BH US Equity

Biglari Holdings Inc.

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Consumer Discretionary · Retail-Eating Places · CIK 1726173 · FYE 1231

$382.51

+6.08 (+1.62%)

USD · as of 2026-07-29 · marketstack

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Institutional ownership· 13F filers holding BH · 2026-Q1 methodology → sources →

114 holders

% of shares outstanding held

—

Shares held (13F)

2,038,952

Reporting holders

114

% of shares outstanding suppressed: the summed institutional 13F holdings (2,038,952) exceed the latest reported shares-outstanding count (206,864) by more than securities-lending double counting can explain (FINRA short interest 134,732 shares at 2026-04-30), so the share count is stale or wrong (common for annual 20-F foreign private issuers after a share issuance) and a percentage would be fabricated. Holder share counts are shown as filed.

Top holders

largest 100 of 114 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	BIGLARI CAPITAL CORP.	1,417,2851.4M	$467M	—	—
2	DIMENSIONAL FUND ADVISORS LP	102,247102,247	$34M	—	—
3	BlackRock, Inc.	45,04645,046	$15M	—	TRIM -10%
4	MARSHALL WACE, LLP	32,20732,207	$11M	—	ADD 4475%
5	VANGUARD CAPITAL MANAGEMENT LLC	29,75529,755	$10M	—	NEW†
6	Qube Research & Technologies Ltd	22,41522,415	$7M	—	ADD 10%
7	RENAISSANCE TECHNOLOGIES LLC	21,74221,742	$7M	—	ADD 98%
8	Trexquant Investment LP	21,71021,710	$7M	—	ADD 173%
9	Invesco Ltd.	19,93819,938	$7M	—	TRIM -17%
10	JANE STREET GROUP, LLC	17,40917,409	$6M	—	NEW†
11	MILLENNIUM MANAGEMENT LLC	17,34217,342	$6M	—	ADD 64%
12	STATE STREET CORP	13,94313,943	$5M	—	ADD 6%
13	GEODE CAPITAL MANAGEMENT, LLC	13,83413,834	$5M	—	TRIM -5%
14	JPMORGAN CHASE & CO	12,30812,308	$4M	—	TRIM -23%
15	Connor, Clark & Lunn Investment Management Ltd.	11,33911,339	$4M	—	ADD 3%
16	XTX Topco Ltd	10,60510,605	$3M	—	NEW†
17	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	10,35410,354	$3M	—	TRIM -59%
18	TUDOR INVESTMENT CORP ET AL	9,7009,700	$3M	—	NEW†
19	GOLDMAN SACHS GROUP INC	9,3539,353	$3M	—	—
20	TWO SIGMA INVESTMENTS, LP	8,5958,595	$3M	—	ADD 12%
21	VANGUARD PORTFOLIO MANAGEMENT LLC	7,5987,598	$3M	—	NEW†
22	NORTHERN TRUST CORP	6,9336,933	$2M	—	ADD 5%
23	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	6,8396,839	$2M	—	TRIM -3%
24	AQR CAPITAL MANAGEMENT LLC	5,9345,934	$2M	—	—
25	D. E. Shaw & Co., Inc.	5,5705,570	$2M	—	NEW†
26	Point72 Asset Management, L.P.	5,2245,224	$2M	—	TRIM -51%
27	Quadrature Capital Ltd	5,0545,054	$2M	—	ADD 217%
28	BRIDGEWAY CAPITAL MANAGEMENT, LLC	4,9854,985	$2M	—	TRIM -72%
29	DARK FOREST CAPITAL MANAGEMENT LP	4,3364,336	$1M	—	NEW†
30	VANGUARD FIDUCIARY TRUST CO	4,2724,272	$1M	—	NEW†
31	Y-Intercept (Hong Kong) Ltd	4,2604,260	$1M	—	NEW†
32	Nuveen, LLC	4,2454,245	$1M	—	ADD 26%
33	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	4,1104,110	$1M	—	TRIM -22%
34	Swiss Life Asset Management Ltd	66,09466,094	$1M	—	NEW†
35	MORGAN STANLEY	3,2863,286	$1M	—	TRIM -45%
36	Logan Stone Capital, LLC	3,0953,095	$1M	—	ADD 91%
37	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	2,9732,973	$979,871	—	NEW
38	VOLORIDGE INVESTMENT MANAGEMENT, LLC	2,6862,686	$885,279	—	NEW
39	RITHOLTZ WEALTH MANAGEMENT	2,5112,511	$827,600	—	TRIM -28%
40	EntryPoint Capital, LLC	2,4492,449	$807,166	—	ADD 230%
41	BARCLAYS PLC	2,2792,279	$751,136	—	ADD 65%
