# Aquamarine: 13F portfolio, Q2 2026

Investment firm, Zurich.

Source: SEC Form 13F filed 2026-07-10 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1953324/000195332426000003/0001953324-26-000003-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/aquamarine
Updated: 2026-07-10 · Next filing due by 2026-11-14

## Summary
- Reported value: $144.1M (Q1 2026: $135.3M)
- Positions: 7 (Q1 2026: 7)
- Top 10 holdings: 100.0% of the portfolio
- This quarter: 0 new, 0 added to, 0 trimmed, 0 sold out

## What Aquamarine did in Q2 2026
Aquamarine opened no new positions, sold none outright and changed none by half or more. Berkshire Hathaway is still the largest holding, at 33.9% of the portfolio.

## Top 7 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Berkshire Hathaway | BRK-B | 33.9% | $48.8M | No change | Q3 2024 or earlier |
| 2 | Berkshire Hathaway | BRK-A | 15.6% | $22.5M | No change | Q3 2024 or earlier |
| 3 | American Express | AXP | 15.3% | $22.0M | No change | Q3 2024 or earlier |
| 4 | Mastercard | MA | 14.3% | $20.5M | No change | Q3 2024 or earlier |
| 5 | Moodys | MCO | 8.5% | $12.2M | No change | Q3 2024 or earlier |
| 6 | Ferrari | RACE | 7.7% | $11.1M | No change | Q3 2024 or earlier |
| 7 | Daily Journal | DJCO | 4.8% | $6.9M | No change | Q3 2024 or earlier |

## Other value investors
- Atlantic Investment Management: https://valuepeg.com/managers/atlantic-investment-management
- Baupost Group (Seth Klarman): https://valuepeg.com/managers/baupost-group
- Berkshire Hathaway (Warren Buffett): https://valuepeg.com/managers/berkshire-hathaway
- Brave Warrior Advisors: https://valuepeg.com/managers/brave-warrior-advisors
- Cantillon Capital Management: https://valuepeg.com/managers/cantillon-capital

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.