Biglari Holdings Inc. (BH) — Institutional Holders, Q2 2026

130 institutional investment managers reported a BH position on SEC Form 13F-HR for the quarter ended June 30, 2026, with a combined reported value of $1.3B. Every filer is listed below, ranked by position value, 100 per page; this page shows ranks 1 to 100. Put and call option positions are excluded, and a firm filing several lots or share classes is shown once with its total.

← BH stock profile

BH in Q2 2026: what funds did

Funds that filed a 13F for both Q1 2026 and Q2 2026, by what they did with the common stock. Share counts are adjusted for any split between the two quarters; dollar figures are the change in shares at this quarter’s price.

New positions

Added to

Trimmed

Sold out

Biggest buyers

BIGLARI CAPITALAdded · +54,952 sh+$23.4M
TWO SIGMA INVESTMENTSAdded · +42,023 sh+$17.9M
MILLENNIUM MANAGEMENTAdded · +8,272 sh+$3.5M
RENAISSANCE TECHNOLOGIESAdded · +7,190 sh+$3.1M
Pacer AdvisorsNew · +5,829 sh+$2.5M

Biggest sellers

Invesco Ltd.Trimmed · -18,108 sh-$7.7M
Qube Research & Technologies LtdTrimmed · -13,803 sh-$5.9M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIPSold out · -11,724 sh-$5.0M
TUDOR INVESTMENT ET ALSold out · -9,700 sh-$4.1M
Trexquant InvestmentTrimmed · -9,498 sh-$4.0M

