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Biglari Holdings Class B
BH

76 hedge funds and large institutions have $290M invested in Biglari Holdings Class B in 2021 Q3 according to their latest regulatory filings, with 10 funds opening new positions, 18 increasing their positions, 27 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

67% more first-time investments, than exits

New positions opened: 10 | Existing positions closed: 6

8% more capital invested

Capital invested by funds: $268M → $290M (+$21.7M)

6% more funds holding

Funds holding: 72 → 76 (+4)

0.24% more ownership

Funds ownership: 81.24% → 81.48% (+0.24%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

33% less repeat investments, than reductions

Existing positions increased: 18 | Existing positions reduced: 27

Holders
76
Holders Change
+4
Holders Change %
+5.56%
% of All Funds
1.33%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
10
Increased
18
Reduced
27
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BCC
Biglari Capital Corp
Texas
+$2.18M
2
Wells Fargo
Wells Fargo
California
+$1.08M
3
Jacobs Levy Equity Management
Jacobs Levy Equity Management
New Jersey
+$494K
4
OSAM
O'Shaughnessy Asset Management
Connecticut
+$402K
5
Two Sigma Investments
Two Sigma Investments
New York
+$284K

Top Sellers

Rank Fund Capital Flow
1
GI
GAMCO Investors
Connecticut
-$957K
2
Charles Schwab
Charles Schwab
California
-$798K
3
Marshall Wace
Marshall Wace
United Kingdom
-$554K
4
BlackRock
BlackRock
New York
-$544K
5
Morgan Stanley
Morgan Stanley
New York
-$383K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCC
1
Biglari Capital Corp
Texas
$221M +$2.18M +12,937 +1%
Dimensional Fund Advisors
2
Dimensional Fund Advisors
Texas
$13.1M -$41.7K -248 -0.3%
BlackRock
3
BlackRock
New York
$10.4M -$544K -3,235 -5%
Vanguard Group
4
Vanguard Group
Pennsylvania
$4.86M -$196K -1,167 -4%
Arrowstreet Capital
5
Arrowstreet Capital
Massachusetts
$2.8M – – –
State Street
6
State Street
Massachusetts
$2.7M -$131K -780 -5%
Prudential Financial
7
Prudential Financial
New Jersey
$2.55M +$32K +190 +1%
N
8
Nuveen
North Carolina
$2.5M -$83.1K -494 -3%
Geode Capital Management
9
Geode Capital Management
Massachusetts
$2.4M -$13.5K -80 -0.6%
BCM
10
Bridgeway Capital Management
Texas
$2.22M – – –
Connor, Clark & Lunn Investment Management (CC&L)
11
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$2.19M – – –
Northern Trust
12
Northern Trust
Illinois
$1.59M -$142K -847 -8%
Two Sigma Advisers
13
Two Sigma Advisers
New York
$1.3M -$50.5K -300 -4%
Morgan Stanley
14
Morgan Stanley
New York
$1.29M -$383K -2,275 -23%
D.E. Shaw & Co
15
D.E. Shaw & Co
New York
$1.27M -$2.35K -14 -0.2%
Jacobs Levy Equity Management
16
Jacobs Levy Equity Management
New Jersey
$1.19M +$494K +2,934 +74%
Wells Fargo
17
Wells Fargo
California
$1.11M +$1.08M +6,418 +13,371%
LSV Asset Management
18
LSV Asset Management
Illinois
$1.1M – – –
Assenagon Asset Management
19
Assenagon Asset Management
Luxembourg
$1M +$253K +1,506 +35%
Millennium Management
20
Millennium Management
New York
$927K +$137K +816 +18%
MAM
21
Martingale Asset Management
Massachusetts
$872K -$38.7K -230 -4%
Los Angeles Capital Management
22
Los Angeles Capital Management
California
$869K -$84.1K -500 -9%
Two Sigma Investments
23
Two Sigma Investments
New York
$834K +$284K +1,690 +53%
SO
24
STRS Ohio
Ohio
$773K – – –
Renaissance Technologies
25
Renaissance Technologies
New York
$681K -$172K -1,022 -20%
1
2 3 4

BH Hedge Fund Activity: Q3 2021 in Review

76 of the 5,712 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q3 2021, worth a combined $290M — up 8.1% from $268M a quarter earlier.

Buyers outnumbered sellers: 10 funds opened new BH positions and 6 closed out — a net gain of 4 holders — while 18 added to existing stakes and 27 trimmed.

The largest buyer was Biglari Capital Corp, adding an estimated $2.18M. The largest seller was GAMCO Investors, exiting entirely with an estimated $957K sold.

  • 76 institutional investors held Biglari Holdings Class B (BH) as of Q3 2021, up from 72 in Q2 2021.
  • Funds reported $290M of Biglari Holdings Class B stock for Q3 2021, up 8.1% quarter-over-quarter.
  • 10 funds opened new Biglari Holdings Class B positions in Q3 2021 and 6 closed out, a net change of +4 holders.
  • The largest Biglari Holdings Class B buyer in Q3 2021 was Biglari Capital Corp, an estimated $2.18M added.
  • The largest Biglari Holdings Class B seller in Q3 2021 was GAMCO Investors, an estimated $957K sold.

Based on aggregated 13F filings for Q3 2021.