| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.4% | 0% | 0% |
| 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 | - | Guy Spier closes Aquamarine Fund after 28 years due to brain cancer diagnosis, returning 11.3% in 2025. The fund delivered 9.4% annualized returns since inception, slightly outperforming the S&P 500. Portfolio positioned in durable compounders like Berkshire Hathaway and American Express, emphasizing quality businesses with predictable outcomes over binary investments. |
| Dec 31 2024 | 2024 Q4 | 1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE | brands, Compounding, long-term, Luxury, Quality, value |
RACE 1211.HK NESN.SW ISRG MC.PA |
Aquamarine Fund returned 18.6% in 2024, lagging the S&P 500's 25.0% but maintaining long-term outperformance since 1997. Spier focuses on powerhouse brands like Ferrari and share-repurchasing cannibals including American Express and Berkshire Hathaway. BYD's strong performance contrasts with Nestlé's commodity inflation headwinds. New positions in LVMH and The Economist Group reflect continued emphasis on generational wealth-building through quality franchises. |
| Dec 31 2023 | 2023 Q4 | 1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE | Compounding, India, long-term, Patience, Quality, value | - | Aquamarine Fund rebounded 18.7% in 2023 after a difficult 2022, but continues lagging the S&P 500 for six straight years due to avoiding mega-cap tech concentration. Manager Guy Spier maintains discipline in his quality-focused compounding strategy, holding concentrated positions in resilient businesses like Berkshire Hathaway and Mastercard while emphasizing survival over short-term performance chasing. |
| 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 |
DividendsThe fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the 'Dogs of the Dow' strategy. This systematic approach focuses on dividend yield as the primary selection criterion for equity investments. |
Dividend Yield Dogs of the Dow Income DJIA Systematic |
| 2024 Q4 |
LuxuryManager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors. |
Ferrari Hermès Brand Power Premium Pricing Customer Loyalty |
BuybacksManager describes key portfolio holdings as 'cannibals' - businesses with near-unassailable market positions that regularly repurchase their own shares. Notes that as long as the fund holds these stakes, fractional ownership edges up over time through share repurchases. |
Share Repurchases Capital Allocation Ownership Concentration | |
Electric VehiclesBYD surpassed Tesla in revenue for the first time and holds a technological lead in many areas. Despite this success, BYD trades at about 20 times earnings, a fraction of Tesla's valuation, presenting a compelling value opportunity in the EV space. |
BYD Tesla Valuation Technology Leadership | |
| 2023 Q4 |
CompoundingThe fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time. |
Long-term Patience Wealth building Sustainable returns Time horizon |
QualityThe portfolio is built around a concentrated selection of high-quality businesses that are deeply rooted in the global economy and difficult to displace. These companies are described as oak trees - strong, resilient, and capable of enduring under challenging conditions. |
Resilience Durability Economic moats Defensive Stability | |
IndiaThe fund has meaningful exposure to Indian investments including Indian Energy Exchange and CARE Ratings. The manager sees India as underrated by global rating agencies and believes local companies have significant growth potential. |
Emerging markets Credit ratings Energy exchange Regulatory Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 1, 2025 | Fund Letters | Aquamarine | NESN.SW | Nestlé S.A. | Consumer Staples | Packaged Foods & Meats | Bull | SIX Swiss Exchange | brand portfolio, Coffee, consumer staples, defensive, Distribution, Global Brands, Starbucks Partnership, Switzerland | Login |
| Jan 1, 2025 | Fund Letters | Aquamarine | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobile Manufacturers | Bull | HKEX | automotive, China, Electric Vehicles, Revenue Growth, technology, Tesla Competitor, Value | Login |
| Jan 1, 2025 | Fund Letters | Aquamarine | RACE | Ferrari N.V. | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | automotive, Brand Power, Exclusivity, Formula 1, global expansion, Luxury, premium, Racing | Login |
| Jan 1, 2025 | Fund Letters | Aquamarine | ISRG | Seritage Growth Properties | Real Estate | Retail REITs | Neutral | NYSE | Mixed-Use, Optionality, Real Estate, Redevelopment, REIT, retail, turnaround, Value | Login |
| Jan 1, 2025 | Fund Letters | Aquamarine | MC.PA | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | Euronext Paris | brand portfolio, Celebrity Partnerships, Europe, fashion, Formula 1, Luxury goods, Prestige, Scale Advantages | Login |
| 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 % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
