- 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:
To learn more about how to profit from a strategy of cloning
hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy.
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