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Biglari Holdings Class B
BH

122 hedge funds and large institutions have $541M invested in Biglari Holdings Class B in 2014 Q3 according to their latest regulatory filings, with 11 funds opening new positions, 75 increasing their positions, 31 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

142% more repeat investments, than reductions

Existing positions increased: 75 | Existing positions reduced: 31

10% more first-time investments, than exits

New positions opened: 11 | Existing positions closed: 10

1% more funds holding

Funds holding: 121 → 122 (+1)

7% less capital invested

Capital invested by funds: $580M → $541M (-$39.2M)

13.07% less ownership

Funds ownership: 128.76% → 115.68% (-13%)

33% less funds holding in top 10

Funds holding in top 10: 3 → 2 (-1)

Holders
122
Holders Change
+1
Holders Change %
+0.83%
% of All Funds
3.54%
Holding in Top 10
2
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-33.33%
% of All Funds
0.06%
New
11
Increased
75
Reduced
31
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BCC
Biglari Capital Corp
Texas
+$12.8M
2
Vanguard Group
Vanguard Group
Pennsylvania
+$5.14M
3
RJA
Raymond James & Associates
Florida
+$4.31M
4
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$4.25M
5
JHIU
Janus Henderson Investors US
Colorado
+$4.23M

Top Sellers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
-$8.4M
2
Norges Bank
Norges Bank
Norway
-$5.59M
3
Invesco
Invesco
Georgia
-$4.21M
4
PPA
Parametric Portfolio Associates
Washington
-$2.14M
5
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$1.84M
Name Holding Trade Value Shares
Change 		Change in
Stake
Principal Financial Group
26
Principal Financial Group
Iowa
$3.5M +$270K +1,079 +7%
FCM
27
Force Capital Management
New York
$2.92M +$362K +1,449 +13%
SGAM
28
Steinberg Global Asset Management
Florida
$2.86M +$442K +1,768 +16%
Ameriprise
29
Ameriprise
Minnesota
$2.77M -$26.5K -106 -0.9%
Janney Montgomery Scott
30
Janney Montgomery Scott
Pennsylvania
$2.64M +$26.7K +107 +0.9%
TCIM
31
TIAA CREF Investment Management
New York
$2.61M +$215K +860 +8%
First Trust Advisors
32
First Trust Advisors
Illinois
$2.43M +$115K +462 +4%
California Public Employees Retirement System
33
California Public Employees Retirement System
California
$2.33M +$215K +861 +9%
BIM
34
BlackRock Investment Management
Delaware
$2.29M +$275K +1,100 +12%
JP Morgan Chase
35
JP Morgan Chase
New York
$2.24M -$8.4M -33,620 -77%
New York State Teachers Retirement System (NYSTRS)
36
New York State Teachers Retirement System (NYSTRS)
New York
$1.94M -$112K -450 -5%
Invesco
37
Invesco
Georgia
$1.65M -$4.21M -16,847 -70%
Prudential Financial
38
Prudential Financial
New Jersey
$1.6M -$180K -721 -9%
Charles Schwab
39
Charles Schwab
California
$1.57M +$210K +841 +14%
Morgan Stanley
40
Morgan Stanley
New York
$1.47M +$138K +552 +9%
Arrowstreet Capital
41
Arrowstreet Capital
Massachusetts
$1.42M -$725K -2,900 -32%
Marshall Wace
42
Marshall Wace
United Kingdom
$1.36M +$1.5M +6,000 New
CS
43
Credit Suisse
Switzerland
$1.32M +$835K +3,342 +134%
New York State Common Retirement Fund
44
New York State Common Retirement Fund
New York
$1.26M -$209K -836 -13%
PSUF
45
People's United Financial
Connecticut
$1.21M +$150K +601 +13%
Public Sector Pension Investment Board (PSP Investments)
46
Public Sector Pension Investment Board (PSP Investments)
Quebec, Canada
$1.1M -$53K -212 -4%
California State Teachers Retirement System (CalSTRS)
47
California State Teachers Retirement System (CalSTRS)
California
$1.1M +$130K +521 +12%
GC
48
Guggenheim Capital
Illinois
$996K +$45.5K +182 +4%
Deutsche Bank
49
Deutsche Bank
Germany
$899K +$365K +1,461 +58%
PP
50
PDT Partners
New York
$877K +$467K +1,867 +93%
1
2
3 4 5

BH Hedge Fund Activity: Q3 2014 in Review

122 of the 3,446 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q3 2014, worth a combined $541M — down 6.8% from $580M a quarter earlier.

Buyers outnumbered sellers: 11 funds opened new BH positions and 10 closed out — a net gain of 1 holder — while 75 added to existing stakes and 31 trimmed.

The largest buyer was Biglari Capital Corp, adding an estimated $12.8M. The largest seller was JP Morgan Chase, cutting an estimated $8.4M.

  • 122 institutional investors held Biglari Holdings Class B (BH) as of Q3 2014, up from 121 in Q2 2014.
  • Funds reported $541M of Biglari Holdings Class B stock for Q3 2014, down 6.8% quarter-over-quarter.
  • 11 funds opened new Biglari Holdings Class B positions in Q3 2014 and 10 closed out, a net change of +1 holder.
  • The largest Biglari Holdings Class B buyer in Q3 2014 was Biglari Capital Corp, an estimated $12.8M added.
  • The largest Biglari Holdings Class B seller in Q3 2014 was JP Morgan Chase, an estimated $8.4M sold.

Based on aggregated 13F filings for Q3 2014.