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Biglari Holdings Class B
BH

76 hedge funds and large institutions have $389M invested in Biglari Holdings Class B in 2025 Q1 according to their latest regulatory filings, with 12 funds opening new positions, 25 increasing their positions, 19 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

32% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 19

9% more first-time investments, than exits

New positions opened: 12 | Existing positions closed: 11

0.45% more ownership

Funds ownership: 86.4% → 86.85% (+0.45%)

0% more funds holding

Funds holding: 76 → 76 (0)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

14% less capital invested

Capital invested by funds: $455M → $389M (-$65.5M)

Holders
76
Holders Change
–
Holders Change %
0%
% of All Funds
1.02%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
12
Increased
25
Reduced
19
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$2.56M
2
Vanguard Group
Vanguard Group
Pennsylvania
+$791K
3
OSAM
O'Shaughnessy Asset Management
Connecticut
+$788K
4
HF
HRT Financial
New York
+$553K
5
Cerity Partners
Cerity Partners
New York
+$477K

Top Sellers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
-$4.02M
2
MAM
Marquette Asset Management
Minnesota
-$538K
3
Morgan Stanley
Morgan Stanley
New York
-$366K
4
B
Bailard
California
-$307K
5
Prudential Financial
Prudential Financial
New Jersey
-$212K
Name Holding Trade Value Shares
Change 		Change in
Stake
SO
26
STRS Ohio
Ohio
$498K +$22.8K +100 +5%
UBS Group
27
UBS Group
Switzerland
$494K +$247K +1,082 +90%
GCP
28
GSA Capital Partners
United Kingdom
$469K -$228 -1 -0%
Cerity Partners
29
Cerity Partners
New York
$453K +$477K +2,091 New
Bank of New York Mellon
30
Bank of New York Mellon
New York
$438K +$44.4K +195 +11%
Barclays
31
Barclays
United Kingdom
$349K -$82.5K -362 -18%
Jacobs Levy Equity Management
32
Jacobs Levy Equity Management
New Jersey
$314K – – –
CCM
33
Check Capital Management
California
$290K – – –
Susquehanna International Group
34
Susquehanna International Group
Pennsylvania
$285K +$299K +1,314 New
State of Wisconsin Investment Board
35
State of Wisconsin Investment Board
Wisconsin
$260K +$273K +1,200 New
Jane Street
36
Jane Street
New York
$257K +$271K +1,189 New
LPL Financial
37
LPL Financial
California
$254K +$17.3K +76 +7%
RhumbLine Advisers
38
RhumbLine Advisers
Massachusetts
$239K -$7.75K -34 -3%
Millennium Management
39
Millennium Management
New York
$215K +$226K +993 New
Bank of America
40
Bank of America
North Carolina
$194K -$114K -500 -36%
Royal Bank of Canada
41
Royal Bank of Canada
Ontario, Canada
$163K -$57.9K -254 -25%
Citigroup
42
Citigroup
New York
$118K -$12.1K -53 -9%
New York State Common Retirement Fund
43
New York State Common Retirement Fund
New York
$114K -$36.5K -160 -23%
BCWM
44
Bartlett & Co Wealth Management
Ohio
$109K +$115K +503 New
MIM
45
MetLife Investment Management
New Jersey
$99.4K – – –
Wells Fargo
46
Wells Fargo
California
$94.4K +$2.05K +9 +2%
Mirae Asset Global ETFs Holdings
47
Mirae Asset Global ETFs Holdings
Hong Kong
$94.2K +$7.52K +33 +8%
Osaic Holdings
48
Osaic Holdings
Arizona
$86.6K +$45.1K +198 +98%
Public Employees Retirement Association of Colorado
49
Public Employees Retirement Association of Colorado
Colorado
$86K – – –
Deutsche Bank
50
Deutsche Bank
Germany
$78.8K +$43.8K +192 +112%
1
2
3 4

BH Hedge Fund Activity: Q1 2025 in Review

76 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q1 2025, worth a combined $389M — down 14% from $455M a quarter earlier.

Buyers outnumbered sellers: 12 funds opened new BH positions and 11 closed out — a net gain of 1 holder — while 25 added to existing stakes and 19 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $2.56M. The largest seller was Invesco, exiting entirely with an estimated $4.02M sold.

  • 76 institutional investors held Biglari Holdings Class B (BH) as of Q1 2025, unchanged from Q4 2024.
  • Funds reported $389M of Biglari Holdings Class B stock for Q1 2025, down 14% quarter-over-quarter.
  • 12 funds opened new Biglari Holdings Class B positions in Q1 2025 and 11 closed out, a net change of +1 holder.
  • The largest Biglari Holdings Class B buyer in Q1 2025 was JP Morgan Chase, an estimated $2.56M added.
  • The largest Biglari Holdings Class B seller in Q1 2025 was Invesco, an estimated $4.02M sold.

Based on aggregated 13F filings for Q1 2025.