- Aquamarine Capital’s 13F portfolio increased from $111M to $125M during the quarter.
- Guy Spier continued building a position in Seritage Growth Properties.
- Berkshire Hathaway at ~21% of the portfolio is the largest position.
Guy Spier’s Aquamarine Capital Portfolio increased 13.20% from $111M to $125M during the quarter. The portfolio is very concentrated with just 13 positions. The largest five positions are Berkshire Hathaway (BRK.A), American Express (AXP), General Motors Warrants (GM-WTB), Fiat Chrysler Auto (FCAU), and Bank of America (BAC) & WTS (BAC-WTA). They together add up to around 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 7.27%
portfolio position in SRG had seen a one-third increase last quarter at prices
between $43 and $57. This quarter saw
another ~80% further increase at prices between $44.50 and $51.37. The stock is
now at $43.67. The position was established in Q1 2016 at prices between $38
and $51.
2. Moody’s Corp (MCO): MCO is a small 2.16%
of the portfolio stake established in Q1 2016 at prices between $79 and $100
and the stock is now at $98.06.
3. General Motors Warrants (GM-WTB): GM
Warrants is a top-three position at 11.04% of the portfolio. The last
significant activity was in Q1 2015 when the original stake saw a one-third
increase. For investors attempting to follow Spier, GM-WTB is a good option to
consider for further research.
Ferrari
NV (RACE), a spinoff from Fiat Chrysler is another large presence at 10.12% of
the portfolio.
Below
is a spreadsheet that highlights the changes to the portfolio as of Q3 2016.
Please check out our previous update to have an idea on how the
portfolio is progressing:
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