corp$48.25Mreported value-1.42M shares-31.5%TRVTravelers Companies, Inc.$5.15Mreported value-900 shares-4.5%COSTCostco Wholesale Corp /new$3.73Mreported value-477 shares-11.2%GEGeneral Electric Company$2.41Mreported value-490 shares

Exited positions

NKENike, Inc.$2.32Mprior reported value-36.5K shares-100.0%