Aquamarine Financial (Cayman) Ltd: GERDAU SA (GGB): Quarterly 13F Position History
As of Q1 2026, Aquamarine Financial (Cayman) Ltd reported 16,726,171 shares of GERDAU SA (GGB), worth $60.4M and representing 4.4% of its 13F equity book. Quarter-over-quarter share count change: 2,800,000 (-14.3%) . The position first appeared in Q3 2025 and has been disclosed across 3 13F-HR filings in Pactolio's tracked window.
- 16,726,171Shares Held (Latest Filing)
- $60.4MReported Market Value (Latest Filing)
- 4.4%Portfolio Weight (% of 13F Equity Book)
- 2,800,000Quarter-over-Quarter Share Change
- -$11.7MQuarter-over-Quarter Value Change
- 19,526,171Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 3 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 16,726,171 | 2,800,000 | -14.3% | $60.4M | 4.4% | $3.6 |
| Q4 2025 | 19,526,171 | +1,724,943 | +9.7% | $72.1M | 5.9% | $3.7 |
| Q3 2025 | 17,801,228 | — | — | $55.2M | 5.7% | $3.1 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did Aquamarine Financial (Cayman) Ltd first disclose a GGB position in 13F-HR filings?
Aquamarine Financial (Cayman) Ltd first reported GERDAU SA (GGB) on its 13F-HR filing for the period ending 2025-09-30 (Q3 2025). The position has appeared on 3 reported quarters within Pactolio's tracked window.
What was Aquamarine Financial (Cayman) Ltd's most recent quarter-over-quarter share-count change in GGB?
Between Q4 2025 and Q1 2026, Aquamarine Financial (Cayman) Ltd reduced its GGB position by 2,800,000 shares (-14.3%), leaving 16,726,171 shares at a market value of $60.4M.
Does the implied price-per-share represent Aquamarine Financial (Cayman) Ltd's cost basis in GGB?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.