Aquamarine Capital 13F, Q1 2025
Guy Spier · quarter ending 31 March 2025 · filed 18 July 2025 · SEC CIK 1953324
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRK/B | $74.88M | 25.5% | unchanged |
| AMERICAN EXPRESS CO | AXP | $56.50M | 19.2% | unchanged |
| MASTERCARD INCORPORATED | MA | $36.04M | 12.3% | unchanged |
| BANK AMERICA CORP | BAC | $32.04M | 10.9% | unchanged |
| BERKSHIRE HATHAWAY INC DEL | BRK/A | $23.95M | 8.2% | unchanged |
| FERRARI N V | $23.53M | 8.0% | unchanged | |
| MICRON TECHNOLOGY INC | MU | $17.38M | 5.9% | unchanged |
| MOODYS CORP | MCO | $12.57M | 4.3% | unchanged |
| ALIBABA GROUP HLDG LTD | BABA | $6.28M | 2.1% | unchanged |
| DAILY JOURNAL CORP | DJCO | $4.57M | 1.6% | unchanged |
| ALPHABET INC | GOOGL | $2.47M | 0.8% | unchanged |
| SERITAGE GROWTH PPTYS | SRG | $1.61M | 0.6% | unchanged |
| ALPHA METALLURGICAL RESOUR I | AMR | $1.00M | 0.3% | unchanged |
| CORE NATURAL RESOURCES INC | CNR | $828.0K | 0.3% | new |
What changed since Q4 2024
Against the Q4 2024 filing, Aquamarine Capital opened 1 new position, added to 0, trimmed 0, left 13 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CNR$828.0K
Exited
- ARCH RESOURCES INCwas $1.14M
Added to
No position was increased by more than 2%.
Trimmed
No position was cut by more than 2%.
Other quarters
Source: SEC Form 13F-HR, accession 0001953324-25-000005, filed by Aquamarine Zurich AG. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.