SEMPER AUGUSTUS INVESTMENTS GROUP LLC

2. Key Holdings

The portfolio is dominated by three major convictions, with a long tail of smaller positions:

• FIVE Below Inc. (FIVE): This is the largest holding, comprising 36.57% of the portfolio ($47.70M). Despite a reduction of 4.5% during the quarter, the consumer cyclical stock remains the anchor of the portfolio.
• Valero Energy Corp. (VLO): The second largest position is Valero, representing 26.05% of the portfolio ($33.97M). The firm increased this stake slightly (adding $7.26M), reinforcing a strong bullish stance on the energy refining sector.
• Equinor ASA (EQNR): This Norwegian energy giant accounts for 10.72% of the portfolio. The firm increased this position by 12.4%, signaling confidence in integrated oil and gas.
• Paramount Skydance Corp. (PSKY): This is a notable new position, representing 9.56% of the portfolio immediately. This indicates a significant allocation of capital toward what is likely a special situation or a merger arbitrage/event-driven opportunity involving the media entity.