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Biglari Holdings Class B
BH

104 hedge funds and large institutions have $587M invested in Biglari Holdings Class B in 2015 Q4 according to their latest regulatory filings, with 11 funds opening new positions, 36 increasing their positions, 31 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

22% more first-time investments, than exits

New positions opened: 11 | Existing positions closed: 9

16% more repeat investments, than reductions

Existing positions increased: 36 | Existing positions reduced: 31

1% more funds holding

Funds holding: 103 → 104 (+1)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

0.04% less ownership

Funds ownership: 130.95% → 130.92% (-0.04%)

11% less capital invested

Capital invested by funds: $659M → $587M (-$71.8M)

Holders
104
Holders Change
+1
Holders Change %
+0.97%
% of All Funds
2.73%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.05%
New
11
Increased
36
Reduced
31
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BFA
BlackRock Fund Advisors
California
+$1.64M
2
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$846K
3
Vanguard Group
Vanguard Group
Pennsylvania
+$786K
4
MAM
Martingale Asset Management
Massachusetts
+$472K
5
O
OppenheimerFunds
New York
+$460K

Top Sellers

Rank Fund Capital Flow
1
RRAM
River Road Asset Management
Kentucky
-$1.18M
2
Millennium Management
Millennium Management
New York
-$958K
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$620K
4
SIC
Schwartz Investment Counsel
Michigan
-$535K
5
PP
Paloma Partners
Connecticut
-$327K
Name Holding Trade Value Shares
Change 		Change in
Stake
TCIM
26
TIAA CREF Investment Management
New York
$1.54M -$118K -489 -6%
New York State Teachers Retirement System (NYSTRS)
27
New York State Teachers Retirement System (NYSTRS)
New York
$1.35M -$726 -3 -0%
Charles Schwab
28
Charles Schwab
California
$1.3M -$231K -953 -14%
Prudential Financial
29
Prudential Financial
New Jersey
$1.2M +$218K +900 +19%
Invesco
30
Invesco
Georgia
$1.2M +$90K +372 +7%
PSUF
31
People's United Financial
Connecticut
$1.16M – – –
California State Teachers Retirement System (CalSTRS)
32
California State Teachers Retirement System (CalSTRS)
California
$990K +$7.02K +29 +0.6%
First Trust Advisors
33
First Trust Advisors
Illinois
$896K -$115K -476 -10%
Deutsche Bank
34
Deutsche Bank
Germany
$867K -$243K -1,003 -20%
RhumbLine Advisers
35
RhumbLine Advisers
Massachusetts
$858K +$40.2K +166 +4%
TA
36
Teachers Advisors
New York
$852K +$9.44K +39 +1%
PPA
37
Parametric Portfolio Associates
Washington
$712K +$58.3K +241 +8%
SGAM
38
Steinberg Global Asset Management
Florida
$697K -$289K -1,194 -27%
AllianceBernstein
39
AllianceBernstein
Tennessee
$681K -$36.3K -150 -5%
GC
40
Guggenheim Capital
Illinois
$638K -$248K -1,026 -26%
New York State Common Retirement Fund
41
New York State Common Retirement Fund
New York
$538K +$54.4K +225 +10%
Goldman Sachs
42
Goldman Sachs
New York
$523K +$217K +895 +59%
SIC
43
Schwartz Investment Counsel
Michigan
$521K -$535K -2,210 -48%
Swiss National Bank
44
Swiss National Bank
Switzerland
$484K – – –
BG
45
BlackRock Group
United Kingdom
$456K +$6.05K +25 +1%
Nisa Investment Advisors
46
Nisa Investment Advisors
Missouri
$448K – – –
MAM
47
Martingale Asset Management
Massachusetts
$424K +$472K +1,950 New
O
48
OppenheimerFunds
New York
$413K +$460K +1,901 New
MLICM
49
Metropolitan Life Insurance Company (MetLife)
New York
$399K – – –
Royal Bank of Canada
50
Royal Bank of Canada
Ontario, Canada
$389K +$157K +650 +57%
1
2
3 4 5

BH Hedge Fund Activity: Q4 2015 in Review

104 of the 3,812 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2015, worth a combined $587M — down 11% from $659M a quarter earlier.

Buyers outnumbered sellers: 11 funds opened new BH positions and 9 closed out — a net gain of 2 holders — while 36 added to existing stakes and 31 trimmed.

The largest buyer was BlackRock Fund Advisors, adding an estimated $1.64M. The largest seller was River Road Asset Management, cutting an estimated $1.18M.

  • 104 institutional investors held Biglari Holdings Class B (BH) as of Q4 2015, up from 103 in Q3 2015.
  • Funds reported $587M of Biglari Holdings Class B stock for Q4 2015, down 11% quarter-over-quarter.
  • 11 funds opened new Biglari Holdings Class B positions in Q4 2015 and 9 closed out, a net change of +2 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2015 was BlackRock Fund Advisors, an estimated $1.64M added.
  • The largest Biglari Holdings Class B seller in Q4 2015 was River Road Asset Management, an estimated $1.18M sold.

Based on aggregated 13F filings for Q4 2015.