BH 13F holders ranked 1–100 of 130

Institutional investors reporting a position in Biglari Holdings Inc. on SEC Form 13F-HR for Q2 2026, ranked by reported value.
#	Institution	Shares	Value	% of portfolio	QoQShares vs Q1 2026
1	BIGLARI CAPITAL#1 · 1,626,711 sh	1,626,711	$952.3M	79.72%	+3.5%
2	DIMENSIONAL FUND ADVISORS#2 · 112,010 sh	112,010	$57.4M	0.01%	+3.7%
3	BlackRock#3 · 51,549 sh	51,549	$31.0M	<0.01%	+8.0%
4	RENAISSANCE TECHNOLOGIES#4 · 34,692 sh	34,692	$25.0M	0.03%	+26.1%
5	GAMCO INVESTORS, ET AL#5 · 11,038 sh	11,038	$23.2M	0.21%	-1.7%
6	TWO SIGMA INVESTMENTS#6 · 50,618 sh	50,618	$21.6M	0.02%	+488.9%
7	MARSHALL WACE, LLP#7 · 33,252 sh	33,252	$17.9M	0.01%	-3.8%
8	VANGUARD CAPITAL MANAGEMENT#8 · 30,622 sh	30,622	$17.1M	<0.01%	-4.0%
9	JANE STREET GROUP#9 · 11,176 sh	11,176	$13.2M	<0.01%	-35.8%
10	MILLENNIUM MANAGEMENT#10 · 26,774 sh	26,774	$11.4M	<0.01%	+44.7%
11	GEODE CAPITAL MANAGEMENT#11 · 16,811 sh	16,811	$10.3M	<0.01%	+12.9%
12	FIRST ADVISORS#12 · 4,481 sh	4,481	$9.4M	<0.01%	New
13	UBS Group AG#13 · 4,913 sh	4,913	$7.6M	<0.01%	+122.8%
14	STATE STREET#14 · 13,681 sh	13,681	$7.3M	<0.01%	-5.7%
15	Trexquant Investment#15 · 14,559 sh	14,559	$6.2M	0.04%	-39.5%
16	VICTORY CAPITAL MANAGEMENT#16 · 2,745 sh	2,745	$5.8M	<0.01%	+38.8%
17	Connor, Clark & Lunn Investment Management Ltd.#17 · 12,309 sh	12,309	$5.2M	<0.01%	+8.6%
18	AQR CAPITAL MANAGEMENT#18 · 9,490 sh	9,490	$4.0M	<0.01%	+59.9%
19	NORTHERN#19 · 7,607 sh	7,607	$4.0M	<0.01%	+7.5%
20	XTX Topco Ltd#20 · 5,464 sh	5,464	$4.0M	0.05%	-52.7%
21	VANGUARD PORTFOLIO MANAGEMENT#21 · 7,706 sh	7,706	$3.9M	<0.01%	+1.4%
22	Qube Research & Technologies Ltd#22 · 8,775 sh	8,775	$3.7M	<0.01%	-61.1%
23	CHECK CAPITAL MANAGEMENT#23 · 2,529 sh	2,529	$3.7M	0.10%	-0.6%
24	JPMORGAN CHASE#24 · 7,873 sh	7,873	$3.5M	<0.01%	-36.0%
25	GABELLI FUNDS#25 · 1,560 sh	1,560	$3.3M	0.02%	0.0%
26	CHARLES SCHWAB INVESTMENT MANAGEMENT#26 · 7,703 sh	7,703	$3.3M	<0.01%	+12.6%
27	HRT FINANCIAL#27 · 6,481 sh	6,481	$2.8M	<0.01%	+1118.2%
28	VANGUARD FIDUCIARY#28 · 4,699 sh	4,699	$2.6M	<0.01%	+2.7%
29	Nuveen#29 · 5,232 sh	5,232	$2.6M	<0.01%	+23.3%
30	Pacer Advisors#30 · 5,829 sh	5,829	$2.5M	<0.01%	New
31	DARK FOREST CAPITAL MANAGEMENT#31 · 1,067 sh	1,067	$2.2M	0.14%	-75.4%
32	Point72 Asset Management, L.P.#32 · 4,189 sh	4,189	$1.8M	<0.01%	-26.4%
33	Y-Intercept (Hong Kong) Ltd#33 · 4,055 sh	4,055	$1.7M	—	-4.8%
34	STRS OHIO#34 · 2,400 sh	2,400	$1.7M	<0.01%	+26.3%
35	GSA CAPITAL PARTNERS LLP#35 · 3,856 sh	3,856	$1.6M	0.10%	+80.6%
36	MORGAN STANLEY#36 · 2,944 sh	2,944	$1.6M	<0.01%	-16.1%
37	SUSQUEHANNA INTERNATIONAL GROUP, LLP#37 · 3,104 sh	3,104	$1.5M	<0.01%	New
38	Bank of New York Mellon#38 · 2,212 sh	2,212	$1.3M	<0.01%	+32.2%
39	CITADEL ADVISORS#39 · 2,980 sh	2,980	$1.3M	<0.01%	New
40	BARCLAYS PLC#40 · 2,586 sh	2,586	$1.1M	<0.01%	+13.5%
41	BRIDGEWAY CAPITAL MANAGEMENT#41 · 2,625 sh	2,625	$1.1M	0.02%	-47.3%
42	O'SHAUGHNESSY ASSET MANAGEMENT#42 · 2,414 sh	2,414	$1.0M	<0.01%	-41.4%
43	ALLIANCEBERNSTEIN L.P.#43 · 2,131 sh	2,131	$985.0K	<0.01%	+128.9%
44	BANK OF AMERICA#44 · 2,039 sh	2,039	$868.7K	<0.01%	+58.4%
45	BALYASNY ASSET MANAGEMENT L.P.#45 · 395 sh	395	$831.3K	<0.01%	-54.0%
46	Engineers Gate Manager#46 · 1,920 sh	1,920	$818.0K	0.01%	+869.7%
47	Invesco Ltd.#47 · 1,830 sh	1,830	$779.6K	<0.01%	-90.8%
48	Rathbones Group PLC#48 · 1,700 sh	1,700	$724.3K	<0.01%	0.0%
