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Biglari Holdings Class B

61 hedge funds and large institutions have $182M invested in Biglari Holdings Class B in 2019 Q2 according to their latest regulatory filings, with 5 funds opening new positions, 23 increasing their positions, 18 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

28% more repeat investments, than reductions

Existing positions increased: 23 | Existing positions reduced: 18

0.26% more ownership

Funds ownership: 84.38%84.65% (+0.26%)

0% more funds holding in top 10

Funds holding in top 10: 22 (0)

16% less funds holding

Funds holding: 7361 (-12)

26% less capital invested

Capital invested by funds: $247M → $182M (-$64.9M)

62% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 13

Holders
61
Holders Change
-12
Holders Change %
-16.44%
% of All Funds
1.32%
Holding in Top 10
2
Holding in Top 10 Change
Holding in Top 10 Change %
% of All Funds
0.04%
New
5
Increased
23
Reduced
18
Closed
13
Calls
Puts
Net Calls
Net Calls Change
Name Holding Trade Value Shares
Change
Change in
Stake
BCC
1
Biglari Capital Corp
Texas
$119M +$2.28M +19,074 +2%
FM
2
Fondren Management
Texas
$9.76M +$2.55M +21,380 +29%
Vanguard Group
3
Vanguard Group
Pennsylvania
$9.75M -$3.3M -27,667 -23%
BlackRock
4
BlackRock
New York
$7.34M -$435K -3,640 -5%
Dimensional Fund Advisors
5
Dimensional Fund Advisors
Texas
$7M +$538K +4,504 +7%
GI
6
GAMCO Investors
Connecticut
$3.56M -$429K -3,588 -9%
Renaissance Technologies
7
Renaissance Technologies
New York
$2.94M +$1.3M +10,865 +62%
RRAM
8
River Road Asset Management
Kentucky
$2.45M -$1.12M -9,343 -28%
State Street
9
State Street
Massachusetts
$2.02M -$43.4K -363 -2%
GF
10
Gabelli Funds
New York
$1.87M -$526K -4,400 -20%
N
11
Nuveen
North Carolina
$1.66M +$1.91M +15,979 New
D.E. Shaw & Co
12
D.E. Shaw & Co
New York
$1.54M -$208K -1,743 -10%
Northern Trust
13
Northern Trust
Illinois
$1.43M -$17.2K -144 -1%
CCM
14
Corsair Capital Management
New York
$1.37M +$1.4M +11,752 +801%
Geode Capital Management
15
Geode Capital Management
Massachusetts
$1.26M +$12.1K +101 +0.8%
Connor, Clark & Lunn Investment Management (CC&L)
16
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$1.08M +$346K +2,900 +39%
Prudential Financial
17
Prudential Financial
New Jersey
$1.01M -$119K -1,000 -9%
Millennium Management
18
Millennium Management
New York
$702K +$807K +6,759 New
Citadel Advisors
19
Citadel Advisors
Florida
$632K +$417K +3,495 +135%
Charles Schwab
20
Charles Schwab
California
$630K +$154K +1,287 +27%
Bank of New York Mellon
21
Bank of New York Mellon
New York
$595K +$84.2K +705 +14%
PP
22
Paloma Partners
Connecticut
$436K +$502K +4,200 New
Janney Montgomery Scott
23
Janney Montgomery Scott
Pennsylvania
$427K +$30.5K +255 +7%
California Public Employees Retirement System
24
California Public Employees Retirement System
California
$405K
IIM
25
Ironwood Investment Management
Massachusetts
$388K +$30.1K +252 +7%

BH Hedge Fund Activity: Q2 2019 in Review

61 of the 4,605 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q2 2019, worth a combined $182M — down 26% from $247M a quarter earlier.

Sellers outnumbered buyers: 13 funds closed out of BH and 5 opened new positions — a net loss of 8 holders — while 18 trimmed existing stakes and 23 added.

The largest buyer was Fondren Management, adding an estimated $2.55M. The largest seller was Vanguard Group, cutting an estimated $3.3M.

  • 61 institutional investors held Biglari Holdings Class B (BH) as of Q2 2019, down from 73 in Q1 2019.
  • Funds reported $182M of Biglari Holdings Class B stock for Q2 2019, down 26% quarter-over-quarter.
  • 5 funds opened new Biglari Holdings Class B positions in Q2 2019 and 13 closed out, a net change of -8 holders.
  • The largest Biglari Holdings Class B buyer in Q2 2019 was Fondren Management, an estimated $2.55M added.
  • The largest Biglari Holdings Class B seller in Q2 2019 was Vanguard Group, an estimated $3.3M sold.

Based on aggregated 13F filings for Q2 2019.