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Biglari Holdings Class B
BH

65 hedge funds and large institutions have $245M invested in Biglari Holdings Class B in 2021 Q4 according to their latest regulatory filings, with 2 funds opening new positions, 23 increasing their positions, 20 reducing their positions, and 12 closing their positions.

New
Increased
Maintained
Reduced
Closed

15% more repeat investments, than reductions

Existing positions increased: 23 | Existing positions reduced: 20

1.4% more ownership

Funds ownership: 81.48% → 82.89% (+1.4%)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

14% less funds holding

Funds holding: 76 → 65 (-11)

16% less capital invested

Capital invested by funds: $290M → $245M (-$45.1M)

83% less first-time investments, than exits

New positions opened: 2 | Existing positions closed: 12

Holders
65
Holders Change
-11
Holders Change %
-14.47%
% of All Funds
1%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.02%
New
2
Increased
23
Reduced
20
Closed
12
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BCC
Biglari Capital Corp
Texas
+$6.17M
2
Bank of New York Mellon
Bank of New York Mellon
New York
+$763K
3
Two Sigma Investments
Two Sigma Investments
New York
+$254K
4
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$194K
5
Vanguard Group
Vanguard Group
Pennsylvania
+$171K

Top Sellers

Rank Fund Capital Flow
1
WG
Winton Group
United Kingdom
-$588K
2
Arrowstreet Capital
Arrowstreet Capital
Massachusetts
-$496K
3
Wells Fargo
Wells Fargo
California
-$400K
4
Assenagon Asset Management
Assenagon Asset Management
Luxembourg
-$355K
5
PAM
Panagora Asset Management
Massachusetts
-$319K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCC
1
Biglari Capital Corp
Texas
$189M +$6.17M +39,776 +3%
Dimensional Fund Advisors
2
Dimensional Fund Advisors
Texas
$11M +$135K +872 +1%
BlackRock
3
BlackRock
New York
$8.52M -$112K -723 -1%
Vanguard Group
4
Vanguard Group
Pennsylvania
$4.19M +$171K +1,104 +4%
N
5
Nuveen
North Carolina
$2.24M -$69.1K -446 -3%
State Street
6
State Street
Massachusetts
$2.09M -$159K -1,026 -7%
Prudential Financial
7
Prudential Financial
New Jersey
$1.96M -$173K -1,119 -8%
Geode Capital Management
8
Geode Capital Management
Massachusetts
$1.9M -$98.8K -637 -5%
Arrowstreet Capital
9
Arrowstreet Capital
Massachusetts
$1.87M -$496K -3,201 -20%
BCM
10
Bridgeway Capital Management
Texas
$1.84M – – –
Connor, Clark & Lunn Investment Management (CC&L)
11
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$1.82M – – –
Northern Trust
12
Northern Trust
Illinois
$1.32M -$1.55K -10 -0.1%
Bank of New York Mellon
13
Bank of New York Mellon
New York
$1.26M +$763K +4,924 +126%
Two Sigma Advisers
14
Two Sigma Advisers
New York
$1.24M +$171K +1,100 +15%
D.E. Shaw & Co
15
D.E. Shaw & Co
New York
$1.06M +$10.9K +70 +0.9%
Two Sigma Investments
16
Two Sigma Investments
New York
$925K +$254K +1,639 +34%
LSV Asset Management
17
LSV Asset Management
Illinois
$914K – – –
Jacobs Levy Equity Management
18
Jacobs Levy Equity Management
New Jersey
$859K -$138K -890 -13%
Morgan Stanley
19
Morgan Stanley
New York
$841K -$246K -1,589 -21%
Los Angeles Capital Management
20
Los Angeles Capital Management
California
$721K – – –
SO
21
STRS Ohio
Ohio
$684K +$46.5K +300 +7%
MAM
22
Martingale Asset Management
Massachusetts
$623K -$110K -710 -14%
Allspring Global Investments
23
Allspring Global Investments
North Carolina
$616K +$670K +4,321 New
Millennium Management
24
Millennium Management
New York
$562K -$226K -1,457 -27%
Wells Fargo
25
Wells Fargo
California
$554K -$400K -2,580 -40%
1
2 3

BH Hedge Fund Activity: Q4 2021 in Review

65 of the 6,499 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2021, worth a combined $245M — down 16% from $290M a quarter earlier.

Sellers outnumbered buyers: 12 funds closed out of BH and 2 opened new positions — a net loss of 10 holders — while 20 trimmed existing stakes and 23 added.

The largest buyer was Biglari Capital Corp, adding an estimated $6.17M. The largest seller was Winton Group, exiting entirely with an estimated $588K sold.

  • 65 institutional investors held Biglari Holdings Class B (BH) as of Q4 2021, down from 76 in Q3 2021.
  • Funds reported $245M of Biglari Holdings Class B stock for Q4 2021, down 16% quarter-over-quarter.
  • 2 funds opened new Biglari Holdings Class B positions in Q4 2021 and 12 closed out, a net change of -10 holders.
  • The largest Biglari Holdings Class B buyer in Q4 2021 was Biglari Capital Corp, an estimated $6.17M added.
  • The largest Biglari Holdings Class B seller in Q4 2021 was Winton Group, an estimated $588K sold.

Based on aggregated 13F filings for Q4 2021.