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Biglari Holdings (BH): which funds own it

Consumer Discretionary →Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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Sections with a free account

1 concentrated manager holds it; combined they have held more shares for 3 quarters in a row (1 added, 0 trimmed). Its median weight in those portfolios is 52.5%. 1 officer or director bought in 6 months.

Who owns Biglari Holdings?

Biglari, Sardar is listed on Form 4 filings as an owner of more than 10%. As of Jun 30, 2026, the largest holders of Class B reported on Form 13F were Biglari Capital (70.7% of Class B), Dimensional Fund Advisors (5.1%) and Two Sigma Investments (2.4%).

Which institutions hold the most Biglari Holdings shares?

Per Form 13F filings as of Jun 30, 2026, as a share of Class B:

  1. 1. Biglari Capital: 70.7%
  2. 2. Dimensional Fund Advisors: 5.1%
  3. 3. Two Sigma Investments: 2.4%
  4. 4. BlackRock: 2.2%
  5. 5. Wace, Llp Marshall: 1.5%
  6. 6. Renaissance Technologies: 1.4%
  7. 7. Vanguard Capital Management: 1.4%
  8. 8. Millennium Management: 1.3%
  9. 9. Geode Capital Management: 0.7%
  10. 10. Trexquant Investment: 0.7%

How much of Biglari Holdings do institutions own?

The 113 institutions that file 13F reported 95.8% of the Class B shares as of Jun 30, 2026.

Sources:All of the company's proxy statements on EDGAR ↗

13F percentages divide the shares each institution reports by the Class B shares outstanding on the cover of the company's latest report before the quarter end (May 6, 2026). Entities of the same group file separately and are not added up. We hold 13D and 13G filings made since December 2024: a holder above 5% that has not filed since then does not appear here.

Biglari Holdings revenue

Biglari Holdings reported annual revenue of $395.3 million for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).

Concentrated managers
1
All 13F: 113
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$426.03
+29.3% in the quarter · reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (1 → 1): 0 opened · 0 exited = 0

Net flow in the quarter: +$23.4M (+55 K shares) · bought $23.4M and sold $0Shares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

Accumulation: combined they have held more shares for 3 quarters in a row (1 added, 0 trimmed). It is the combined share count of those still holding it: one large buyer can outweigh many who trimmed.

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Largest holders of BH (all 13F filers)

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Fundamentals

12-month figures to Jun 30, 2026 · balance sheet as of Jun 30, 2026.

Profitability
Operating margin
—
Net margin
-7.3%
ROE
-5.5%
Growth
Revenue (TTM)
$406M
Revenue growth
7.5%
Net income (TTM)
$-29.7M
Balance sheet
Net debt / EBITDA
—
Free cash flow (TTM)
$50.3M
Quality vs sector
—

Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated

Earnings quality and debt

Operating cash flow ÷ net income (12 months)
no datanot calculated with negative net income
Interest coverage (operating income ÷ interest)
no data
Debt due within 12 months
$28.3M0.41 times cash and investments

From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.

Insiders (Form 4)

Officers and directors who bought (6 m)
1
Amount (6 m)
$14.1M
CEO/CFO bought (12 m)
Yes

10% owners who bought (6 m): 0

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

This list may be incomplete: we hold 13D and 13G filings made since December 2024. A holder above 5% that has not filed anything since then is not shown here.

No recent filings.

All material events (8-K)

Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.

Other Consumer Discretionary stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Consumer Discretionary →

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