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Biglari Capital CORP. — 13F Portfolio Breakdown & Top Holdings (Q2 2026)
Biglari Capital CORP.CIK: 0001334429
Concentrated strategySector-focusedMomentum follower
Total reported value
$1.2B
Reporting period: 2026-06-30 · Number of holdings: 19
BIGLARI CAPITAL CORP. disclosed 19 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.2B and a quarterly turnover rate of 25.3%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 25.27
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 24
- Sizing Uniformity
- 80.8
Biglari Capital CORP.'s disclosed holdings carry a Herfindahl concentration index of 0.365 — mathematically equivalent to about 3 equally-sized positions, well below its 19 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.92), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 30.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 13% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd BH
+3.9% $160.1M
Trim BH-A
0.0% $55.9M
Trim LOCO
-5.6% $8.6M
Add JACK
0.0% $10.3M
Trim WYNN
0.0% -$641.4K
Add RACE
+18.8% $30.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 12 holdings (of 19 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BH | Biglari Holdings Inc-b | Stock-Other | 52.50% | +2.24% | +3.88% | |
| 2 | BH-A | Biglari Holdings Inc-a | Stock-Other | 27.21% | -1.76% | — | |
| 3 | RACE | Ferrari N.V. | Stock-Consumer Disc | 10.81% | +0.18% | +18.84% | |
| 4 | LOCO | El Pollo Loco Holdings Inc | Stock-Other | 5.36% | -0.61% | -5.57% | |
| 5 | JACK | Jack In THE Box Inc | Stock-Other | 2.23% | +0.48% | — | |
| 6 | WYNN | Wynn Resorts LTD | Stock-Consumer Disc | 1.17% | -0.40% | — | |
| 7 | KMX | Carmax Inc | Stock-Consumer Disc | 0.56% | — | — | |
| 8 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.13% | -0.02% | — | |
| 9 | BHC | Bausch Health Cos Inc | Stock-Healthcare | 0.02% | — | — | |
| 10 | CBRL | Cracker Barrel Old Country | Stock-Other | 0.01% | -0.10% | -94.42% | |
| 11 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | — | — | — | |
| 12 | KO | Coca-cola Co/the | Stock-Consumer Staples | — | — | — |
Portfolio Performance
Performance for Q3 2026
+25.5%
Performance Last 4 Quarters
+11.1%
Based on 71% of reported portfolio value with available pricing
- Stdev
- +31.5%
- Beta
- +0.72
- Alpha
- -0.8%
- Max Drawdown
- -18.5%
- Annualized Perf
- +9.5%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +0.81
- Stutzer
- +0.13
- Treynor
- +0.19
- Sterling
- +0.38
- Calmar
- +0.52
- Information Ratio
- -0.21
- Tracking Error
- +30.3%
- Stdev Down
- +16.8%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +40.1%
- Worst 12 Months
- -11.6%
- Efficiency Ratio
- +0.13
- Sharpe
- +0.43
- Stdev Sectors
- +43.2%
- Skewness
- +1.27
- Kurtosis
- +3.79
- Upside Potential
- +2.72
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 19 | $1.2B | 25 | ||
| 2026 Q1 | 19 | $929.4M | 7 | ||
| 2025 Q4 | 19 | $932.7M | 9 | ||
| 2025 Q3 | 20 | $913.2M | 36 | ||
| 2025 Q2 | 19 | $865.1M | 0 | ||
| 2025 Q1 | 20 | $709.0M | 100 | ||
| 2024 Q4 | 20 | $838.8M | 0 | ||
| 2024 Q3 | 20 | $651.4M | 0 | ||
| 2024 Q2 | 18 | $657.0M | 0 | ||
| 2024 Q1 | 18 | $746.3M | 0 | ||
| 2023 Q4 | 19 | $678.7M | 0 | ||
| 2023 Q3 | 19 | $640.3M | 0 | ||
| 2023 Q2 | 19 | $754.9M | 0 | ||
| 2023 Q1 | 19 | $718.4M | 0 | ||
| 2022 Q4 | 19 | $583.0M | 0 | ||
| 2022 Q3 | 15 | $455.2M | 0 | ||
| 2022 Q2 | 11 | $421.0M | 0 | ||
| 2022 Q1 | 14 | $574.2M | 0 | ||
| 2021 Q4 | 17 | $654.6M | 0 | ||
| 2021 Q3 | 18 | $727.3M | 0 | ||
| 2021 Q2 | 16 | $705.9M | 16 | ||
| 2021 Q1 | 16 | $699.2M | 22 | ||
| 2020 Q4 | 17 | $562.9M | 41 | ||
| 2020 Q3 | 16 | $497.5M | 16 | ||
| 2020 Q2 | 14 | $426.3M | 37 | ||
| 2020 Q1 | 14 | $295.0M | 75 | ||
| 2019 Q4 | 14 | $586.5M | 10 | ||
| 2019 Q3 | 16 | $569.7M | 100 | ||
| 2019 Q2 | 14 | $711.2M | 0 | ||
| 2019 Q1 | 13 | $835.3M | 0 | ||
| 2018 Q4 | 14 | $909.0M | 0 | ||
| 2018 Q3 | 14 | $1.0B | 7 | ||
| 2018 Q2 | 14 | $1.1B | 69 | ||
| 2018 Q1 | 9 | $1.2B | 2 | ||
| 2017 Q4 | 9 | $1.2B | 12 | ||
| 2017 Q3 | 9 | $1.1B | 13 | ||
| 2017 Q2 | 9 | $1.2B | 6 | ||
| 2017 Q1 | 10 | $1.2B | 7 | ||
| 2016 Q4 | 10 | $1.3B | 17 | ||
| 2016 Q3 | 10 | $1.1B | 20 | ||
| 2016 Q2 | 12 | $1.3B | 15 | ||
| 2016 Q1 | 11 | $1.1B | 100 | ||
| 2015 Q4 | 9 | $958.9M | 0 | ||
