Biglari Capital: 13F holdings, Q2 2026
Permanent capital · SEC EDGAR filings (CIK 0001334429) · Explore on the interactive board
Biglari Capital disclosed 12 US equity positions worth $293.9m in its Q2 2026 13F filing (holdings as of June 30, 2026, filed August 14, 2026). Its largest position is BIGLARI HLDGS INC at 36.8% of the reported book, followed by LOCO, BIGLARI HLDGS INC. The top ten holdings are 100.0% of the book, and the portfolio behaves like about 4 equal-weight positions. Versus the prior filing it opened 0 new positions, added to 2, reduced 2 and exited 0.
What does Biglari Capital own? Top holdings as of June 30, 2026
Change is measured in shares against the previous filing (Q1 2026), so price moves do not read as decisions. This quarter: 0 new, 2 added, 2 reduced, 0 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | BIGLARI HLDGS INC | 36.8% | $108.0m | 154,474 | 0% | held | |
| 2 | LOCO EL POLLO LOCO HLDGS INC | Consumer Cyclical | 21.8% | $64.1m | 3,777,400 | -6% | reduced |
| 3 | BIGLARI HLDGS INC | 20.8% | $61.2m | 1,472,237 | 4% | added | |
| 4 | RACE FERRARI N V | Consumer Cyclical | 13.3% | $39.1m | 346,981 | 19% | added |
| 5 | JACK JACK IN THE BOX INC | Consumer Cyclical | 5.8% | $17.2m | 1,683,652 | 0% | held |
| 6 | WYNN WYNN RESORTS LTD | Consumer Cyclical | 0.6% | $1.8m | 143,801 | 0% | held |
| 7 | BRK/A BERKSHIRE HATHAWAY INC DEL | 0.5% | $1.5m | 2 | 0% | held | |
| 8 | KMX CARMAX INC | Consumer Cyclical | 0.2% | $689.7k | 125,420 | 0% | held |
| 9 | BHC BAUSCH HEALTH COS INC | Healthcare | 0.1% | $202.5k | 41,070 | 0% | held |
| 10 | CRACKER BARREL OLD CTRY STOR | 0.0% | $106.6k | 2,000 | -94% | reduced | |
| 11 | TSM TAIWAN SEMICONDUCTOR MANUFAC | Technology | 0.0% | $47.8k | 100 | 0% | held |
| 12 | KO COCA COLA CO | Consumer Defensive | 0.0% | $3.2k | 120 | 0% | held |
Sector mix
| Sector | Weight |
|---|---|
| Consumer Cyclical | 41.8% |
| Healthcare | 0.1% |
| Technology | 0.0% |
| Consumer Defensive | 0.0% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q2 2026 | 19 | $293.9m |
| Q1 2026 | 19 | $213.9m |
| Q4 2025 | 19 | $219.0m |
| Q3 2025 | 20 | $207.0m |
| Q2 2025 | 19 | $236.1m |
| Q1 2025 | 20 | $241.5m |
| Q4 2024 | 20 | $306.0m |
| Q3 2024 | 20 | $272.0m |
| Q2 2024 | 18 | $265.6m |
| Q1 2024 | 18 | $344.1m |
| Q4 2023 | 19 | $349.7m |
| Q3 2023 | 19 | $353.9m |
| Q2 2023 | 19 | $351.6m |
| Q1 2023 | 19 | $332.8m |
| Q4 2022 | 19 | $271.0m |
| Q3 2022 | 16 | $73.8bn |
Earliest filing: Q3 2013 · 52 quarters on file
How concentrated is Biglari Capital's portfolio?
Across every quarter Biglari Capital has filed, its median largest position is 74.9% of the book and its median top-ten weight is 100.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 30 completed holding spells, the median lasted 5.0 quarters; 12 positions are still open and their final length is unknown.