Semper Augustus Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The scale of the institution, while modest compared to the multi-billion-dollar "behemoths" of Wall Street, allows Semper Augustus a level of flexibility that larger funds lack. At $836 million, Bloomstran can enter and exit positions in mid-cap companies without drastically moving the market price, yet he possesses enough capital to take meaningful stakes in some of the world’s largest enterprises. The current state of the institution can be summarized as one of "principled concentration." The portfolio is anchored by a massive core holding in Berkshire Hathaway, which acts as a foundational "ballast," while the remaining capital is rotated through sectors where Bloomstran identifies temporary mispricings or long-term growth stories that the broader market has yet to fully appreciate.

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II. Sector Allocation Analysis

With 16.57% in Consumer Staples and 15.93% in Consumer Discretionary, Bloomstran has a massive footprint in the retail and consumer goods space. However, the internal dynamics are shifting. The heavy presence in "dollar stores" (Dollar General and Dollar Tree) within Staples reflects a defensive posture, betting on the continued budget-consciousness of the American consumer. Conversely, the high weight in Consumer Discretionary, led by Deckers Outdoor, shows a willingness to pay for high-quality, brand-driven growth. This "barbell" approach—defensive staples on one side and high-performing discretionary brands on the other—allows the portfolio to capture different facets of consumer behavior.

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

III. Top 10 Holdings Deep Dive

When combining the Class A and Class B shares, Berkshire Hathaway represents a staggering 24.43% of the total portfolio. This is the ultimate "conviction holding." For Christopher Bloomstran, Berkshire is more than just a stock; it is a benchmark of quality capital allocation. The slight 1.53% increase in Class B shares, while the Class A shares remained unchanged, suggests a minor rebalancing or a tactical addition of liquidity. The logic here is simple: Berkshire provides a diversified stream of earnings from insurance, energy, and rail, all overseen by a management team that prioritizes long-term intrinsic value. By making Berkshire nearly a quarter of the portfolio, Semper Augustus effectively creates a "mini-Berkshire" fund, using the conglomerate's stability to offset the volatility of its other, more concentrated bets. The weight change was minimal, indicating that the position's dominance is a result of long-term holding rather than aggressive new buying.

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IV. Major Buys/Additions

Bloomstran’s decision to more than quadruple his stake suggests he believes the market has fundamentally mispriced the company’s recovery trajectory. At a post-change weight of 7.45%, Alaska Air is no longer a "satellite" position; it is a core pillar of the portfolio. The timing is particularly noteworthy, coming at a time when many are fearful of economic slowing. Bloomstran is leaning into that fear, betting that Alaska Air’s operational efficiency and the eventual normalization of air travel demand will lead to significant earnings power that is not yet reflected in the stock price. This is the hallmark of a contrarian value investor: buying aggressively when the industry is "unloved" but the company remains "high quality."

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V. Major Sells and Exits

The 27.36% reduction in Five Below realized an estimated $16.58 million. This is particularly interesting because Five Below is a "growthier" retail story compared to Dollar General. The reduction here mirrors the caution seen in the broader "value retail" space. If the consumer is truly being squeezed, even the "five-dollar" price point may not be immune to slowing traffic or rising operational costs. This move qualifies as "Portfolio Optimization"—reducing exposure to a specific sub-sector (discount retail) that the manager now views with more skepticism than in previous quarters.

The quality of this quarter's exit operations appears to be high. Bloomstran is not "panic selling"; he is "harvesting." The reductions in Valero and Equinor look like well-timed exits from a cyclical peak. The trims in Dollar General and the gold miners represent a disciplined approach to position sizing. The only complete exit was Ovintiv (OVV) , a relatively small position (0.07% weight), which can be categorized as "Tail-End Clearing." This suggests a very high "retention rate" for the portfolio's core ideas, with adjustments being made at the margins rather than through wholesale abandonment of strategies.

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VI. Investment Insights and Risk Warnings

This shift reveals a profound insight: the manager believes the "easy money" in the energy and materials trade has been made, and the next phase of market opportunity lies in high-quality, cyclical businesses that have been unfairly discounted by a market obsessed with macro fears. The massive bet on Alaska Air Group is the centerpiece of this logic. It is a bet that "intrinsic value" in the transportation sector has diverged significantly from "market price." By recycling capital from the "fully valued" refining sector (Valero) into the "undervalued" airline sector, Bloomstran is playing a sophisticated game of relative value.

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.