CIK: 0001334430
Total reported value
$50.9M
Reporting period: 2026-03-31 · Number of holdings: 10
BIGLARI, SARDAR disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $50.9M and a quarterly turnover rate of 24.4%.
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Biglari, Sardar's disclosed holdings carry a Herfindahl concentration index of 0.187 — mathematically equivalent to about 5 equally-sized positions, well below its 10 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.98), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 20.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add RACE
+49.8% $4.6M
Trim JACK
0.0% -$1.9M
Trim WYNN
0.0% -$1.3M
Trim TSM
-29.1% -$1.4M
Add LOCO
0.0% $1.7M
Add KO
+1.8% $801.6K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RACE | Ferrari N.V. | Stock-Consumer Disc | 32.98% | +7.68% | +49.85% | |
| 2 | KO | Coca-cola Co/the | Stock-Consumer Staples | 16.29% | +0.80% | +1.77% | |
| 3 | WYNN | Wynn Resorts LTD | Stock-Consumer Disc | 14.00% | -3.47% | — | |
| 4 | LOCO | El Pollo Loco Holdings INC | Stock-Other | 13.32% | +2.73% | — | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 10.03% | -3.37% | -29.10% | |
| 6 | CBRL | Cracker Barrel Old Country | Stock-Other | 3.82% | +0.19% | — | |
| 7 | JACK | Jack In THE Box INC | Stock-Other | 3.81% | -4.05% | — | |
| 8 | KMX | Carmax INC | Stock-Consumer Disc | 3.36% | +0.08% | — | |
| 9 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.91% | -0.44% | — | |
| 10 | AAME | Atlantic American CORP | Stock-Other | 0.48% | -0.14% | — |
Performance for Q3 2026
+12.2%
Performance Last 4 Quarters
+8.3%
Based on 57% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 10 | $50.9M | 24 | |
| 2025-12-31 | 10 | $48.3M | 8 | |
| 2025-09-30 | 10 | $49.7M | 32 | |
| 2025-06-30 | 10 | $47.1M | 0 | |
| 2025-03-31 | 10 | $44.2M | 100 | |
| 2024-12-31 | 10 | $43.8M | 0 | |
| 2024-09-30 | 10 | $47.1M | 0 | |
| 2024-06-30 | 9 | $29.5M | 0 | |
| 2024-03-31 | 9 | $30.8M | 0 | |
| 2023-12-31 | 9 | $28.7M | 0 | |
| 2023-09-30 | 9 | $24.2M | 0 | |
| 2023-06-30 | 8 | $24.9M | 0 | |
| 2023-03-31 | 8 | $24.3M | 0 | |
| 2022-12-31 | 8 | $18.8M | 0 | |
| 2022-09-30 | 1 | $3.6M | 0 | |
| 2022-06-30 | 6 | $19.7M | 0 | |
| 2022-03-31 | 5 | $12.8M | 0 | |
| 2021-12-31 | 6 | $20.2M | 0 | |
| 2021-09-30 | 4 | $12.9M | 0 | |
| 2021-06-30 | 2 | $9.2M | 24 | |
| 2021-03-31 | 2 | $9.6M | 28 | |
| 2020-12-31 | 2 | $7.5M | 15 | |
| 2020-09-30 | 2 | $6.5M | 5 | |
| 2020-06-30 | 2 | $6.2M | 28 | |
| 2020-03-31 | 2 | $4.7M | 100 | |
| 2019-12-31 | 1 | $25.0K | 100 | |
| 2019-03-31 | 1 | $1.2M | 36 | |
| 2018-12-31 | 1 | $1.7M | 27 | |
| 2018-09-30 | 1 | $2.3M | 0 | |
| 2018-06-30 | 1 | $2.3M | 2 | |
| 2018-03-31 | 1 | $2.3M | 7 | |
| 2017-12-31 | 2 | $2.5M | 6 | |
| 2017-09-30 | 2 | $2.6M | 2 | |
| 2017-06-30 | 2 | $2.7M | 8 | |
| 2017-03-31 | 2 | $2.5M | 19 | |
| 2016-12-31 | 2 | $2.0M | 15 | |
| 2016-09-30 | 2 | $2.4M | 9 | |
| 2016-06-30 | 1 | $2.5M | 100 | |
| 2016-03-31 | 2 | $16.3M | 11 | |
| 2015-12-31 | 2 | $15.2M | 10 | |
| 2015-09-30 | 2 | $16.7M | 9 | |
| 2015-06-30 | 2 | $18.1M | 1 | |
| 2015-03-31 | 2 | $18.2M | 5 | |
| 2014-12-31 | 2 | $18.2M | 53 | |
| 2014-09-30 | 1 | $10.5M | 3 | |
| 2014-06-30 | 1 | $10.8M | 14 | |
| 2014-03-31 | 1 | $12.5M | 23 | |
| 2013-12-31 | 1 | $9.9M | 20 | |
| 2013-09-30 | 1 | $8.0M | 64 | |
| 2013-06-30 | 1 | $4.1M | 0 |
Biglari, Sardar's most significant position changes for 2026-03-31: Add: Ferrari N.V. (RACE) — shares +49.85%; Trim: Taiwan Semiconductor-sp Adr (TSM) — shares -29.10%; Add: Coca-cola Co/the (KO) — shares +1.77%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RACE | Ferrari N.V. | +7.7% | +49.85% | Add |
| 2 | LOCO | El Pollo Loco Holdings INC | +2.7% | — | Unchanged |
| 3 | KO | Coca-cola Co/the | +0.8% | +1.77% | Add |
| 4 | CBRL | Cracker Barrel Old Country | +0.2% | — | Unchanged |
| 5 | KMX | Carmax INC | +0.1% | — | Unchanged |
| 6 | AAME | Atlantic American CORP | -0.1% | — | Unchanged |
| 7 | BABA | Alibaba Group Holding-sp Adr | -0.4% | — | Unchanged |
| 8 | TSM | Taiwan Semiconductor-sp Adr | -3.4% | -29.10% | Trim |
| 9 | WYNN | Wynn Resorts LTD | -3.5% | — | Unchanged |
| 10 | JACK | Jack In THE Box INC | -4.1% | — | Unchanged |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2023-02-10 | Amendment | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2023-02-10 | Amendment | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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