Breaking down the stocks Guy Spier (Aquamarine) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Aquamarine's 13F filed on April 17, 2026.
Who are Guy Spier and Aquamarine Capital?
Guy Spier is the founder and portfolio manager of Aquamarine Fund (commonly referred to as Aquamarine Capital). The fund is known for its highly concentrated portfolio, typically consisting of 10-15 stocks, with the top 7 holdings comprising approximately 75% of assets, and cash holdings averaging around 5-6% when attractive opportunities are limited. His investment strategy is a global value investing approach inspired by Warren Buffett's original 1950s partnerships, emphasizing long-term compounding of intrinsic value and capital preservation while avoiding leverage and excessive trading. Spier focuses on undervalued, high-quality companies that occupy the "economic high ground," with strong qualitative factors like economic moats, high returns on invested capital, share repurchase programs, resilient brands, ecosystem control, and the ability to endure and compound sustainably over decades, often in sectors like financial services, luxury goods, and emerging market infrastructure.
Guyspier.com
Aquamarinefund.com
Guy Spier on X
Q1 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| BRK-B | Berkshire Hathaway | 34.6% | $46.77M | |
| BRK-A | Berkshire Hathaway | 15.9% | $21.54M | |
| MA | Mastercard | 14.8% | $19.99M | |
| AXP | American Express | 14.5% | $19.66M | |
| MCO | Moody's | 8.7% | $11.78M | |
| RACE | Ferrari | 7.4% | $10.02M | |
| DJCO | Daily Journal | 4.1% | $5.55M |
Current Investment Strategy
Guy Spier's Aquamarine Fund entered the second quarter of 2026 with its portfolio unchanged, reaffirming a highly concentrated, low-turnover approach anchored by Berkshire Hathaway, Mastercard, American Express, Moody's, Ferrari, and Daily Journal. The stand-pat quarter underscores Spier's Buffett-inspired philosophy of buying durable, moat-protected franchises in payments, credit, ratings, and luxury goods and simply holding them for decades rather than trading around short-term market noise.
New Investments
Aquamarine did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
No new additions were made to existing positions this quarter; Aquamarine's share counts across all seven holdings remained completely unchanged from Q4 2025 to Q1 2026.
What it means: Guy Spier's complete inactivity on the buy side—despite significant price weakness in several holdings—reflects his stated philosophy of avoiding excessive trading and letting quality businesses compound over time. Rather than opportunistically adding to positions like American Express or Mastercard that saw double-digit declines, Spier appears to be maintaining conviction in his existing concentrated bets without attempting to time the market, consistent with the fund's long-term, low-turnover approach inspired by Buffett's original partnership philosophy.
Trimmed
No shares were trimmed from any position; the entire portfolio value decline from $147.5 million to $135.3 million (a ~8.3% aggregate drop) was driven purely by price depreciation rather than any selling activity.
What it means: The uniform share counts alongside broad-based value declines—American Express (-18.2%), Moody's (-14.6%), Mastercard (-12.5%), and both Berkshire Hathaway share classes (down roughly 4.7-4.9%)—suggest a market-wide repricing of quality compounders rather than any strategic repositioning by Aquamarine. This passive stance during a drawdown underscores Spier's emphasis on capital preservation through business quality rather than tactical trading, betting that these "economic high ground" businesses will recover intrinsic value over time.
Exited
There were no full liquidations during the quarter; all seven positions from Q4 2025—Berkshire Hathaway (BRK-B), Berkshire Hathaway (BRK-A), Mastercard (MA), American Express (AXP), Moody's (MCO), Ferrari (RACE), and Daily Journal (DJCO)—were carried forward into Q1 2026.
What it means: The absence of any exits, even amid steep declines in names like American Express and Moody's, signals strong conviction in Aquamarine's highly concentrated, buy-and-hold strategy. Notably, Ferrari was the only position to post a positive return (+4.8%), providing a modest offset to broader portfolio weakness, while the fund's continued reliance on just seven holdings reaffirms Spier's preference for deep concentration in businesses he believes possess durable moats over diversification during volatile periods.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