42	GSA CAPITAL PARTNERS LLP	2,1352,135	$704,000	—	ADD 59%
43	Shay Capital LLC	1,9151,915	$631,165	—	ADD 155%
44	STRS OHIO	1,9001,900	$626,221	—	ADD 6%
45	Rathbones Group PLC	1,7001,700	$560,303	—	TRIM -26%
46	Bank of New York Mellon Corp	1,6731,673	$551,239	—	TRIM -6%
47	UBS Group AG	1,6011,601	$527,674	—	TRIM -59%
48	SG Americas Securities, LLC	1,5171,517	$500,000	—	NEW
49	Freestone Grove Partners LP	1,5081,508	$497,022	—	NEW
50	HSBC HOLDINGS PLC	1,5231,523	$495,021	—	TRIM -49%
51	JACOBS LEVY EQUITY MANAGEMENT, INC	1,4511,451	$478,235	—	—
52	Swiss National Bank	1,4401,440	$474,610	—	NEW
53	Huntleigh Advisors, Inc.	1,4011,401	$461,757	—	NEW
54	BANK OF AMERICA CORP /DE/	1,2871,287	$424,182	—	ADD 76%
55	LPL Financial LLC	1,1301,130	$372,437	—	TRIM -45%
56	AMERICAN CENTURY COMPANIES INC	1,1161,116	$367,822	—	—
57	MARTINGALE ASSET MANAGEMENT L P	1,1011,101	$362,879	—	—
58	Polymer Capital Management (US) LLC	988988	$325,635	—	TRIM -16%
59	ALLIANCEBERNSTEIN L.P.	931931	$309,492	—	TRIM -38%
60	CenterBook Partners LP	853853	$281,140	—	NEW
61	RHUMBLINE ADVISERS	852852	$280,803	—	—
62	Brevan Howard Capital Management LP	795795	$262,024	—	NEW
63	OCCUDO QUANTITATIVE STRATEGIES LP	811811	$250,802	—	TRIM -66%
64	Brooklyn Investment Group	700700	$230,713	—	TRIM -41%
65	VANGUARD ASSET MANAGEMENT, Ltd	487487	$160,510	—	NEW
66	OSAIC HOLDINGS, INC.	462462	$152,270	—	ADD 3200%
67	MetLife Investment Management, LLC	441441	$145,349	—	—
68	NEW YORK STATE COMMON RETIREMENT FUND	426426	$140,405	—	—
69	DEUTSCHE BANK AG\	419419	$138,098	—	—
70	State of Alaska, Department of Revenue	353353	$115,000	—	—
71	BARTLETT & CO. WEALTH MANAGEMENT LLC	392392	$111,720	—	TRIM -22%
72	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	325325	$107,117	—	—
73	PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO	320320	$105,000	—	—
74	CITIGROUP INC	315315	$103,821	—	TRIM -73%
75	Vanguard Investments Australia, Ltd.	312312	$102,832	—	NEW
76	WELLS FARGO & COMPANY/MN	285285	$93,933	—	TRIM -64%
77	FMR LLC	236236	$77,694	—	TRIM -35%
78	Caitong International Asset Management Co., Ltd	186186	$61,304	—	TRIM -10%
79	Police & Firemen's Retirement System of New Jersey	171171	$56,360	—	—
80	Vanguard Global Advisers, LLC	163163	$53,723	—	NEW
81	BNP PARIBAS FINANCIAL MARKETS	162162	$53,394	—	ADD 3%
82	KLP KAPITALFORVALTNING AS	160160	$52,734	—	NEW
83	CWM, LLC	154154	$50,757	—	ADD 9%
84	JONES FINANCIAL COMPANIES LLLP	143143	$43,728	—	ADD 57%
85	Russell Investments Group, Ltd.	103103	$33,948	—	ADD 29%
86	Rockefeller Capital Management L.P.	8585	$28,015	—	ADD 400%
87	ROYAL BANK OF CANADA	8686	$28,000	—	TRIM -39%
88	Tower Research Capital LLC (TRC)	7272	$23,730	—	ADD 60%
89	FIFTH THIRD BANCORP	7070	$23,071	—	NEW
90	Legal & General Group Plc	6565	$21,423	—	—
91	Ameritas Investment Partners, Inc.	5656	$18,457	—	—
92	Larson Financial Group LLC	5050	$16,480	—	—
93	HOEY INVESTMENTS, INC	3939	$12,855	—	—
94	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	3737	$12,195	—	TRIM -12%
95	Sterling Capital Management LLC	3333	$10,876	—	TRIM -33%
96	Farther Finance Advisors, LLC	3232	$10,641	—	TRIM -46%
97	North Star Investment Management Corp.	2626	$8,569	—	—
98	MPWM ADVISORY SOLUTIONS, LLC	2020	$6,592	—	NEW
99	Caitlin John, LLC	1515	$4,944	—	—
100	EverSource Wealth Advisors, LLC	1111	$3,626	—	—

