Guy Spier Aquamarine Zurich
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.
Top Buys
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 88.5% |
| 2 | Consumer Discretionary | 7.4% |
| 3 | Technology | 4.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.06T
| $46.8M | 34.57% |
97,600
| – | – |
|
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $21.5M | 15.92% |
30
| – | – |
|
3
Mastercard
MA
$509B
| $20M | 14.77% |
40,000
| – | – |
|
4
American Express
AXP
$227B
| $19.7M | 14.53% |
65,000
| – | – |
|
5
Moody's
MCO
$87.2B
| $11.8M | 8.71% |
27,000
| – | – |
|
6
Ferrari
RACE
$76.7B
| $10M | 7.4% |
30,000
| – | – |
|
7
Daily Journal
DJCO
$827M
| $5.55M | 4.1% |
11,500
| – | – |
|
Similar funds
Guy Spier's Q1 2026 Portfolio in Review
As of Q1 2026, Guy Spier held 7 positions worth $135M, down 8.3% from $148M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q1 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 88% of assets, down from 90% a quarter earlier, followed by Consumer Discretionary and Technology.
- Guy Spier's ten largest holdings make up 100% of its $135M portfolio in Q1 2026.
- Guy Spier opened 0 new positions and closed 0 in Q1 2026.
- Guy Spier's portfolio value fell 8.3% quarter-over-quarter to $135M.
Based on Aquamarine Zurich's 13F filing for Q1 2026, filed 17 Apr 2026.