Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

BIGLARI HLDGS INC (BH/A)

35 + Investors. Track Smart Money conviction in BH/A. See who's accumulating, reducing, or initiating positions.

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Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -4
Streak
1Q ▼
Buyers last Q
51%

Smart Money Signals — BH/A

Based on 35 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their BH/A positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 90% of 3.0Y peak

90% of all-time peak
35 funds currently hold this stock — 90% of the 3.0-year high of 39 funds (reached 2025 Q3). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀

Fast accumulation — +52% more funds vs a year ago

fund count last 6Q
+12 new funds entered over the past year (+52% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 51% buying

21 buying20 selling
Last quarter: 21 funds bought or added vs 20 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-11 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 1 → 6 → 17 → 6. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

57% of holders stayed for 2+ years

57% conviction (2yr+) 11% medium 31% new
20 out of 35 hedge funds have held BH/A for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
➡️

Steady discovery — ~6 new funds/quarter

2 → 1 → 6 → 17 → 6 new funds/Q
New funds entering each quarter: 1 → 6 → 17 → 6. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 63% of holders stayed 2+ years

63% veterans 11% 1-2yr 26% new
Of 35 current holders: 22 (63%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋

Smaller funds dominant — 6% AUM from top-100

6% from top-100 AUM funds
13 of 35 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.5
out of 10
Moderate Exit Risk
Exit risk score 4.5/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — BH/A

In 2025 Q4, 21 hedge funds were net buyers of BH/A (6 opened a new position, 15 added to an existing one), while 20 reduced or exited (10 trimmed, 10 sold completely) — a 51% buyer ratio, indicating a slight buying edge. Net fund flow last quarter: -4 funds (more exits than new entries). Total institutional holders: 35.

Hedge Fund Ownership: BH/A

How many hedge funds hold BH/A — quarterly history vs. share price
Quarterly hedge fund ownership of BH/A vs. share price

Market Analysis: BH/A

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BH/A

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

9 top-rated funds 0 high-conviction
Consensus
4.3
/ 10
breadth
×
Elite
0.3
/ 10
conviction
Hedge Fund Positioning: BH/A
2026 Q1 Stats Unlock in 4 days 35 + Investors

Track Smart Money conviction in BH/A. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 35 39 -10.26%
13F Shares 194K 192K 0.65%
Total Value $337M $297M 13.36%
New Positions 6 17 -11
Increased Positions 15 12 +3
Closed Positions 10 4 +6
Reduced Positions 10 4 +6
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: BH/A

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Financial Highlights

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Institutional Holders (2026 Q1)

35 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BH/A. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of BH/A — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 BIGLARI CAPITAL CORP. 28.97% 154,474 $269.2M
2 GAMCO INVESTORS, INC. ET AL 0.19% 11,229 $19.6M
3 CHECK CAPITAL MANAGEMENT INC/CA 0.08% 1,578 $2.7M
4 INCEPTIONR LLC 0.06% 135 $235K
5 Aquatic Capital Management LLC 0.04% 822 $1.4M
6 Trexquant Investment LP 0.03% 2,347 $4.1M
7 XTX Topco Ltd 0.03% 935 $1.6M
8 Caitong International Asset Management Co., Ltd 0.03% 82 $143K
9 Quantbot Technologies LP 0.02% 263 $458K
10 GABELLI FUNDS LLC 0.02% 1,560 $2.7M
11 RENAISSANCE TECHNOLOGIES LLC 0.02% 5,760 $10.0M
12 Engineers Gate Manager LP 0.00% 198 $345K
13 MARSHALL WACE, LLP 0.00% 2,358 $4.1M
14 Quadrature Capital Ltd 0.00% 186 $324K
15 HRT FINANCIAL LP 0.00% 532 $927K
16 VICTORY CAPITAL MANAGEMENT INC 0.00% 1,977 $3.4M
17 BALYASNY ASSET MANAGEMENT L.P. 0.00% 858 $1.5M
18 Tower Research Capital LLC (TRC) 0.00% 38 $66K
19 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% 1,370 $2.4M
20 Point72 Asset Management, L.P. 0.00% 471 $821K
21 MILLENNIUM MANAGEMENT LLC 0.00% 1,160 $2.0M
22 Man Group plc 0.00% 128 $223K
23 Qube Research & Technologies Ltd 0.00% 163 $284K
24 North Star Investment Management Corp. 0.00% 2 $3K
25 UBS Group AG 0.00% 604 $1.1M
Investor Ownership
History
% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — BIGLARI HLDGS INC (BH/A)

What does the Smart Money Trend signal show for BH/A?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their BH/A positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for BH/A?

Slight buying edge — 51% buying: Last quarter: 21 funds bought or added vs 20 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for BH/A holders?

Smaller funds dominant — 6% AUM from top-100: 13 of 35 holders rank in the top 100 by AUM, but together hold only 6% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held BH/A?

57% of holders stayed for 2+ years: 20 out of 35 hedge funds have held BH/A for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.