BIGLARI CAPITAL CORP.
Long book
$929.4M
Q1 2026
Positions
12
Top-10 weight
100%
concentration
Last quarter
+24.7%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsBIGLARI CAPITAL CORP. is a concentrated fundamental stock-picker, specialised in consumer_discretionary (88% of the long book), running a $929.4M US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BIGLARI HOLDINGS INC-B, BIGLARI HOLDINGS INC-A, FERRARI NV, EL POLLO LOCO HOLDINGS INC, JACK IN THE BOX INC.
Over the last 9 quarters its long book ran on average 1.7pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-11.0%
Q2 2024
-2.6%
Q3 2024
+26.2%
Q4 2024
-15.2%
Q1 2025
+28.1%
Q2 2025
+5.9%
Q3 2025
+0.8%
Q4 2025
-1.4%
Q1 2026
+24.7%
Sector allocation
Consumer discretionary 88%
Industrials 11%
Services media 2%
Financials 0%
Healthcare 0%
Consumer staples 0%
Long book by quarter
What does BIGLARI CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BH BIGLARI HOLDINGS INC-B | Consumer discretionary | 1.4M | $467.1M | 50.3% | +0.7% |
| BH/A BIGLARI HOLDINGS INC-A | Consumer discretionary | 154.5K | $269.2M | 29.0% | Held |
| RACE FERRARI NV | Industrials | 292.0K | $98.8M | 10.6% | +29.4% |
| LOCO EL POLLO LOCO HOLDINGS INC | Consumer discretionary | 4.0M | $55.4M | 6.0% | Held |
| JACK JACK IN THE BOX INC | Consumer discretionary | 1.7M | $16.3M | 1.8% | Held |
| WYNN WYNN RESORTS LTD | Services media | 143.8K | $14.6M | 1.6% | Held |
| KMX CARMAX INC | Consumer discretionary | 125.4K | $5.2M | 0.6% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 2 | $1.4M | 0.2% | Held |
| CBRL CRACKER BARREL OLD COUNTRY | Consumer discretionary | 35.9K | $1.0M | 0.1% | -93.9% |
| BHC BAUSCH HEALTH COS INC | Healthcare | 41.1K | $222K | 0.0% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 120 | $9K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 19 | $929.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 19 | $932.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 20 | $913.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $865.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 20 | $709.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 20 | $838.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 20 | $651.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $657.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 18 | $746.3M | canonical | SEC ↗ |