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Biglari Holdings Class B
BH

114 hedge funds and large institutions have $734M invested in Biglari Holdings Class B in 2016 Q2 according to their latest regulatory filings, with 20 funds opening new positions, 30 increasing their positions, 40 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

150% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 8

12% more funds holding

Funds holding: 102 → 114 (+12)

9% more capital invested

Capital invested by funds: $676M → $734M (+$58.5M)

0.49% less ownership

Funds ownership: 132.64% → 132.15% (-0.49%)

25% less repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 40

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
114
Holders Change
+12
Holders Change %
+11.76%
% of All Funds
3.04%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.03%
New
20
Increased
30
Reduced
40
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BCC
Biglari Capital Corp
Texas
+$17M
2
Norges Bank
Norges Bank
Norway
+$2.99M
3
Boston Partners
Boston Partners
Massachusetts
+$1.8M
4
Vanguard Group
Vanguard Group
Pennsylvania
+$1.69M
5
Millennium Management
Millennium Management
New York
+$1.33M

Top Sellers

Rank Fund Capital Flow
1
BS
Biglari Sardar
-$11.5M
2
BFA
BlackRock Fund Advisors
California
-$4.78M
3
RRAM
River Road Asset Management
Kentucky
-$3.52M
4
SCP
Seizert Capital Partners
Michigan
-$2.45M
5
BIT
BlackRock Institutional Trust
California
-$2.04M
Name Holding Trade Value Shares
Change 		Change in
Stake
New York State Teachers Retirement System (NYSTRS)
26
New York State Teachers Retirement System (NYSTRS)
New York
$1.67M – – –
Deutsche Bank
27
Deutsche Bank
Germany
$1.57M +$19K +74 +1%
TCIM
28
TIAA CREF Investment Management
New York
$1.49M -$401K -1,566 -22%
PSUF
29
People's United Financial
Connecticut
$1.43M – – –
Millennium Management
30
Millennium Management
New York
$1.39M +$1.33M +5,171 New
Charles Schwab
31
Charles Schwab
California
$1.36M -$368K -1,437 -22%
Morgan Stanley
32
Morgan Stanley
New York
$1.07M +$54.8K +214 +6%
PPA
33
Parametric Portfolio Associates
Washington
$1.01M +$12.8K +50 +1%
MCM
34
Matarin Capital Management
New York
$996K +$949K +3,705 New
GC
35
Guggenheim Capital
Illinois
$955K +$11.5K +45 +1%
PP
36
Paloma Partners
Connecticut
$950K +$905K +3,533 New
CS
37
Credit Suisse
Switzerland
$925K +$656K +2,561 +291%
Invesco
38
Invesco
Georgia
$883K -$108K -420 -11%
California State Teachers Retirement System (CalSTRS)
39
California State Teachers Retirement System (CalSTRS)
California
$872K -$529K -2,065 -39%
RhumbLine Advisers
40
RhumbLine Advisers
Massachusetts
$851K -$346K -1,349 -30%
TA
41
Teachers Advisors
New York
$829K -$215K -839 -21%
AllianceBernstein
42
AllianceBernstein
Tennessee
$803K -$38.4K -150 -5%
Two Sigma Investments
43
Two Sigma Investments
New York
$799K +$762K +2,973 New
Swiss National Bank
44
Swiss National Bank
Switzerland
$797K +$65.3K +255 +9%
Two Sigma Advisers
45
Two Sigma Advisers
New York
$686K +$653K +2,550 New
LCM
46
Laurion Capital Management
New York
$645K +$615K +2,400 New
BG
47
BlackRock Group
United Kingdom
$624K +$27.2K +106 +5%
New York State Common Retirement Fund
48
New York State Common Retirement Fund
New York
$620K -$89.2K -348 -13%
Canada Life
49
Canada Life
Manitoba, Canada
$573K +$468K +1,828 +605%
Nisa Investment Advisors
50
Nisa Investment Advisors
Missouri
$555K – – –
1
2
3 4 5

BH Hedge Fund Activity: Q2 2016 in Review

114 of the 3,748 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q2 2016, worth a combined $734M — up 8.6% from $676M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new BH positions and 8 closed out — a net gain of 12 holders — while 30 added to existing stakes and 40 trimmed.

The largest buyer was Biglari Capital Corp, adding an estimated $17M. The largest seller was Biglari Sardar, exiting entirely with an estimated $11.5M sold.

  • 114 institutional investors held Biglari Holdings Class B (BH) as of Q2 2016, up from 102 in Q1 2016.
  • Funds reported $734M of Biglari Holdings Class B stock for Q2 2016, up 8.6% quarter-over-quarter.
  • 20 funds opened new Biglari Holdings Class B positions in Q2 2016 and 8 closed out, a net change of +12 holders.
  • The largest Biglari Holdings Class B buyer in Q2 2016 was Biglari Capital Corp, an estimated $17M added.
  • The largest Biglari Holdings Class B seller in Q2 2016 was Biglari Sardar, an estimated $11.5M sold.

Based on aggregated 13F filings for Q2 2016.