Aquamarine Capital (Aquamarine Zurich)
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed July 18, 2025), Guy Spier's Aquamarine Capital (Aquamarine Zurich) reported 14 stock positions worth $293.7 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 25.5% of the portfolio, followed by American Express (AXP, 19.2%) and Mastercard Class A (MA, 12.3%). Compared with Q4 2024, it opened 1 new position and sold out of 1. The biggest buy was a new position in Core Natural Resources (CNR) and the biggest sale an exit from Arch Resources (ARCH).
- Most Recent 13F
- Q2 2026
- Notable People
- Guy Spier
- Location
- ZURICH, V8
- CIK
- 0001953324
- Portfolio Value
- $293.7M (Q1 2025)
- SEC Filing
- 0001953324-25-000005 ↗ filed Jul 18, 2025
Holdings Value
Holdings 14 stocks · $293.7M
| BRK.B Berkshire Hathaway Inc. Class B | 25.50% | 140,600 | $74.9M | No change |
| AXP American Express Co. | 19.24% | 210,000 | $56.5M | No change |
| MA Mastercard Inc. Class A | 12.27% | 65,750 | $36.0M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 10.91% | 767,845 | $32.0M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 8.16% | 30 | $24.0M | No change |
| RACE Ferrari NV | 8.01% | 60,000 | $23.5M | No change |
| MU Micron Technology Inc. | 5.92% | 200,000 | $17.4M | No change |
| MCO Moody's Corp. | 4.28% | 27,000 | $12.6M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.14% | 47,500 | $6.3M | No change |
| DJCO Daily Journal Corp. | 1.56% | 11,500 | $4.6M | No change |
| GOOGL Alphabet Inc. Class A | 0.84% | 16,000 | $2.5M | No change |
| SRG Seritage Growth Prop- A | 0.55% | 500,000 | $1.6M | No change |
| AMR Alpha Metallurgical Resource | 0.34% | 8,000 | $1.0M | No change |
| CNR Core Natural Resources Inc. | 0.28% | 10,740 | $828K | New |
Portfolio Sells Q4 2024 → Q1 2025
| ARCH Arch Resources Inc. | Sold out | 0.00% | −0.40 |
Portfolio Buys Q4 2024 → Q1 2025
| CNR Core Natural Resources Inc. | New | 0.28% | +0.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 7 | $144.1M | BRK.B, BRK.A, AXP, MA, MCO |
| Q1 2026 | 7 | $135.3M | BRK.B, BRK.A, MA, AXP, MCO |
| Q4 2025 | 7 | $147.5M | BRK.B, AXP, MA, BRK.A, MCO |
| Q3 2025 | 14 | $317.4M | BRK.B, AXP, BAC, MA, RACE |
| Q2 2025Amended | 14 | $309.8M | BRK.B, AXP, MA, BAC, RACE |
| Q1 2025Amended | 14 | $293.7M | BRK.B, AXP, MA, BAC, BRK.A |
| Q4 2024 | 14 | $287.6M | BRK.B, AXP, MA, BAC, RACE |
| Q3 2024 | 14 | $285.6M | BRK.B, AXP, MA, BAC, RACE |
| Q2 2024 | 14 | $262.6M | BRK.B, AXP, BAC, MA, MU |
| Q1 2024 | 12 | $261.9M | BRK.B, AXP, MA, BAC, RACE |