49	RITHOLTZ WEALTH MANAGEMENT#49 · 1,672 sh	1,672	$712.3K	0.01%	-33.4%
50	HSBC PLC#50 · 1,626 sh	1,626	$702.2K	<0.01%	+6.8%
51	Jump Financial#51 · 1,640 sh	1,640	$698.7K	<0.01%	New
52	Centiva Capital#52 · 1,570 sh	1,570	$668.9K	<0.01%	New
53	Lotus Technology Management#53 · 1,534 sh	1,534	$653.5K	0.80%	New
54	STATE OF WISCONSIN INVESTMENT BOARD#54 · 1,487 sh	1,487	$633.5K	<0.01%	New
55	JACOBS LEVY EQUITY MANAGEMENT#55 · 1,451 sh	1,451	$618.2K	<0.01%	0.0%
56	RHUMBLINE ADVISERS#56 · 928 sh	928	$521.2K	<0.01%	+8.9%
57	LPL Financial#57 · 1,130 sh	1,130	$481.4K	<0.01%	0.0%
58	AMERICAN CENTURY COMPANIES#58 · 1,116 sh	1,116	$475.4K	<0.01%	0.0%
59	GOLDMAN SACHS GROUP#59 · 223 sh	223	$469.3K	0.00%	-97.7%
60	MARTINGALE ASSET MANAGEMENT L P#60 · 1,101 sh	1,101	$469.1K	0.01%	0.0%
61	INCEPTIONR#61 · 1,048 sh	1,048	$446.5K	0.11%	+676.3%
62	D. E. Shaw#62 · 1,019 sh	1,019	$434.1K	<0.01%	-81.7%
63	OCCUDO QUANTITATIVE STRATEGIES#63 · 1,014 sh	1,014	$432.0K	0.02%	+25.0%
64	DEUTSCHE BANK AG\#64 · 726 sh	726	$399.9K	<0.01%	+73.3%
65	Dynamic Technology Lab Private Ltd#65 · 921 sh	921	$392.0K	0.09%	New
66	NEW YORK STATE COMMON RETIREMENT FUND#66 · 526 sh	526	$392.0K	<0.01%	+23.5%
67	Susquehanna Portfolio Strategies#67 · 853 sh	853	$363.4K	<0.01%	New
68	Brevan Howard Capital Management#68 · 170 sh	170	$357.8K	<0.01%	-78.6%
69	EntryPoint Capital#69 · 166 sh	166	$349.4K	0.08%	-93.2%
70	WELLS FARGO & COMPANY#70 · 638 sh	638	$347.3K	<0.01%	+123.9%
71	Squarepoint Ops#71 · 663 sh	663	$282.5K	<0.01%	New
72	Blueshift Asset Management#72 · 125 sh	125	$263.1K	0.06%	New
73	FMR#73 · 228 sh	228	$256.1K	0.00%	-30.7%
74	SEI INVESTMENTS#74 · 115 sh	115	$242.0K	<0.01%	New
75	CANADA PENSION PLAN INVESTMENT BOARD#75 · 560 sh	560	$238.6K	<0.01%	New
76	CITIGROUP#76 · 410 sh	410	$228.4K	<0.01%	+28.5%
77	Shay Capital#77 · 108 sh	108	$227.3K	0.01%	-94.4%
78	Virtu Financial#78 · 103 sh	103	$215.0K	<0.01%	New
79	PRICE T ROWE ASSOCIATES#79 · 482 sh	482	$206.0K	0.00%	New
80	Russell Investments Group, Ltd.#80 · 432 sh	432	$190.8K	<0.01%	+319.4%
81	MIRAE ASSET GLOBAL ETFS Ltd.#81 · 341 sh	341	$188.9K	<0.01%	+4.9%
82	MetLife Investment Management#82 · 441 sh	441	$187.9K	<0.01%	0.0%
83	Vanguard Global Advisers#83 · 173 sh	173	$182.8K	<0.01%	-24.1%
84	Quantbot Technologies#84 · 82 sh	82	$172.6K	<0.01%	-68.8%
85	BARTLETT & WEALTH MANAGEMENT#85 · 392 sh	392	$167.0K	<0.01%	0.0%
86	State of Alaska, Department of Revenue#86 · 353 sh	353	$150.0K	—	0.0%
87	PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO#87 · 320 sh	320	$136.0K	<0.01%	0.0%
88	SG Americas Securities#88 · 306 sh	306	$130.0K	<0.01%	-79.8%
89	BNP PARIBAS FINANCIAL MARKETS#89 · 242 sh	242	$130.0K	0.00%	+49.4%
90	Police & Firemen's Retirement System of New Jersey#90 · 196 sh	196	$125.5K	<0.01%	+14.6%
91	ROYAL BANK OF CANADA#91 · 118 sh	118	$60.0K	0.00%	+31.1%
92	FIFTH THIRD BANCORP#92 · 77 sh	77	$44.6K	<0.01%	0.0%
93	Legal & General Group Plc#93 · 82 sh	82	$40.1K	0.00%	+26.2%
94	Rockefeller Capital Management L.P.#94 · 85 sh	85	$36.2K	<0.01%	0.0%
95	Ameritas Investment Partners#95 · 61 sh	61	$34.4K	<0.01%	+8.9%
96	SIGNATUREFD#96 · 74 sh	74	$31.5K	—	New
97	JONES FINANCIAL COMPANIES LLLP#97 · 67 sh	67	$27.1K	0.00%	-53.1%
98	Integrated Wealth Concepts#98 · 50 sh	50	$24.7K	<0.01%	New
99	Tower Research Capital (TRC)#99 · 48 sh	48	$23.8K	<0.01%	-56.4%
100	Larson Financial Group#100 · 50 sh	50	$21.3K	<0.01%	0.0%

