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Biglari Holdings Class B
BH

92 hedge funds and large institutions have $535M invested in Biglari Holdings Class B in 2025 Q2 according to their latest regulatory filings, with 23 funds opening new positions, 23 increasing their positions, 24 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

229% more first-time investments, than exits

New positions opened: 23 | Existing positions closed: 7

37% more capital invested

Capital invested by funds: $389M → $535M (+$146M)

21% more funds holding

Funds holding: 76 → 92 (+16)

1.65% more ownership

Funds ownership: 86.85% → 88.49% (+1.6%)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

4% less repeat investments, than reductions

Existing positions increased: 23 | Existing positions reduced: 24

Holders
92
Holders Change
+16
Holders Change %
+21.05%
% of All Funds
1.21%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
23
Increased
23
Reduced
24
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
+$2.34M
2
Morgan Stanley
Morgan Stanley
New York
+$1.93M
3
Citadel Advisors
Citadel Advisors
Florida
+$1.64M
4
Two Sigma Investments
Two Sigma Investments
New York
+$1.07M
5
Man Group
Man Group
United Kingdom
+$724K

Top Sellers

Rank Fund Capital Flow
1
Vanguard Group
Vanguard Group
Pennsylvania
-$716K
2
N
Nuveen
North Carolina
-$668K
3
BlackRock
BlackRock
New York
-$668K
4
Goldman Sachs
Goldman Sachs
New York
-$661K
5
Allspring Global Investments
Allspring Global Investments
North Carolina
-$540K
Name Holding Trade Value Shares
Change 		Change in
Stake
GCP
26
GSA Capital Partners
United Kingdom
$809K +$146K +600 +28%
RG
27
Rathbones Group
United Kingdom
$672K – – –
Charles Schwab
28
Charles Schwab
California
$643K -$33.7K -139 -6%
Bank of New York Mellon
29
Bank of New York Mellon
New York
$625K +$27.9K +115 +6%
HF
30
HRT Financial
New York
$537K -$142K -585 -24%
SO
31
STRS Ohio
Ohio
$526K -$121K -500 -22%
EGM
32
Engineers Gate Manager
New York
$486K +$404K +1,663 New
UBS Group
33
UBS Group
Switzerland
$452K -$178K -734 -32%
Two Sigma Advisers
34
Two Sigma Advisers
New York
$438K +$364K +1,500 New
TI
35
Trexquant Investment
Connecticut
$434K +$360K +1,484 New
Jacobs Levy Equity Management
36
Jacobs Levy Equity Management
New Jersey
$424K – – –
AllianceBernstein
37
AllianceBernstein
Tennessee
$409K +$340K +1,401 New
BHCM
38
Brevan Howard Capital Management
Jersey
$409K +$339K +1,398 New
CCM
39
Check Capital Management
California
$392K – – –
Squarepoint
40
Squarepoint
New York
$387K +$321K +1,323 New
LPL Financial
41
LPL Financial
California
$347K +$3.4K +14 +1%
American Century Companies
42
American Century Companies
Missouri
$339K +$282K +1,160 New
Barclays
43
Barclays
United Kingdom
$335K -$114K -468 -29%
Millennium Management
44
Millennium Management
New York
$314K +$19.9K +82 +8%
RhumbLine Advisers
45
RhumbLine Advisers
Massachusetts
$309K -$11.6K -48 -4%
OQS
46
Occudo Quantitative Strategies
Florida
$276K +$230K +946 New
CC
47
Centiva Capital
New York
$259K +$215K +887 New
Goldman Sachs
48
Goldman Sachs
New York
$252K -$661K -2,723 -76%
AC
49
AXQ Capital
New Jersey
$249K +$207K +852 New
Susquehanna International Group
50
Susquehanna International Group
Pennsylvania
$238K -$121K -498 -38%
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BH Hedge Fund Activity: Q2 2025 in Review

92 of the 7,596 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q2 2025, worth a combined $535M — up 37% from $389M a quarter earlier.

Buyers outnumbered sellers: 23 funds opened new BH positions and 7 closed out — a net gain of 16 holders — while 23 added to existing stakes and 24 trimmed.

The largest buyer was Invesco, opening a new position worth an estimated $2.34M. The largest seller was Vanguard Group, cutting an estimated $716K.

  • 92 institutional investors held Biglari Holdings Class B (BH) as of Q2 2025, up from 76 in Q1 2025.
  • Funds reported $535M of Biglari Holdings Class B stock for Q2 2025, up 37% quarter-over-quarter.
  • 23 funds opened new Biglari Holdings Class B positions in Q2 2025 and 7 closed out, a net change of +16 holders.
  • The largest Biglari Holdings Class B buyer in Q2 2025 was Invesco, an estimated $2.34M added.
  • The largest Biglari Holdings Class B seller in Q2 2025 was Vanguard Group, an estimated $716K sold.

Based on aggregated 13F filings for Q2 2025.