Advisory Research’s Biglari Holdings Class B BH Stock Holding History

Advisory Research’s Portfolio BH Stock Details BH Fund Activity

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Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q3	–	Sell
2015 Q2	$19.5M	Buy
2015 Q1	$17.9M	Sell
2014 Q4	$39.9M	Sell
2014 Q3	$37.6M	Buy
2014 Q2	$41.3M	Sell
2014 Q1	$48.8M	Sell
2013 Q4	$52M	Buy
2013 Q3	$34M	Buy
2013 Q2	$10.7M	Buy