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Biglari Holdings Class B
BH

117 hedge funds and large institutions have $653M invested in Biglari Holdings Class B in 2026 Q1 according to their latest regulatory filings, with 30 funds opening new positions, 31 increasing their positions, 31 reducing their positions, and 16 closing their positions.

New
Increased
Maintained
Reduced
Closed

88% more first-time investments, than exits

New positions opened: 30 | Existing positions closed: 16

9% more funds holding

Funds holding: 107 → 117 (+10)

4.77% more ownership

Funds ownership: 93.41% → 98.18% (+4.8%)

2% more capital invested

Capital invested by funds: $642M → $653M (+$10.8M)

0% more repeat investments, than reductions

Existing positions increased: 31 | Existing positions reduced: 31

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

Holders
117
Holders Change
+10
Holders Change %
+9.35%
% of All Funds
1.44%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.01%
New
30
Increased
31
Reduced
31
Closed
16
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
SLAM
Swiss Life Asset Management
+$24.7M
2
Marshall Wace
Marshall Wace
United Kingdom
+$11.8M
3
Jane Street
Jane Street
New York
+$6.51M
4
TI
Trexquant Investment
Connecticut
+$5.15M
5
Renaissance Technologies
Renaissance Technologies
New York
+$4.03M

Top Sellers

Rank Fund Capital Flow
1
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
-$5.5M
2
BCM
Bridgeway Capital Management
Texas
-$4.75M
3
PLC
Peapod Lane Capital
New York
-$4.12M
4
EF
Empowered Funds
Pennsylvania
-$3.86M
5
Citadel Advisors
Citadel Advisors
Florida
-$2.88M
Name Holding Trade Value Shares
Change 		Change in
Stake
CJ
101
Caitlin John
Michigan
$4.94K – – –
EWA
102
EverSource Wealth Advisors
Alabama
$3.63K – – –
Northwestern Mutual Wealth Management
103
Northwestern Mutual Wealth Management
Wisconsin
$3.63K +$4.12K +11 New
GI
104
GAMMA Investing
California
$2.64K – – –
Optiver Holding
105
Optiver Holding
Netherlands
$1.98K -$5.99K -16 -73%
CTB
106
Country Trust Bank
Illinois
$1.65K – – –
MCM
107
MAI Capital Management
Ohio
$1.65K +$1.87K +5 New
AF
108
Allworth Financial
California
$1.32K +$1.5K +4 New
IA
109
IFP Advisors
Florida
$1.32K – – –
Nisa Investment Advisors
110
Nisa Investment Advisors
Missouri
$659 – – –
PA
111
Parallel Advisors
California
$659 +$748 +2 New
RIL
112
Rothschild Investment LLC
Illinois
$330 – – –
SS
113
SBI Securities
Japan
$330 – – –
TWD
114
True Wealth Design
Ohio
$330 – – –
BWA
115
Basecamp Wealth Advisors
Washington
$330 +$374 +1 New
SIC
116
Salem Investment Counselors
North Carolina
$330 +$374 +1 New
SAM
117
Smartleaf Asset Management
Massachusetts
$311 – – –
PLC
118
Peapod Lane Capital
New York
– -$4.12M -12,399 Closed
EF
119
Empowered Funds
Pennsylvania
– -$3.86M -11,607 Closed
Citadel Advisors
120
Citadel Advisors
Florida
– -$2.88M -8,671 Closed
Los Angeles Capital Management
121
Los Angeles Capital Management
California
– -$917K -2,532 Closed
State of Wisconsin Investment Board
122
State of Wisconsin Investment Board
Wisconsin
– -$787K -2,366 Closed
Susquehanna International Group
123
Susquehanna International Group
Pennsylvania
– -$772K -2,321 Closed
CAU
124
Caxton Associates (UK)
– -$707K -2,126 Closed
SPS
125
Susquehanna Portfolio Strategies
Pennsylvania
– -$548K -1,647 Closed
2 3 4
5
6

BH Hedge Fund Activity: Q1 2026 in Review

117 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q1 2026, worth a combined $653M — up 1.7% from $642M a quarter earlier.

Buyers outnumbered sellers: 30 funds opened new BH positions and 16 closed out — a net gain of 14 holders — while 31 added to existing stakes and 31 trimmed.

The largest buyer was Swiss Life Asset Management, opening a new position worth an estimated $24.7M. The largest seller was Arrowstreet Capital, cutting an estimated $5.5M.

  • 117 institutional investors held Biglari Holdings Class B (BH) as of Q1 2026, up from 107 in Q4 2025.
  • Funds reported $653M of Biglari Holdings Class B stock for Q1 2026, up 1.7% quarter-over-quarter.
  • 30 funds opened new Biglari Holdings Class B positions in Q1 2026 and 16 closed out, a net change of +14 holders.
  • The largest Biglari Holdings Class B buyer in Q1 2026 was Swiss Life Asset Management, an estimated $24.7M added.
  • The largest Biglari Holdings Class B seller in Q1 2026 was Arrowstreet Capital, an estimated $5.5M sold.

Based on aggregated 13F filings for Q1 2026.