- Aquamarine Capital’s 13F portfolio increased from $149M to $162M during the quarter.
- The portfolio remained untouched during the quarter.
- Berkshire Hathaway at ~19% of the portfolio is the largest position.
Guy Spier’s Aquamarine Capital Portfolio value increased ~9% from $149M to $162M during the quarter. The portfolio is very concentrated with just 13 positions. The largest five positions are Berkshire Hathaway (BRK.A), Fiat Chrysler Auto (FCAU), American Express (AXP), General Motors Warrants (GM-WTB), and Bank of America (BAC) & WTS (BAC-WTA). They together add up to over two-thirds of the entire portfolio. Most of the top positions have remained steady in recent quarters. Below is a summary of recent activity:
1. Seritage Growth Properties (SRG): The 4.79% portfolio position in SRG had seen a one-third increase in Q2 2016 at prices between $43 and $57. The following quarter saw another ~80% further increase at prices between $44.50 and $51.37. The stock is now at $40.22. The position was established in Q1 2016 at prices between $38 and $51. For investors attempting to follow Spier, SRG is a good option to consider for further research.
2. Moody’s Corp (MCO): MCO is a small 1.73% of the portfolio stake established in Q1 2016 at prices between $79 and $100 and the stock is now at $117.
3. General Motors Warrants (GM-WTB): GM Warrants is a top-five position at 11% of the portfolio. The last significant activity was in Q1 2015 when the original stake saw a one-third increase.
Ferrari NV (RACE), a spinoff from Fiat Chrysler is another significant presence at ~9% of the portfolio. Fiat Chrysler shares returned almost 50% last quarter and that stake is now the second-largest at 13.46% of the portfolio.
Below is a spreadsheet that highlights the changes to the portfolio as of Q1 2017. Please check out our previous update to have an idea on how the portfolio is progressing:
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