Guy Spier’s Aquamarine Zurich AG reported an equity portfolio of approximately $148 million in the latest quarter, maintaining its hallmark concentrated, Buffett-inspired long-term investment approach. The portfolio is highly focused, with the top holdings representing virtually the entire portfolio, reflecting Spier’s preference for owning a small number of high-quality compounders held over long time horizons.

The latest filing shows meaningful trims in several core financial holdings and a full exit from a number of prior positions, suggesting portfolio simplification and further concentration into highest-conviction names.

Aquamarine continues to emphasize durable franchises, strong management, and businesses with…