# Semper Augustus: 13F portfolio, Q2 2026

Investment firm, Highlands Ranch.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1115373/000194104026000625/0001941040-26-000625-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/semper-augustus
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $884.6M (Q1 2026: $837.3M)
- Positions: 50 (Q1 2026: 44)
- Top 10 holdings: 78.9% of the portfolio
- This quarter: 7 new, 12 added to, 13 trimmed, 1 sold out

## What Semper Augustus did in Q2 2026
Semper Augustus opened 7 new positions, the largest Paychex, S&P Global and Cognizant Technology Solutions. It raised its stake in Builders FirstSource by 143%. It sold out of Flex. It cut Starbucks by 82% and Cummins by 67%. Berkshire Hathaway is still the largest holding, at 15.5% of the portfolio.

## Biggest buys
- Paychex (PAYX): New
- S&P Global (SPGI): New
- Cognizant Technology Solutions (CTSH): New
- Microsoft (MSFT): New
- Microchip Technology (MCHP): New

## Biggest sells
- Flex (FLEX): Sold out
- Starbucks (SBUX): −82%
- Cummins (CMI): −67%
- Five Below (FIVE): −45%
- NXP Semiconductors (NXPI): −41%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway | BRK-B | 15.5% | $136.7M | +8% | Q3 2024 or earlier |
| 2 | Alaska Air Group | ALK | 10.6% | $93.6M | +6% | Q3 2024 or earlier |
| 3 | Berkshire Hathaway | BRK-A | 10.2% | $89.9M | +3% | Q3 2024 or earlier |
| 4 | Dollar General | DG | 8.7% | $76.6M | +3% | Q3 2024 or earlier |
| 5 | Deckers Outdoor | DECK | 7.5% | $66.5M | +1% | Q2 2025 |
| 6 | Dollar Tree | DLTR | 7.2% | $64.1M | +3% | Q3 2024 or earlier |
| 7 | Builders FirstSource | BLDR | 5.6% | $49.5M | +143% | Q1 2026 |
| 8 | Olin | OLN | 4.8% | $42.7M | +6% | Q3 2024 or earlier |
| 9 | Newmont | NEM | 4.7% | $41.8M | −7% | Q3 2024 or earlier |
| 10 | Kinross Gold | KGC | 4.1% | $36.6M | +3% | Q3 2024 or earlier |
| 11 | Paychex | PAYX | 2.4% | $20.8M | New | Q2 2026 |
| 12 | Five Below | FIVE | 2.1% | $19.0M | −45% | Q3 2024 or earlier |
| 13 | S&P Global | SPGI | 2.1% | $18.7M | New | Q2 2026 |
| 14 | HF Sinclair | DINO | 2.0% | $17.6M | −30% | Q3 2024 or earlier |
| 15 | Walt Disney | DIS | 1.7% | $15.5M | +5% | Q3 2024 or earlier |

35 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/semper-augustus

## Other value investors
- Sound Shore Management: https://valuepeg.com/managers/sound-shore-management
- Southeastern Asset Management (Longleaf): https://valuepeg.com/managers/southeastern-asset-management
- Starboard Value: https://valuepeg.com/managers/starboard-value
- TCI Fund Management: https://valuepeg.com/managers/tci-fund-management
- Third Avenue Management: https://valuepeg.com/managers/third-avenue

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.