Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Biglari Hldgs Inc (BH)

112 + Investors. Track Smart Money conviction in BH. 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
↑ +9
Streak
6Q ▲
Buyers last Q
57%

Smart Money Signals — BH

Based on 112 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 6 quarters in a row

last 6Q
For 6 consecutive quarters, more hedge funds added BH than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
112 hedge funds hold BH right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +51% more funds vs a year ago

fund count last 6Q
+38 new funds entered over the past year (+51% 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 — 57% buying

60 buying45 selling
Last quarter: 60 funds bought or added vs 45 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.
➡️

Steady new buyers — ~27 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 23 → 16 → 22 → 27. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

46% of holders stayed for 2+ years

46% conviction (2yr+) 24% medium 30% new
51 out of 112 hedge funds have held BH 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.
📈

Growing discovery — still being found

14 → 23 → 16 → 22 → 27 new funds/Q
New funds entering each quarter: 23 → 16 → 22 → 27. A growing number of institutions are discovering BH each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 58% veterans vs 34% newcomers

58% veterans 8% 1-2yr 34% new
Entry-cohort mix of 112 holders: 65 (58%) are 2+ year veterans, 9 entered 1–2 years ago, and 38 (34%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
📋

Smaller funds dominant — 13% AUM from top-100

13% from top-100 AUM funds
34 of 112 holders rank in the top 100 by AUM, but together hold only 13% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — 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

In 2026 Q1, 60 hedge funds were net buyers of BH (27 opened a new position, 33 added to an existing one), while 45 reduced or exited (27 trimmed, 18 sold completely) — a 57% buyer ratio, indicating a slight buying edge. This marks 6 consecutive quarters of net institutional buying — a persistent conviction signal. Net fund flow last quarter: +9 funds (more new holders than closures). Total institutional holders: 112.

Hedge Fund Ownership: BH

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

Market Analysis: BH

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BH

-- --

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

Is It Too Late to Buy Biglari Hldgs Inc (BH) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much BH has moved relative to its sector benchmark (XLY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 80d ago
BH
+2.0%
XLY
nan%

BH outperformed XLY by nan% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 35d ago
BH
+25.7%
XLY
nan%

Since the filing became public, BH outperformed XLY by nan% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

16 top-rated funds 0 high-conviction
Consensus
5.3
/ 10
breadth
×
Elite
0.2
/ 10
conviction
Hedge Fund Positioning: BH
112 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 112 103 8.74%
13F Shares 2M 2M 5.36%
Total Value $646M $640M 1.0%
New Positions 27 22 +5
Increased Positions 33 31 +2
Closed Positions 18 12 +6
Reduced Positions 27 30 -3
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: BH

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

112 + investors

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

QUARTER:
Top 25 BH holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Biglari Capital CORP. 50.26% 1,417,285 $467.1M
2 Logan Stone Capital, LLC 0.28% 3,095 $1.0M
3 EntryPoint Capital, LLC 0.24% 2,449 $807K
4 Dark Forest Capital Management LP 0.13% 4,336 $1.4M
5 Huntleigh Advisors, Inc. 0.08% 1,401 $462K
6 XTX Topco Ltd 0.06% 10,605 $3.5M
7 Shay Capital LLC 0.05% 1,915 $631K
8 Trexquant Investment LP 0.05% 21,710 $7.2M
9 Bridgeway Capital Management, LLC 0.03% 4,985 $1.6M
10 Polymer Capital Management (US) LLC 0.03% 988 $326K
11 Y-Intercept (Hong Kong) Ltd 0.03% 4,260 $1.4M
12 Quadrature Capital Ltd 0.02% 5,054 $1.7M
13 AlphaQuest LLC 0.02% 961 $319K
14 CenterBook Partners LP 0.02% 853 $281K
15 Ritholtz Wealth Management 0.01% 2,511 $828K
16 Occudo Quantitative Strategies LP 0.01% 811 $251K
17 Caitong International Asset Management Co., Ltd 0.01% 186 $61K
18 Renaissance Technologies LLC 0.01% 21,742 $7.2M
19 Marshall Wace, LLP 0.01% 32,207 $10.6M
20 Martingale Asset Management L P 0.01% 1,101 $363K
21 Connor, Clark & Lunn Investment Management Ltd. 0.01% 11,339 $3.7M
22 Qube Research & Technologies Ltd 0.01% 22,415 $7.4M
23 Brooklyn Investment Group 0.01% 700 $231K
24 O'shaughnessy Asset Management, LLC 0.01% 4,110 $1.4M
25 Tudor Investment Corp Et Al 0.01% 9,700 $3.2M
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)

What does the Smart Money Trend signal show for BH?

Buying streak — 6 quarters in a row: For 6 consecutive quarters, more hedge funds added BH than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for BH?

Slight buying edge — 57% buying: Last quarter: 60 funds bought or added vs 45 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 holders?

Smaller funds dominant — 13% AUM from top-100: 34 of 112 holders rank in the top 100 by AUM, but together hold only 13% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held BH?

46% of holders stayed for 2+ years: 51 out of 112 hedge funds have held BH 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.

Is it too late to buy Biglari Hldgs Inc (BH) following the 2026 Q1 hedge fund 13F filings?

As of today, BH has moved +25.7% since the 2026 Q1 13F filing date (May 15, 2026), compared to nan% for the XLY sector ETF — an outperformance of nan%. Since the quarter end (March 31, 2026), BH has gained +2.0% vs nan% for XLY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

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.

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