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Biglari Holdings Class B
BH

76 hedge funds and large institutions have $389M invested in Biglari Holdings Class B in 2025 Q1 according to their latest regulatory filings, with 12 funds opening new positions, 25 increasing their positions, 19 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

32% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 19

9% more first-time investments, than exits

New positions opened: 12 | Existing positions closed: 11

0.45% more ownership

Funds ownership: 86.4% → 86.85% (+0.45%)

0% more funds holding

Funds holding: 76 → 76 (0)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

14% less capital invested

Capital invested by funds: $455M → $389M (-$65.5M)

Holders
76
Holders Change
–
Holders Change %
0%
% of All Funds
1.02%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
12
Increased
25
Reduced
19
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$2.56M
2
Vanguard Group
Vanguard Group
Pennsylvania
+$791K
3
OSAM
O'Shaughnessy Asset Management
Connecticut
+$788K
4
HF
HRT Financial
New York
+$553K
5
Cerity Partners
Cerity Partners
New York
+$477K

Top Sellers

Rank Fund Capital Flow
1
Invesco
Invesco
Georgia
-$4.02M
2
MAM
Marquette Asset Management
Minnesota
-$538K
3
Morgan Stanley
Morgan Stanley
New York
-$366K
4
B
Bailard
California
-$307K
5
Prudential Financial
Prudential Financial
New Jersey
-$212K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCC
1
Biglari Capital Corp
Texas
$302M – – –
Dimensional Fund Advisors
2
Dimensional Fund Advisors
Texas
$20.1M +$279K +1,225 +1%
BlackRock
3
BlackRock
New York
$11.8M -$170K -744 -1%
Vanguard Group
4
Vanguard Group
Pennsylvania
$8.86M +$791K +3,469 +9%
JP Morgan Chase
5
JP Morgan Chase
New York
$5.93M +$2.56M +11,241 +70%
N
6
Nuveen
North Carolina
$3.96M +$339K +1,488 +9%
Geode Capital Management
7
Geode Capital Management
Massachusetts
$3.42M +$25.5K +112 +0.7%
BCM
8
Bridgeway Capital Management
Texas
$3.39M +$37.6K +165 +1%
Arrowstreet Capital
9
Arrowstreet Capital
Massachusetts
$3.15M +$292K +1,282 +10%
PLC
10
Peapod Lane Capital
New York
$2.99M -$169K -742 -5%
State Street
11
State Street
Massachusetts
$2.85M +$31.9K +140 +1%
Connor, Clark & Lunn Investment Management (CC&L)
12
Connor, Clark & Lunn Investment Management (CC&L)
British Columbia, Canada
$2.6M +$32.4K +142 +1%
EF
13
Empowered Funds
Pennsylvania
$2.04M +$37.6K +165 +2%
Northern Trust
14
Northern Trust
Illinois
$1.64M -$56.1K -246 -3%
OSAM
15
O'Shaughnessy Asset Management
Connecticut
$1.35M +$788K +3,457 +125%
Renaissance Technologies
16
Renaissance Technologies
New York
$1.28M +$93.4K +410 +7%
Goldman Sachs
17
Goldman Sachs
New York
$776K -$15.5K -68 -2%
Los Angeles Capital Management
18
Los Angeles Capital Management
California
$744K -$109K -480 -12%
MAM
19
Martingale Asset Management
Massachusetts
$711K – – –
RWM
20
Ritholtz Wealth Management
New York
$704K +$421K +1,846 +131%
Morgan Stanley
21
Morgan Stanley
New York
$616K -$366K -1,606 -36%
Allspring Global Investments
22
Allspring Global Investments
North Carolina
$540K -$40.8K -179 -7%
HF
23
HRT Financial
New York
$525K +$553K +2,426 New
Charles Schwab
24
Charles Schwab
California
$506K +$2.51K +11 +0.5%
RG
25
Rathbones Group
United Kingdom
$498K – – –
1
2 3 4

BH Hedge Fund Activity: Q1 2025 in Review

76 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q1 2025, worth a combined $389M — down 14% from $455M a quarter earlier.

Buyers outnumbered sellers: 12 funds opened new BH positions and 11 closed out — a net gain of 1 holder — while 25 added to existing stakes and 19 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $2.56M. The largest seller was Invesco, exiting entirely with an estimated $4.02M sold.

  • 76 institutional investors held Biglari Holdings Class B (BH) as of Q1 2025, unchanged from Q4 2024.
  • Funds reported $389M of Biglari Holdings Class B stock for Q1 2025, down 14% quarter-over-quarter.
  • 12 funds opened new Biglari Holdings Class B positions in Q1 2025 and 11 closed out, a net change of +1 holder.
  • The largest Biglari Holdings Class B buyer in Q1 2025 was JP Morgan Chase, an estimated $2.56M added.
  • The largest Biglari Holdings Class B seller in Q1 2025 was Invesco, an estimated $4.02M sold.

Based on aggregated 13F filings for Q1 2025.