13F Filing
Aquamarine Zurich AG
Aquamarine Capital is Guy Spier's Zurich-based fund, running a concentrated, long-term value strategy inspired by Warren Buffett and Charlie Munger. Spier is the author of 'The Education of a Value Investor' and famously shared the 2008 charity lunch with Buffett alongside Mohnish Pabrai.
Filed2026.01.15
FilingCurrent Portfolio
$147.5M
Previous Portfolio
$317.4M
Change
−53.51%
Holdings
BRK-BBERKSHIRE HATHAWAY INC DELReduced$49.1M33.25%
AXPAMERICAN EXPRESS COReduced$24.0M16.30%
MAMASTERCARD INCORPORATEDReduced$22.8M15.48%
BRK-ABERKSHIRE HATHAWAY INC DEL$22.6M15.35%
MCOMOODYS CORP$13.8M9.35%
RACEFERRARI N VReduced$9.6M6.48%
DJCODAILY JOURNAL CORP$5.6M3.80%
| # | Company | % of Portfolio | Activity | Market Value | Shares | Change | Sector |
|---|---|---|---|---|---|---|---|
| 1 |  BRK-B BERKSHIRE HATHAWAY INC DEL | 33.25% | Reduced | $49.1M | 97,600 | −43,000 | Financials |
| 2 |  AXP AMERICAN EXPRESS CO | 16.30% | Reduced | $24.0M | 65,000 | −145,000 | Financials |
| 3 |  MA MASTERCARD INCORPORATED | 15.48% | Reduced | $22.8M | 40,000 | −25,750 | Financials |
| 4 |  BRK-A BERKSHIRE HATHAWAY INC DEL | 15.35% | — | $22.6M | 30 | 0 | Financials |
| 5 |  MCO MOODYS CORP | 9.35% | — | $13.8M | 27,000 | 0 | Financials |
| 6 |  RACE FERRARI N V | 6.48% | Reduced | $9.6M | 30,000 | −30,000 | Consumer Discretionary |
| 7 |  DJCO DAILY JOURNAL CORP | 3.80% | — | $5.6M | 11,500 | 0 | Consumer Discretionary |
Portfolio Changes
Buy Positions
New Buy
Nothing to show yet
Additional Buy
Nothing to show yet
Sell Positions
Full Exit
Full Exit
0Shares
Full Exit
0Shares
Full Exit
0Shares
Full Exit
0Shares
Full Exit
0Shares
Partial Exit
−30.58%
−43,000Shares
−69.05%
−145,000Shares
−39.16%
−25,750Shares
−50.00%
−30,000Shares
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