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
As of Q1 2026, Guy Spier's Aquamarine Capital maintained a highly concentrated, Buffett-inspired global value portfolio of just seven disclosed U.S.-listed positions worth approximately $135 million, anchored by a combined ~50% allocation to Berkshire Hathaway and rounded out by entrenched financial-services and luxury franchises including Mastercard, American Express, Moody's, Ferrari, and Daily Journal—with no new positions initiated or exited during the quarter. The fund's unchanged, turnover-free holdings reflect Spier's long-standing emphasis on "time-friendly" compounders with durable economic moats, high returns on invested capital, and the capacity to compound intrinsic value over decades, a philosophy modeled on Warren Buffett's original 1950s partnerships and unchanged even as Spier transitioned the fund toward a family-office structure following a personal health diagnosis.
New Investments
Aquamarine did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Aquamarine made no additions to any existing positions in Q1 2026.
What it means: The complete absence of new buying suggests Guy Spier remained comfortable with existing sizing across all holdings, or found valuations unattractive for deployment of additional capital. Given that most positions — including American Express (AXP), Mastercard (MA), and Moody's (MCO) — declined meaningfully during the quarter, the lack of opportunistic adding is notable and may reflect a deliberate patience or a preference to preserve optionality in a volatile macro environment.
Trimmed
Aquamarine made no trims to any existing positions in Q1 2026.
What it means: Despite significant drawdowns in several holdings — American Express (AXP) fell roughly 18% and Mastercard (MA) dropped over 12% — Guy Spier held firm without reducing any position. This is consistent with his long-term, low-turnover investment philosophy inspired by Buffett's original partnerships. The sole outperformer, Ferrari (RACE), which gained nearly 5%, was also left untouched, suggesting conviction in its continued compounding potential rather than a desire to lock in gains.
Exited
Aquamarine made no full exits from any positions in Q1 2026.
What it means: A completely static portfolio through a turbulent quarter underscores Guy Spier's commitment to minimal trading. Every holding — from Berkshire Hathaway (BRK-B) and Berkshire Hathaway (BRK-A) to Daily Journal (DJCO) — was retained in full, reflecting high-conviction ownership and a belief that short-term price volatility is irrelevant to the long-term compounding thesis underlying each position.
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.
