Semper Augustus Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: The Psychological Portrait and Strategic Scale of Semper Augustus

Christopher Bloomstran is widely recognized in the investment community for his deep-dive annual letters and his rigorous adherence to the principles of intrinsic value. The current scale of the fund—just under the billion-dollar mark—places it in a "sweet spot" of institutional management. It is large enough to command significant positions in mid-and large-cap companies, yet small enough to remain nimble, allowing Bloomstran to exit or enter positions without causing massive market disruptions that larger multi-billion dollar funds might face. The fact that the fund holds only 38 positions suggests a high-conviction investment style . In the world of institutional finance, a portfolio with fewer than 40 stocks indicates that the manager is not "closet indexing." Instead, Semper Augustus is making deliberate, heavy-weighted choices where each position is expected to contribute significantly to the total return.

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II. Sector Allocation Analysis: Macro Signals and Track Selection

This allocation suggests a bifurcated view of the American consumer. On one hand, the heavy weight in dollar stores (Staples) indicates a belief that the lower-to-middle income consumer is under pressure and will continue to seek value-oriented shopping options. On the other hand, the aggressive addition to DECK (which owns HOKA and UGG) shows a willingness to pay for "alpha" in brands that possess extreme pricing power and cultural momentum. This is a nuanced "barbell" strategy within the consumer space: betting on the "necessity of value" and the "desirability of premium brands."

Perhaps the most striking data point is the 0.49% allocation to Technology . In an era where the S&P 500 is dominated by the "Magnificent Seven," Semper Augustus is almost entirely absent from the sector. This is a loud statement on valuation discipline . Bloomstran is clearly signaling that he finds the current multiples in the tech sector—driven by AI fervor—to be unsustainable or outside his "circle of competence" regarding margin of safety. Even the new position in GOOGL (Alphabet) is a "toe-dip" at 0.03%, likely initiated because Alphabet often trades at a more reasonable P/E ratio compared to its peers like Nvidia or Microsoft.

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III. Top 10 Holdings Deep Dive: Portfolio Cornerstone and Core Logic

Combined, Berkshire Hathaway represents 24.48% of the Semper Augustus portfolio. This is a "conviction holding" in its purest form. For Bloomstran, Berkshire is not just a stock; it is a diversified conglomerate that provides exposure to insurance, railroads, energy, and a massive portfolio of public equities (including Apple). The slight reduction in BRK.B (-0.41%) and the unchanged status of BRK.A suggest that the weight change (from a combined ~26.6% to ~24.5%) was largely driven by the relative outperformance of other holdings like DECK and DG , rather than an active desire to exit Berkshire. Bloomstran likely views Berkshire as a "cash substitute with upside," a fortress of capital that protects the fund during market downturns. The core logic here is "Quality at a Discount," as Bloomstran has historically argued that Berkshire often trades below its intrinsic value when accounting for its various business segments.

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IV. Major Buys/Additions: Offensive Direction and Capital Flow

In Q4 2025, Christopher Bloomstran’s offensive maneuvers were concentrated in a few high-conviction areas, signaling a clear shift toward "Growth Value" and "Strategic Commodities." The total estimated capital deployed in additions and new positions shows a fund that is actively reallocating capital from its "winners" and "exits" into names where it sees accelerating fundamentals.

Where did the money come from? The fund recouped significant cash from the 18% reduction in Kinross Gold (KGC) and the 14% reduction in Five Below (FIVE) , as well as the complete exit of Phillips 66 (PSX) . This is a clear case of " inventory reallocation ." Bloomstran is selling his "secondary" gold and retail ideas to fund his "primary" growth idea (DECK) and his "primary" value retail idea (DG/DLTR). This is a "high-grading" of the portfolio—moving capital from good ideas to what he perceives as "great" ideas.

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V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

From these reductions, we can identify two main risk signals: 1. Valuation Sensitivity in "Hot" Sectors: The aggressive trimming of GEV and AXP suggests that Bloomstran is quick to take profits when a stock’s price outpaces its fundamental value, regardless of the company's quality. 2. Preference for "Necessity" over "Want": The shift from FIVE to DG/DLTR suggests a concern that the consumer's ability to spend on "fun" value items is waning, while their need for "essential" value items is increasing.

The overall intent of the selling activity is "Concentration and Quality." By exiting "tail" positions like PSX and trimming "secondary" miners like KGC, Bloomstran is funneling capital into his "A-List" ideas. This increases the "Active Share" of the portfolio and ensures that every dollar is working in a high-conviction environment. The fund is becoming more "top-heavy," which is a sign of a manager who believes he has found a few "generational" opportunities (like DECK and DG) and is willing to clear the decks to fund them.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Retail investors can learn from Bloomstran’s willingness to be "wrong" for a while. His massive positions in Dollar General and Dollar Tree were out of favor for much of 2024-2025, but his refusal to sell—and his decision to let the DG recovery run—demonstrates the power of "Time Arbitrage." However, his 24% concentration in Berkshire is a "professional" move that might be too concentrated for an individual without his deep understanding of the underlying businesses.

Semper Augustus manages capital with a specific risk appetite and a multi-decade time horizon. Their decision to hold a 24% position in Berkshire or a 7% position in Gold miners is based on their unique mandate. Individual investors should not blindly copy these weights without considering their own liquidity needs, risk tolerance, and investment goals.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.