| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.4% | - | 11.3% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 11.3% | 18.6% | 18.7% | -21.0% | 23.8% | 11.3% |
Guy Spier announces the closure of Aquamarine Fund after 28 years, returning capital to investors due to his glioblastoma diagnosis. The fund returned 11.3% in 2025 versus 17.9% for the S&P 500, with 9.4% annualized returns since inception versus 9.2% for the S&P 500. Contributors included BYD, American Express, and Bank of America, while detractors were Ferrari, Indian Energy Exchange, and Exor. Cash increased to 50% of the $470 million AUM for orderly liquidation. Spier reflects on his investment journey, learning from masters like Buffett and Munger, with successes in brands, credit ratings, and insurance, but mistakes in resource extraction and missed opportunities in technology. Going forward, he emphasizes shifting toward durable compounders like Berkshire Hathaway, Mastercard, and Nestlé, moving away from binary outcomes toward time-friendly businesses where outcomes range from decent to superb with low permanent loss risk.
Focus on durable, time-friendly compounding businesses with predictable outcomes rather than binary investments, emphasizing quality companies that can consistently generate returns over time.
The manager expects to focus on durable, time-friendly compounders where time is our friend and outcomes range from decent to superb. He will exit binary outcome investments and concentrate on companies that can rinse, repeat, and grind through. This long-term, low-maintenance approach fits with his health situation.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 20 2026 | 2025 Q4 | 1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE | Compounding, global, Health, large cap, liquidation, Quality, value | - | The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very… |
| Dec 31 2024 | 2024 Q4 | 1211 HK, MV FP, NESN SW, RACE IM, SRG | - | - | - |
| Dec 31 2023 | 2023 Q4 | 1211 HK, AAPL, AMZN, AXP, BABA, BAC, BARK/A, CRISIL IN, GOOG, MA, META, MSFT, RACE IM, SRG | - | - | - |
| Dec 31 2022 | 2022 Q4 | 1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA | - | - | - |
| Dec 31 2021 | 2021 Q4 | 1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM | - | - | - |
| Dec 31 2020 | 2020 Q4 | 1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA | - | - | - |
| Dec 31 2019 | 2019 Q4 | AAPL, AIG, AMZN, BAM, BRK/A, JNJ, KKR, TOO, TSLA, WE | - | - | - |
| Dec 31 2018 | 2018 Q4 | AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA | - | - | - |
| Dec 31 2017 | 2017 Q4 | ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA | - | - | - |
| Dec 31 2016 | 2016 Q4 | AAPL, AMZN, BHC, COST, MCO, META, NFLX, TSLA | - | - | - |
| Dec 31 2015 | 2015 Q4 | ATGE, BRK/A, CHK, MSFT, NESN SW, RLS SP | - | - | - |
| Dec 31 2014 | 2014 Q4 | AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
QualityThe company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. |
Durable Advantages Management Quality Economic Moats Competitive Position |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 1211.HK | The contributors in returns in 2025 came from BYD Co Ltd, American Express Co, and Bank of America Corp. Similarly with BYD, the thesis is simple. It has the most integrated operations and lowest costs. Yes, there is currently a price war but that means that BYD can drive much-needed consolidation in China and perhaps beyond. Moreover, with its low-cost structure, BYD can choose to return the industry to profitability when it wants. |
| AXP | American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends. |
| BAC | BAC, JNJ, JPM, and XOM were held in Miller/Howard portfolios as of December 31, 2025. |
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
| EXO.MI | Decline in prices of holdings and widened discount to NAV. We have favoured Exor despite/because of the recent downturn in Ferrari shares, given the strong see-through publicly listed element of over 85% of the portfolio, allied to strong capital management. |
| IEX.NS | The main detractors were Ferrari NV, Indian Energy Exchange Ltd, and Exor NV. You can also expect me, over time, to exit investments where there is more of a binary outcome. Companies where outcomes are less certain, like India Energy Exchange, will likely be de-emphasized or removed. |
| MA | The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility |
| MC.PA | Top gainers among the Fund's holdings included LVMH (+24%) |
| MCO | Moody's Corporation represents 13.9% of company owned with cost basis of $248 million and market value of $12,603 million, providing $93 million in 2025 dividends. |
| NESN.SW | We see now as an opportune time to own a company that possesses world-leading brands in consumer categories we believe have a favourable growth outlook in the long run. Nestlé's comprehensive pricing architecture through umbrella brands Nescafé and Nespresso means the portfolio should be well-positioned to capture spending shifts up and down the price ladder. In pet foods, Nestlé also possesses category leaders in its Purina line. We see both coffee and pet care as attractive categories that are more experiential and less commoditised relative to other staples. Over recent quarters, Nestlé was able to deliver positive volume growth in coffee despite pushing through high-single-digit percentage price increases. Scale matters as Nestlé is the world's largest provider of packaged coffee and among the top pet food producers globally. |
| RACE | Our largest common stock holding is Ferrari. Over the last three years we have purchased 543,800 shares. At year-end, our investment in Ferrari was valued at $202.3 million. When we started purchasing shares in 2022, we were thinking about what the company would look like in two decades. Ferrari's vehicles will, of course, continue to change over the coming years, but we think the reasons people will choose the brand in the 2040s will be nearly the same as they are today. We believe Ferrari is one such company that has sustained its competitive edge. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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