Aquamarine Capital Management, LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Concentration is the first item to inspect: top 5 100.00%, top 10 100.00%, top 20 100.00%. The largest names are AXP (American Express Company) 27.04%, MA (Mastercard Incorporated) 25.68%, BRK.A (Berkshire Hathaway Inc.) 25.47%, MCO (Moody's Corporation) 15.50%, and DJCO (Daily Journal Corporation) 6.31%, and the largest sector exposures are Financials 93.69%, and Information Technology 6.31%. If those exposures reverse, baseline performance can diverge sharply from a broad index.
The latest change list shows AXP unchanged to 27.04%; MA unchanged to 25.68%; BRK.A unchanged to 25.47%. Combined with top 5 100.00%, top 10 100.00%, top 20 100.00%, that tells the user whether the baseline is becoming more concentrated or simply refreshing existing exposure. For a static page, this is the best first check before deciding whether the raw disclosed book is still acceptable.
The strongest recent period was 2025-06-30 (18.84% strategy return, 4.20% benchmark, 14.64% excess, 5.92% turnover), while the weakest was 2025-12-31 (-3.36% strategy return, 9.57% benchmark, -12.93% excess, 73.93% turnover). Those periods should be read alongside baseline metrics of return 13.47%, alpha -1.15%, beta 1.15, Sharpe 0.64, Sortino 0.82, and max drawdown -48.36% to judge whether returns came from persistent exposure or a narrow timing window.