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Biglari Holdings Class B
BH

109 hedge funds and large institutions have $782M invested in Biglari Holdings Class B in 2017 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 30 increasing their positions, 32 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

60% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 10

28% more capital invested

Capital invested by funds: $610M → $782M (+$172M)

6% more funds holding

Funds holding: 103 → 109 (+6)

4.13% more ownership

Funds ownership: 132.61% → 136.74% (+4.1%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

6% less repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 32

Holders
109
Holders Change
+6
Holders Change %
+5.83%
% of All Funds
2.47%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
16
Increased
30
Reduced
32
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
ICM
Intrepid Capital Management
Florida
+$10.2M
2
BCC
Biglari Capital Corp
Texas
+$9.63M
3
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$2.17M
4
GC
Guggenheim Capital
Illinois
+$1.99M
5
Norges Bank
Norges Bank
Norway
+$1.11M

Top Sellers

Rank Fund Capital Flow
1
DGHMC
Dalton, Greiner, Hartman, Maher & Co
New York
-$2.57M
2
Janus Henderson Group
Janus Henderson Group
United Kingdom
-$2.1M
3
Renaissance Technologies
Renaissance Technologies
New York
-$1.35M
4
GI
GAMCO Investors
Connecticut
-$1.3M
5
First Trust Advisors
First Trust Advisors
Illinois
-$931K
Name Holding Trade Value Shares
Change 		Change in
Stake
Goldman Sachs
26
Goldman Sachs
New York
$1.52M +$503K +2,092 +61%
New York State Teachers Retirement System (NYSTRS)
27
New York State Teachers Retirement System (NYSTRS)
New York
$1.43M – – –
IA
28
IndexIQ Advisors
New York
$1.35M +$453K +1,882 +63%
BCM
29
Bridgeway Capital Management
Texas
$1.24M -$180K -750 -14%
Jacobs Levy Equity Management
30
Jacobs Levy Equity Management
New Jersey
$1.21M +$284K +1,182 +37%
PSUF
31
People's United Financial
Connecticut
$1.12M +$978K +4,065 New
TCIM
32
TIAA CREF Investment Management
New York
$1.07M -$50.5K -210 -5%
CCM
33
Check Capital Management
California
$1.06M +$46.9K +195 +5%
RhumbLine Advisers
34
RhumbLine Advisers
Massachusetts
$1.03M +$83.7K +348 +10%
Morgan Stanley
35
Morgan Stanley
New York
$1.01M +$246K +1,023 +39%
Deutsche Bank
36
Deutsche Bank
Germany
$934K +$271K +1,128 +50%
Invesco
37
Invesco
Georgia
$889K +$14.4K +60 +2%
Legal & General Group
38
Legal & General Group
United Kingdom
$775K +$6.01K +25 +0.9%
TA
39
Teachers Advisors
New York
$767K – – –
Russell Investments Group
40
Russell Investments Group
United Kingdom
$730K -$21.6K -90 -3%
AQR Capital Management
41
AQR Capital Management
Connecticut
$713K -$445K -1,852 -42%
Swiss National Bank
42
Swiss National Bank
Switzerland
$712K – – –
ASRS
43
Arizona State Retirement System
Arizona
$706K +$615K +2,555 New
California State Teachers Retirement System (CalSTRS)
44
California State Teachers Retirement System (CalSTRS)
California
$669K – – –
CS
45
Credit Suisse
Switzerland
$641K -$96K -399 -15%
Canada Life
46
Canada Life
Manitoba, Canada
$616K – – –
AllianceBernstein
47
AllianceBernstein
Tennessee
$576K -$144K -600 -22%
O
48
OppenheimerFunds
New York
$569K -$176K -733 -26%
New York State Common Retirement Fund
49
New York State Common Retirement Fund
New York
$530K – – –
LCM
50
Landscape Capital Management
New Jersey
$517K -$31.8K -132 -7%
1
2
3 4 5

BH Hedge Fund Activity: Q4 2017 in Review

109 of the 4,410 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2017, worth a combined $782M — up 28% from $610M a quarter earlier.

Buyers outnumbered sellers: 16 funds opened new BH positions and 10 closed out — a net gain of 6 holders — while 30 added to existing stakes and 32 trimmed.

The largest buyer was Intrepid Capital Management, opening a new position worth an estimated $10.2M. The largest seller was Dalton, Greiner, Hartman, Maher & Co, exiting entirely with an estimated $2.57M sold.

  • 109 institutional investors held Biglari Holdings Class B (BH) as of Q4 2017, up from 103 in Q3 2017.
  • Funds reported $782M of Biglari Holdings Class B stock for Q4 2017, up 28% quarter-over-quarter.
  • 16 funds opened new Biglari Holdings Class B positions in Q4 2017 and 10 closed out, a net change of +6 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2017 was Intrepid Capital Management, an estimated $10.2M added.
  • The largest Biglari Holdings Class B seller in Q4 2017 was Dalton, Greiner, Hartman, Maher & Co, an estimated $2.57M sold.

Based on aggregated 13F filings for Q4 2017.