Q
QuantAbundance
Hedge Fund

Aquamarine Fund

Guy Spier

Guy Spier's Buffett-style value-investing partnership, run from Zurich since 1997. Author of "The Education of a Value Investor"; famous for the $650K charity lunch with Buffett (alongside Mohnish Pabrai, 2008). Textbook concentrated value book - 7 positions in Q4 2025, anchored by both Berkshire classes (~48.6% combined) and a tight basket of capital-light compounders (Mastercard, AmEx, Moody's, Ferrari, Daily Journal).

Guy Spier's Portfolio Context - Q2 2026

Guy Spier's Aquamarine Fund is a value-investing hedge fund explicitly modeled on Warren Buffett's Berkshire approach - concentrated long-only positions in compounding businesses, held over multi-year horizons with low turnover. Spier is widely known for the 2008 $650,000 charity lunch with Buffett (purchased jointly with Mohnish Pabrai) and the resulting investing memoir 'The Education of a Value Investor.'

The Aquamarine book reflects the value philosophy: small position count (typically under 25), concentrated weights, mostly mid-and-large-cap US equities, with selective international exposure. The fund does not chase thematic narratives or sector rotations - the positions are individual-stock-pick driven, with each name justified on intrinsic-value-and-margin-of-safety grounds. Holdings rotate slowly enough that quarter-to-quarter 13F deltas are typically small.

For retail traders, the Aquamarine 13F is a useful snapshot of a Buffett-style book at a size where individual position changes are more readable than at Berkshire's massive scale. Spier's positions also overlap meaningfully with the Pabrai Funds book (they share investing-circle origins and overlapping research processes), so the two 13Fs read as a paired signal on the value-style segment of the market.

Filing13F-HR
Period2026-06-30
Disclosed$1.5B
Positions12
Shown12 (100.0%)
SourceEDGAR

Top holdings

ranked by weight

Frequently asked questions

What stocks does Aquamarine Fund hold?
Aquamarine Fund (Guy Spier) discloses 12 positions as of 2026-06-30. Top by weight: JOE (76.43%), EPD (13.46%), BRKB (3.50%), OZK (3.22%), WRB (1.21%).
What is Aquamarine Fund's largest position?
JOE (ST JOE CO) is Aquamarine Fund's largest disclosed position at 76.43% of the portfolio - $1.1B.
When did Aquamarine Fund last file?
Aquamarine Fund's most recent disclosed filing is 13F-HR for period 2026-06-30 (12 positions total).
What is Aquamarine Fund's AUM?
Aquamarine Fund (Guy Spier) manages approximately $200M in assets.
Who is Aquamarine Fund?
Guy Spier's Buffett-style value-investing partnership, run from Zurich since 1997. Author of "The Education of a Value Investor"; famous for the $650K charity lunch with Buffett (alongside Mohnish Pabrai, 2008). Textbook concentrated value book - 7 positions in Q4 2025, anchored by both Berkshire classes (~48.6% combined) and a tight basket of capital-light compounders (Mastercard, AmEx, Moody's, Ferrari, Daily Journal).

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