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Biglari Holdings Class B
BH

109 hedge funds and large institutions have $782M invested in Biglari Holdings Class B in 2017 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 30 increasing their positions, 32 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

60% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 10

28% more capital invested

Capital invested by funds: $610M → $782M (+$172M)

6% more funds holding

Funds holding: 103 → 109 (+6)

4.13% more ownership

Funds ownership: 132.61% → 136.74% (+4.1%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

6% less repeat investments, than reductions

Existing positions increased: 30 | Existing positions reduced: 32

Holders
109
Holders Change
+6
Holders Change %
+5.83%
% of All Funds
2.47%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
16
Increased
30
Reduced
32
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
ICM
Intrepid Capital Management
Florida
+$10.2M
2
BCC
Biglari Capital Corp
Texas
+$9.63M
3
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$2.17M
4
GC
Guggenheim Capital
Illinois
+$1.99M
5
Norges Bank
Norges Bank
Norway
+$1.11M

Top Sellers

Rank Fund Capital Flow
1
DGHMC
Dalton, Greiner, Hartman, Maher & Co
New York
-$2.57M
2
Janus Henderson Group
Janus Henderson Group
United Kingdom
-$2.1M
3
Renaissance Technologies
Renaissance Technologies
New York
-$1.35M
4
GI
GAMCO Investors
Connecticut
-$1.3M
5
First Trust Advisors
First Trust Advisors
Illinois
-$931K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCC
1
Biglari Capital Corp
Texas
$447M +$9.63M +40,018 +3%
BlackRock
2
BlackRock
New York
$55.8M +$832K +3,457 +2%
Vanguard Group
3
Vanguard Group
Pennsylvania
$43.2M -$176K -732 -0.5%
Janus Henderson Group
4
Janus Henderson Group
United Kingdom
$41.5M -$2.1M -8,714 -5%
GI
5
GAMCO Investors
Connecticut
$28.8M -$1.3M -5,396 -5%
RRAM
6
River Road Asset Management
Kentucky
$27.5M +$732K +3,042 +3%
Dimensional Fund Advisors
7
Dimensional Fund Advisors
Texas
$14.5M +$2.17M +9,016 +21%
ICM
8
Intrepid Capital Management
Florida
$11.7M +$10.2M +42,341 New
State Street
9
State Street
Massachusetts
$11.2M +$349K +1,451 +4%
GF
10
Gabelli Funds
New York
$9.63M – – –
Norges Bank
11
Norges Bank
Norway
$9.22M +$1.11M +4,624 +16%
Bank of New York Mellon
12
Bank of New York Mellon
New York
$6.19M +$843K +3,504 +19%
Northern Trust
13
Northern Trust
Illinois
$5.62M -$137K -569 -3%
TA
14
Teton Advisors
New York
$5.46M – – –
D.E. Shaw & Co
15
D.E. Shaw & Co
New York
$4.39M -$437K -1,818 -10%
Prudential Financial
16
Prudential Financial
New Jersey
$4.13M +$1.11M +4,608 +44%
Geode Capital Management
17
Geode Capital Management
Massachusetts
$3.85M +$46.7K +194 +1%
RJA
18
Raymond James & Associates
Florida
$3.61M -$141K -588 -4%
Principal Financial Group
19
Principal Financial Group
Iowa
$3.14M -$21.4K -89 -0.8%
Janney Montgomery Scott
20
Janney Montgomery Scott
Pennsylvania
$2.93M +$363K +1,509 +17%
Ameriprise
21
Ameriprise
Minnesota
$2.76M -$32K -133 -1%
GC
22
Guggenheim Capital
Illinois
$2.28M +$1.99M +8,256 New
Charles Schwab
23
Charles Schwab
California
$1.77M +$91.2K +379 +6%
PPA
24
Parametric Portfolio Associates
Washington
$1.66M +$31K +129 +2%
California Public Employees Retirement System
25
California Public Employees Retirement System
California
$1.62M – – –
1
2 3 4 5

BH Hedge Fund Activity: Q4 2017 in Review

109 of the 4,410 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2017, worth a combined $782M — up 28% from $610M a quarter earlier.

Buyers outnumbered sellers: 16 funds opened new BH positions and 10 closed out — a net gain of 6 holders — while 30 added to existing stakes and 32 trimmed.

The largest buyer was Intrepid Capital Management, opening a new position worth an estimated $10.2M. The largest seller was Dalton, Greiner, Hartman, Maher & Co, exiting entirely with an estimated $2.57M sold.

  • 109 institutional investors held Biglari Holdings Class B (BH) as of Q4 2017, up from 103 in Q3 2017.
  • Funds reported $782M of Biglari Holdings Class B stock for Q4 2017, up 28% quarter-over-quarter.
  • 16 funds opened new Biglari Holdings Class B positions in Q4 2017 and 10 closed out, a net change of +6 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2017 was Intrepid Capital Management, an estimated $10.2M added.
  • The largest Biglari Holdings Class B seller in Q4 2017 was Dalton, Greiner, Hartman, Maher & Co, an estimated $2.57M sold.

Based on aggregated 13F filings for Q4 2017.