13F portfolio / Concentrated value
Aquamarine (Guy Spier)
Guy Spier
Aquamarine is the investment firm of Guy Spier, who is based in Zurich.
Spier is the author of The Education of a Value Investor.
- Reported 13F value
- $1.8B
- Positions
- 24
- Est. 1-yearEstimate
- +33.4%SPY +15.7%
- Est. 3-year, annualizedEstimate
- +32.1%SPY +22.8%
As of Jun 30, 2026 · filed Jul 10, 2026
Holdings
1 new · 9 added · 0 trimmed · 14 unchanged · 1 sold out
| 1 | BBD on Yahoo Finance (opens in a new tab) | Banco Bradesco S ASP ADR PFD NEW | 35.8% | $649M | 186,948,134 | Added +19.2% | $2.99 | $3.96 | +32.2% |
| 2 | YPF on Yahoo Finance (opens in a new tab) | YPF Sociedad AnonimaSPON ADR CL D | 31.2% | $566M | 12,444,948 | Added +37.9% | $35.16 | $51.69 | +47.0% |
| 3 | GGAL on Yahoo Finance (opens in a new tab) | Grupo Financiero Galicia S.ASPONSORED ADR | 9.7% | $176M | 3,515,564 | Added +48.9% | $44.15 | $35.74 | -19.1% |
| 4 | NU on Yahoo Finance (opens in a new tab) | Nu Hldgs LtdORD SHS CL A | 6.6% | $120M | 8,977,636 | Added +797.8% | $13.78 | $14.49 | +5.1% |
| 5 | BMA on Yahoo Finance (opens in a new tab) | Banco Macro S ASPON ADR B | 4.3% | $78M | 842,490 | Added +58.2% | $68.60 | $63.40 | -7.6% |
| 6 | GGB on Yahoo Finance (opens in a new tab) | Gerdau SASPON ADR REP PFD | 3.7% | $68M | 16,726,171 | Unchanged | $2.99 | $5.03 | +68.5% |
| 7 | BSBR on Yahoo Finance (opens in a new tab) | Banco Santander Brasil S AADS REP 1 UNIT | 3.0% | $55M | 10,394,184 | Added +5.9% | $5.01 | $5.55 | +10.8% |
| 8 | BBAR on Yahoo Finance (opens in a new tab) | Banco Bbva Argentina S ASPONSORED ADS | 1.8% | $33M | 1,701,078 | Added +37.7% | $14.65 | $12.69 | -13.3% |
| 9 | PGY on Yahoo Finance (opens in a new tab) | Pagaya Technologies LtdCL A NEW | 1.8% | $32M | 1,771,209 | New | $14.19 | $17.33 | +22.1% |
| 10 | ORMP on Yahoo Finance (opens in a new tab) | Oramed Pharmaceuticals IncCOM NEW | 0.7% | $12M | 2,512,175 | Added +18.9% | $2.44 | $4.03 | +65.3% |
| 11 | DRTS on Yahoo Finance (opens in a new tab) | Alpha Tau Medical LtdORDINARY SHARES | 0.5% | $9M | 721,501 | Unchanged | $7.06 | $12.07 | +71.0% |
| 12 | CSANY on Yahoo Finance (opens in a new tab) | Cosan S AADS | 0.3% | $6M | 2,096,904 | Unchanged | $4.62 | $3.85 | -16.6% |
| 13 | INVZ on Yahoo Finance (opens in a new tab) | Innoviz Technologies LtdSHS | 0.2% | $4M | 5,828,949 | Added +12.6% | $0.91 | $0.27 | -70.1% |
| 14 | PLSM on Yahoo Finance (opens in a new tab) | Pulsenmore LtdORD SHS | 0.1% | $2M | 338,541 | Unchanged | $4.97 | $1.73 | -65.2% |
| 15 | TGS on Yahoo Finance (opens in a new tab) | Transportadora De Gas Del SuSPONSORED ADS B | 0.0% | $883K | 29,696 | Unchanged | $25.87 | $26.15 | +1.1% |
| 16 | CEPU on Yahoo Finance (opens in a new tab) | Central Puerto S ASPONSORED ADR | 0.0% | $287K | 19,314 | Unchanged | $10.74 | $12.77 | +18.8% |
| 17 | BRK/B on Yahoo Finance (opens in a new tab) | Berkshire Hathaway Inc DelCL B NEW | 0.0% | $49K | 97,600 | Unchanged | $363.27* | $529.25 | +45.7% |
| 18 | BRK/A on Yahoo Finance (opens in a new tab) | Berkshire Hathaway Inc DelCL A | 0.0% | $22K | 30 | Unchanged | $551327.30* | $794223.56 | +44.1% |
| 19 | AXP on Yahoo Finance (opens in a new tab) | American Express CoCOM | 0.0% | $22K | 65,000 | Unchanged | $150.70* | $312.73 | +107.5% |
| 20 | MA on Yahoo Finance (opens in a new tab) | Mastercard IncorporatedCL A | 0.0% | $21K | 40,000 | Unchanged | $401.26* | $614.51 | +53.1% |
| 21 | VLN on Yahoo Finance (opens in a new tab) | Valens Semiconductor Ltd*W EXP 09/30/202 | 0.0% | $16K | 559,653 | Unchanged | $1.65 | $1.60 | -3.2% |
| 22 | MCO on Yahoo Finance (opens in a new tab) | Moody's CorpCOM | 0.0% | $12K | 27,000 | Unchanged | $325.40* | $481.11 | +47.9% |
| 23 | RACE on Yahoo Finance (opens in a new tab) | Ferrari N VCOM | 0.0% | $11K | 30,000 | Unchanged | $289.84* | $396.23 | +36.7% |
| 24 | DJCO on Yahoo Finance (opens in a new tab) | Daily Journal CorpCOM | 0.0% | $7K | 11,500 | Unchanged | $294.52* | $613.10 | +108.2% |
Sold out since Q1 2026
- —Proshares Tr II$28M at Q1 2026
Estimated, from reported holdings
Quarter by quarter
High-conviction buys (new positions at 3% or more of the portfolio) since Q3 2023: 4. Of 4 with six months of history, 100.0% beat the S&P 500 from the filing date.
Source: SEC Form 13F-HR 0001493152-26-037413 · 0001953324-26-000003, compared with the Q1 2026 report. 0 option rows are excluded from weights. Tickers map from CUSIP via OpenFIGI. Estimated returns weight each position’s next-quarter total return (Yahoo Finance adjusted closes) by its quarter-end value and assume no trades. Estimated cost averages daily adjusted closes in each quarter the share count rose, from Q3 2023 onward (* = held at the start of our data). Price is the latest close.
Important information
Form 13F data is delayed. Managers have up to 45 days after each calendar quarter to file, so holdings shown may have changed materially since the report date. 13F reports cover long positions in US-listed equities and certain other securities only; they exclude short positions, most non-US holdings, cash, bonds and private investments, and managers may request confidential treatment for some positions. Options rows are listed in filings but are not counted in the holdings and weights shown here.
Estimated holdings returns, estimated cost and high-conviction results are hypothetical calculations from quarter-end holdings and public prices, assuming no trades between reports. They are not the actual returns or costs of any fund or manager and do not reflect fees, trading, leverage, shorts or cash. Biographies are drawn from cited public sources. This page is for information only and is not individualized investment advice or a recommendation to buy or sell any security. Gulfstream Capital and its clients may hold positions in securities shown.