BIGLARI HLDGS INC BH
COM STK CL B · Common Stock · CUSIP 08986R309
American holding company headquartered in San Antonio, Texas, US
- SectorConsumer discretionary
- IndustryRetail-Eating Places
- HeadquartersSan Antonio, TX
- Founded2008
- Websitebiglariholdings.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($7.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $425.99.
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 56 |
| Q4 2022 | 61 |
| Q1 2023 | 73 |
| Q2 2023 | 74 |
| Q3 2023 | 68 |
| Q4 2023 | 69 |
| Q1 2024 | 69 |
| Q2 2024 | 73 |
| Q3 2024 | 70 |
| Q4 2024 | 76 |
| Q1 2025 | 76 |
| Q2 2025 | 93 |
| Q3 2025 | 97 |
| Q4 2025 | 106 |
| Q1 2026 | 116 |
| Q2 2026 | 114 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 28 | 24 |
| Q4 2024 | 39 | 22 |
| Q1 2025 | 36 | 29 |
| Q2 2025 | 46 | 31 |
| Q3 2025 | 48 | 36 |
| Q4 2025 | 52 | 42 |
| Q1 2026 | 54 | 47 |
| Q2 2026 | 57 | 54 |
Biggest buyers
| BIGLARI CAPITAL CORP. | Added | +55.0k |
| TWO SIGMA INVESTMENTS, LP | Added | +42.0k |
| MILLENNIUM MANAGEMENT LLC | Added | +9.4k |
| RENAISSANCE TECHNOLOGIES LLC | Added | +6.9k |
| HRT FINANCIAL LP | New | +6.5k |
| DIMENSIONAL FUND ADVISORS LP | Added | +4.0k |
| AQR CAPITAL MANAGEMENT LLC | Added | +3.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | +3.0k |
| CITADEL ADVISORS LLC | New | +3.0k |
| Engineers Gate Manager LP | New | +1.9k |
Biggest sellers
| Swiss Life Asset Management Ltd | Sold out | -66.1k |
| Invesco Ltd. | Reduced | -18.1k |
| Qube Research & Technologies Ltd | Reduced | -13.6k |
| JANE STREET GROUP, LLC | Reduced | -11.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -10.4k |
| TUDOR INVESTMENT CORP ET AL | Sold out | -9.7k |
| GOLDMAN SACHS GROUP INC | Sold out | -9.4k |
| Trexquant Investment LP | Reduced | -7.2k |
| XTX Topco Ltd | Reduced | -6.1k |
| Quadrature Capital Ltd | Sold out | -5.1k |
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 1 | $920.4k | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 1 | $2.5m | 0 | — | — |
| Q1 2026 | 1 | $3.0m | 0 | — | — |
| Q2 2026 | 1 | $14.1m | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-06-05 | BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. | Bought | $159.0k535 shares |
| 2026-06-04 | BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. | Bought | $499.8k1.7k shares |
| 2026-05-14 | BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. | Bought | $3.7m14.4k shares |
| 2026-05-13 | BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. | Bought | $4.0m15.4k shares |
| 2026-05-12 | BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. | Bought | $5.7m23.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BIGLARI CAPITAL CORP. 52.50% of their portfolio | 1.5m $627.2m | Added +55.0k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 106.3k $45.3m | Added +4.0k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 50.6k $21.6m | Added +42.0k |
| BlackRock, Inc. 0.00% of their portfolio | 46.1k $19.7m | Added +1.1k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 31.0k $13.2m | Reduced -1.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 28.6k $12.2m | Added +6.9k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 28.2k $12.0m | Reduced -1.6k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 26.8k $11.4m | Added +9.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 14.9k $6.4m | Added +1.1k |
| Trexquant Investment LP 0.04% of their portfolio | 14.6k $6.2m | Reduced -7.2k |
| STATE STREET CORP 0.00% of their portfolio | 12.8k $5.5m | Reduced -1.1k |
| Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio | 12.3k $5.2m | Added +970 |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 9.5k $4.0m | Added +3.6k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 8.8k $3.7m | Reduced -13.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 7.8k $3.4m | Reduced -4.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 7.7k $3.3m | Added +864 |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 7.3k $3.1m | Reduced -254 |
| NORTHERN TRUST CORP 0.00% of their portfolio | 7.2k $3.1m | Added +228 |
| HRT FINANCIAL LP 0.01% of their portfolio | 6.5k $2.8m | New |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 6.1k $2.6m | Reduced -11.3k |
| Pacer Advisors, Inc. 0.01% of their portfolio | 5.8k $2.5m | Added +483 |
| Nuveen, LLC 0.00% of their portfolio | 5.0k $2.1m | Added +794 |
| XTX Topco Ltd 0.02% of their portfolio | 4.5k $1.9m | Reduced -6.1k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 4.3k $1.8m | Added +54 |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 4.2k $1.8m | Reduced -1.0k |
| Y-Intercept (Hong Kong) Ltd 0.03% of their portfolio | 4.1k $1.7m | Reduced -205 |
| GSA CAPITAL PARTNERS LLP 0.10% of their portfolio | 3.9k $1.6m | Added +1.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 3.0k $1.3m | New |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 3.0k $1.3m | New |
| MORGAN STANLEY 0.00% of their portfolio | 2.7k $1.2m | Reduced -547 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 2.6k $1.1m | Reduced -2.4k |
| BARCLAYS PLC 0.00% of their portfolio | 2.6k $1.1m | Added +291 |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio | 2.4k $1.0m | Reduced -1.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 2.0k $868.7k | Added +752 |
