Biglari Capital Corp.
Annual return '25
+22.4%
SPY '25
+17.7%
Alpha
+4.6ptsvs SPY
Invested
$929.4M
Holdings
12
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 61%. 4 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$BH
BIGLARI HLDGS INC
Q4 2025: Exited (was 2.65M shares)
50.3%
02
$BH/A
BIGLARI HLDGS INC
Q4 2025: Exited (was 256.0k shares)
29.0%
03
$RACE
FERRARI N V
Q4 2025: Exited (was 415.0k shares)
10.6%
04
$LOCO
EL POLLO LOCO HLDGS INC
Q4 2025: Exited (was 5.00M shares)
6.0%
05
$JACK
JACK IN THE BOX INC
Q4 2025: Exited (was 2.28M shares)
1.8%
06
$WYNN
WYNN RESORTS LTD
Q4 2025: Exited (was 268.8k shares)
1.6%
07
$KMX
CARMAX INC
Q4 2025: Exited (was 237.8k shares)
0.6%
08
$BRK/A
BERKSHIRE HATHAWAY INC DEL
Q4 2025: Exited (was 2 shares)
0.2%
09
$CBRL
CRACKER BARREL OLD CTRY STOR
Q4 2025: Exited (was 585.0k shares)
0.1%
10
$BHC
BAUSCH HEALTH COS INC
Q4 2025: Exited (was 41.1k shares)
0.0%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 16:22 UTC.