---
title: Guy Spier (Aquamarine Financial (Cayman) Ltd) — 13F holdings
canonical: https://sweetvaluelab.com/investors/guy-spier
cik: 0002104187
quarter: 2026-06-30
filed: 2026-08-12
---
# Guy Spier — Aquamarine Financial (Cayman) Ltd

Latest 13F for the quarter ended Jun 30, 2026, filed Aug 12, 2026: 17 positions worth $1.8B. Against the quarter ended Mar 31, 2026: 1 bought, 9 added to, 7 unchanged, 0 reduced, 1 sold. The top five are 88% of the portfolio, the top ten 99%; 0 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| BBD | BANCO BRADESCO S A | 186,948,134 | $649.0M | 35.8% | added (+19%) |
| YPF | YPF SOCIEDAD ANONIMA | 12,444,948 | $565.9M | 31.2% | added (+38%) |
| GGAL | GRUPO FINANCIERO GALICIA S.A | 3,515,564 | $175.9M | 9.7% | added (+49%) |
| NU | NU HLDGS LTD | 8,977,636 | $119.9M | 6.6% | added (+798%) |
| BMA | BANCO MACRO S A | 842,490 | $78.0M | 4.3% | added (+58%) |
| GGB | GERDAU SA | 16,726,171 | $67.6M | 3.7% | held (0%) |
| BSBR | BANCO SANTANDER BRASIL S A | 10,394,184 | $54.6M | 3.0% | added (+6%) |
| BBAR | BANCO BBVA ARGENTINA S A | 1,701,078 | $33.4M | 1.8% | added (+38%) |
| PGY | PAGAYA TECHNOLOGIES LTD | 1,771,209 | $32.3M | 1.8% | bought |
| ORMP | ORAMED PHARMACEUTICALS INC | 2,512,175 | $12.1M | 0.7% | added (+19%) |
| DRTS | ALPHA TAU MEDICAL LTD | 721,501 | $9.1M | 0.5% | held (0%) |
| CSAN | COSAN S A | 2,096,904 | $6.0M | 0.3% | held (0%) |
| INVZ | INNOVIZ TECHNOLOGIES LTD | 5,828,949 | $4.4M | 0.2% | added (+13%) |
| PLSM | PULSENMORE LTD | 338,541 | $2.0M | 0.1% | held (0%) |
| TGS | TRANSPORTADORA DE GAS DEL SU | 29,696 | $882,862 | 0.0% | held (0%) |
| CEPU | CENTRAL PUERTO S A | 19,314 | $287,006 | 0.0% | held (0%) |
| — | VALENS SEMICONDUCTOR LTD | 559,653 | $15,670 | 0.0% | held (0%) |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| YPF | YPF SOCIEDAD ANONIMA | 12,444,948 | 9,026,675 | added (+38%) | +$155.4M | $565.9M |
| NU | NU HLDGS LTD | 8,977,636 | 1,000,000 | added (+798%) | +$106.6M | $119.9M |
| BBD | BANCO BRADESCO S A | 186,948,134 | 156,848,134 | added (+19%) | +$104.5M | $649.0M |
| GGAL | GRUPO FINANCIERO GALICIA S.A | 3,515,564 | 2,360,982 | added (+49%) | +$57.8M | $175.9M |
| PGY | PAGAYA TECHNOLOGIES LTD | 1,771,209 | 0 | bought | +$32.3M | $32.3M |
| BMA | BANCO MACRO S A | 842,490 | 532,490 | added (+58%) | +$28.7M | $78.0M |
| SCOUSD | PROSHARES TR II | 0 | 3,400,000 | sold | −$28.3M | $0 |

---

Source: https://sweetvaluelab.com/investors/guy-spier (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.