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Guy Spier Aquamarine Zurich

AUM $144M
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
+13.78%
1 Year Est. Return
+5.41%
3 Year Est. Return
+74.8%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$229M
AUM Growth
+$25.9M
Cap. Flow
$0
Cap. Flow %
0%
Top 10 Hldgs %
97.41%
Holding
12
New
–
Increased
–
Reduced
–
Closed
–

Top Buys

No buys this quarter

Top Sells

No sells this quarter

Sector Composition

Rank Sector Weight
1 Financials 74.41%
2 Consumer Discretionary 13.39%
3 Technology 9.18%
4 Real Estate 2.04%
5 Communication Services 0.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.B icon
1
Berkshire Hathaway Class B
BRK.B
$1.06T
$50.1M 21.92%
140,600
– –
AXP icon
2
American Express
AXP
$227B
$39.3M 17.2%
210,000
– –
MA icon
3
Mastercard
MA
$509B
$28M 12.26%
65,750
– –
RACE icon
4
Ferrari
RACE
$76.7B
$27M 11.78%
80,000
– –
BAC icon
5
Bank of America
BAC
$431B
$25.9M 11.3%
767,845
– –
MU icon
6
Micron Technology
MU
$1.09T
$17.1M 7.46%
200,000
– –
BRK.A icon
7
Berkshire Hathaway Class A
BRK.A
$1.06T
$16.3M 7.12%
30
– –
MCO icon
8
Moody's
MCO
$87.2B
$10.5M 4.61%
27,000
– –
SRG
9
Seritage Growth Properties
SRG
$120M
$4.67M 2.04%
500,000
– –
DJCO icon
10
Daily Journal
DJCO
$827M
$3.92M 1.71%
11,500
– –
BABA icon
11
Alibaba
BABA
$286B
$3.68M 1.61%
47,500
– –
GOOGL icon
12
Alphabet (Google) Class A
GOOGL
$4.22T
$2.23M 0.98%
16,000
– –

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Guy Spier's Q4 2023 Portfolio in Review

As of Q4 2023, Guy Spier held 12 positions worth $229M, up 13% from $203M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Trading was light in Q4 2023: portfolio turnover was 0%. Guy Spier opened no new positions and made no exits, leaving the 12-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 74% of assets, down from 75% a quarter earlier, followed by Consumer Discretionary and Technology.

  • Guy Spier's ten largest holdings make up 97% of its $229M portfolio in Q4 2023.
  • Guy Spier opened 0 new positions and closed 0 in Q4 2023.
  • Guy Spier's portfolio value rose 13% quarter-over-quarter to $229M.

Based on Aquamarine Zurich's 13F filing for Q4 2023, filed 1 Feb 2024.