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Biglari Holdings Class B
BH

113 hedge funds and large institutions have $795M invested in Biglari Holdings Class B in 2017 Q1 according to their latest regulatory filings, with 14 funds opening new positions, 48 increasing their positions, 24 reducing their positions, and 18 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more repeat investments, than reductions

Existing positions increased: 48 | Existing positions reduced: 24

4.98% more ownership

Funds ownership: 132.78% → 137.76% (+5%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

8% less funds holding

Funds holding: 123 → 113 (-10)

8% less capital invested

Capital invested by funds: $867M → $795M (-$71.6M)

22% less first-time investments, than exits

New positions opened: 14 | Existing positions closed: 18

Holders
113
Holders Change
-10
Holders Change %
-8.13%
% of All Funds
2.81%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
14
Increased
48
Reduced
24
Closed
18
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BlackRock
BlackRock
New York
+$56.6M
2
ACS
Archford Capital Strategies
Illinois
+$26.8M
3
RRAM
River Road Asset Management
Kentucky
+$4.09M
4
Vanguard Group
Vanguard Group
Pennsylvania
+$1.99M
5
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$1.57M

Top Sellers

Rank Fund Capital Flow
1
FAM
Fenimore Asset Management
New York
-$6.12M
2
Boston Partners
Boston Partners
Massachusetts
-$2.22M
3
First Trust Advisors
First Trust Advisors
Illinois
-$1.84M
4
JP Morgan Chase
JP Morgan Chase
New York
-$1.26M
5
Morgan Stanley
Morgan Stanley
New York
-$972K
Name Holding Trade Value Shares
Change 		Change in
Stake
NSIM
101
North Star Investment Management
Illinois
$11K +$11.4K +39 New
IA
102
IFP Advisors
Florida
$8K – – –
VCM
103
Versant Capital Management
Arizona
$5K – – –
Royal Bank of Canada
104
Royal Bank of Canada
Ontario, Canada
$5K +$4.39K +15 +300%
SWA
105
Sutton Wealth Advisors
Florida
$4.75K – – –
SPIA
106
Steward Partners Investment Advisory
New York
$4K – – –
PNC Financial Services Group
107
PNC Financial Services Group
Pennsylvania
$3K +$2.64K +9 New
MAM
108
Meeder Asset Management
Ohio
$3K +$3.51K +12 New
US Bancorp
109
US Bancorp
Minnesota
$2K -$1.17K -4 -33%
MRCM
110
M&R Capital Management
New Jersey
$2K – – –
PFBT
111
Parkside Financial Bank & Trust
Missouri
$1K +$879 +3 New
FAM
112
Fenimore Asset Management
New York
– -$6.12M -19,388 Closed
Boston Partners
113
Boston Partners
Massachusetts
– -$2.22M -7,032 Closed
First Trust Advisors
114
First Trust Advisors
Illinois
– -$1.84M -5,844 Closed
Millennium Management
115
Millennium Management
New York
– -$709K -2,247 Closed
Two Sigma Investments
116
Two Sigma Investments
New York
– -$616K -1,953 Closed
Susquehanna International Group
117
Susquehanna International Group
Pennsylvania
– -$575K -1,824 Closed
HHC
118
Hutchin Hill Capital
New York
– -$379K -1,200 Closed
GCP
119
GSA Capital Partners
United Kingdom
– -$366K -1,161 Closed
HSBC Holdings
120
HSBC Holdings
United Kingdom
– -$240K -761 Closed
AG
121
Aperio Group
California
– -$228K -723 Closed
PA
122
Pinnacle Associates
New York
– -$206K -653 Closed
AIM
123
Acrospire Investment Management
Illinois
– -$197K -626 Closed
PAM
124
Panagora Asset Management
Massachusetts
– -$124K -393 Closed
CAM
125
ClariVest Asset Management
California
– -$112K -356 Closed
2 3 4
5
6

BH Hedge Fund Activity: Q1 2017 in Review

113 of the 4,018 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q1 2017, worth a combined $795M — down 8.3% from $867M a quarter earlier.

Sellers outnumbered buyers: 18 funds closed out of BH and 14 opened new positions — a net loss of 4 holders — while 24 trimmed existing stakes and 48 added.

The largest buyer was BlackRock, adding an estimated $56.6M. The largest seller was Fenimore Asset Management, exiting entirely with an estimated $6.12M sold.

  • 113 institutional investors held Biglari Holdings Class B (BH) as of Q1 2017, down from 123 in Q4 2016.
  • Funds reported $795M of Biglari Holdings Class B stock for Q1 2017, down 8.3% quarter-over-quarter.
  • 14 funds opened new Biglari Holdings Class B positions in Q1 2017 and 18 closed out, a net change of -4 holders.
  • The largest Biglari Holdings Class B buyer in Q1 2017 was BlackRock, an estimated $56.6M added.
  • The largest Biglari Holdings Class B seller in Q1 2017 was Fenimore Asset Management, an estimated $6.12M sold.

Based on aggregated 13F filings for Q1 2017.