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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
IA
101
IFP Advisors
Florida
$1.33K +$1.01K +3 +300%
ACA
102
American Capital Advisory
Idaho
$998 – – –
Nisa Investment Advisors
103
Nisa Investment Advisors
Missouri
$665 – – –
SAM
104
Smartleaf Asset Management
Massachusetts
$338 – – –
TWD
105
True Wealth Design
Ohio
$333 – – –
SS
106
SBI Securities
Japan
$332 – – –
RIL
107
Rothschild Investment LLC
Illinois
$332 +$336 +1 New
JF
108
Jump Financial
Illinois
– -$964K -2,980 Closed
SCM
109
Semanteon Capital Management
Massachusetts
– -$565K -1,747 Closed
HF
110
HRT Financial
New York
– -$379K -1,174 Closed
Two Sigma Advisers
111
Two Sigma Advisers
New York
– -$324K -1,000 Closed
EGM
112
Engineers Gate Manager
New York
– -$234K -724 Closed
DTL
113
Dynamic Technology Lab
Singapore
– -$206K -636 Closed
MAM
114
Meeder Asset Management
Ohio
– -$34.3K -106 Closed
AAP
115
Arax Advisory Partners
Colorado
– -$9.06K -28 Closed
CA
116
Clearstead Advisors
Ohio
– -$324 -1 Closed
EP
117
Essential Partners
California
– -$324 -1 Closed
SIC
118
Salem Investment Counselors
North Carolina
– -$324 -1 Closed
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.