Semper Augustus Investments Group
Semper Augustus Investments Group is managed by Chris Bloomstran, who is renowned for his deep value investment approach and thorough public letters to investors that dissect economic conditions and company valuations. The firm, which manages approximately $0.84 billion in assets, focuses on long-term value investing, often selecting underappreciated stocks that offer substantial intrinsic value. Bloomstran’s strategy emphasizes a detailed understanding of each investment, drawing comparisons to the principles of Warren Buffett and Benjamin Graham.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| BRKB | $121.3M | 14.48% | — | — | 14.5% | ||
| BRKA | $83.3M | 9.95% | — | — | 9.9% | ||
| DG | $77.0M | 9.19% | $118.17 | $115.58 | -2.2% | 9.2% | |
| DECK | $66.2M | 7.90% | $100.09 | $105.84 | +5.7% | 7.9% | |
| ALK | $62.3M | 7.45% | $36.78 | $48.72 | +32.5% | 7.5% | |
| OLN | $60.3M | 7.21% | $29.52 | $20.43 | -30.8% | 7.2% | |
| DLTR | $56.2M | 6.72% | $109.51 | $122.36 | +11.7% | 6.7% | |
| NEM | $51.9M | 6.19% | $108.00 | $94.80 | -12.2% | 6.2% | |
| KGC | $46.0M | 5.50% | $30.48 | $23.79 | -21.9% | 5.5% | |
| FIVE | $44.0M | 5.26% | $228.48 | $176.52 | -22.7% | 5.3% | |
| SBUX | $22.5M | 2.69% | $89.07 | $103.77 | +16.5% | 2.7% | |
| DINO | $22.5M | 2.69% | $61.96 | $73.66 | +18.9% | 2.7% | |
| CMI | $21.3M | 2.54% | $536.34 | $656.59 | +22.4% | 2.5% | |
| BLDR | $18.8M | 2.24% | $82.33 | $79.18 | -3.8% | 2.2% | |
| DIS | $14.7M | 1.76% | $95.65 | $97.50 | +1.9% | 1.8% | |
| VLO | $10.9M | 1.30% | $245.91 | $266.20 | +8.3% | 1.3% | |
| XOM | $9.8M | 1.17% | $168.52 | $141.47 | -16.1% | 1.2% | |
| EQNR | $7.4M | 0.89% | $41.77 | $34.09 | -18.4% | 0.9% | |
| PSKY | $5.9M | 0.70% | $8.98 | $10.04 | +11.8% | 0.7% | |
| TRV | $5.6M | 0.67% | $290.47 | $343.89 | +18.4% | 0.7% | |
| MRK | $5.4M | 0.64% | $119.43 | $128.71 | +7.8% | 0.6% | |
| COST | $3.4M | 0.40% | $994.99 | $946.79 | -4.8% | 0.4% | |
| GE | $2.6M | 0.32% | $283.42 | $365.39 | +28.9% | 0.3% | |
| NXPI | $2.6M | 0.31% | $196.19 | $270.87 | +38.1% | 0.3% | |
| GLDM | $2.2M | 0.27% | $92.69 | $81.33 | -12.3% | 0.3% | |
| GEV | $1.7M | 0.21% | $872.45 | $1067.56 | +22.4% | 0.2% | |
| SMHI | $1.5M | 0.18% | $7.16 | $7.54 | +5.3% | 0.2% | |
| CVX | $1.3M | 0.15% | $205.02 | $174.52 | -14.9% | 0.1% | |
| KO | $1.2M | 0.14% | $75.56 | $84.20 | +11.4% | 0.1% | |
| AAPL | $1.1M | 0.13% | $253.56 | $311.58 | +22.9% | 0.1% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (6)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| BLDR | $18.8M | -3.8% | |
| GOOG | $0.7M | ||
| MA | $0.3M | ||
| NFLX | $0.3M | ||
| PM | $0.3M | ||
| PSX | $0.3M |
Exited Positions (1)
| Ticker | Issuer | Notional |
|---|---|---|
| OVV | $0.7M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ALK | $41.8M | +314.2% | +32.5% | |
| SGOV | $0.6M | +180.0% | ||
| DIS | $-1.9M | +4.7% | +1.9% | |
| OLN | $19.9M | +4.4% | -30.8% | |
| SBUX | $2.2M | +4.1% | +16.5% | |
| DECK | $-0.2M | +3.3% | +5.7% | |
| BRKB | $-4.0M | +1.5% | ||
| DINO | $6.0M | +0.6% | +18.9% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| VLO | $-21.4M | -77.8% | +8.3% | |
| EQNR | $-6.7M | -70.6% | -18.4% | |
| DG | $-46.0M | -30.0% | -2.2% | |
| KGC | $-13.4M | -28.6% | -21.9% | |
| NEM | $-14.4M | -27.8% | -12.2% | |
| FIVE | $-5.9M | -27.4% | -22.7% | |
| CVX | $0.3M | -5.1% | -14.9% | |
| COST | $0.4M | -2.3% | -4.8% |
Quarter Activity
During the quarter, Semper Augustus Investments Group initiated notable new positions in Builders FirstSource (BLDR) valued at $19 million and Alphabet Inc. (GOOG) at $1 million. The fund exited its position in Ovintiv Inc. (OVV), which was valued at $1 million. There was a significant increase in holdings in Alaska Air Group (ALK) and iShares 0-3 Month Treasury Bond ETF (SGOV), with increases of $314 million and $180 million, respectively, while substantial reductions were made in Valero Energy Corporation (VLO) and Equinor ASA (EQNR), with decreases of $78 million and $71 million, respectively.
AI Commentary
<p>Semper Augustus Investments Group's portfolio showcases a strong concentration in specific sectors and companies, with a notable emphasis on Berkshire Hathaway, represented by both its Class A (BRKA) and Class B (BRKB) shares, which together constitute 24.4% of the portfolio. The fund also has significant investments in the retail sector, highlighted by positions in Dollar General Corp (DG) and Dollar Tree Inc (DLTR), and the outdoor apparel sector with Deckers Outdoor Corp (DECK). Additionally, the airline and chemical sectors are represented through substantial holdings in Alaska Air Group Inc (ALK) and Olin Corp (OLN), respectively. This sector-focused approach underscores a strategic conviction in these areas of the market.</p> <p>The recent quarterly adjustments suggest a recalibration of the fund's strategy, particularly in the energy and retail sectors. The closure of the position in Ovintiv Inc (OVV) and the significant reductions in Valero Energy Corp (VLO) and Equinor ASA (EQNR) indicate a scaling back in energy investments. Conversely, the substantial increase in the stake in Alaska Air Group Inc (ALK) by 314% and modest increases in Olin Corp (OLN) and Starbucks Corp (SBUX) reflect a growing confidence in these companies. The new positions in Builders FirstSource Inc (BLDR) and tech giants like Alphabet Inc (GOOG) suggest an exploratory move into new sectors and diversification, albeit with a cautious initial investment in the tech sector, as seen with the minimal stakes in Mastercard (MA) and Netflix (NFLX).</p>