Semper Augustus Investments Group LLC

Semper Augustus provides discretionary investment management and advisory services to individuals, pooled investment vehicles, pension and profit-sharing plans, trusts, estates, endowments, and business entities. The firm manages client accounts through qualified custodians and offers both separately managed accounts and a private limited partnership (SAI LP), charging asset-based fees and, for certain qualified clients, performance-based arrangements.

The firm follows a fundamental, bottom-up investment process focused on valuation, balance-sheet and cash-flow analysis and a margin-of-safety discipline, often maintaining concentrated equity holdings (generally fewer than 30 positions). Semper Augustus may use leverage and derivatives in client strategies — including margin borrowing and options for sophisticated/high-net-worth accounts and more extensive options trading and short sales within its SAI LP pooled vehicle.

Noteworthy for a firm of this size, Semper Augustus acts as adviser to a private fund (SAI LP) with a confidential PPM, separate limited partner reporting, an independent accountant/auditor process and periodic surprise cash exams, and it maintains trade-allocation policies to address conflicts from performance-fee arrangements. The firm reports $982,168,444 in discretionary assets under management and combines private-fund strategies with individualized separately managed accounts, an uncommon mix among peer team firms.