Tracking Guy Spier's Aquamarine Capital Portfolio – Q4 2018 Update

• Aquamarine Capital’s 13F portfolio value decreased from $208M to $178M.
• They increased Seritage Growth Properties during the quarter.
• Berkshire Hathaway and Fiat Chrysler are the largest two positions. 

Guy Spier’s Aquamarine Capital Portfolio value decreased ~15% from $208M to $178M during the quarter. The portfolio is very concentrated with just 12 positions. The largest five positions are Berkshire Hathaway (BRK.A), Fiat Chrysler Auto (FCAU), American Express (AXP), Ferrari NV (RACE), and Bank of America (BAC). They together add up to ~71% of the entire portfolio. Most of the top positions have remained steady in recent quarters.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2018. Please check out our previous update to have an idea on how the portfolio is progressing:

Note: The reduction in Wells Fargo stake is due to 110K shares in TARP-Warrants that expired during the quarter. The common position was increased by one-third.

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.    

Tracking Thomas Gayner's Markel Portfolio – Q4 2018 Update

•         Gayner’s portfolio decreased from $5.93B to $5.23B during the quarter.
•          Markel increased Rollins while reducing UnitedHealth during the quarter.
•          Berkshire Hathaway at ~12% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value decreased ~12% from $5.93B to $5.23B during the quarter. The portfolio continues to have around 100 different positions although only around 50 are significantly large (more than 0.5% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A) (BRK.B), CarMax Corporation (KMX), Brookfield Asset Management (BAM), Walt Disney (DIS), and Diageo plc (DEO).

Markel Corporation (MKL) is currently trading at around 1.5-times Book Value (BV) at $1020 per share - BV is around $700.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2018. 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.