Biglari Holdings Class B
107 hedge funds and large institutions have $642M invested in Biglari Holdings Class B in 2025 Q4 according to their latest regulatory filings, with 21 funds opening new positions, 31 increasing their positions, 31 reducing their positions, and 11 closing their positions.
91% more first-time investments, than exits
New positions opened: 21 | Existing positions closed: 11
9% more funds holding
Funds holding: 98 → 107 (+9)
1.83% more ownership
Funds ownership: 91.58% → 93.41% (+1.8%)
5% more capital invested
Capital invested by funds: $613M → $642M (+$29.3M)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
0% more repeat investments, than reductions
Existing positions increased: 31 | Existing positions reduced: 31
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$5.23M |
| 2 |
BCC
Biglari Capital Corp
San Antonio,
Texas
|
+$4.41M |
| 3 |
Millennium Management
New York
|
+$3.54M |
| 4 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$3.5M |
| 5 |
Point72 Asset Management
Stamford,
Connecticut
|
+$3.1M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JP Morgan Chase
New York
|
-$5.57M |
| 2 |
Invesco
Atlanta,
Georgia
|
-$5.52M |
| 3 |
Morgan Stanley
New York
|
-$2.87M |
| 4 |
Renaissance Technologies
New York
|
-$1.48M |
| 5 |
BlackRock
New York
|
-$1.36M |
BH Hedge Fund Activity: Q4 2025 in Review
107 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Biglari Holdings Class B (BH) for Q4 2025, worth a combined $642M — up 4.8% from $613M a quarter earlier.
Buyers outnumbered sellers: 21 funds opened new BH positions and 11 closed out — a net gain of 10 holders — while 31 added to existing stakes and 31 trimmed.
The largest buyer was Qube Research & Technologies (QRT), adding an estimated $5.23M. The largest seller was JP Morgan Chase, cutting an estimated $5.57M.
- 107 institutional investors held Biglari Holdings Class B (BH) as of Q4 2025, up from 98 in Q3 2025.
- Funds reported $642M of Biglari Holdings Class B stock for Q4 2025, up 4.8% quarter-over-quarter.
- 21 funds opened new Biglari Holdings Class B positions in Q4 2025 and 11 closed out, a net change of +10 holders.
- The largest Biglari Holdings Class B buyer in Q4 2025 was Qube Research & Technologies (QRT), an estimated $5.23M added.
- The largest Biglari Holdings Class B seller in Q4 2025 was JP Morgan Chase, an estimated $5.57M sold.
Based on aggregated 13F filings for Q4 2025.