BH β€” BIGLARI HLDGS INC

Ownership history in Empowered Funds, LLC  Β·  11 quarters on record

This page tracks every 13F SEC filing in which Empowered Funds, LLC reported a position in BIGLARI HLDGS INC (BH). Data includes quarterly share count, position size as % of portfolio, estimated market value, and end-of-quarter stock price β€” sourced directly from SEC EDGAR 13F filings.

πŸ” Peak position
0.05% (2023 Q2)
πŸ“Š Avg. % of fund
0.03%
πŸ“… First filed
2023 Q2
πŸ“… Last filed
2025 Q4
⏱ Quarters held
11

Position Intelligence

Empowered Funds, LLC Γ— BH AI Analytics

πŸ“ˆ Empowered Funds, LLC outperformed the S&P 500 by +8.9% annually on this BH position. Timing score: 60% (6/10 decisions correct). Average cost basis: $216.50. Maximum drawdown during holding period: –16.3%.

πŸ“ˆ Position Alpha vs SPY
+8.9%
annualised excess return

πŸ”₯ Exceptional β€” beat the S&P 500 by 8.9% per year on this position.
10 quarters analyzed

⏱️ Timing Score
60%

βœ… Decent timing β€” more right than wrong on entries and exits.
6 of 10 add/trim decisions correct

πŸ’° Entry Quality
$216.50
+53.5% vs current ($332.43)

Best entry: $164.93 (2023 Q4)  Β·  Worst: $332.43 (2025 Q4)

πŸ›‘οΈ Drawdown Resilience
–16.3%
max drawdown while held

πŸ’Ž No drawdown exceeding 20% during the holding period β€” exceptionally stable.

πŸ’ͺ Fund Conviction
100%
buy-side decisions

11 adds Β· 0 trims. Bought during 4 of 4 down-price quarters. πŸ‚ Consistently bullish β€” fund kept accumulating this position.

πŸ“‘ Position Trajectory
β†’ Stable
last 4–5 quarters trend

βš–οΈ Portfolio weight has remained relatively stable β€” conviction maintained.
Currently 0.03% of portfolio

⚠ Based on quarterly 13F SEC filings and end-of-quarter closing prices. Timing score = accuracy of add/trim decisions vs next-quarter price direction. Alpha = mean quarterly excess return Γ— 4 (annualised). Not investment advice.

% of Fund (quarterly)    BH price (monthly, adj. close)
πŸ“‹ Quarterly Holdings History 10 quarters  β–Ύ
Quarter Action Shares Change Chg % % of Fund Mkt Value Price (EOQ)
2025 Q4 ADDED 11,607 +863 +8.0% 0.03% $3.9M $332.43
2025 Q3 ADDED 10,744 +666 +6.6% 0.04% $3.5M $323.65
2025 Q2 ADDED 10,078 +645 +6.8% 0.03% $2.9M $292.21
2025 Q1 ADDED 9,433 +165 +1.8% 0.03% $2.0M $216.54
2024 Q4 ADDED 9,268 +150 +1.6% 0.03% $2.4M $254.29
2024 Q3 ADDED 9,118 +402 +4.6% 0.02% $1.6M $172.01
2024 Q2 ADDED 8,716 +540 +6.6% 0.03% $1.7M $193.38
2024 Q1 ADDED 8,176 +525 +6.9% 0.03% $1.6M $189.68
2023 Q4 ADDED 7,651 +576 +8.1% 0.03% $1.3M $164.93
2023 Q3 ADDED 7,075 +474 +7.2% 0.03% $1.2M $166.00
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