Biglari Capital 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Biglari Capital disclosed 12 US equity positions worth $236.1m in its Q2 2025 13F filing. The largest position was BIGLARI HLDGS INC at 30.4% of the reported book, followed by CRACKER BARREL OLD CTRY STOR and LOCO. Against the Q1 2025 filing, it opened 0 new positions, added to 3 and reduced 2 among the top 12 holdings.
What did Biglari Capital own in Q2 2025? Top 12 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BIGLARI HLDGS INC | 30.4% | $71.9m | 153,677 | 0% | held | |
| 2 | CRACKER BARREL OLD CTRY STOR | 23.2% | $54.8m | 896,775 | -55% | reduced | |
| 3 | LOCO EL POLLO LOCO HLDGS INC | Consumer Cyclical | 18.7% | $44.0m | 4,000,000 | 0% | held |
| 4 | BIGLARI HLDGS INC | 17.8% | $42.0m | 1,394,437 | 0% | held | |
| 5 | JACK JACK IN THE BOX INC | Consumer Cyclical | 8.0% | $19.0m | 1,683,652 | 57% | added |
| 6 | WYNN WYNN RESORTS LTD | Consumer Cyclical | 0.7% | $1.8m | 143,801 | 4% | added |
| 7 | BRK/A BERKSHIRE HATHAWAY INC DEL | 0.6% | $1.5m | 2 | 0% | held | |
| 8 | KMX CARMAX INC | Consumer Cyclical | 0.4% | $876.4k | 125,420 | 0% | held |
| 9 | BHC BAUSCH HEALTH COS INC | Healthcare | 0.1% | $273.5k | 41,070 | -59% | reduced |
| 10 | RACE FERRARI N V | Consumer Cyclical | 0.0% | $98.1k | 184,500 | 20% | added |
| 11 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 0.0% | $22.6k | 100 | 0% | held |
| 12 | KO COCA COLA CO | Consumer Defensive | 0.0% | $2.8k | 120 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.