Biglari Capital portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
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.
Biglari Capital reported a $1.2 bn portfolio of 11 companies (12 positions, counting each share class separately) to the SEC as of the end of Q2 2026. Its largest positions are BH, RACE, LOCO.
Sections with a free account
What it reported after the quarter end (Q2 2026)
The 13F shows the portfolio as of Jun 30, 2026. Since then Biglari Capital has filed these own trades with the SEC (Form 4, when it owns more than 10% of a company or holds a role in it) and stakes above 5% (13D and 13G). It is not everything it did: only what it must report before the next 13F.
Form 4 · 321,429 shares · trades from Jul 1 to Oct 16 · filed Oct 20, 2026 · filing (latest of 8) ↗
What changed this quarter
4 positions with a change (2 added to, 2 trimmed). 2 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Biglari Holdings+3.9%more sharesIncreased50.3% → 52.5%
- Ferrari+19%more sharesIncreased10.6% → 10.8%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Biglari HoldingsBH · BH/A79.7%
- FerrariRACE10.8%
- EL Pollo LOCO HoldingsLOCO5.4%
- JACK In the BoxJACK2.2%
- WYNN ResortsWYNN1.2%
- CarmaxKMX0.6%
- Berkshire HathawayBRK/A0.1%
- Bausch Health CompaniesBHCunder 0.1%
- Cracker Barrel Old Country StoreCBRLunder 0.1%
- Taiwan Semiconductor ManufacturingTSMunder 0.1%
- Coca-ColaKOunder 0.1%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Consumer Discretionary 100%
How its portfolio changed (8 quarters)
Q2 2026: 12
Q2 2026: 100%
Q2 2026: 2.0%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 28, 2026 (high confidence).
The data, as reported: BIGLARI CAPITAL CORP. (CRD 115197): 7.B private funds: 2 hedge (gross assets $1.0 bn); 5.D assets by client type: pooled vehicles 100% (of $1.0 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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