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Biglari Holdings Class B
BH

107 hedge funds and large institutions have $642M invested in Biglari Holdings Class B in 2025 Q4 according to their latest regulatory filings, with 21 funds opening new positions, 31 increasing their positions, 31 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

91% more first-time investments, than exits

New positions opened: 21 | Existing positions closed: 11

9% more funds holding

Funds holding: 98 → 107 (+9)

1.83% more ownership

Funds ownership: 91.58% → 93.41% (+1.8%)

5% more capital invested

Capital invested by funds: $613M → $642M (+$29.3M)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

0% more repeat investments, than reductions

Existing positions increased: 31 | Existing positions reduced: 31

Holders
107
Holders Change
+9
Holders Change %
+9.18%
% of All Funds
1.3%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
21
Increased
31
Reduced
31
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
+$5.23M
2
BCC
Biglari Capital Corp
Texas
+$4.41M
3
Millennium Management
Millennium Management
New York
+$3.54M
4
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
+$3.5M
5
Point72 Asset Management
Point72 Asset Management
Connecticut
+$3.1M

Top Sellers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
-$5.57M
2
Invesco
Invesco
Georgia
-$5.52M
3
Morgan Stanley
Morgan Stanley
New York
-$2.87M
4
Renaissance Technologies
Renaissance Technologies
New York
-$1.48M
5
BlackRock
BlackRock
New York
-$1.36M
Name Holding Trade Value Shares
Change 		Change in
Stake
AQR Capital Management
26
AQR Capital Management
Connecticut
$1.95M +$901K +2,683 +84%
OSAM
27
O'Shaughnessy Asset Management
Connecticut
$1.74M -$288K -858 -14%
UBS Group
28
UBS Group
Switzerland
$1.3M -$22.8K -68 -2%
RWM
29
Ritholtz Wealth Management
New York
$1.16M -$53.7K -160 -4%
N
30
Nuveen
North Carolina
$1.12M -$102K -303 -8%
Los Angeles Capital Management
31
Los Angeles Capital Management
California
$917K -$5.37K -16 -0.6%
OQS
32
Occudo Quantitative Strategies
Florida
$792K +$460K +1,370 +136%
State of Wisconsin Investment Board
33
State of Wisconsin Investment Board
Wisconsin
$787K +$261K +778 +49%
Susquehanna International Group
34
Susquehanna International Group
Pennsylvania
$772K +$779K +2,321 New
RG
35
Rathbones Group
United Kingdom
$765K – – –
CAU
36
Caxton Associates (UK)
$707K +$714K +2,126 New
LPL Financial
37
LPL Financial
California
$682K +$46.3K +138 +7%
SO
38
STRS Ohio
Ohio
$598K – – –
Bank of New York Mellon
39
Bank of New York Mellon
New York
$593K -$48.7K -145 -8%
SPS
40
Susquehanna Portfolio Strategies
Pennsylvania
$548K +$553K +1,647 New
LSC
41
Logan Stone Capital
Illinois
$539K +$544K +1,620 New
QC
42
Quadrature Capital
United Kingdom
$530K +$535K +1,593 New
AllianceBernstein
43
AllianceBernstein
Tennessee
$499K – – –
HSBC Holdings
44
HSBC Holdings
United Kingdom
$498K +$504K +1,501 New
Jacobs Levy Equity Management
45
Jacobs Levy Equity Management
New Jersey
$482K – – –
Barclays
46
Barclays
United Kingdom
$460K -$258K -767 -36%
GCP
47
GSA Capital Partners
United Kingdom
$446K -$322K -958 -42%
CCM
48
Check Capital Management
California
$445K – – –
BIG
49
Brooklyn Investment Group
New York
$414K +$396K +1,180 New
SCM
50
Saber Capital Management
North Carolina
$404K +$408K +1,215 New
1
2
3 4 5

BH Hedge Fund Activity: Q4 2025 in Review

107 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2025, worth a combined $642M — up 4.8% from $613M a quarter earlier.

Buyers outnumbered sellers: 21 funds opened new BH positions and 11 closed out — a net gain of 10 holders — while 31 added to existing stakes and 31 trimmed.

The largest buyer was Qube Research & Technologies (QRT), adding an estimated $5.23M. The largest seller was JP Morgan Chase, cutting an estimated $5.57M.

  • 107 institutional investors held Biglari Holdings Class B (BH) as of Q4 2025, up from 98 in Q3 2025.
  • Funds reported $642M of Biglari Holdings Class B stock for Q4 2025, up 4.8% quarter-over-quarter.
  • 21 funds opened new Biglari Holdings Class B positions in Q4 2025 and 11 closed out, a net change of +10 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2025 was Qube Research & Technologies (QRT), an estimated $5.23M added.
  • The largest Biglari Holdings Class B seller in Q4 2025 was JP Morgan Chase, an estimated $5.57M sold.

Based on aggregated 13F filings for Q4 2025.