Semper Augustus Investments Group LLC 13F holdings and portfolio analysis

Directly following the baseline means accepting very high single-name and sector concentration. In the strategy artifact, the top 5 holdings make up 60.91% of assets and the top 10 reach 85.46%, with Dollar General at 18.44% and Berkshire Hathaway at 13.13%. Sector exposure is concentrated in Consumer Staples at 28.49%, Consumer Discretionary at 20.48%, Materials at 16.02%, and Financials at 14.21%. The baseline still produced a 13.22% annualized return and 3.36 alpha, but an investor is clearly exposed to a small set of value-oriented holdings rather than broad-market diversification.

The recent baseline periods show both strong upside and uneven relative consistency. Positive examples include 2025-09-30, when the baseline returned 8.70% versus SPY's 1.49% for +7.21% excess, and 2024-12-31, when it returned 2.27% versus SPY's -3.63% for +5.90% excess. But weak periods were also material: 2024-06-30 returned 2.80% versus SPY's 9.83% for -7.02% excess, and 2024-03-31 returned -5.43% versus 2.31% for -7.75% excess. This explains the trade-off: the baseline can generate meaningful alpha in selected periods, but benchmark timing is inconsistent across quarters.

A user should inspect concentration, implementation friction, and sector dependence next. The baseline artifact flags 85.46% in the top 10 holdings, 925 trades in the backtest, and 2.0503 of total estimated cost. Recent turnover also reached 48.42 in 2024-09-30 and 24.59 in 2024-12-31, showing the disclosed portfolio can still involve meaningful reshuffling after the filing lag. Sector-wise, the heaviest current exposures are Consumer Staples, Consumer Discretionary, Materials, and Financials, so the decision is really whether that concentrated value mix is acceptable relative to SPY.