Guy Spier - Aquamarine Capital

Superinvestor profile · Rank #146 by reported 13F value (2026 Q2 filers) · CIK 0001953324 · All profiles
Founded 1997Zurich, SwitzerlandLong-term concentrated value, modelled on Buffett's early partnershipsKey person: Guy Spier (founder and managing partner)
Reported 13F value
$144M
Period 2026-06-30 · Filed 2026-07-10
Positions
7
Top 10 = 100.0% of value
Clone CAGR (full window)
+20.6%
2022-11-08 → 2026-10-02 · cumulative +107%
SPY CAGR (same window)
+21.3%
Cumulative +112%
Max drawdown (monthly)
-8%
Month-end values, approximate
Latest-quarter activity
0 new · 0 exited
0 increased · 0 decreased
Hypothetical clone — not this fund's returns. The performance on this page replicates only the long U.S. equity positions disclosed on this manager's Form 13F filings, rebalanced on filing dates at disclosed weights with dividend-adjusted prices. It excludes shorts, bonds, cash, non-U.S. listings, private holdings, leverage and fees. Treat it as a measure of how the disclosed stock picks performed, never as the fund's track record. Evidence: filing-by-filing dossier (PDF) · Methodology (PDF)

Clone performance

2022 2026 — 13F clone — S&P 500 (SPY)
WindowClone CAGRNote
Full window (2022-11-08 → 2026-10-02, 16 filings)+20.58%Cumulative +107.5% vs SPY +112.2%
Trailing 10Y—
Trailing 5Y—
Trailing 3Y+23.54%
Trailing 1Y+6.18%

Top holdings — 2026 Q2 filing

TickerCompanyWeightReported value
BRK.BBerkshire Hathaway Inc Del33.89%$49M
BRK.ABerkshire Hathaway Inc Del15.59%$22M
AXPAmerican Express Co15.26%$22M
MAMastercard Incorporated14.26%$21M
MCOMoodys Corp8.49%$12M
RACEFerrari N V7.71%$11M
DJCODaily Journal Corp4.80%$7M

As reported on the 2026-06-30 Form 13F (filed 2026-07-10). Full holdings and quarter changes: holdings page.

Filing history in this profile

Every clone input traces to one of these SEC filings. 92.3% of the latest filing's reported value is covered by our price history; the remainder is mostly non-U.S. listings, recent IPOs or delisted names and is excluded from the clone.

QuarterSEC accession no.FiledDisclosed CUSIPs
2026Q20001953324-26-0000032026-07-107
2026Q10001953324-26-0000022026-04-177
2025Q40001953324-26-0000012026-01-157
2025Q30001953324-25-0000072025-10-2014
2025Q20001953324-25-0000062025-07-1814
2025Q10001953324-25-0000032025-04-1114
2024Q40001953324-25-0000012025-01-2414
2024Q30001953324-24-0000052024-10-1614
2024Q20001953324-24-0000042024-07-1114
2024Q10001953324-24-0000032024-04-1812
2023Q40001953324-24-0000022024-02-0112
2023Q30001953324-23-0000042023-10-1212
2023Q20001953324-23-0000032023-07-1312
2023Q10001953324-23-0000022023-04-1812
2022Q40001953324-23-0000012023-01-2712
2022Q30001953324-22-0000012022-11-0812

Background (founded / HQ / style) source: https://www.insidermonkey.com/hedge-fund/aquamarine+capital+management/954/ — Zurich-based Spier founded Aquamarine Capital in 1997, inspired by Warren Buffett's investment principles and with capital support from family and friends; the fund later expanded to third-party investors. Spier is the author of 'The Education of a Value Investor' and, with Mohnish Pabrai, won the 2008 charity lunch with Warren Buffett.