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Biglari Holdings Class B
BH

114 hedge funds and large institutions have $558M invested in Biglari Holdings Class B in 2013 Q3 according to their latest regulatory filings, with 16 funds opening new positions, 68 increasing their positions, 29 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

300% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 4

134% more repeat investments, than reductions

Existing positions increased: 68 | Existing positions reduced: 29

29% more capital invested

Capital invested by funds: $431M → $558M (+$127M)

25% more ownership

Funds ownership: 127.48% → 152.47% (+25%)

11% more funds holding

Funds holding: 103 → 114 (+11)

0% more funds holding in top 10

Funds holding in top 10: 3 → 3 (0)

Holders
114
Holders Change
+11
Holders Change %
+10.68%
% of All Funds
3.7%
Holding in Top 10
3
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.1%
New
16
Increased
68
Reduced
29
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
AR
Advisory Research
Illinois
+$22.1M
2
JHIU
Janus Henderson Investors US
Colorado
+$15.5M
3
BFA
BlackRock Fund Advisors
California
+$5.86M
4
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$5.14M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$4.63M

Top Sellers

Rank Fund Capital Flow
1
OI
OBH Inc
Texas
-$84.4M
2
KIG
Kovitz Investment Group
Illinois
-$17.5M
3
GI
GAMCO Investors
Connecticut
-$5.59M
4
Renaissance Technologies
Renaissance Technologies
New York
-$2.32M
5
OAM
Oxford Asset Management
United Kingdom
-$1.82M
Name Holding Trade Value Shares
Change 		Change in
Stake
Goldman Sachs
26
Goldman Sachs
New York
$3.56M -$1.77M -7,051 -34%
SIC
27
Schwartz Investment Counsel
Michigan
$3.54M +$419K +1,664 +14%
Principal Financial Group
28
Principal Financial Group
Iowa
$3.3M +$470K +1,867 +17%
TCIM
29
TIAA CREF Investment Management
New York
$3.12M +$530K +2,106 +21%
Renaissance Technologies
30
Renaissance Technologies
New York
$3.04M -$2.32M -9,217 -44%
Janney Montgomery Scott
31
Janney Montgomery Scott
Pennsylvania
$2.95M +$2.91M +11,565 New
Geode Capital Management
32
Geode Capital Management
Massachusetts
$2.93M +$646K +2,568 +29%
FCM
33
Force Capital Management
New York
$2.92M +$2.88M +11,447 New
Ameriprise
34
Ameriprise
Minnesota
$2.92M +$260K +1,032 +10%
California Public Employees Retirement System
35
California Public Employees Retirement System
California
$2.65M +$475K +1,887 +22%
BIM
36
BlackRock Investment Management
Delaware
$2.39M +$260K +1,034 +12%
New York State Teachers Retirement System (NYSTRS)
37
New York State Teachers Retirement System (NYSTRS)
New York
$2.26M -$84.1K -334 -4%
SGAM
38
Steinberg Global Asset Management
Florida
$2M +$702K +2,788 +55%
CS
39
Credit Suisse
Switzerland
$1.99M +$1.48M +5,867 +306%
Prudential Financial
40
Prudential Financial
New Jersey
$1.94M -$608K -2,417 -24%
New York State Common Retirement Fund
41
New York State Common Retirement Fund
New York
$1.63M +$212K +844 +15%
PPA
42
Parametric Portfolio Associates
Washington
$1.61M +$93.4K +371 +6%
First Trust Advisors
43
First Trust Advisors
Illinois
$1.5M -$31.7K -126 -2%
Public Sector Pension Investment Board (PSP Investments)
44
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.48M +$457K +1,817 +46%
Charles Schwab
45
Charles Schwab
California
$1.44M +$165K +655 +13%
Morgan Stanley
46
Morgan Stanley
New York
$1.42M +$549K +2,181 +65%
BG
47
BlackRock Group
United Kingdom
$1.34M +$279K +1,108 +27%
IFLIT
48
Investmentaktiengesellschaft Fuer Langfristige Investoren TGV
Germany
$1.27M +$150K +597 +14%
PSUF
49
People's United Financial
Connecticut
$1.21M -$91.6K -364 -7%
California State Teachers Retirement System (CalSTRS)
50
California State Teachers Retirement System (CalSTRS)
California
$1.06M +$124K +493 +13%
1
2
3 4 5

BH Hedge Fund Activity: Q3 2013 in Review

114 of the 3,085 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q3 2013, worth a combined $558M — up 29% from $431M a quarter earlier.

Buyers outnumbered sellers: 16 funds opened new BH positions and 4 closed out — a net gain of 12 holders — while 68 added to existing stakes and 29 trimmed.

The largest buyer was Advisory Research, adding an estimated $22.1M. The largest seller was OBH Inc, exiting entirely with an estimated $84.4M sold.

  • 114 institutional investors held Biglari Holdings Class B (BH) as of Q3 2013, up from 103 in Q2 2013.
  • Funds reported $558M of Biglari Holdings Class B stock for Q3 2013, up 29% quarter-over-quarter.
  • 16 funds opened new Biglari Holdings Class B positions in Q3 2013 and 4 closed out, a net change of +12 holders.
  • The largest Biglari Holdings Class B buyer in Q3 2013 was Advisory Research, an estimated $22.1M added.
  • The largest Biglari Holdings Class B seller in Q3 2013 was OBH Inc, an estimated $84.4M sold.

Based on aggregated 13F filings for Q3 2013.