Biglari Holdings Class A
BH.A
36 hedge funds and large institutions have $337M invested in Biglari Holdings Class A in 2025 Q4 according to their latest regulatory filings, with 7 funds opening new positions, 15 increasing their positions, 9 reducing their positions, and 9 closing their positions.
67% more repeat investments, than reductions
Existing positions increased: 15 | Existing positions reduced: 9
13% more capital invested
Capital invested by funds: $297M → $337M (+$39.8M)
0.62% more ownership
Funds ownership: 92.98% → 93.61% (+0.62%)
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
8% less funds holding
Funds holding: 39 → 36 (-3)
22% less first-time investments, than exits
New positions opened: 7 | Existing positions closed: 9
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TI
Trexquant Investment
Stamford,
Connecticut
|
+$1.9M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$1.36M |
| 3 |
BCC
Biglari Capital Corp
San Antonio,
Texas
|
+$1.32M |
| 4 |
Renaissance Technologies
New York
|
+$1.18M |
| 5 |
Point72 Asset Management
Stamford,
Connecticut
|
+$768K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$1.18M |
| 2 |
QT
Quantbot Technologies
New York
|
-$929K |
| 3 |
QC
Quadrature Capital
London,
United Kingdom
|
-$866K |
| 4 |
Vanguard Group
Malvern,
Pennsylvania
|
-$786K |
| 5 |
HF
HRT Financial
New York
|
-$615K |
BH.A Hedge Fund Activity: Q4 2025 in Review
36 of the 8,225 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class A (BH.A) for Q4 2025, worth a combined $337M — up 13% from $297M a quarter earlier.
Sellers outnumbered buyers: 9 funds closed out of BH.A and 7 opened new positions — a net loss of 2 holders — while 9 trimmed existing stakes and 15 added.
The largest buyer was Trexquant Investment, adding an estimated $1.9M. The largest seller was Qube Research & Technologies (QRT), cutting an estimated $1.18M.
- 36 institutional investors held Biglari Holdings Class A (BH.A) as of Q4 2025, down from 39 in Q3 2025.
- Funds reported $337M of Biglari Holdings Class A stock for Q4 2025, up 13% quarter-over-quarter.
- 7 funds opened new Biglari Holdings Class A positions in Q4 2025 and 9 closed out, a net change of -2 holders.
- The largest Biglari Holdings Class A buyer in Q4 2025 was Trexquant Investment, an estimated $1.9M added.
- The largest Biglari Holdings Class A seller in Q4 2025 was Qube Research & Technologies (QRT), an estimated $1.18M sold.
Based on aggregated 13F filings for Q4 2025.