Biglari Capital 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Biglari Capital disclosed 12 US equity positions worth $219.0m in its Q4 2025 13F filing. The largest position was BIGLARI HLDGS INC at 40.8% of the reported book, followed by BIGLARI HLDGS INC and LOCO. Against the Q3 2025 filing, it opened 0 new positions, added to 3 and reduced 0 among the top 12 holdings.
What did Biglari Capital own in Q4 2025? Top 12 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | BIGLARI HLDGS INC | 40.8% | $89.3m | 154,474 | 1% | added | |
| 2 | BIGLARI HLDGS INC | 21.8% | $47.8m | 1,407,568 | 1% | added | |
| 3 | LOCO EL POLLO LOCO HLDGS INC | Consumer Cyclical | 19.1% | $41.8m | 4,000,000 | 0% | held |
| 4 | JACK JACK IN THE BOX INC | Consumer Cyclical | 9.4% | $20.6m | 1,683,652 | 0% | held |
| 5 | CRACKER BARREL OLD CTRY STOR | 6.8% | $14.9m | 585,000 | 0% | held | |
| 6 | WYNN WYNN RESORTS LTD | Consumer Cyclical | 1.0% | $2.3m | 143,801 | 0% | held |
| 7 | BRK/A BERKSHIRE HATHAWAY INC DEL | 0.7% | $1.5m | 2 | 0% | held | |
| 8 | KMX CARMAX INC | Consumer Cyclical | 0.2% | $503.9k | 125,420 | 0% | held |
| 9 | BHC BAUSCH HEALTH COS INC | Healthcare | 0.1% | $285.4k | 41,070 | 0% | held |
| 10 | RACE FERRARI N V | Consumer Cyclical | 0.0% | $73.9k | 225,581 | 9% | added |
| 11 | TSM TAIWAN SEMICONDUCTOR MFG LTD | Technology | 0.0% | $30.4k | 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.