Janus Henderson Investors US’s Biglari Holdings Class B BH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q1	$45.9M	Sell	159,290 -201	-0.1%	-$58.9K	0.04%	463
2016 Q4	$50.3M	Sell	159,491 -4,174	-3%	-$1.26M	0.04%	436
2016 Q3	$47.6M	Sell	163,665 -1,269	-0.8%	-$362K	0.04%	428
2016 Q2	$44.4M	Buy	164,934 +748	+0.5%	+$192K	0.04%	447
2016 Q1	$40.7M	Sell	164,186 -1,872	-1%	-$452K	0.04%	458
2015 Q4	$36.1M	Buy	166,058 +537	+0.3%	+$130K	0.03%	512
2015 Q3	$40.4M	Sell	165,521 -282	-0.2%	-$75.8K	0.04%	465
2015 Q2	$45.7M	Sell	165,803 -6,102	-4%	-$1.59M	0.04%	458
2015 Q1	$47.5M	Buy	171,905 +2,510	+1%	+$705K	0.04%	460
2014 Q4	$45.1M	Sell	169,395 -1,083	-0.6%	-$255K	0.04%	468
2014 Q3	$38.6M	Buy	170,478 +16,944	+11%	+$4.23M	0.04%	470
2014 Q2	$40.2M	Sell	153,534 -2,562	-2%	-$689K	0.04%	456
2014 Q1	$47.1M	Buy	156,096 +28,654	+22%	+$8.25M	0.04%	409
2013 Q4	$40M	Buy	127,442 +47,995	+60%	+$13.6M	0.04%	430
2013 Q3	$20.3M	Buy	79,447 +61,667	+347%	+$15.5M	0.02%	528
2013 Q2	$4.19M	Buy	+17,780	New	+$4.05M	﹤0.01%	735