# Aquamarine Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2022 on Form 13F. CIK 1404599. Source: https://holderbook.com/funds/1404599-aquamarine-capital-management-llc/

- Reported value: $170.2M
- Positions: 12
- Weight of the ten largest: 97.4%
- Filed: 2022-08-02

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $38.4M | 140,600 | 22.6% | 15 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $29.1M | 210,000 | 17.1% | 15 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $23.9M | 767,845 | 14.0% | 15 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $20.7M | 65,750 | 12.2% | 15 |
| FERRARI N V | [RACE](https://holderbook.com/stocks/RACE/) | $14.7M | 80,000 | 8.6% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $12.3M | 30 | 7.2% | 15 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $11.1M | 200,000 | 6.5% | 12 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $7.3M | 27,000 | 4.3% | 15 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $5.4M | 47,500 | 3.2% | 5 |
| DAILY JOURNAL CORP | [DJCO](https://holderbook.com/stocks/DJCO/) | $3.0M | 11,500 | 1.7% | 5 |
| SERITAGE GROWTH PPTYS | [SRG](https://holderbook.com/stocks/SRG/) | $2.6M | 500,000 | 1.5% | 15 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.7M | 800 | 1.0% | 9 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2022 | -22.3% | -16.5% | -5.8% | 100% |
| Q1 2022 | +1.4% | -4.9% | +6.3% | 100% |
| Q4 2021 | +6.7% | +10.7% | -4.0% | 100% |
| Q3 2021 | -4.3% | +0.3% | -4.6% | 100% |
| Q2 2021 | +7.3% | +8.0% | -0.7% | 100% |
| Q1 2021 | +11.7% | +6.0% | +5.7% | 100% |
| Q4 2020 | +18.1% | +11.6% | +6.5% | 100% |
| Q3 2020 | +10.3% | +8.6% | +1.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2022 | $170.2M | 12 |
| Q1 2022 | $220.7M | 13 |
| Q4 2021 | $217.6M | 13 |
| Q3 2021 | $204.0M | 13 |
| Q2 2021 | $213.2M | 13 |
| Q1 2021 | $191.4M | 12 |
| Q4 2020 | $171.4M | 12 |
| Q3 2020 | $151.6M | 13 |
| Q2 2020 | $137.3M | 13 |
| Q1 2020 | $146.6M | 11 |
| Q4 2019 | $217.3M | 12 |
| Q3 2019 | $198.0M | 12 |