13F filing recap · Q4 2025

What did Semper Augustus buy in Q4 2025?

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

Stock value

$869.56M

Positions

Estimated turnover

6.9%

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 Abrdn Silver ETF Trust and Alphabet, and exited Phillips 66 entirely. Deckers Outdoor was substantially increased, while GE Vernova and iShares Trust were substantially reduced. Kinross Gold, Five Below, American Express, and Flex were trimmed, and World Gold Trust was moderately added to.

New positions

SIVRAbrdn Silver ETF Trust$287.1Kreported value+4.2K shares GOOGLAlphabet Inc.$219.1Kreported value+700 shares

Increased positions

DGDollar General Corp$122.94Mreported value+129 shares+0.0%DECKDeckers Outdoor Corp$66.32Mreported value+264.9K shares+70.7%DLTRDollar Tree, Inc.$63.06Mreported value+7.5K shares+1.5%OLNOlin Corp$40.48Mreported value+19.2K shares

Reduced positions

BRK.BBerkshire Hathaway Inc$125.27Mreported value-1.0K shares-0.4%NEMNewmont Corporation$66.22Mreported value-15.0K shares-2.2%KGCKinross Gold Corp$59.50Mreported value-476.8K shares-18.4%FIVEFive Below, Inc.$49.96Mreported value-43.1K shares

Exited positions

PSXPhillips 66$200.2Kprior reported value-1.5K shares-100.0%