Tracking Guy Spier's Aquamarine Capital Portfolio – Q2 2017 Update

• Aquamarine Capital’s 13F portfolio increased from $162M to $164M during the quarter.
• Seritage Growth Properties stake was reduced while adding Terraform Power. 
• Berkshire Hathaway at ~19% of the portfolio is the largest position.

Guy Spier’s Aquamarine Capital Portfolio value increased marginally from $162M to $164M during the quarter. The portfolio is very concentrated with just 14 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), Fiat Chrysler Auto (FCAU), Bank of America (BAC) & WTS (BAC-WTA), and General Motors Warrants (GM-WTB). 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 1.12% 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 $47.56. The position was established in Q1 2016 at prices between $38 and $51. This quarter saw a ~75% selling at prices between $38.50 and $44.

2. 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 ~11% of the portfolio.

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2017. Please check out our previous update to have an idea on how the portfolio is progressing:

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