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Biglari Holdings Class B
BH

120 hedge funds and large institutions have $695M invested in Biglari Holdings Class B in 2013 Q4 according to their latest regulatory filings, with 15 funds opening new positions, 38 increasing their positions, 40 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

114% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 7

25% more capital invested

Capital invested by funds: $558M → $695M (+$137M)

5% more funds holding

Funds holding: 114 → 120 (+6)

0% more funds holding in top 10

Funds holding in top 10: 3 → 3 (0)

5% less repeat investments, than reductions

Existing positions increased: 38 | Existing positions reduced: 40

23.63% less ownership

Funds ownership: 152.47% → 128.85% (-24%)

Holders
120
Holders Change
+6
Holders Change %
+5.26%
% of All Funds
3.48%
Holding in Top 10
3
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.09%
New
15
Increased
38
Reduced
40
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
JHIU
Janus Henderson Investors US
Colorado
+$13.6M
2
AR
Advisory Research
Illinois
+$9.18M
3
Comerica Bank
Comerica Bank
Texas
+$2.59M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$2.36M
5
Invesco
Invesco
Georgia
+$1.85M

Top Sellers

Rank Fund Capital Flow
1
Allianz Asset Management
Allianz Asset Management
Germany
-$2.92M
2
Renaissance Technologies
Renaissance Technologies
New York
-$2.68M
3
Goldman Sachs
Goldman Sachs
New York
-$2.24M
4
BIT
BlackRock Institutional Trust
California
-$1.19M
5
CS
Credit Suisse
Switzerland
-$1.13M
Name Holding Trade Value Shares
Change 		Change in
Stake
SIC
26
Schwartz Investment Counsel
Michigan
$4.34M – – –
Geode Capital Management
27
Geode Capital Management
Massachusetts
$3.72M +$108K +383 +3%
Ameriprise
28
Ameriprise
Minnesota
$3.71M +$119K +422 +4%
FCM
29
Force Capital Management
New York
$3.69M +$93.2K +330 +3%
Janney Montgomery Scott
30
Janney Montgomery Scott
Pennsylvania
$3.54M -$75.7K -268 -2%
TCIM
31
TIAA CREF Investment Management
New York
$3.51M -$289K -1,024 -8%
First Trust Advisors
32
First Trust Advisors
Illinois
$3.37M +$1.37M +4,856 +82%
California Public Employees Retirement System
33
California Public Employees Retirement System
California
$3.3M -$34.7K -123 -1%
New York State Teachers Retirement System (NYSTRS)
34
New York State Teachers Retirement System (NYSTRS)
New York
$2.93M +$137K +485 +5%
BIM
35
BlackRock Investment Management
Delaware
$2.88M -$50.8K -180 -2%
SGAM
36
Steinberg Global Asset Management
Florida
$2.78M +$289K +1,025 +13%
Prudential Financial
37
Prudential Financial
New Jersey
$2.38M – – –
PPA
38
Parametric Portfolio Associates
Washington
$2.38M +$364K +1,290 +20%
New York State Common Retirement Fund
39
New York State Common Retirement Fund
New York
$2M – – –
Arrowstreet Capital
40
Arrowstreet Capital
Massachusetts
$2M +$1.8M +6,386 New
KCM
41
Kennedy Capital Management
Missouri
$1.91M +$1.72M +6,094 New
Goldman Sachs
42
Goldman Sachs
New York
$1.88M -$2.24M -7,934 -57%
Charles Schwab
43
Charles Schwab
California
$1.79M +$33K +117 +2%
Public Sector Pension Investment Board (PSP Investments)
44
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.76M -$45.5K -161 -3%
BG
45
BlackRock Group
United Kingdom
$1.75M +$89.8K +318 +6%
IFLIT
46
Investmentaktiengesellschaft Fuer Langfristige Investoren TGV
Germany
$1.56M – – –
PSUF
47
People's United Financial
Connecticut
$1.48M – – –
GC
48
Guggenheim Capital
Illinois
$1.44M +$742K +2,627 +134%
California State Teachers Retirement System (CalSTRS)
49
California State Teachers Retirement System (CalSTRS)
California
$1.36M +$45.5K +161 +4%
SCP
50
Seizert Capital Partners
Michigan
$1.27M +$45.7K +162 +4%
1
2
3 4 5

BH Hedge Fund Activity: Q4 2013 in Review

120 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2013, worth a combined $695M — up 25% from $558M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new BH positions and 7 closed out — a net gain of 8 holders — while 38 added to existing stakes and 40 trimmed.

The largest buyer was Janus Henderson Investors US, adding an estimated $13.6M. The largest seller was Allianz Asset Management, cutting an estimated $2.92M.

  • 120 institutional investors held Biglari Holdings Class B (BH) as of Q4 2013, up from 114 in Q3 2013.
  • Funds reported $695M of Biglari Holdings Class B stock for Q4 2013, up 25% quarter-over-quarter.
  • 15 funds opened new Biglari Holdings Class B positions in Q4 2013 and 7 closed out, a net change of +8 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2013 was Janus Henderson Investors US, an estimated $13.6M added.
  • The largest Biglari Holdings Class B seller in Q4 2013 was Allianz Asset Management, an estimated $2.92M sold.

Based on aggregated 13F filings for Q4 2013.