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Guy Spier

Guy Spier Aquamarine Zurich

AUM $144M Turnover 0%
1-Year Est. Return 5.41%
 

Guy Spier is the founder of Aquamarine Capital and a well-known advocate of value investing in the Buffett-Munger tradition. He is the author of The Education of a Value Investor and is known for a patient, checklist-oriented process and limited portfolio turnover. Spier’s public holdings and writings attract individual investors who study behavioral discipline as much as stock picking.

This Fund
S&P 500
This Quarter Est. Return
+6.65%
1 Year Est. Return
+5.41%
3 Year Est. Return
+74.8%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$144M
AUM Growth
+$8.79M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
100%
Holding
7
New
–
Increased
–
Reduced
–
Closed
–
Avg Time Held
3.8 years
Top 10 Avg Time Held
3.6 years
Top 20 Avg Time Held
3.8 years

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 87.49%
2 Consumer Discretionary 7.71%
3 Technology 4.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
BRK.B icon
1
Berkshire Hathaway Class B
BRK.B
$1.14T
$48.8M 33.89%
97,600
– –
2022 Q3
15 quarters
BRK.A icon
2
Berkshire Hathaway Class A
BRK.A
$1.14T
$22.5M 15.59%
30
– –
2022 Q3
15 quarters
AXP icon
3
American Express
AXP
$212B
$22M 15.26%
65,000
– –
2022 Q3
15 quarters
MA icon
4
Mastercard
MA
$541B
$20.5M 14.26%
40,000
– –
2022 Q3
15 quarters
MCO icon
5
Moody's
MCO
$84B
$12.2M 8.49%
27,000
– –
2022 Q3
15 quarters
RACE icon
6
Ferrari
RACE
$69.7B
$11.1M 7.71%
30,000
– –
2022 Q3
15 quarters
DJCO icon
7
Daily Journal
DJCO
$831M
$6.91M 4.8%
11,500
– –
2022 Q3
15 quarters

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Guy Spier's Q2 2026 Portfolio in Review

As of Q2 2026, Guy Spier held 7 positions worth $144M, up 6.5% from $135M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Trading was light in Q2 2026: portfolio turnover was 0%. Guy Spier opened no new positions and made no exits, leaving the 7-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 87% of assets, down from 88% a quarter earlier, followed by Consumer Discretionary and Technology.

  • Guy Spier's ten largest holdings make up 100% of its $144M portfolio in Q2 2026.
  • Guy Spier opened 0 new positions and closed 0 in Q2 2026.
  • Guy Spier's portfolio value rose 6.5% quarter-over-quarter to $144M.

Based on Aquamarine Zurich's 13F filing for Q2 2026, filed 10 Jul 2026.