Aquamarine Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

A deep dive into the institutional data reveals a portfolio comprised of only seven distinct holdings. This level of concentration is extraordinary in the modern investment landscape, where many institutional managers feel compelled to diversify across dozens or even hundreds of positions to mitigate perceived risk or to satisfy institutional mandates. For Guy Spier and Aquamarine Capital, risk is not defined by volatility or a lack of diversification, but by the permanent loss of capital. By limiting the portfolio to a handful of high-conviction ideas, the institution signals a profound belief in its ability to identify businesses with durable competitive advantages—what Buffett famously termed "moats"—and to hold them for the long term.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most striking feature of the sector allocation is the overwhelming concentration in the Financials sector, which accounts for 88.50% of the total portfolio. When we combine the top three sectors—Financials, Consumer Discretionary, and Technology—we find that they represent 100% of the reported holdings. This 100% concentration in just three sectors indicates a highly focused investment strategy. The institution is not attempting to "track the market" or maintain a balanced exposure across all eleven GICS sectors. Instead, it is making a massive bet on the structural integrity and compounding potential of the financial infrastructure of the global economy.

The heavy weight in Financials points to a long-term optimism regarding the continued expansion of global trade and the persistence of the U.S. dollar-led financial system. The institution is betting on the "staying power" of established giants. The shift from "AI hardware" to "AI applications" or other tech-heavy themes is notably absent here; instead, the focus remains on the "software of money" and the "prestige of brand." This suggests a belief that while technology changes rapidly, the fundamental human behaviors around money, credit, and status remain remarkably constant.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

During this quarter, the number of shares held remained unchanged. However, the portfolio weight of the Class B shares increased from 33.25% to 34.57%, and the Class A shares increased from 15.35% to 15.92%. Since the share count was static, this weight increase was driven entirely by the relative outperformance of Berkshire’s stock price compared to the rest of the portfolio. This "passive appreciation" reinforces the stock's role as the portfolio's primary engine of growth and stability.

The portfolio construction logic across all seven holdings is remarkably consistent. The institution favors large-cap (and some mid-cap) companies with dominant market positions, high returns on invested capital, and exceptional management teams. The portfolio is designed to be "antifragile," with businesses that can not only survive but thrive in the face of economic uncertainty. The lack of any trading activity this quarter underscores a "buy and hold" philosophy that is rare in the institutional world.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The fact that no new stocks were added suggests that the institution did not find any new opportunities that met its stringent criteria for quality and valuation during the quarter. In a market that may be characterized by high valuations or extreme uncertainty, the most prudent move for a value investor is often to do nothing. This "strategic inertia" protects the portfolio from the risks of over-paying for growth or venturing into businesses that lack a durable moat.

Since there were no additions, we can look at the existing clustering to understand the institution's ongoing offensive logic. The portfolio remains heavily concentrated in the "Financial Infrastructure" theme. The institution is already "all-in" on the future of global payments and capital allocation. The lack of new buys in other sectors—such as the high-flying AI technology sector or the volatile energy sector—indicates a refusal to chase trends. The institution is content with its current "offensive" lineup, believing that the compounding power of its seven existing stocks is superior to any new opportunities currently available in the market.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

Guy Spier has often spoken about the "Checklist" he uses to avoid making mistakes. One of the biggest mistakes a value investor can make is selling a "great" company too early just because the price has gone up or because of short-term macro concerns. The lack of selling activity this quarter suggests that none of the seven holdings have reached a level of overvaluation that would trigger a sale, nor have any of them experienced a fundamental breakdown in their business model.

In many institutional portfolios, "selling A to buy B" is a common theme. This quarter, Aquamarine Capital saw no such rotation. This implies that the manager does not see a need to "optimize" the portfolio at the margins. The current allocation is viewed as the "optimal" allocation. This lack of capital flow indicates a state of "strategic equilibrium." The institution is not retreating from any sectors, nor is it taking profits to move into "defensive" cash. It is fully invested in its chosen themes.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Conviction Over Diversification : With only seven stocks, the institution demonstrates that true risk management comes from a deep understanding of a few businesses rather than a superficial understanding of many. This "high-conviction" model is only possible when the underlying businesses are of the highest quality. 3. Passive Rebalancing : The only changes in the portfolio this quarter were the weights of the holdings, which shifted based on market price movements. This "passive rebalancing" allows the winners to grow and become a larger part of the portfolio naturally. For example, Berkshire Hathaway’s weight increased simply because it outperformed, further cementing its role as the portfolio’s anchor. 4. Reference Value for Investors : For the individual investor, the insight here is the value of "doing nothing." In an era of zero-commission trading and 24/7 financial news, the hardest thing to do is to sit still. Aquamarine Capital provides a professional template for how "inactivity" can be a deliberate and successful investment strategy.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.