Aquamarine Zurich AG
Long book
$135.3M
Q1 2026
Positions
7
Top-10 weight
100%
concentration
Last quarter
+9.8%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsAquamarine Zurich AG is a concentrated fundamental stock-picker, specialised in financials (65% of the long book), running a $135.3M US long book across 7 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL B, BERKSHIRE HATHAWAY INC-CL A, MASTERCARD INC - A, AMERICAN EXPRESS CO, MOODY'S CORP.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.8%
Q2 2024
+9.1%
Q3 2024
+1.1%
Q4 2024
+2.9%
Q1 2025
+6.5%
Q2 2025
+7.7%
Q3 2025
+4.5%
Q4 2025
-9.1%
Q1 2026
+9.8%
Sector allocation
Financials 65%
Services media 23%
Industrials 7%
Other 4%
Long book by quarter
What does Aquamarine Zurich own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 97.6K | $46.8M | 34.6% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 30 | $21.5M | 15.9% | Held |
| MA MASTERCARD INC - A | Services media | 40.0K | $20.0M | 14.8% | Held |
| AXP AMERICAN EXPRESS CO | Financials | 65.0K | $19.7M | 14.5% | Held |
| MCO MOODY'S CORP | Services media | 27.0K | $11.8M | 8.7% | Held |
| RACE FERRARI NV | Industrials | 30.0K | $10.0M | 7.4% | Held |
| DJCO DAILY JOURNAL CORP | Other | 11.5K | $5.5M | 4.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 17, 2026 | 7 | $135.3M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 15, 2026 | 7 | $147.5M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 20, 2025 | 14 | $317.4M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Jul 18, 2025 | 14 | $309.8M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 16, 2025 | 14 | $310K | SEC ↗ | |
| Q1 2025 | 13F-HR/ARESTATEMENT | Jul 18, 2025 | 14 | $293.7M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 11, 2025 | 14 | $294K | SEC ↗ | |
| Q4 2024 | 13F-HR | Jan 24, 2025 | 14 | $287.6M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 16, 2024 | 14 | $285.6M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 11, 2024 | 14 | $262.6M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 18, 2024 | 12 | $261.9M | $K fixed canonical | SEC ↗ |