SEMPER AUGUSTUS INVESTMENTS GROUP LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, SEMPER AUGUSTUS INVESTMENTS GROUP LLC initiated 6 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 1 position entirely. The fund's 13F equity book declined from $0.87B to $0.84B (-3.7% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $0.87BPrior quarter
- $0.84BCurrent quarter
- $-0.03BNet delta
- -3.7%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| BUILDERS FIRSTSOURCE INC | BLDR | 2.24% | Holders → |
| ALPHABET INC | GOOG | 0.08% | Holders → |
| MASTERCARD INCORPORATED | MA | 0.04% | Holders → |
| PHILIP MORRIS INTL INC | PM | 0.03% | Holders → |
| NETFLIX INC | NFLX | 0.03% | Holders → |
| PHILLIPS 66 | PSX | 0.03% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ALASKA AIR GROUP INC | ALK | +5.08% | +314.16% | History → |
| ISHARES TR | SGOV | +0.08% | +180.03% | Holders → |
| DISNEY WALT CO | DIS | +-0.15% | +4.67% | Holders → |
| OLIN CORP | OLN | +2.55% | +4.42% | History → |
| STARBUCKS CORP | SBUX | +0.35% | +4.07% | History → |
| DECKERS OUTDOOR CORP | DECK | +0.27% | +3.33% | History → |
| BERKSHIRE HATHAWAY INC DEL | BRK/B | +0.07% | +1.53% | Holders → |
| HF SINCLAIR CORP | DINO | +0.79% | +0.60% | History → |
| MERCK & CO INC | MRK | +0.10% | +0.43% | Holders → |
| DOLLAR TREE INC | DLTR | +-0.54% | +0.16% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| VALERO ENERGY CORP | VLO | -2.42% | -77.82% | Holders → |
| EQUINOR ASA | EQNR | -0.74% | -70.60% | Holders → |
| DOLLAR GEN CORP | DG | -4.95% | -29.99% | History → |
| KINROSS GOLD CORP | KGC | -1.34% | -28.59% | History → |
| NEWMONT CORP | NEM | -1.42% | -27.76% | History → |
| FIVE BELOW INC | FIVE | -0.49% | -27.36% | History → |
| CHEVRON CORP | CVX | 0.04% | -5.10% | Holders → |
| COSTCO WHOLESALE CORPORATION | COST | 0.06% | -2.32% | Holders → |
| NXP SEMICONDUCTORS NV | NXPI | -0.03% | -2.27% | Holders → |
| PARAMOUNT SKYDANCE CORP | PSKY | -0.31% | -0.96% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| OVINTIV INC | OVV | 0.07% |
Methodology & FAQ
How SEMPER AUGUSTUS INVESTMENTS GROUP LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for SEMPER AUGUSTUS INVESTMENTS GROUP LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did SEMPER AUGUSTUS INVESTMENTS GROUP LLC initiate in Q1 2026?
SEMPER AUGUSTUS INVESTMENTS GROUP LLC established 6 new positions in Q1 2026: BUILDERS FIRSTSOURCE INC (BLDR, 2.24%), ALPHABET INC (GOOG, 0.08%), MASTERCARD INCORPORATED (MA, 0.04%), PHILIP MORRIS INTL INC (PM, 0.03%), NETFLIX INC (NFLX, 0.03%), PHILLIPS 66 (PSX, 0.03%).
Which existing positions saw the largest allocation increases for SEMPER AUGUSTUS INVESTMENTS GROUP LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: ALASKA AIR GROUP INC (ALK, +5.08% weight, +314.16% shares), ISHARES TR (SGOV, +0.08% weight, +180.03% shares), DISNEY WALT CO (DIS, +-0.15% weight, +4.67% shares), OLIN CORP (OLN, +2.55% weight, +4.42% shares), STARBUCKS CORP (SBUX, +0.35% weight, +4.07% shares), DECKERS OUTDOOR CORP (DECK, +0.27% weight, +3.33% shares), BERKSHIRE HATHAWAY INC DEL (BRK/B, +0.07% weight, +1.53% shares), HF SINCLAIR CORP (DINO, +0.79% weight, +0.60% shares), MERCK & CO INC (MRK, +0.10% weight, +0.43% shares), DOLLAR TREE INC (DLTR, +-0.54% weight, +0.16% shares).
Which positions did SEMPER AUGUSTUS INVESTMENTS GROUP LLC fully exit in Q1 2026?
SEMPER AUGUSTUS INVESTMENTS GROUP LLC fully exited 1 position in Q1 2026: OVINTIV INC (OVV, last-reported weight 0.07%).
Which existing positions saw the largest allocation reductions for SEMPER AUGUSTUS INVESTMENTS GROUP LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: VALERO ENERGY CORP (VLO, -2.42% weight, -77.82% shares), EQUINOR ASA (EQNR, -0.74% weight, -70.60% shares), DOLLAR GEN CORP (DG, -4.95% weight, -29.99% shares), KINROSS GOLD CORP (KGC, -1.34% weight, -28.59% shares), NEWMONT CORP (NEM, -1.42% weight, -27.76% shares), FIVE BELOW INC (FIVE, -0.49% weight, -27.36% shares), CHEVRON CORP (CVX, 0.04% weight, -5.10% shares), COSTCO WHOLESALE CORPORATION (COST, 0.06% weight, -2.32% shares), NXP SEMICONDUCTORS NV (NXPI, -0.03% weight, -2.27% shares), PARAMOUNT SKYDANCE CORP (PSKY, -0.31% weight, -0.96% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.