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

BIGLARI CAPITAL CORP.

1.4M

$467M

DIMENSIONAL FUND ADVISORS LP

91K

93K

95K

101K

102K

$34M

BlackRock, Inc.

55K

52K

54K

50K

45K

$15M

MARSHALL WACE, LLP

—

704

32K

$11M

VANGUARD CAPITAL MANAGEMENT LLC

—

30K

$10M

Qube Research & Technologies Ltd

—

20K

22K

$7M

RENAISSANCE TECHNOLOGIES LLC

15K

11K

22K

$7M

Trexquant Investment LP

—

22K

$7M

Invesco Ltd.

16K

—

10K

40K

24K

20K

$7M

JANE STREET GROUP, LLC

—

17K

$6M

MILLENNIUM MANAGEMENT LLC

—

993

—

11K

17K

$6M

STATE STREET CORP

13K

16K

13K

14K

$5M

GEODE CAPITAL MANAGEMENT, LLC

16K

15K

14K

15K

14K

$5M

JPMORGAN CHASE & CO

16K

27K

65K

16K

12K

$4M

Connor, Clark & Lunn Investment Management Ltd.

12K

13K

11K

$4M

Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	114	2,038,952	—	$651M
2025-Q4	106	1,932,465	—	$643M
2025-Q3	97	1,925,859	—	$623M
2025-Q2	92	1,830,033	—	$535M
2025-Q1	75	1,796,417	—

Short interest has its own tab now — open SI →

Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.

Institutional ownership· 13F filers holding BH · 2026-Q1 methodology → sources →

114 holders

% of shares outstanding held

—

Shares held (13F)

