State of Wisconsin Investment Board’s Biglari Holdings Class B BH Stock Holding History

State of Wisconsin Investment Board’s Portfolio BH Stock Details BH Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-2,366	Closed	-$787K	–	2505
2025 Q4	$787K	Buy	2,366 +778	+49%	+$261K	﹤0.01%	1770
2025 Q3	$514K	Buy	+1,588	New	+$485K	﹤0.01%	1880
2025 Q2	–	Sell	-1,200	Closed	-$260K	–	2329
2025 Q1	$260K	Buy	+1,200	New	+$273K	﹤0.01%	2026
2022 Q2	–	Sell	-1,900	Closed	-$275K	–	2803
2022 Q1	$275K	Buy	1,900 +100	+6%	+$13.4K	﹤0.01%	2114
2021 Q4	$257K	Buy	1,800 +600	+50%	+$93K	﹤0.01%	2048
2021 Q3	$206K	Buy	+1,200	New	+$202K	﹤0.01%	2068

Other funds holding BH

BCC

Biglari Capital Corp San Antonio, Texas $929M AUM 39.8% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Marshall Wace London, United Kingdom $100B AUM 35.1% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

Qube Research & Technologies (QRT) London, United Kingdom $89.9B AUM 20.22% 1-Year Est. Return

Renaissance Technologies New York $63.9B AUM 45.56% 1-Year Est. Return

Trexquant Investment Stamford, Connecticut $13.9B AUM 31.98% 1-Year Est. Return

Invesco Atlanta, Georgia $1.02T AUM 30.18% 1-Year Est. Return

Jane Street New York $777B AUM 61.18% 1-Year Est. Return

State of Wisconsin Investment Board's BH Position: Q1 2026 in Review

State of Wisconsin Investment Board sold out of Biglari Holdings Class B (BH) in Q1 2026, closing a stake of 2,366 shares — an estimated $787K sold.

State of Wisconsin Investment Board first reported a position in BH in Q3 2021 and held it in 6 quarters. The position peaked at $787K in Q4 2025. 117 funds tracked by Wall St. Rank hold BH as of Q1 2026.

State of Wisconsin Investment Board reported no remaining Biglari Holdings Class B position as of Q1 2026 after selling out during the quarter.
State of Wisconsin Investment Board sold 2,366 Biglari Holdings Class B shares in Q1 2026, an estimated $787K.
State of Wisconsin Investment Board first reported a position in Biglari Holdings Class B in Q3 2021 and held it in 6 quarters.
State of Wisconsin Investment Board's Biglari Holdings Class B position peaked at $787K in Q4 2025.
117 funds tracked by Wall St. Rank held Biglari Holdings Class B as of Q1 2026.

Based on State of Wisconsin Investment Board's 13F filing for Q1 2026, filed 15 May 2026.