Run by Christopher Bloomstran since 1999. Buys good businesses at bargain prices, anchored by a large, long-held stake in Berkshire Hathaway.
If you’d given them $1,000 on January 1, 2025, by December 31 you’d have
You usually can’t invest in these funds: they’re for very wealthy people and institutions, often with millions to put in. The $1,000 is just a way to picture how they did.
$1,414
$1,414
41.4% in 2025
The rose 16.4% in 2025 (not counting dividends, the cash some companies pay their owners).
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.
What they own
Biggest bets first. The % is how much of their stock money is in that company. Tap a stock to open its page.
Already owned
Added lately
Sold lately
A full bar is 30% of their money.
Just bought
17
Between April and June, compared with the report before.
Sold
11
Dollar amounts use the price on Jun 30, 2026, or on Mar 31, 2026 for stocks they sold completely.
Year by year
Each calendar year’s result for Semper Augustus client accounts (composite). After fees, worked out at each account’s fee rate, and counting the cash the accounts held. The record was put together in 2018 for the years before.
From Feb 28, 1999 to Dec 31, 2025, $1,000 became $12,397: 9.8% a year on average, after fees. Up in 23 of the 27 years shown, down in 4.
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.