SEMPER AUGUSTUS INVESTMENTS GROUP LLC

Comprehensive Analysis of SEMPER AUGUSTUS INVESTMENTS GROUP LLC (13F Filing: Q3 2025)

1. Portfolio Overview

The most striking feature of this filing is the dramatic contraction in portfolio size. Semper Augustus Investments Group LLC reduced its total managed assets from approximately $710.64 million in Q2 2025 to $130.43 million in Q3 2025, a decrease of 81.6%. Concurrently, the number of holdings was streamlined from a much larger universe to just 15 positions. This indicates a s...