Guy Spier: Concentrated Value Investing Remains Core Strategy

Guy Spier’s Aquamarine Zurich AG reported an equity portfolio of approximately $148 million in the latest quarter, maintaining its hallmark concentrated, Buffett-inspired long-term investment approach. The portfolio is highly focused, with the top holdings representing virtually the entire portfolio, reflecting Spier’s preference for owning a small number of high-quality compounders held over long time horizons.

The latest filing shows meaningful trims in several core financial holdings and a full exit from a number of prior positions, suggesting portfolio simplification and further concentration into highest-conviction names.

Aquamarine continues to emphasize durable franchises, strong management, and businesses with long-term pricing power — consistent with Spier’s value investing philosophy.

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Portfolio Snapshot

Total Portfolio Value: ~$147.5M
Top 10 Weight: 100% (extremely concentrated)
Turnover: Moderate — notable trims and multiple full exits

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Top Holdings & Weights

Key takeaway:
The portfolio heavily emphasizes:

• Berkshire Hathaway (combined exposure nearly 49%)

• High-quality financial franchises (AXP, MA, MCO)

• Select global luxury/brand assets (Ferrari)

• A legacy value holding (Daily Journal)

This reflects Spier’s long-standing admiration for Buffett-style capital allocation and wide-moat businesses.

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Biggest Changes Last Quarter

Notable Trims

American Express (AXP):
Shares reduced materially (~-69%)
→ Significant position reduction while remaining a core holding.

Mastercard (MA):
Trimmed (~-39%)
→ Suggests partial profit-taking or capital reallocation.

Berkshire Hathaway (BRK.B):
Reduced (~-31%)
→ Likely position management while maintaining Berkshire as the dominant exposure.

Ferrari (RACE):
Trimmed (~-50%)
→ Substantial reduction in luxury exposure.

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Full Exits Last Quarter

Aquamarine exited several prior holdings entirely:

• Bank of America (BAC)

• Micron Technology (MU)

• Alibaba (BABA)

• Alphabet (GOOGL)

• Seritage Growth Properties (SRG)

• Alpha Metallurgical Resources (AMR)

• Core Natural Resources (CNR)

These exits suggest continued portfolio simplification and a move away from cyclical, commodity-linked, and certain technology exposures in favor of ultra-high-conviction compounders.

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Portfolio Characteristics

Style: Concentrated Quality Value
Concentration: Extremely high (top holdings dominate portfolio)
Turnover: Opportunistic trimming with decisive exits

Core Themes:

• Berkshire-centric exposure

• Financial services and payments networks

• Rating agencies and durable franchises

• Select premium global brands

Geographic Exposure:

• Predominantly U.S.-listed companies

• Limited but high-quality international exposure (Ferrari)

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Summary

Guy Spier’s latest filing reinforces his disciplined, concentrated approach to investing. The portfolio remains heavily anchored in Berkshire Hathaway and a handful of high-quality financial franchises, reflecting a philosophy centered on long-term compounding rather than diversification.

The quarter saw meaningful trimming across several major holdings and the full exit of multiple smaller positions, indicating portfolio simplification and renewed focus on highest-conviction businesses.

Overall, Aquamarine’s structure continues to mirror Spier’s Buffett-inspired strategy: own exceptional businesses, maintain patience, and allow intrinsic value to compound over time.