Guy Spier, a prominent value investor, has garnered respect and attention in the financial community through his thoughtful investment strategies and philosophical approach to capital management. At the helm of Aquamarine Capital, a firm he founded in 1997, Spier has crafted a portfolio that reflects his deep admiration for Warren Buffett and Benjamin Graham’s principles. Aquamarine Capital, much like Berkshire Hathaway, prioritizes long-term investments in undervalued companies with strong fundamentals, emphasizing ethical leadership and sustainaBle Business practices.
Under Spier’s leadership, Aquamarine has committed to a strategy that avoids the pitfalls of market speculation, focusing instead on acquiring substantial positions in a handful of companies. This approach allows the firm to benefit from the power of compounding, a cornerstone of Spier’s investment philosophy. The transparency and integrity with which he conducts his business have made him a revered figure among value investors, and his portfolio offers a compelling look at the efficacy of disciplined, principle-based investing.
Understanding 13F Filings and Data Sources
The insights into Guy Spier’s investment portfolio are derived from 13F filings. These filings are mandatory quarterly reports submitted by institutional investment managers with over $100 million in qualifying assets to the U.S. Securities and Exchange Commission (SEC). They provide a public snapshot of a manager’s equity holdings at quarter’s end, offering investors a glimpse into their strategies and allocations in U.S. stocks.
While these filings help demystify the portfolios of prominent investors like Guy Spier, they have limitations. For instance, they do not include non-U.S. stocks, bonds, or any other types of assets, nor do they account for the portfolio’s allocation changes within the quarter. Nonetheless, 13Fs are valuable tools for understanding investment trends, analyzing shifts in strategy, and observing how top investors like Spier navigate the equities market.
Q4 update for Guy Spier portfolio
In an unusual turn for the quarter, there were no new trades executed within the Aquamarine Capital portfolio. This period of inactivity may suggest a strategic holding pattern as the fund assesses market conditions or awaits more favorable investment opportunities. Such decisions align with Guy Spier’s investment philosophy, which emphasizes patience and a disciplined approach to buying and selling. The absence of trades highlights the fund’s commitment to long-term value creation, preferring to hold steady rather than pursue less certain gains.
How has Guy Spier Allocation Mix changed over time
This bar chart illustrates the sector allocation over time for Guy Spier’s Aquamarine Capital, across four consecutive quarters from Q4 2022 to Q4 2023. Here’s a summary of the chart:
- Finance (Green): This sector dominates the portfolio, consistently representing the majority of the allocation throughout the year, which underscores a strong focus on financial stocks.
- Information Technology (Red): This sector holds the second largest share of the portfolio, although it remains significantly smaller compared to finance, showing a stable yet modest investment in tech stocks.
- Communications (Blue), Real Estate (Light Blue), and Consumer Discretionary (Yellow): These sectors make up smaller portions of the portfolio. Their presence indicates a diversified investment approach but with less emphasis compared to the dominant sectors of finance and technology.
The consistent allocation across these sectors over the four quarters suggests a strategic steadiness in Spier’s investment choices, with a clear preference for financial services, complemented by investments in technology and a balanced spread across other key industries. This distribution reflects a calculated approach to sector exposure, likely aimed at optimizing returns while managing risk through diversification.
Guy Spier full portfolio as at Q4
| Stock | Sector | Shares Held or Principal Amt | Market Value | % of Portfolio | Rank |
|---|---|---|---|---|---|
| BRK.B | Finance | 140,600 | $63,731,000 | 22.16% | 1 |
| AXP | Finance | 210,000 | $62,326,000 | 21.67% | 2 |
| MA | Finance | 65,750 | $34,622,000 | 12.04% | 3 |
| BAC | Finance | 767,845 | $33,747,000 | 11.73% | 4 |
| RACE | Consumer Discretionary | 60,000 | $24,744,000 | 8.60% | 5 |
| BRK.A | Finance | 30 | $20,428,000 | 7.10% | 6 |
| MU | Information Technology | 200,000 | $16,832,000 | 5.85% | 7 |
| MCO | Finance | 27,000 | $12,781,000 | 4.44% | 8 |
| DJCO | Communications | 11,500 | $6,532,000 | 2.27% | 9 |
| BABA | Communications | 47,500 | $4,028,000 | 1.40% | 10 |
| GOOGL | Communications | 16,000 | $3,029,000 | 1.05% | 11 |
| SRG | Real Estate | 500,000 | $2,060,000 | 0.72% | 12 |
| AMR | Materials | 8,000 | $1,601,000 | 0.56% | 13 |
| ARCH | Energy | 8,100 | $1,144,000 | 0.40% | 14 |
Portfolio Overview of Aquamarine Capital
The table above delineates the strategic composition of Guy Spier’s Aquamarine Capital as of the latest quarter. Dominated by a strong emphasis on the finance sector, the portfolio reflects Spier’s penchant for robust, stable investments, as highlighted by significant stakes in financial giants like Berkshire Hathaway (both BRK.A and BRK.B), American Express, and Bank of America. These top holdings collectively encapsulate the bulk of the portfolio, emphasizing a concentrated investment strategy that prioritizes substantial, secure assets.
Further diversification is evidenced through selective investments in consumer discretionary, information technology, communications, real estate, materials, and energy sectors. Notable positions in companies such as Ferrari (RACE) and Micron Technology (MU) underscore an interest in high-potential companies outside the financial sector, balancing the portfolio with a mix of growth and stability.
Aquamarine’s investment choices reflect a meticulous selection process aimed at long-term value creation, mirroring Spier’s value investing philosophy which is heavily inspired by Warren Buffett’s principles. Each asset within the portfolio is not merely a financial investment but a testament to Spier’s confidence in the company’s management and future prospects.
Explore More Investor Portfolios
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- **Warren Buffett – Berkshire Hathaway:** Discover the enduring wisdom of Warren Buffett, whose value investing approach focuses on companies with strong fundamentals and long-term growth potential. His disciplined strategy has made Berkshire Hathaway a symbol of success in the investment world.
- **John Armitage – Egerton Capital:** Gain insights into John Armitage’s sharp investment acumen at Egerton Capital. Known for a selective and research-intensive approach, Armitage’s strategies offer lessons in active portfolio management and market analysis.
- **Michael Burry – Scion Asset Management:** Analyze the distinct investment style of Michael Burry, famous for his prediction of the 2008 financial crisis and his focus on undervalued and distressed securities.
These profiles provide a window into diverse investment styles and philosophies, offering lessons that can be applied across a range of investment scenarios. Whether you are looking to diversify your understanding or find inspiration for your own investments, these insights into top investors’ portfolios can provide valuable guidance.
What stocks are included in the Guy Spier portfolio?
The Guy Spier portfolio primarily consists of high-quality companies with strong fundamentals, such as Apple, Amazon, and Berkshire Hathaway, reflecting Spier’s value investing philosophy.
How does Guy Spier select stocks for his portfolio?
Guy Spier selects stocks for his portfolio by focusing on companies with durable competitive advantages, strong management teams, and reasonable valuations, while also considering long-term growth potential.
What is the investment strategy behind the Guy Spier portfolio?
The investment strategy behind the Guy Spier portfolio emphasizes a long-term buy-and-hold approach, prioritizing thorough research and analysis, as well as a deep understanding of the underlying businesses.