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Biglari Holdings Class B
BH

98 hedge funds and large institutions have $613M invested in Biglari Holdings Class B in 2025 Q3 according to their latest regulatory filings, with 18 funds opening new positions, 30 increasing their positions, 24 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more first-time investments, than exits

New positions opened: 18 | Existing positions closed: 12

25% more repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 24

15% more capital invested

Capital invested by funds: $535M → $613M (+$78.2M)

7% more funds holding

Funds holding: 92 → 98 (+6)

3.09% more ownership

Funds ownership: 88.49% → 91.58% (+3.1%)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

Holders
98
Holders Change
+6
Holders Change %
+6.52%
% of All Funds
1.29%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
18
Increased
30
Reduced
24
Closed
12
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
+$9.41M
2
Renaissance Technologies
Renaissance Technologies
New York
+$2.76M
3
Two Sigma Investments
Two Sigma Investments
New York
+$2.19M
4
Pacer Advisors
Pacer Advisors
Pennsylvania
+$1.98M
5
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$1.8M

Top Sellers

Rank Fund Capital Flow
1
N
Nuveen
North Carolina
-$3.63M
2
Citadel Advisors
Citadel Advisors
Florida
-$1.98M
3
Man Group
Man Group
United Kingdom
-$872K
4
Connor, Clark & Lunn Investment Management (CC&L)
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
-$488K
5
PLC
Peapod Lane Capital
New York
-$478K
Name Holding Trade Value Shares
Change 		Change in
Stake
AQR Capital Management
26
AQR Capital Management
Connecticut
$1.03M +$728K +2,384 +300%
JF
27
Jump Financial
Illinois
$964K -$916 -3 -0.1%
CSS
28
Cubist Systematic Strategies
Connecticut
$871K +$821K +2,690 New
Los Angeles Capital Management
29
Los Angeles Capital Management
California
$825K -$74.8K -245 -9%
RG
30
Rathbones Group
United Kingdom
$744K – – –
GCP
31
GSA Capital Partners
United Kingdom
$744K -$143K -468 -17%
MAM
32
Martingale Asset Management
Massachusetts
$696K -$244K -800 -27%
Barclays
33
Barclays
United Kingdom
$696K +$307K +1,007 +88%
Bank of New York Mellon
34
Bank of New York Mellon
New York
$624K -$63.8K -209 -10%
LPL Financial
35
LPL Financial
California
$619K +$222K +728 +61%
SO
36
STRS Ohio
Ohio
$583K – – –
SCM
37
Semanteon Capital Management
Massachusetts
$565K +$533K +1,747 New
State of Wisconsin Investment Board
38
State of Wisconsin Investment Board
Wisconsin
$514K +$485K +1,588 New
AllianceBernstein
39
AllianceBernstein
Tennessee
$486K +$30.5K +100 +7%
Point72 Asset Management
40
Point72 Asset Management
Connecticut
$473K +$446K +1,462 New
Jacobs Levy Equity Management
41
Jacobs Levy Equity Management
New Jersey
$470K – – –
CCM
42
Check Capital Management
California
$434K – – –
HF
43
HRT Financial
New York
$379K -$204K -667 -36%
American Century Companies
44
American Century Companies
Missouri
$361K -$13.4K -44 -4%
Citigroup
45
Citigroup
New York
$344K +$242K +794 +295%
RhumbLine Advisers
46
RhumbLine Advisers
Massachusetts
$330K -$11K -36 -3%
OQS
47
Occudo Quantitative Strategies
Florida
$327K +$19.8K +65 +7%
Two Sigma Advisers
48
Two Sigma Advisers
New York
$324K -$153K -500 -33%
Balyasny Asset Management
49
Balyasny Asset Management
Illinois
$253K +$238K +781 New
EGM
50
Engineers Gate Manager
New York
$234K -$287K -939 -56%
1
2
3 4 5

BH Hedge Fund Activity: Q3 2025 in Review

98 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q3 2025, worth a combined $613M — up 15% from $535M a quarter earlier.

Buyers outnumbered sellers: 18 funds opened new BH positions and 12 closed out — a net gain of 6 holders — while 30 added to existing stakes and 24 trimmed.

The largest buyer was Invesco, adding an estimated $9.41M. The largest seller was Nuveen, cutting an estimated $3.63M.

  • 98 institutional investors held Biglari Holdings Class B (BH) as of Q3 2025, up from 92 in Q2 2025.
  • Funds reported $613M of Biglari Holdings Class B stock for Q3 2025, up 15% quarter-over-quarter.
  • 18 funds opened new Biglari Holdings Class B positions in Q3 2025 and 12 closed out, a net change of +6 holders.
  • The largest Biglari Holdings Class B buyer in Q3 2025 was Invesco, an estimated $9.41M added.
  • The largest Biglari Holdings Class B seller in Q3 2025 was Nuveen, an estimated $3.63M sold.

Based on aggregated 13F filings for Q3 2025.