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Biglari Holdings Class B
BH

121 hedge funds and large institutions have $580M invested in Biglari Holdings Class B in 2014 Q2 according to their latest regulatory filings, with 10 funds opening new positions, 29 increasing their positions, 47 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

43% more first-time investments, than exits

New positions opened: 10 | Existing positions closed: 7

3% more funds holding

Funds holding: 118 → 121 (+3)

0% more funds holding in top 10

Funds holding in top 10: 3 → 3 (0)

5.49% less ownership

Funds ownership: 134.25% → 128.76% (-5.5%)

16% less capital invested

Capital invested by funds: $690M → $580M (-$110M)

38% less repeat investments, than reductions

Existing positions increased: 29 | Existing positions reduced: 47

Holders
121
Holders Change
+3
Holders Change %
+2.54%
% 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
10
Increased
29
Reduced
47
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Norges Bank
Norges Bank
Norway
+$6.64M
2
SCP
Seizert Capital Partners
Michigan
+$4.83M
3
ESBC
E.S. Barr & Co
Kentucky
+$1.08M
4
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$745K
5
ARC
Absolute Return Capital
Massachusetts
+$556K

Top Sellers

Rank Fund Capital Flow
1
KIG
Kovitz Investment Group
Illinois
-$21.4M
2
AQR Capital Management
AQR Capital Management
Connecticut
-$2.52M
3
BFA
BlackRock Fund Advisors
California
-$2.48M
4
JP Morgan Chase
JP Morgan Chase
New York
-$2.26M
5
AR
Advisory Research
Illinois
-$1.11M
Name Holding Trade Value Shares
Change 		Change in
Stake
Geode Capital Management
26
Geode Capital Management
Massachusetts
$3.37M +$23.4K +87 +0.7%
Ameriprise
27
Ameriprise
Minnesota
$3.22M +$84.2K +313 +3%
Janney Montgomery Scott
28
Janney Montgomery Scott
Pennsylvania
$3.02M +$215K +801 +7%
FCM
29
Force Capital Management
New York
$2.99M -$2.96K -11 -0.1%
SGAM
30
Steinberg Global Asset Management
Florida
$2.84M +$389K +1,446 +15%
TCIM
31
TIAA CREF Investment Management
New York
$2.79M -$66.4K -247 -2%
First Trust Advisors
32
First Trust Advisors
Illinois
$2.69M -$328K -1,221 -11%
California Public Employees Retirement System
33
California Public Employees Retirement System
California
$2.47M -$43.3K -161 -2%
Arrowstreet Capital
34
Arrowstreet Capital
Massachusetts
$2.4M -$925K -3,439 -27%
BIM
35
BlackRock Investment Management
Delaware
$2.36M -$72.6K -270 -3%
New York State Teachers Retirement System (NYSTRS)
36
New York State Teachers Retirement System (NYSTRS)
New York
$2.36M -$87.2K -324 -3%
PPA
37
Parametric Portfolio Associates
Washington
$2.14M +$23.7K +88 +1%
Prudential Financial
38
Prudential Financial
New Jersey
$2.04M +$70.7K +263 +3%
New York State Common Retirement Fund
39
New York State Common Retirement Fund
New York
$1.67M – – –
Charles Schwab
40
Charles Schwab
California
$1.6M -$6.99K -26 -0.4%
Morgan Stanley
41
Morgan Stanley
New York
$1.56M -$498K -1,850 -24%
AQR Capital Management
42
AQR Capital Management
Connecticut
$1.48M -$2.52M -9,354 -62%
Public Sector Pension Investment Board (PSP Investments)
43
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.33M +$69.1K +257 +5%
IFLIT
44
Investmentaktiengesellschaft Fuer Langfristige Investoren TGV
Germany
$1.3M – – –
PSUF
45
People's United Financial
Connecticut
$1.24M – – –
California State Teachers Retirement System (CalSTRS)
46
California State Teachers Retirement System (CalSTRS)
California
$1.13M – – –
GC
47
Guggenheim Capital
Illinois
$1.1M -$116K -432 -9%
AllianceBernstein
48
AllianceBernstein
Tennessee
$884K -$1.08K -4 -0.1%
RhumbLine Advisers
49
RhumbLine Advisers
Massachusetts
$852K -$40.4K -150 -4%
TA
50
Teachers Advisors
New York
$846K -$44.4K -165 -5%
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BH Hedge Fund Activity: Q2 2014 in Review

121 of the 3,479 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q2 2014, worth a combined $580M — down 16% from $690M a quarter earlier.

Buyers outnumbered sellers: 10 funds opened new BH positions and 7 closed out — a net gain of 3 holders — while 29 added to existing stakes and 47 trimmed.

The largest buyer was Norges Bank, adding an estimated $6.64M. The largest seller was Kovitz Investment Group, exiting entirely with an estimated $21.4M sold.

  • 121 institutional investors held Biglari Holdings Class B (BH) as of Q2 2014, up from 118 in Q1 2014.
  • Funds reported $580M of Biglari Holdings Class B stock for Q2 2014, down 16% quarter-over-quarter.
  • 10 funds opened new Biglari Holdings Class B positions in Q2 2014 and 7 closed out, a net change of +3 holders.
  • The largest Biglari Holdings Class B buyer in Q2 2014 was Norges Bank, an estimated $6.64M added.
  • The largest Biglari Holdings Class B seller in Q2 2014 was Kovitz Investment Group, an estimated $21.4M sold.

Based on aggregated 13F filings for Q2 2014.