| 2015 Q3 | 8 | $1.1B | 0 | ||
| 2015 Q2 | 7 | $877.6M | 2 | ||
| 2015 Q1 | 7 | $888.7M | 11 | ||
| 2014 Q4 | 7 | $815.3M | 31 | ||
| 2014 Q3 | 5 | $595.5M | 3 | ||
| 2014 Q2 | 5 | $580.9M | 19 | ||
| 2014 Q1 | 5 | $510.3M | 10 | ||
| 2013 Q4 | 5 | $565.8M | 10 | ||
| 2013 Q3 | 4 | $514.9M | 0 |
Holding changes this quarter
Biglari Capital CORP.'s most significant position changes for 2026-06-30: Add: Biglari Holdings Inc-b (BH) — shares +3.88%; Trim: El Pollo Loco Holdings Inc (LOCO) — shares -5.57%; Add: Ferrari N.V. (RACE) — shares +18.84%; Trim: Cracker Barrel Old Country (CBRL) — shares -94.42%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BH | Biglari Holdings Inc-b | +2.2% | +3.88% | Add |
| 2 | JACK | Jack In THE Box Inc | +0.5% | — | Unchanged |
| 3 | RACE | Ferrari N.V. | +0.2% | +18.84% | Add |
| 4 | KMX | Carmax Inc | — | — | Unchanged |
| 5 | BHC | Bausch Health Cos Inc | — | — | Unchanged |
| 6 | TSM | Taiwan Semiconductor-sp Adr | — | — | Unchanged |
| 7 | KO | Coca-cola Co/the | — | — | Unchanged |
| 8 | BRK-A | Berkshire Hathaway Inc-cl A | 0% | — | Unchanged |
| 9 | CBRL | Cracker Barrel Old Country | -0.1% | -94.42% | Trim |
| 10 | WYNN | Wynn Resorts LTD | -0.4% | — | Unchanged |
| 11 | LOCO | El Pollo Loco Holdings Inc | -0.6% | -5.57% | Trim |
| 12 | BH-A | Biglari Holdings Inc-a | -1.8% | — | Unchanged |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Biglari Capital CORP. and what type of investor is it?
Biglari Capital CORP. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.2B, spread across 19 disclosed positions.
What are Biglari Capital CORP.'s largest equity positions?
Based on the latest 13F filing, Biglari Capital CORP.'s top holdings by market value are:
1. Biglari Holdings Inc-b (BH) — $627.2M (52.5%)
2. Biglari Holdings Inc-a (BH-A) — $325.1M (27.2%)
3. Ferrari N.V. (RACE) — $129.2M (10.8%)
4. El Pollo Loco Holdings Inc (LOCO) — $64.1M (5.4%)
5. Jack In THE Box Inc (JACK) — $26.6M (2.2%)
What changes did Biglari Capital CORP. make in its most recent portfolio filing?
In the latest reported quarter, Biglari Capital CORP. made 4 notable position adjustments: 0 new positions were initiated, 2 existing holdings were added to, 2 positions were partially reduced, and 0 were completely exited. The largest of these moves: Add: Biglari Holdings Inc-b (BH) — shares +3.88%; Trim: El Pollo Loco Holdings Inc (LOCO) — shares -5.57%; Add: Ferrari N.V. (RACE) — shares +18.84%; Trim: Cracker Barrel Old Country (CBRL) — shares -94.42%
What sectors does Biglari Capital CORP. focus on?
Biglari Capital CORP. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 99.8%
• Health Care: 0.1%
• Information Technology: 0.0%
• Consumer Staples: 0.0%
Investment Profile
Biglari Capital CORP. returned an annualized 9.5% over the trailing 36 months — underperforming the S&P 500 by 0.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.72 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 99.8% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 25 over the past 4 quarters — a shift toward more active trading.
It has added to its BH-A position over the past two quarters (+$56.3M, now $325.1M), while trimming CBRL over the same stretch (-$14.8M, still holding $106.6K).
Peer Institutions
Institutions with a similar AUM
LC
Lvm Capital Management Ltd/mi
CIK 0001053054
Total reported value
$1.2B
163 stks
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Concentration13.3
Portfolio Stability24.9
Sector conviction70.2
AUM within 0.0% of this institution
View detail
WA
Wealth Alliance, LLC
CIK 0001793904
Total reported value
$1.2B
573 stks
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Concentration7.5
Portfolio Stability34.3
Sector conviction72.0
AUM within 0.0% of this institution
View detail
TH
Tmfs Holdings LLC
CIK 0001357544
Total reported value
$1.2B
12 stks
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Stale — no recent filing
Concentration100.0
Portfolio Stability34.9
Sector conviction0.0
AUM within 0.1% of this institution
View detail
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Developer Access
Access Biglari Capital CORP.'s institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/biglari-capital-corpCLI
npx alphasmo institutions get biglari-capital-corp