Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Biglari Hldgs Inc (BH/A)

41 + Investors. Track Smart Money conviction in BH/A. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +6
Streak
1Q ▲
Buyers last Q
72%

Smart Money Signals — BH/A

Based on 41 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds added BH/A 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
41 hedge funds hold BH/A 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 — +95% more funds vs a year ago

fund count last 6Q
+20 new funds entered over the past year (+95% 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.
🟢

More buyers than sellers — 72% buying

29 buying11 selling
Last quarter: 29 funds were net buyers (12 opened a brand new position + 17 added to an existing one). Only 11 were sellers (5 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.
📈

More new buyers each quarter (+6 vs last Q)

new funds entering per quarter
Funds opening a new BH/A position: 6 → 17 → 6 → 12. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

41% of holders stayed for 2+ years

■ 41% conviction (2yr+) ■ 15% medium ■ 44% new
17 out of 41 hedge funds have held BH/A 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.
📊

Peak discovery — momentum slowing

1 → 6 → 17 → 6 → 12 new funds/Q
New funds entering each quarter: 6 → 17 → 6 → 12. BH/A is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Deep conviction — 49% of holders stayed 2+ years

■ 49% veterans ■ 10% 1-2yr ■ 41% new
Of 41 current holders: 20 (49%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋

Smaller funds dominant — 7% AUM from top-100

7% from top-100 AUM funds
13 of 41 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
4.7
out of 10
Moderate Exit Risk
Exit risk score 4.7/10 — 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/A

In 2026 Q1, 29 hedge funds were net buyers of BH/A (12 opened a new position, 17 added to an existing one), while 11 reduced or exited (5 trimmed, 6 sold completely) — a 72% buyer ratio, indicating clear institutional accumulation. Net fund flow last quarter: +6 funds (more new holders than closures). Total institutional holders: 41.

Hedge Fund Ownership: BH/A

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

Market Analysis: BH/A

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BH/A

-- --

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

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

Signal Freshness measures how much BH/A 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 · 85d ago
BH/A
+1.2%
XLY
+4.4%

BH/A outperformed XLY by -3.2% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 40d ago
BH/A
+26.1%
XLY
-2.4%

Since the filing became public, BH/A outperformed XLY by +28.5% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

8 top-rated funds 0 high-conviction
Consensus
4.1
/ 10
breadth
×
Elite
0.2
/ 10
conviction
Hedge Fund Positioning: BH/A
41 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 41 35 17.14%
13F Shares 203K 194K 4.64%
Total Value $353M $337M 4.8%
New Positions 12 6 +6
Increased Positions 17 15 +2
Closed Positions 6 10 -4
Reduced Positions 5 10 -5
Total Calls 0 0 -
Total Puts 0 0 -
PUT/CALL Ratio 0.0 0.0 Bullish

Statistics: BH/A

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

41 + investors

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

QUARTER:
Top 25 BH/A holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Biglari Capital CORP. 28.97% 154,474 $269.2M
2 Gamco Investors, INC. Et Al 0.19% 11,229 $19.6M
3 Check Capital Management Inc/Ca 0.08% 1,578 $2.7M
4 Inceptionr LLC 0.06% 135 $235K
5 Aquatic Capital Management LLC 0.04% 822 $1.4M
6 Trexquant Investment LP 0.03% 2,347 $4.1M
7 XTX Topco Ltd 0.03% 935 $1.6M
8 Caitong International Asset Management Co., Ltd 0.03% 82 $143K
9 Quantbot Technologies LP 0.02% 263 $458K
10 Gabelli Funds LLC 0.02% 1,560 $2.7M
11 Renaissance Technologies LLC 0.02% 5,760 $10.0M
12 Engineers Gate Manager LP 0.00% 198 $345K
13 Marshall Wace, LLP 0.00% 2,358 $4.1M
14 Quadrature Capital Ltd 0.00% 186 $324K
15 Hrt Financial LP 0.00% 532 $927K
16 Victory Capital Management Inc 0.00% 1,977 $3.4M
17 Balyasny Asset Management L.P. 0.00% 858 $1.5M
18 Tower Research Capital LLC (TRC) 0.00% 38 $66K
19 Arrowstreet Capital, Limited Partnership 0.00% 1,370 $2.4M
20 Point72 Asset Management, L.P. 0.00% 471 $821K
21 Millennium Management LLC 0.00% 1,160 $2.0M
22 Man Group plc 0.00% 128 $223K
23 Qube Research & Technologies Ltd 0.00% 163 $284K
24 North Star Investment Management Corp. 0.00% 2 $3K
25 UBS Group AG 0.00% 604 $1.1M
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/A)

What does the Smart Money Trend signal show for BH/A?

Buying streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds added BH/A 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/A?

More buyers than sellers — 72% buying: Last quarter: 29 funds were net buyers (12 opened a brand new position + 17 added to an existing one). Only 11 were sellers (5 trimmed + 6 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for BH/A holders?

Smaller funds dominant — 7% AUM from top-100: 13 of 41 holders rank in the top 100 by AUM, but together hold only 7% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held BH/A?

41% of holders stayed for 2+ years: 17 out of 41 hedge funds have held BH/A 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/A) following the 2026 Q1 hedge fund 13F filings?

As of today, BH/A has moved +26.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to -2.4% for the XLY sector ETF — an outperformance of +28.5%. Since the quarter end (March 31, 2026), BH/A has gained +1.2% vs +4.4% for XLY. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

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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