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Biglari Holdings Class B
BH

115 hedge funds and large institutions have $802M invested in Biglari Holdings Class B in 2016 Q3 according to their latest regulatory filings, with 14 funds opening new positions, 29 increasing their positions, 39 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

9% more capital invested

Capital invested by funds: $734M → $802M (+$67.7M)

1.72% more ownership

Funds ownership: 132.15% → 133.87% (+1.7%)

8% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 13

1% more funds holding

Funds holding: 114 → 115 (+1)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

26% less repeat investments, than reductions

Existing positions increased: 29 | Existing positions reduced: 39

Holders
115
Holders Change
+1
Holders Change %
+0.88%
% of All Funds
3.07%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
14
Increased
29
Reduced
39
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
+$4.89M
2
BFA
BlackRock Fund Advisors
California
+$2.28M
3
Norges Bank
Norges Bank
Norway
+$2.1M
4
Goldman Sachs
Goldman Sachs
New York
+$1.75M
5
MCM
Matarin Capital Management
New York
+$1.46M

Top Sellers

Rank Fund Capital Flow
1
RRAM
River Road Asset Management
Kentucky
-$1.91M
2
Millennium Management
Millennium Management
New York
-$1.39M
3
JAM
Jupiter Asset Management
United Kingdom
-$972K
4
PP
Paloma Partners
Connecticut
-$950K
5
Two Sigma Investments
Two Sigma Investments
New York
-$799K
Name Holding Trade Value Shares
Change 		Change in
Stake
FANJ
101
Financial Architects (New Jersey)
New Jersey
$11K – – –
Barclays
102
Barclays
United Kingdom
$10K -$23.1K -81 -71%
IA
103
IFP Advisors
Florida
$8K – – –
US Bancorp
104
US Bancorp
Minnesota
$7K – – –
Bank of Montreal
105
Bank of Montreal
Ontario, Canada
$5K – – –
VCM
106
Versant Capital Management
Arizona
$5K – – –
SWA
107
Sutton Wealth Advisors
Florida
$4.8K – – –
MFS
108
MSI Financial Services
Massachusetts
$4K – – –
MRCM
109
M&R Capital Management
New Jersey
$2K – – –
OSAM
110
O'Shaughnessy Asset Management
Connecticut
$2K +$1.71K +6 New
TCIM
111
TIAA CREF Investment Management
New York
$1.36K -$246K -862 -16%
Royal Bank of Canada
112
Royal Bank of Canada
Ontario, Canada
$1K – – –
VOYA Investment Management
113
VOYA Investment Management
Georgia
$309 -$57.6K -202 -16%
SIC
114
Salem Investment Counselors
North Carolina
$4 +$571 +2 New
Millennium Management
115
Millennium Management
New York
– -$1.39M -5,171 Closed
PP
116
Paloma Partners
Connecticut
– -$950K -3,533 Closed
Two Sigma Investments
117
Two Sigma Investments
New York
– -$799K -2,973 Closed
LCM
118
Laurion Capital Management
New York
– -$645K -2,400 Closed
LCM
119
Landscape Capital Management
New Jersey
– -$314K -1,167 Closed
Squarepoint
120
Squarepoint
New York
– -$280K -1,043 Closed
CSS
121
Cubist Systematic Strategies
Connecticut
– -$266K -989 Closed
VKH
122
Virtu KCG Holdings
New York
– -$203K -755 Closed
Victory Capital Management
123
Victory Capital Management
Texas
– -$107K -398 Closed
Teacher Retirement System of Texas
124
Teacher Retirement System of Texas
Texas
– -$56K -210 Closed
TRCT
125
Tower Research Capital (TRC)
New York
– -$52K -195 Closed
2 3 4
5
6

BH Hedge Fund Activity: Q3 2016 in Review

115 of the 3,748 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q3 2016, worth a combined $802M — up 9.2% from $734M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new BH positions and 13 closed out — a net gain of 1 holder — while 29 added to existing stakes and 39 trimmed.

The largest buyer was Invesco, adding an estimated $4.89M. The largest seller was River Road Asset Management, cutting an estimated $1.91M.

  • 115 institutional investors held Biglari Holdings Class B (BH) as of Q3 2016, up from 114 in Q2 2016.
  • Funds reported $802M of Biglari Holdings Class B stock for Q3 2016, up 9.2% quarter-over-quarter.
  • 14 funds opened new Biglari Holdings Class B positions in Q3 2016 and 13 closed out, a net change of +1 holder.
  • The largest Biglari Holdings Class B buyer in Q3 2016 was Invesco, an estimated $4.89M added.
  • The largest Biglari Holdings Class B seller in Q3 2016 was River Road Asset Management, an estimated $1.91M sold.

Based on aggregated 13F filings for Q3 2016.