13F filing recap · Q3 2025

What did Semper Augustus buy in Q3 2025?

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

Stock value

$801.17M

Positions

Estimated turnover

13.2%

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 new positions in Paramount Skydance Corporation and Phillips 66, while exiting Paramount Global entirely. The investor sharply increased its stake in Olin Corp and substantially added to Deckers Outdoor Corp. It also modestly trimmed Kinross Gold Corp and iShares Trust, and slightly reduced Dollar General, Five Below, Dollar Tree, Starbucks, and several other holdings.

New positions

PSKYParamount Skydance Corporation$12.47Mreported value+659.3K shares PSXPhillips 66$200.2Kreported value+1.5K shares

Increased positions

BRK.BBerkshire Hathaway Inc$125.81Mreported value+3.6K shares+1.4%NEMNewmont Corporation$57.18Mreported value+62 shares+0.0%OLNOlin Corp$48.09Mreported value+1.13M shares+141.3%DECKDeckers Outdoor Corp$38.00Mreported value+164.3K shares

Reduced positions

DGDollar General Corp$95.68Mreported value-293 shares-0.0%KGCKinross Gold Corp$64.36Mreported value-497.0K shares-16.1%FIVEFive Below, Inc.$47.70Mreported value-14.5K shares-4.5%DLTRDollar Tree, Inc.$47.67Mreported value-1.2K shares

Exited positions

PARAParamount Global$21.69Mprior reported value-1.68M shares-100.0%