| STRS OHIO 0.00% of their portfolio | 2.0k $852.1k | Added +100 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 2.0k $844.7k | Added +310 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 1.9k $636.4k | Added +1.0k |
| Engineers Gate Manager LP 0.01% of their portfolio | 1.9k $818.0k | New |
| Invesco Ltd. 0.00% of their portfolio | 1.8k $779.6k | Reduced -18.1k |
| Rathbones Group PLC 0.00% of their portfolio | 1.7k $724.3k | Reduced -1.7k |
| RITHOLTZ WEALTH MANAGEMENT 0.01% of their portfolio | 1.7k $712.3k | Reduced -839 |
| Jump Financial, LLC 0.01% of their portfolio | 1.6k $698.7k | New |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 1.6k $702.2k | Added +103 |
| UBS Group AG 0.00% of their portfolio | 1.6k $688.9k | Added +16 |
| Centiva Capital, LP 0.02% of their portfolio | 1.6k $668.9k | New |
| Lotus Technology Management, LP 0.80% of their portfolio | 1.5k $653.5k | New |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 1.5k $633.5k | New |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 1.5k $618.2k | Unchanged |
| LPL Financial LLC 0.00% of their portfolio | 1.1k $481.4k | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 1.1k $475.4k | Unchanged |
| MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio | 1.1k $469.1k | Unchanged |
| INCEPTIONR LLC 0.11% of their portfolio | 1.0k $446.5k | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 1.0k $434.1k | Reduced -4.6k |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.02% of their portfolio | 1.0k $432.0k | Added +203 |
| Dynamic Technology Lab Private Ltd 0.09% of their portfolio | 921 $392.0k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 853 $363.4k | Added +1 |
| Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio | 853 $363.4k | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 672 $286.3k | Added +253 |
| Squarepoint Ops LLC 0.00% of their portfolio | 663 $282.5k | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 593 $252.6k | Added +308 |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 560 $238.6k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 482 $206.0k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 441 $187.9k | Unchanged |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 428 $182.3k | Added +325 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 426 $181.5k | Unchanged |
| BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio | 392 $167.0k | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 378 $161.0k | Added +63 |
| State of Alaska, Department of Revenue 0.00% of their portfolio | 353 $150.0k | Unchanged |
| PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.00% of their portfolio | 320 $136.0k | Unchanged |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 315 $134.2k | Reduced -10 |
| SG Americas Securities, LLC 0.00% of their portfolio | 306 $130.0k | Reduced -1.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 226 $96.3k | Added +64 |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 171 $72.9k | Unchanged |
| FMR LLC 0.00% of their portfolio | 133 $56.8k | Reduced -103 |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 112 $48.0k | Added +26 |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 108 $46.0k | Reduced -55 |
| Rockefeller Capital Management L.P. 0.00% of their portfolio | 85 $36.2k | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 79 $33.7k | Added +14 |
| SIGNATUREFD, LLC 0.00% of their portfolio | 74 $31.5k | New |
| FIFTH THIRD BANCORP 0.00% of their portfolio | 70 $29.8k | Unchanged |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 67 $27.1k | Reduced -76 |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 56 $23.9k | Unchanged |
| Larson Financial Group LLC 0.00% of their portfolio | 50 $21.3k | Unchanged |
| SIMS INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 50 $21.3k | New |
| Integrated Wealth Concepts LLC 0.00% of their portfolio | 48 $20.4k | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 46 $19.6k | Reduced -26 |
| HOEY INVESTMENTS, INC 0.00% of their portfolio | 39 $16.6k | Unchanged |
| Parallel Advisors, LLC 0.00% of their portfolio | 31 $13.2k | Added +29 |
| Global Retirement Partners, LLC 0.00% of their portfolio | 31 $13.2k | First filing |
| Farther Finance Advisors, LLC 0.00% of their portfolio | 27 $11.6k | Reduced -5 |
| North Star Investment Management Corp. 0.00% of their portfolio | 26 $11.1k | Unchanged |
| Sterling Capital Management LLC 0.00% of their portfolio | 24 $10.2k | Reduced -9 |
| MPWM ADVISORY SOLUTIONS, LLC 0.00% of their portfolio | 20 $8.5k | Unchanged |
| Allworth Financial LP 0.00% of their portfolio | 15 $6.4k | Added +11 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 13 $5.5k | Reduced -3.0k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 13 $5.5k | Reduced -449 |
| US BANCORP \DE\ 0.00% of their portfolio | 12 $5.1k | New |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 12 $5.1k | Added +1 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio | 11 $4.7k | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 9 $3.8k | Reduced -28 |