Aquamarine Capital · SEC Form 13F for Sep 30, 2026 · filed Nov 10, 2026
Guy Spier
$144 million in 7 stocks
Berkshire Hathaway (Class B) is 34% of it, and five stocks make up 87%. Against Q2 2026: no position opened, closed or changed by 20% or more.
What changed in Q3 2026
Change in shares since Q2 2026. Changes under 20% are in grey.
Opened0
None
Added to0
None
Trimmed0
None
Sold out0
None
The portfolio in one line
Each block is a holding, as wide as its share of the portfolio.
opened or added 20% or more trimmed 20% or more otherwise
7 matching positions
| Company | Weight | This quarter | Reported value | 8 quarters |
|---|---|---|---|---|
Berkshire Hathaway (Class B)BRK/BPosition detailsQuote on Yahoo Finance ↗ 97,600 reported shares · $497.54 per unit · $48,560,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 33.66% | No change | $49M | |
Berkshire Hathaway (Class A)BRK/APosition detailsQuote on Yahoo Finance ↗ 30 reported shares · $747000.00 per unit · $22,410,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 15.53% | No change | $22M | |
MastercardMAPosition detailsQuote on Yahoo Finance ↗ 40,000 reported shares · $551.48 per unit · $22,059,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 15.29% | No change | $22M | |
American ExpressAXPPosition detailsQuote on Yahoo Finance ↗ 65,000 reported shares · $304.11 per unit · $19,767,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 13.70% | No change | $20M | |
Moody’sMCOPosition detailsQuote on Yahoo Finance ↗ 27,000 reported shares · $454.15 per unit · $12,262,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 8.50% | No change | $12M | |
Ferrari N VRACEPosition detailsQuote on Yahoo Finance ↗ 30,000 reported shares · $392.47 per unit · $11,774,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 8.16% | No change | $12M | |
Daily Journal CorpDJCOPosition detailsQuote on Yahoo Finance ↗ 11,500 reported shares · $646.26 per unit · $7,432,000 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 5.15% | No change | $7M |
How to read this table
- Weight is a holding’s share of the reported portfolio, not of everything the manager runs.
- Price per unit is the reported value divided by the reported shares at quarter end.
- Some filings state dollar values in thousands. Those are shown here in dollars.
- Share changes compare two filings. They can reflect splits or corrections as well as trades.
- Every change is listed here. Across the site, an investor counts as adding or reducing only when the change is 20% or more, or a position is opened or closed.
- “N/A” means the two filings could not be compared, not that nothing changed.
- Filings do not show trade dates or reasons.
Source: SEC Form 13F for Sep 30, 2026, filed Nov 10, 2026 · Form 13F 0001953324-26-000004 ↗SEC filing index ↗ · A filing lists long US-listed positions at quarter end. It is not a live portfolio and gives no reasons for a change.
About Guy Spier
Aquamarine Fund began operations in June 1997. Its annual report describes the offshore vehicle within the investment partnership. Firm background ↗
In its portfolio for the quarter ended Sep 30, 2022, Aquamarine Capital’s largest reported positions included Berkshire Hathaway Inc Del, American Express Co, Bk of America Corp. Historical filing ↗
In the filing dated Jul 10, 2026, Aquamarine Capital reported as Aquamarine Zurich AG with an office in ZURICH. David Jud, COO/CFO, signed the filing. SEC cover page ↗
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