1y return+30.8%S&P 500 +20.9%
3y return+41.1%S&P 500 +68.5%
5y return+38.7%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2018: $150 against $275 in the S&P 500.2
Biglari Capital Corp.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BHBiglari Hldgs Inc | $627.2M | 52.5% | +3.9% |
| BH/ABiglari Hldgs Inc | $325.1M | 27.2% | |
| Ferrari N VCUSIP N3167Y103 | $129.2M | 10.8% | +18.8% |
| LOCOEl Pollo Loco Hldgs Inc | $64.1M | 5.4% | −5.6% |
| JACKJack In The Box Inc | $26.6M | 2.2% | |
| WYNNWynn Resorts Ltd | $14.0M | 1.2% | |
| KMXCarmax Inc | $6.6M | 0.6% | |
| BRK/ABerkshire Hathaway Inc Del | $1.5M | 0.1% | |
| BHCBausch Health Cos Inc | $202K | 0.0% | |
| CBRLCracker Barrel Old Ctry Stor | $107K | 0.0% | −94.4% |
| TSMTaiwan Semiconductor Manufac | $48K | 0.0% | |
| KOCoca Cola Co | $9,752 | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| BH/ABiglari Hldgs Inc | June 30, 2020 | +528.5% | $325.1M |
| BHBiglari Hldgs Inc | June 30, 2020 | +517.6% | $627.2M |
| TSMTaiwan Semiconductor Manufac | December 31, 2021 | +296.9% | $48K |
| BRK/ABerkshire Hathaway Inc Del | June 30, 2020 | +180.2% | $1.5M |
| Ferrari N VCUSIP N3167Y103 | September 30, 2022 | +101.2% | $129.2M |
| LOCOEl Pollo Loco Hldgs Inc | June 30, 2023 | +93.4% | $64.1M |
| KOCoca Cola Co | June 30, 2022 | +29.2% | $9,752 |
| WYNNWynn Resorts Ltd | September 30, 2024 | +1.3% | $14.0M |
| KMXCarmax Inc | September 30, 2022 | −19.9% | $6.6M |
| CBRLCracker Barrel Old Ctry Stor | June 30, 2020 | −51.9% | $107K |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +24.4% | +14.8% |
| March 31, 2026 | −1.4% | −4.6% |
| December 31, 2025 | +0.8% | +2.4% |
| September 30, 2025 | +5.9% | +7.8% |
| June 30, 2025 | +27.9% | +10.5% |
| March 31, 2025 | −15.3% | −4.6% |
| December 31, 2024 | +26.0% | +2.1% |
| September 30, 2024 | −2.8% | +5.4% |
| June 30, 2024 | −10.6% | +4.0% |
| March 31, 2024 | +7.4% | +10.0% |
| December 31, 2023 | +6.0% | +11.2% |
| September 30, 2023 | −20.1% | −3.6% |
| June 30, 2023 | +4.6% | +8.3% |
| March 31, 2023 | +21.8% | +7.0% |
| December 31, 2022 | +9.1% | +7.1% |
| September 30, 2022 | +5.1% | −5.3% |
| June 30, 2022 | −24.7% | −16.5% |
| March 31, 2022 | −1.0% | −4.9% |
| December 31, 2021 | −9.8% | +10.7% |
| September 30, 2021 | +0.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Biglari Capital Corp. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1334429&type=13F-HR&dateb=&owner=include&count=40CIK 1334429
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1334429/000092189526002189/Filed August 14, 2026 · accession 0000921895-26-002189