SEMPER AUGUSTUS INVESTMENTS GROUP LLC 13F: Quarter-over-Quarter Portfolio Changes
SEMPER AUGUSTUS INVESTMENTS GROUP LLC reported a disclosed portfolio value of approximately $837.3 million in its latest SEC Form 13F-HR filing for Q1 2026, down 3.7% quarter on quarter. Over the quarter, the manager initiated 6 new positions, bought more shares in 10 holdings, trimmed 13 holdings, and exited 1 position.
SEMPER AUGUSTUS INVESTMENTS GROUP LLC's top buy was Alaska Air Group INC (ALK) . The manager bought 314.2% more shares, lifting the position's portfolio weight by 5.1 percentage points. Its top sell was Valero Energy CORP (VLO) . The manager sold 77.8% of its previously reported shares, reducing the position's portfolio weight by 2.4 percentage points.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| BUILDERS FIRSTSOURCE INC | BLDR | 2.2% | Holders → |
| ALPHABET CL C | GOOG | 0.1% | Holders → |
| MASTERCARD INCORPORATED | MA | 0.0% | Holders → |
| PHILIP MORRIS INTL INC | PM | 0.0% | Holders → |
| NETFLIX INC. | NFLX | 0.0% | Holders → |
| PHILLIPS 66 | PSX | 0.0% | Holders → |
Top BuysQ1 2026
The manager's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| ALASKA AIR GROUP INC | ALK | +5.1% | +314.2% | History → |
| ISHARES 0-3 MONTH TREASURY BON | SGOV | +0.1% | +180.0% | Holders → |
| DISNEY WALT CO | DIS | +-0.2% | +4.7% | Holders → |
| OLIN CORP | OLN | +2.5% | +4.4% | History → |
| STARBUCKS CORP | SBUX | +0.4% | +4.1% | History → |
| DECKERS OUTDOOR CORP | DECK | +0.3% | +3.3% | History → |
| BERKSHIRE HATHAWAY B | BRK/B | +0.1% | +1.5% | — |
| HF SINCLAIR CORP | DINO | +0.8% | +0.6% | History → |
| MERCK & CO INC | MRK | +0.1% | +0.4% | Holders → |
| DOLLAR TREE INC | DLTR | +-0.5% | +0.2% | History → |
Top SellsQ1 2026
Showing the top 10 sells among 13 existing positions where the manager sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| VALERO ENERGY CORP | VLO | -2.4% | 77.8% | Holders → |
| EQUINOR ASA | EQNR | -0.7% | 70.6% | Holders → |
| DOLLAR GEN CORP | DG | -4.9% | 30.0% | History → |
| KINROSS GOLD CORP | KGC | -1.3% | 28.6% | History → |
| NEWMONT CORP | NEM | -1.4% | 27.8% | History → |
| FIVE BELOW INC | FIVE | -0.5% | 27.4% | History → |
| CHEVRON CORP | CVX | 0.0% | 5.1% | Holders → |
| COSTCO WHOLESALE | COST | 0.1% | 2.3% | Holders → |
| NXP SEMICONDUCTORS N V | NXPI | -0.0% | 2.3% | Holders → |
| PARAMOUNT SKYDANCE CORP | PSKY | -0.3% | 1.0% | Holders → |
Full ExitsQ1 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 | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $0.9BPrior quarter
- $0.8BCurrent quarter
- $-0.0BNet delta
- -3.7%% change
Methodology & FAQ
How SEMPER AUGUSTUS INVESTMENTS GROUP LLC Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for SEMPER AUGUSTUS INVESTMENTS GROUP LLC: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did SEMPER AUGUSTUS INVESTMENTS GROUP LLC buy in Q1 2026?
In Q1 2026, SEMPER AUGUSTUS INVESTMENTS GROUP LLC initiated 6 new positions (BUILDERS FIRSTSOURCE INC (BLDR), ALPHABET CL C (GOOG), MASTERCARD INCORPORATED (MA), PHILIP MORRIS INTL INC (PM), NETFLIX INC. (NFLX), PHILLIPS 66 (PSX)); bought more shares of ALASKA AIR GROUP INC (ALK), ISHARES 0-3 MONTH TREASURY BON (SGOV), DISNEY WALT CO (DIS), OLIN CORP (OLN), STARBUCKS CORP (SBUX) — the largest 5 of 10 adds.
What stocks did SEMPER AUGUSTUS INVESTMENTS GROUP LLC sell in Q1 2026?
In Q1 2026, SEMPER AUGUSTUS INVESTMENTS GROUP LLC fully sold 1 position (OVINTIV INC (OVV)); reduced holdings in VALERO ENERGY CORP (VLO), EQUINOR ASA (EQNR), DOLLAR GEN CORP (DG), KINROSS GOLD CORP (KGC), NEWMONT CORP (NEM) — the largest 5 of 13 reductions.
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, 2.2%), ALPHABET CL C (GOOG, 0.1%), MASTERCARD INCORPORATED (MA, 0.0%), PHILIP MORRIS INTL INC (PM, 0.0%), NETFLIX INC. (NFLX, 0.0%), PHILLIPS 66 (PSX, 0.0%).
Which existing positions saw the largest allocation increases for SEMPER AUGUSTUS INVESTMENTS GROUP LLC in Q1 2026?
Of 10 existing positions with share-count increases in Q1 2026, the largest were: ALASKA AIR GROUP INC (ALK, +5.1% weight, +314.2% shares), ISHARES 0-3 MONTH TREASURY BON (SGOV, +0.1% weight, +180.0% shares), DISNEY WALT CO (DIS, +-0.2% weight, +4.7% shares), OLIN CORP (OLN, +2.5% weight, +4.4% shares), STARBUCKS CORP (SBUX, +0.4% weight, +4.1% shares), DECKERS OUTDOOR CORP (DECK, +0.3% weight, +3.3% shares), BERKSHIRE HATHAWAY B (BRK/B, +0.1% weight, +1.5% shares), HF SINCLAIR CORP (DINO, +0.8% weight, +0.6% shares), MERCK & CO INC (MRK, +0.1% weight, +0.4% shares), DOLLAR TREE INC (DLTR, +-0.5% weight, +0.2% 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 0.1%).
Which existing positions saw the largest allocation reductions for SEMPER AUGUSTUS INVESTMENTS GROUP LLC in Q1 2026?
Of 13 existing positions with share-count reductions in Q1 2026, the largest were: VALERO ENERGY CORP (VLO, -2.4% weight, -77.8% shares), EQUINOR ASA (EQNR, -0.7% weight, -70.6% shares), DOLLAR GEN CORP (DG, -4.9% weight, -30.0% shares), KINROSS GOLD CORP (KGC, -1.3% weight, -28.6% shares), NEWMONT CORP (NEM, -1.4% weight, -27.8% shares), FIVE BELOW INC (FIVE, -0.5% weight, -27.4% shares), CHEVRON CORP (CVX, 0.0% weight, -5.1% shares), COSTCO WHOLESALE (COST, 0.1% weight, -2.3% shares), NXP SEMICONDUCTORS N V (NXPI, -0.0% weight, -2.3% shares), PARAMOUNT SKYDANCE CORP (PSKY, -0.3% weight, -1.0% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.