2,038,952

Reporting holders

114

Top holders

largest 100 of 114 · Δ vs 2025-Q4

#	Holder	Shares	Value	% of shares out	Δ QoQ
1	BIGLARI CAPITAL CORP.	1,417,2851.4M	$467M	—	—
2	DIMENSIONAL FUND ADVISORS LP	102,247102,247	$34M	—	—
3	BlackRock, Inc.	45,04645,046	$15M	—	TRIM -10%
4	MARSHALL WACE, LLP	32,20732,207	$11M	—	ADD 4475%
5	VANGUARD CAPITAL MANAGEMENT LLC	29,75529,755	$10M	—	NEW†
6	Qube Research & Technologies Ltd	22,41522,415	$7M	—	ADD 10%
7	RENAISSANCE TECHNOLOGIES LLC	21,74221,742	$7M	—	ADD 98%
8	Trexquant Investment LP	21,71021,710	$7M	—	ADD 173%
9	Invesco Ltd.	19,93819,938	$7M	—	TRIM -17%
10	JANE STREET GROUP, LLC	17,40917,409	$6M	—	NEW†
11	MILLENNIUM MANAGEMENT LLC	17,34217,342	$6M	—	ADD 64%
12	STATE STREET CORP	13,94313,943	$5M	—	ADD 6%
13	GEODE CAPITAL MANAGEMENT, LLC	13,83413,834	$5M	—	TRIM -5%
14	JPMORGAN CHASE & CO	12,30812,308	$4M	—	TRIM -23%
15	Connor, Clark & Lunn Investment Management Ltd.	11,33911,339	$4M	—	ADD 3%
16	XTX Topco Ltd	10,60510,605	$3M	—	NEW†
17	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	10,35410,354	$3M	—	TRIM -59%
18	TUDOR INVESTMENT CORP ET AL	9,7009,700	$3M	—	NEW†
19	GOLDMAN SACHS GROUP INC	9,3539,353	$3M	—	—
20	TWO SIGMA INVESTMENTS, LP	8,5958,595	$3M	—	ADD 12%
21	VANGUARD PORTFOLIO MANAGEMENT LLC	7,5987,598	$3M	—	NEW†
22	NORTHERN TRUST CORP	6,9336,933	$2M	—	ADD 5%
23	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	6,8396,839	$2M	—	TRIM -3%
24	AQR CAPITAL MANAGEMENT LLC	5,9345,934	$2M	—	—
25	D. E. Shaw & Co., Inc.	5,5705,570	$2M	—	NEW†
26	Point72 Asset Management, L.P.	5,2245,224	$2M	—	TRIM -51%
27	Quadrature Capital Ltd	5,0545,054	$2M	—	ADD 217%
28	BRIDGEWAY CAPITAL MANAGEMENT, LLC	4,9854,985	$2M	—	TRIM -72%
29	DARK FOREST CAPITAL MANAGEMENT LP	4,3364,336	$1M	—	NEW†
30	VANGUARD FIDUCIARY TRUST CO	4,2724,272	$1M	—	NEW†
31	Y-Intercept (Hong Kong) Ltd	4,2604,260	$1M	—	NEW†
32	Nuveen, LLC	4,2454,245	$1M	—	ADD 26%
33	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	4,1104,110	$1M	—	TRIM -22%
34	Swiss Life Asset Management Ltd	66,09466,094	$1M	—	NEW†
35	MORGAN STANLEY	3,2863,286	$1M	—	TRIM -45%
36	Logan Stone Capital, LLC	3,0953,095	$1M	—	ADD 91%
37	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	2,9732,973	$979,871	—	NEW
38	VOLORIDGE INVESTMENT MANAGEMENT, LLC	2,6862,686	$885,279	—	NEW
39	RITHOLTZ WEALTH MANAGEMENT	2,5112,511	$827,600	—	TRIM -28%
40	EntryPoint Capital, LLC	2,4492,449	$807,166	—	ADD 230%
41	BARCLAYS PLC	2,2792,279	$751,136	—	ADD 65%
42	GSA CAPITAL PARTNERS LLP	2,1352,135	$704,000	—	ADD 59%
43	Shay Capital LLC	1,9151,915	$631,165	—	ADD 155%
44	STRS OHIO	1,9001,900	$626,221	—	ADD 6%
45	Rathbones Group PLC	1,7001,700	$560,303	—	TRIM -26%
46	Bank of New York Mellon Corp	1,6731,673	$551,239	—	TRIM -6%
47	UBS Group AG	1,6011,601	$527,674	—	TRIM -59%
48	SG Americas Securities, LLC	1,5171,517	$500,000	—	NEW
49	Freestone Grove Partners LP	1,5081,508	$497,022	—	NEW
50	HSBC HOLDINGS PLC	1,5231,523	$495,021	—	TRIM -49%
51	JACOBS LEVY EQUITY MANAGEMENT, INC	1,4511,451	$478,235	—	—
52	Swiss National Bank	1,4401,440	$474,610	—	NEW
53	Huntleigh Advisors, Inc.	1,4011,401	$461,757	—	NEW
54	BANK OF AMERICA CORP /DE/	1,2871,287	$424,182	—	ADD 76%
55	LPL Financial LLC	1,1301,130	$372,437	—	TRIM -45%
56	AMERICAN CENTURY COMPANIES INC	1,1161,116	$367,822	—	—
57	MARTINGALE ASSET MANAGEMENT L P	1,1011,101	$362,879	—	—
58	Polymer Capital Management (US) LLC	988988	$325,635	—	TRIM -16%
59	ALLIANCEBERNSTEIN L.P.	931931	$309,492	—	TRIM -38%
60	CenterBook Partners LP	853853	$281,140	—	NEW
61	RHUMBLINE ADVISERS	852852	$280,803	—	—
62	Brevan Howard Capital Management LP	795795	$262,024	—	NEW
63	OCCUDO QUANTITATIVE STRATEGIES LP	811811	$250,802	—	TRIM -66%
64	Brooklyn Investment Group	700700	$230,713	—	TRIM -41%
65	VANGUARD ASSET MANAGEMENT, Ltd	487487	$160,510	—	NEW
66	OSAIC HOLDINGS, INC.	462462	$152,270	—	ADD 3200%
67	MetLife Investment Management, LLC	441441	$145,349	—	—
68	NEW YORK STATE COMMON RETIREMENT FUND	426426	$140,405	—	—
69	DEUTSCHE BANK AG\	419419	$138,098	—	—
70	State of Alaska, Department of Revenue	353353	$115,000	—	—
71	BARTLETT & CO. WEALTH MANAGEMENT LLC	392392	$111,720	—	TRIM -22%
72	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	325325	$107,117	—	—
73	PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO	320320	$105,000	—	—
74	CITIGROUP INC	315315	$103,821	—	TRIM -73%
75	Vanguard Investments Australia, Ltd.	312312	$102,832	—	NEW
76	WELLS FARGO & COMPANY/MN	285285	$93,933	—	TRIM -64%
77	FMR LLC	236236	$77,694	—	TRIM -35%
78	Caitong International Asset Management Co., Ltd	186186	$61,304	—	TRIM -10%
79	Police & Firemen's Retirement System of New Jersey	171171	$56,360	—	—
80	Vanguard Global Advisers, LLC	163163	$53,723	—	NEW
81	BNP PARIBAS FINANCIAL MARKETS	162162	$53,394	—	ADD 3%
82	KLP KAPITALFORVALTNING AS	160160	$52,734	—	NEW
83	CWM, LLC	154154	$50,757	—	ADD 9%
84	JONES FINANCIAL COMPANIES LLLP	143143	$43,728	—	ADD 57%
85	Russell Investments Group, Ltd.	103103	$33,948	—	ADD 29%
86	Rockefeller Capital Management L.P.	8585	$28,015	—	ADD 400%
87	ROYAL BANK OF CANADA	8686	$28,000	—	TRIM -39%
88	Tower Research Capital LLC (TRC)	7272	$23,730	—	ADD 60%
89	FIFTH THIRD BANCORP	7070	$23,071	—	NEW
90	Legal & General Group Plc	6565	$21,423	—	—
91	Ameritas Investment Partners, Inc.	5656	$18,457	—	—
92	Larson Financial Group LLC	5050	$16,480	—	—
93	HOEY INVESTMENTS, INC	3939	$12,855	—	—
94	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	3737	$12,195	—	TRIM -12%
95	Sterling Capital Management LLC	3333	$10,876	—	TRIM -33%
96	Farther Finance Advisors, LLC	3232	$10,641	—	TRIM -46%
97	North Star Investment Management Corp.	2626	$8,569	—	—
98	MPWM ADVISORY SOLUTIONS, LLC	2020	$6,592	—	NEW
99	Caitlin John, LLC	1515	$4,944	—	—
100	EverSource Wealth Advisors, LLC	1111	$3,626	—	—

† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.

Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.

Holder trends· top 15 holders · shares held over 6 quarters

green added · red trimmed

Holder

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

BIGLARI CAPITAL CORP.

1.4M

$467M

DIMENSIONAL FUND ADVISORS LP

91K

93K

95K

101K

102K

$34M

BlackRock, Inc.

55K

52K

54K

50K

45K

$15M

MARSHALL WACE, LLP

—

704

32K

$11M

VANGUARD CAPITAL MANAGEMENT LLC

—

30K

$10M

Qube Research & Technologies Ltd

—

20K

22K

$7M

RENAISSANCE TECHNOLOGIES LLC

15K

11K

22K

$7M

Trexquant Investment LP

—

22K

$7M

Invesco Ltd.

16K

—

10K

40K

24K

20K

$7M

JANE STREET GROUP, LLC

—

17K

$6M

MILLENNIUM MANAGEMENT LLC

—

993

—

11K

17K

$6M

STATE STREET CORP

13K

16K

13K

14K

$5M

GEODE CAPITAL MANAGEMENT, LLC

16K

15K

14K

15K

14K

$5M

JPMORGAN CHASE & CO

16K

27K

65K

16K

12K

$4M

Connor, Clark & Lunn Investment Management Ltd.

12K

13K

11K

$4M

Institutional footprint by quarter

Line breaks are honest gaps — quarters with no 13F record, or a suppressed % — never interpolated. % of shares outstanding uses today's share count for every quarter (the only count stored).

Quarter	Holders	Shares held	% shares out	Value held
2026-Q1	114	2,038,952	—	$651M
2025-Q4	106	1,932,465	—	$643M
2025-Q3	97	1,925,859	—	$623M
2025-Q2	92	1,830,033	—	$535M
2025-Q1	75	1,796,417	—

Short interest has its own tab now — open SI →

BH US Equity☆

Institutional ownership· 13F filers holding BH · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

Institutional ownership· 13F filers holding BH · 2026-Q1 methodology → sources →

Top holders

Holder trends· top 15 holders · shares held over 6 quarters

Institutional footprint by quarter

BH US Equity