Funds that sold out of BH in Q2 2026 (22)

Held BH at the end of Q1 2026 and filed a Q2 2026 13F without it. Not in the list above, because they no longer hold it. Largest prior position first.

Institutions that held BH in Q1 2026 and reported no position in Q2 2026.
Institution	Shares sold	Value in Q1 2026
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP11,724 sh	11,724	$5.8M
TUDOR INVESTMENT ET AL9,700 sh	9,700	$3.2M
Quadrature Capital Ltd5,240 sh	5,240	$2.0M
Aquatic Capital Management822 sh	822	$1.4M
Swiss Life Asset Management Ltd66,094 sh	66,094	$1.2M
Logan Stone Capital3,095 sh	3,095	$1.0M
VOLORIDGE INVESTMENT MANAGEMENT2,686 sh	2,686	$885.3K
Freestone Grove Partners1,508 sh	1,508	$497.0K
Swiss National Bank1,440 sh	1,440	$474.6K
Huntleigh Advisors1,401 sh	1,401	$461.8K
Polymer Capital Management (US)988 sh	988	$325.6K
CenterBook Partners853 sh	853	$281.1K
Man Group plc128 sh	128	$223.1K
Marex Group plc119 sh	119	$207.4K
Caitong International Asset Management , Ltd268 sh	268	$204.2K
VANGUARD ASSET MANAGEMENT, Ltd487 sh	487	$160.5K
Vanguard Investments Australia, Ltd.312 sh	312	$102.8K
KLP KAPITALFORVALTNING AS160 sh	160	$52.7K
Caitlin John15 sh	15	$4.9K
MAI Capital Management5 sh	5	$1.6K
True Wealth Design1 sh	1	$330.00
Basecamp Wealth Advisors1 sh	1	$330.00

Source: Form 13F-HR filings on SEC EDGAR, Q2 2026. Values are as reported by each manager at quarter end. “% of portfolio” is the position’s share of the manager’s total reported 13F value for the same quarter. “New” means the manager filed a 13F for Q1 2026 without this position; a dash means no comparison is available. Where a manager’s own filing is internally inconsistent its value is withheld and it is listed last. 13F data shows reported holdings, not recommendations.