Two Sigma Advisers’s Biglari Holdings Class B BH Stock Holding History

Two Sigma Advisers’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
2025 Q4	–	Sell	-1,000	Closed	-$324K	–	2360
2025 Q3	$324K	Sell	1,000 -500	-33%	-$153K	﹤0.01%	1946
2025 Q2	$438K	Buy	+1,500	New	+$364K	﹤0.01%	1806
2024 Q2	–	Sell	-2,059	Closed	-$391K	–	2450
2024 Q1	$391K	Hold	2,059	–	–	﹤0.01%	1968
2023 Q4	$340K	Hold	2,059	–	–	﹤0.01%	2068
2023 Q3	$342K	Hold	2,059	–	–	﹤0.01%	1939
2023 Q2	$406K	Hold	2,059	–	–	﹤0.01%	1880
2023 Q1	$348K	Hold	2,059	–	–	﹤0.01%	2085
2022 Q4	$286K	Sell	2,059 -100	-5%	-$13.7K	﹤0.01%	2082
2022 Q3	$250K	Sell	2,159 -2,200	-50%	-$276K	﹤0.01%	2131
2022 Q2	$535K	Sell	4,359 -1,990	-31%	-$267K	﹤0.01%	1885
2022 Q1	$918K	Sell	6,349 -2,310	-27%	-$310K	﹤0.01%	1681
2021 Q4	$1.24M	Buy	8,659 +1,100	+15%	+$171K	﹤0.01%	1449
2021 Q3	$1.3M	Sell	7,559 -300	-4%	-$50.5K	﹤0.01%	1488
2021 Q2	$1.25M	Buy	+7,859	New	+$1.21M	﹤0.01%	1531
2016 Q4	–	Sell	-750	Closed	-$218K	–	2340
2016 Q3	$218K	Sell	750 -1,800	-71%	-$514K	﹤0.01%	2004
2016 Q2	$686K	Buy	+2,550	New	+$653K	﹤0.01%	1361

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 $5.72T AUM 30.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Arrowstreet Capital Boston, Massachusetts $185B AUM 39.58% 1-Year Est. Return

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

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

BCM

Bridgeway Capital Management Houston, Texas $4.97B AUM 44.96% 1-Year Est. Return

JP Morgan Chase New York $1.56T AUM 27.86% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Two Sigma Advisers's BH Position: Q4 2025 in Review

Two Sigma Advisers sold out of Biglari Holdings Class B (BH) in Q4 2025, closing a stake of 1,000 shares — an estimated $324K sold.

Two Sigma Advisers first reported a position in BH in Q2 2016 and held it in 16 quarters. The position peaked at $1.3M in Q3 2021. 107 funds tracked by Wall St. Rank hold BH as of Q4 2025.

Two Sigma Advisers reported no remaining Biglari Holdings Class B position as of Q4 2025 after selling out during the quarter.
Two Sigma Advisers sold 1,000 Biglari Holdings Class B shares in Q4 2025, an estimated $324K.
Two Sigma Advisers first reported a position in Biglari Holdings Class B in Q2 2016 and held it in 16 quarters.
Two Sigma Advisers's Biglari Holdings Class B position peaked at $1.3M in Q3 2021.
107 funds tracked by Wall St. Rank held Biglari Holdings Class B as of Q4 2025.

Based on Two Sigma Advisers's 13F filing for Q4 2025, filed 17 Feb 2026.