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.
Top holdings
ranked by weight- #1JOEweight76.43%$1.1Bvalue- last
- #2EPDweight13.46%$201Mvalue- last
- #3BRKBweight3.50%$52Mvalue$570.89last
- #4OZKweight3.22%$48Mvalue- last
- #5WRBweight1.21%$18Mvalue- last
- #6PGRweight1.06%$16Mvalue- last
- #7PFEweight0.37%$6Mvalue$29.39last
- #8KHCweight0.32%$5Mvalue$24.61last
- #9CPBweight0.17%$3Mvalue- last
- #10UPSweight0.17%$3Mvalue$108.30last
- #11AAPLweight0.05%$694,464value$342.37last
- #12HOMBweight0.02%$345,455value- last
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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