Guy Spier
Portfolio value$1.8B
Positions17
QuarterQ2 2026ended 2026-06-30
Filed08/122026
Aquamarine Financial (Cayman) Ltd's Q2 2026 13F, filed Aug 12, 2026, reports 17 positions worth $1.8B. The ten largest are 98.7% of the book, led by Banco Bradesco S A at 35.8%, Ypf Sociedad Anonima at 31.2% and Grupo Financiero Galicia S.A at 9.7%. Against Q1 2026: 1 bought, 9 added to, 0 reduced, 1 sold; the largest moves were added Ypf Sociedad Anonima (+38%) and added Nu Hldgs Ltd (+798%).
Where the money is
BBDYPFGGALNUBMA
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| BBD | Banco Bradesco S A | 35.8% | $649.0M186.9M sh | 3.47 | — | added +19% |
| YPF | Ypf Sociedad Anonima | 31.2% | $565.9M12.4M sh | 45.47 | — | added +38% |
| GGAL | Grupo Financiero Galicia S.a | 9.7% | $175.9M3.5M sh | 50.03 | — | added +49% |
| NU | Nu Hldgs LTD | 6.6% | $119.9M9.0M sh | 13.36 | — | added +798% |
| BMA | Banco Macro S A | 4.3% | $78.0M842,490 sh | 92.59 | — | added +58% |
| GGB | Gerdau SA | 3.7% | $67.6M16.7M sh | 4.04 | — | held |
| BSBR | Banco Santander Brasil S A | 3.0% | $54.6M10.4M sh | 5.25 | — | added +6% |
| BBAR | Banco Bbva Argentina S A | 1.8% | $33.4M1.7M sh | 19.61 | — | added +38% |
| PGY | Pagaya Technologies LTD | 1.8% | $32.3M1.8M sh | 18.25 | — | bought |
| ORMP | Oramed Pharmaceuticals INC | 0.7% | $12.1M2.5M sh | 4.81 | — | added +19% |
| DRTS | Alpha Tau Medical LTD | 0.5% | $9.1M721,501 sh | 12.58 | — | held |
| CSAN | Cosan S A | 0.3% | $6.0M2.1M sh | 2.88 | — | held |
| INVZ | Innoviz Technologies LTD | 0.2% | $4.4M5.8M sh | 0.76 | — | added +13% |
| PLSM | Pulsenmore LTD | 0.1% | $2.0M338,541 sh | 5.77 | — | held |
| TGS | Transportadora de Gas Del Su | 0.0% | $882,86229,696 sh | 29.73 | — | held |
| CEPU | Central Puerto S A | 0.0% | $287,00619,314 sh | 14.86 | — | held |
| — | Valens Semiconductor LTDCUSIP M9607U107 | 0.0% | $15,670559,653 sh | 0.03 | — | held |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.