- 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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