Aquamarine Capital (Aquamarine Zurich)
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Guy Spier's Aquamarine Capital (Aquamarine Zurich) reported 14 stock positions worth $309.8 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 22.0% of the portfolio, followed by American Express (AXP, 21.6%) and Mastercard Class A (MA, 11.9%). Its holdings were unchanged from Q1 2025.
- Most Recent 13F
- Q2 2026
- Notable People
- Guy Spier
- Location
- ZURICH, V8
- CIK
- 0001953324
- Portfolio Value
- $309.8M (Q2 2025)
- SEC Filing
- 0001953324-25-000006 ↗ filed Jul 18, 2025
Holdings Value
Holdings 14 stocks · $309.8M
| BRK.B Berkshire Hathaway Inc. Class B | 22.04% | 140,600 | $68.3M | No change |
| AXP American Express Co. | 21.62% | 210,000 | $67.0M | No change |
| MA Mastercard Inc. Class A | 11.92% | 65,750 | $36.9M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 11.73% | 767,845 | $36.3M | No change |
| RACE Ferrari NV | 8.06% | 60,000 | $25.0M | No change |
| MU Micron Technology Inc. | 7.96% | 200,000 | $24.6M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 7.06% | 30 | $21.9M | No change |
| MCO Moody's Corp. | 4.37% | 27,000 | $13.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 1.74% | 47,500 | $5.4M | No change |
| DJCO Daily Journal Corp. | 1.57% | 11,500 | $4.9M | No change |
| GOOGL Alphabet Inc. Class A | 0.91% | 16,000 | $2.8M | No change |
| SRG Seritage Growth Prop- A | 0.50% | 500,000 | $1.5M | No change |
| AMR Alpha Metallurgical Resource | 0.29% | 8,000 | $900K | No change |
| CNR Core Natural Resources Inc. | 0.24% | 10,740 | $749K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| None this quarter. | |||
Portfolio Buys Q1 2025 → Q2 2025
| None this quarter. | |||
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 |