Breaking down the stocks Guy Spier (Aquamarine) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Aquamarine's 13F filed on July 10, 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
Q2 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| Berkshire Hathaway | 33.9% | $48.84M | ||
| American Express | 15.3% | $21.99M | ||
| Mastercard | 14.3% | $20.54M | ||
| Moodys | 8.5% | $12.23M | ||
| Ferrari | 7.7% | $11.11M | ||
| Daily Journal | 4.8% | $6.91M |
Current Investment Strategy
As of the second quarter of 2026, Guy Spier's Aquamarine Capital maintained its hallmark ultra-concentrated, buy-and-hold approach modeled on Warren Buffett's original 1950s partnerships, with a seven-stock portfolio showing zero turnover and no new positions or exits during the quarter. The fund's roughly $144 million book remained anchored by dominant stakes in Berkshire Hathaway, American Express, Mastercard and Moody's, reflecting Spier's continued conviction in wide-moat financial-services and payments franchises alongside satellite holdings in Ferrari and Daily Journal, underscoring his preference for durable, high-return businesses over trading activity or diversification.
New Investments
Aquamarine did not open any new positions during Q2 2026.
Added, Trimmed, and Exited
Added
Aquamarine made no additions to any existing positions this quarter; share counts across the portfolio were unchanged from Q1 2026.
What it means: The absence of buying activity, even amid gains in holdings like Daily Journal and American Express, suggests Guy Spier remained comfortable with existing position sizing and saw no compelling opportunity to increase concentration further in an already tightly held book of just six names.
Trimmed
No trims were made to any positions; every holding retained its exact share count from the prior quarter.
What it means: This full stability points to a classic buy-and-hold value approach — Spier appears content to let compounding do the work rather than actively trading around price strength, consistent with Aquamarine's long-term, low-turnover philosophy.
Exited
There were no exits; all six positions — Berkshire Hathaway, American Express, Mastercard, Moodys, Ferrari, and Daily Journal — remained fully intact.
What it means: The entire quarter-over-quarter increase in portfolio value, from $135.3M to $144.1M, was driven purely by price appreciation rather than portfolio activity, with standout gains in Daily Journal (+24.6%) and American Express (+11.8%) doing the heavy lifting. This reinforces Aquamarine's reputation as a highly concentrated, patient investor willing to let winners run without disturbing core holdings.
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.
