Biglari Holdings Class B
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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Invesco
Atlanta,
Georgia
|
+$9.41M |
| 2 |
Renaissance Technologies
New York
|
+$2.76M |
| 3 |
Two Sigma Investments
New York
|
+$2.19M |
| 4 |
Pacer Advisors
Malvern,
Pennsylvania
|
+$1.98M |
| 5 |
Dimensional Fund Advisors
Austin,
Texas
|
+$1.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
N
Nuveen
Charlotte,
North Carolina
|
-$3.63M |
| 2 |
Citadel Advisors
Miami,
Florida
|
-$1.98M |
| 3 |
Man Group
London,
United Kingdom
|
-$872K |
| 4 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
-$488K |
| 5 |
PLC
Peapod Lane Capital
Bedford Hills,
New York
|
-$478K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
TI
101
Trexquant Investment
Stamford,
Connecticut
| – | -$434K | -1,484 | Closed |
|
|
BHCM
102
Brevan Howard Capital Management
St. Helier,
Jersey
| – | -$409K | -1,398 | Closed |
|
103
Squarepoint
New York
| – | -$387K | -1,323 | Closed |
|
104
Millennium Management
New York
| – | -$314K | -1,075 | Closed |
|
|
CC
105
Centiva Capital
New York
| – | -$259K | -887 | Closed |
|
|
AC
106
AXQ Capital
Jersey City,
New Jersey
| – | -$249K | -852 | Closed |
|
107
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| – | -$238K | -816 | Closed |
|
108
Raymond James Financial
St Petersburg,
Florida
| – | -$105K | -360 | Closed |
|
|
TSMHT
109
Thurston Springer Miller Herd & Titak
Indianapolis,
Indiana
| – | -$11.7K | -40 | Closed |
|
|
ACM
110
Aster Capital Management
Dubai,
United Arab Emirates
| – | -$1.17K | -4 | Closed |
|
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.