Guy Spier
Q2 2026 13F: 7 holdings worth about $144.1M; that quarter 0 new, 0 added, 0 trimmed, 0 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 7 holdings, top 10 = 100%, stocks $0.1B, options 0%; all four rules met
- Source for the value approach: Overview - Aquamarine Fund (Aquamarine Capital Management LLC): “The investment philosophy is primarily global, long-term, value focused” (checked 2026-10-11)
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
No trades that quarter.
All Holdings (6 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| BRK.BBerkshire Hathaway Inc | 49.5%50.5% | $71.3M | Held | $500.39 | +233% |
| AXPAmerican Express Co | 15.3%14.5% | $22.0M | Held | $338.25 | +264% |
| MAMastercard Inc | 14.3%14.8% | $20.5M | Held | $513.60 | +496% |
| MCOMoody’s Corp | 8.5%8.7% | $12.2M | Held | $452.92 | +315% |
| RACEFerrari N.V | 7.7%7.4% | $11.1M | Held | $371.70 | +794% |
| DJCODaily Journal Corp | 4.8%4.1% | $6.9M | Held | $601.22 | +78% |
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
Over Time
From Q4 2014, 47 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 47 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 7 | $144.1M | 13F-HR |
| Q1 2026 | 7 | $135.3M | 13F-HR |
| Q4 2025 | 7 | $147.5M | 13F-HR |
| Q3 2025 | 14 | $317.4M | 13F-HR |
| Q2 2025 | 14 | $309.8M | 13F-HR 13F-HR/A |
| Q1 2025 | 14 | $293.7M | 13F-HR 13F-HR/A |
| Q4 2024 | 14 | $287.6M | 13F-HR |
| Q3 2024 | 14 | $285.6M | 13F-HR |
| Q2 2024 | 14 | $262.6M | 13F-HR |
| Q1 2024 | 12 | $261.9M | 13F-HR |
| Q4 2023 | 12 | $228.7M | 13F-HR |
| Q3 2023 | 12 | $202.8M | 13F-HR |
| Q2 2023 | 12 | $209.8M | 13F-HR |
| Q1 2023 | 12 | $193.4M | 13F-HR |
| Q4 2022 | 12 | $185.9M | 13F-HR |
| Q3 2022 | 12 | $164.4M | 13F-HR |
| Q2 2022 | 12 | $170.2M | 13F-HR |
| Q1 2022 | 13 | $220.7M | 13F-HR |
| Q4 2021 | 13 | $217.6M | 13F-HR |
| Q3 2021 | 13 | $204.0M | 13F-HR |
| Q2 2021 | 13 | $213.2M | 13F-HR |
| Q1 2021 | 12 | $191.4M | 13F-HR |
| Q4 2020 | 12 | $171.4M | 13F-HR |
| Q3 2020 | 13 | $151.6M | 13F-HR |
| Q2 2020 | 13 | $137.3M | 13F-HR |
| Q1 2020 | 11 | $146.6M | 13F-HR |
| Q4 2019 | 12 | $217.3M | 13F-HR |
| Q3 2019 | 12 | $198.0M | 13F-HR |
| Q2 2019 | 11 | $193.2M | 13F-HR |
| Q1 2019 | 11 | $181.2M | 13F-HR |
| Q4 2018 | 14 | $177.7M | 13F-HR |
| Q3 2018 | 15 | $207.8M | 13F-HR |
| Q2 2018 | 17 | $212.5M | 13F-HR |
| Q1 2018 | 17 | $208.1M | 13F-HR |
| Q4 2017 | 17 | $208.8M | 13F-HR |
| Q3 2017 | 17 | $197.1M | 13F-HR |
| Q2 2017 | 17 | $163.8M | 13F-HR |
| Q1 2017 | 16 | $162.2M | 13F-HR |
| Q4 2016 | 16 | $149.2M | 13F-HR |
| Q3 2016 | 16 | $125.5M | 13F-HR |
| Q2 2016 * | 16 | $110.8M | 13F-HR |
| Q1 2016 * | 16 | $117.8M | 13F-HR 13F-HR/A |
| Q4 2015 * | 13 | $125.2M | 13F-HR |
| Q3 2015 * | 13 | $120.0M | 13F-HR |
| Q2 2015 * | 13 | $143.5M | 13F-HR |
| Q1 2015 * | 14 | $151.4M | 13F-HR |
| Q4 2014 * | 16 | $151.0M | 13F-HR |
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| BACBank of America Corp | Q4 2014 – Q4 2025 | 16% | — |
| MUMicron Technology Inc | Q3 2019 – Q4 2025 | 10% | — |
| SRGSeritage Growth Properties | Q1 2016 – Q4 2025 | 9% | Still filing with the SEC |
| BABAAlibaba Group Holding Ltd | Q2 2021 – Q4 2025 | 5% | — |
| WFCWells Fargo & Co | Q4 2014 – Q2 2021 | 5% | — |
| —Stellantis N.V. | Q4 2014 – Q4 2020 | 22% | Still filing with the SEC |
| GM.WS.BGeneral MOTORS-CW19 | Q4 2014 – Q1 2019 | 13% | No SEC record found |
| BAC.WS.ABank of America CORP-CW19 | Q4 2014 – Q1 2019 | 3% | No SEC record found |
| CCitigroup Inc | Q4 2014 – Q3 2018 | 4% | — |
| PKXPosco Holdings Inc | Q4 2014 – Q3 2018 | 3% | Still filing with the SEC |