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Hedge fund

Biglari Capital Corp.

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1334429

Reported value
$1.2bn
20% in companies we cover
Positions we cover
9
Largest RACE 10.8%
Copy, a year
−0.9%
S&P 500 +13.6%
Copy Sharpe ratio
0.07
S&P 500 0.75

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $52.3k$8.9k
CopyS&P 500 $10,000 copying Biglari Capital Corp.'s filed holdings in companies we cover from November 15, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −66.5% (S&P 500 −31.8%); beta 1.17; alpha −11.9% a year (t = −1.69); last 12 months +7.1% against +12.1%.

Reported value by quarter

Biglari Capital Corp.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $200B $400B $600B Reported value, 2013-09-30: $514.9M Reported value, 2013-12-31: $565.8M Reported value, 2014-03-31: $510.3M Reported value, 2014-06-30: $580.9M Reported value, 2014-09-30: $595.5M Reported value, 2014-12-31: $815.3M Reported value, 2015-03-31: $888.7M Reported value, 2015-06-30: $877.6M Reported value, 2015-09-30: $184K Reported value, 2015-12-31: $6.5M Reported value, 2016-03-31: $1.1B Reported value, 2016-06-30: $1.3B Reported value, 2016-09-30: $1.1B Reported value, 2016-12-31: $1.3B Reported value, 2017-03-31: $1.2B Reported value, 2017-06-30: $1.2B Reported value, 2017-09-30: $1.1B Reported value, 2017-12-31: $1.2B Reported value, 2018-03-31: $1.2B Reported value, 2018-06-30: $1.1B Reported value, 2018-09-30: $1B Reported value, 2018-12-31: $1.4M Reported value, 2019-03-31: $39.6M Reported value, 2019-06-30: $35.1M Reported value, 2019-09-30: $569.7M Reported value, 2019-12-31: $586.5M Reported value, 2020-03-31: $295M Reported value, 2020-06-30: $426.3M Reported value, 2020-09-30: $497.5M Reported value, 2020-12-31: $562.5M Reported value, 2021-03-31: $699.2M Reported value, 2021-06-30: $705.9M Reported value, 2021-09-30: $727.3M Reported value, 2021-12-31: $5.8B Reported value, 2022-03-31: $96.3B Reported value, 2022-06-30: $55.7B Reported value, 2022-09-30: $73.5B Reported value, 2022-12-31: $583B Reported value, 2023-03-31: $718.4M Reported value, 2023-06-30: $754.9M Reported value, 2023-09-30: $640.3M Reported value, 2023-12-31: $678.7M Reported value, 2024-03-31: $746.3M Reported value, 2024-06-30: $657M Reported value, 2024-09-30: $651.4M Reported value, 2024-12-31: $838.8M Reported value, 2025-03-31: $709M Reported value, 2025-06-30: $865.1M Reported value, 2025-09-30: $913.2M Reported value, 2025-12-31: $932.7M Reported value, 2026-03-31: $929.4M Reported value, 2026-06-30: $1.2B 2013-09-30 2016-06-30 2019-03-31 2021-12-31 2026-06-30 $1.2B
View chart data
Period Reported value
2013-09-30 $514.9M
2013-12-31 $565.8M
2014-03-31 $510.3M
2014-06-30 $580.9M
2014-09-30 $595.5M
2014-12-31 $815.3M
2015-03-31 $888.7M
2015-06-30 $877.6M
2015-09-30 $184K
2015-12-31 $6.5M
2016-03-31 $1.1B
2016-06-30 $1.3B
2016-09-30 $1.1B
2016-12-31 $1.3B
2017-03-31 $1.2B
2017-06-30 $1.2B
2017-09-30 $1.1B
2017-12-31 $1.2B
2018-03-31 $1.2B
2018-06-30 $1.1B
2018-09-30 $1B
2018-12-31 $1.4M
2019-03-31 $39.6M
2019-06-30 $35.1M
2019-09-30 $569.7M
2019-12-31 $586.5M
2020-03-31 $295M
2020-06-30 $426.3M
2020-09-30 $497.5M
2020-12-31 $562.5M
2021-03-31 $699.2M
2021-06-30 $705.9M
2021-09-30 $727.3M
2021-12-31 $5.8B
2022-03-31 $96.3B
2022-06-30 $55.7B
2022-09-30 $73.5B
2022-12-31 $583B
2023-03-31 $718.4M
2023-06-30 $754.9M
2023-09-30 $640.3M
2023-12-31 $678.7M
2024-03-31 $746.3M
2024-06-30 $657M
2024-09-30 $651.4M
2024-12-31 $838.8M
2025-03-31 $709M
2025-06-30 $865.1M
2025-09-30 $913.2M
2025-12-31 $932.7M
2026-03-31 $929.4M
2026-06-30 $1.2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
RACEFerrari N.V.10.81%$129.2m347.0K+18.8% Added
LOCOEl Pollo Loco Holdings, Inc.5.36%$64.1m3.78M−5.6% Reduced
JACKJack IN The BOX Inc2.23%$26.6m1.68M0.0%
WYNNWynn Resorts1.17%$14.0m143.8K0.0%
KMXCarmax Inc0.56%$6.6m125.4K0.0%
BHCBausch Health Companies Inc.0.02%$202,47541.1K0.0%
CBRLCracker Barrel OLD Country Store, Inc0.01%$106,6002.0K−94.4% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.00%$47,7571000.0%
KOThe Coca-Cola Company0.00%$9,7521200.0%
CompanyBought (value)Shares
RACEFerrari N.V.$20.5m55.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
LOCOEl Pollo Loco Holdings, Inc.−$3.8m−222.6K
CBRLCracker Barrel OLD Country Store, Inc−$1.8m−33.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

  • Consumer Discretionary99.9%
  • Health Care0.1%
  • Consumer Staples0.0%
  • Technology0.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestNovember 15, 2013 to November 2, 2026−0.9%+13.6%0.070.75−66.5%1.17
2018 onwardsJanuary 5, 2018 to November 2, 2026−7.7%+13.9%−0.120.66−66.5%1.27
Last three yearsNovember 3, 2023 to November 2, 2026−7.6%+21.8%−0.301.16−45.6%0.93
Last yearNovember 7, 2025 to November 2, 2026+6.1%+14.2%0.210.84−14.8%0.92

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.