Acquirersmultiple·2025-10-27 01:00Core Insights - Aquamarine Zurich AG's portfolio is valued at $317.37 million, with the top five holdings making up 77.64% of total assets [1][7] Top Holdings - Berkshire Hathaway Inc. (CL B) constitutes 22.27% of the portfolio, valued at $70.68 million, reflecting Spier's admiration for Buffett's capital allocation [2] - American Express (AXP) accounts for 21.98% of the portfolio, valued at $69.75 million, highlighting Spier's preference for strong brands and high-return business models [3] - Bank of America Corp (BAC) represents 12.48% of the portfolio, valued at $39.61 million, indicating confidence in the bank's long-term earnings power [4] - Mastercard Inc. (MA) makes up 11.78% of the portfolio, valued at $37.39 million, showcasing Spier's focus on high-margin businesses in the digital payments space [5] - Ferrari N.V. (RACE) rounds out the top five with 9.13% of the portfolio, valued at $28.98 million, reflecting Spier's strategy of investing in businesses with pricing power and exclusivity [6] Other Holdings - Smaller positions include Micron Technology (MU) at 4.22%, Moody's Corp (MCO) at 4.05%, and Alibaba Group (BABA) at 2.68%, with a notable 60% reduction in Micron Technology shares [6]