1y return+7.8%S&P 500 +20.9%
3y return+0.9%S&P 500 +68.5%
5y return−17.0%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 December 31, 2019: $161 against $232 in the S&P 500.2
Biglari, SardarS&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 |
|---|---|---|---|
| Ferrari N VCUSIP N3167Y103 | $21.0M | 33.7% | +13.7% |
| KOCoca Cola Co | $9.0M | 14.4% | +1.1% |
| LOCOEl Pollo Loco Hldgs Inc | $8.3M | 13.3% | |
| TSMTaiwan Semiconductor Manufac | $7.2M | 11.6% | |
| WYNNWynn Resorts Ltd | $6.8M | 11.0% | |
| CBRLCracker Barrel Old Ctry Stor | $3.7M | 5.9% | |
| JACKJack In The Box Inc | $3.2M | 5.1% | |
| KMXCarmax Inc | $2.2M | 3.5% | |
| BABAAlibaba Group Hldg Ltd | $744K | 1.2% | |
| AAMEAtlantic Amern Corp | $177K | 0.3% |
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 |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | December 31, 2021 | +296.9% | $7.2M |
| Ferrari N VCUSIP N3167Y103 | September 30, 2022 | +101.2% | $21.0M |
| LOCOEl Pollo Loco Hldgs Inc | September 30, 2023 | +89.5% | $8.3M |
| KOCoca Cola Co | September 30, 2021 | +54.9% | $9.0M |
| WYNNWynn Resorts Ltd | September 30, 2024 | +1.3% | $6.8M |
| AAMEAtlantic Amern Corp | June 30, 2020 | +0.8% | $177K |
| BABAAlibaba Group Hldg Ltd | June 30, 2022 | −15.6% | $744K |
| CBRLCracker Barrel Old Ctry Stor | June 30, 2020 | −51.9% | $3.7M |
| KMXCarmax Inc | December 31, 2021 | −59.4% | $2.2M |
| JACKJack In The Box Inc | June 30, 2022 | −71.8% | $3.2M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +17.1% | +14.8% |
| March 31, 2026 | −2.2% | −4.6% |
| December 31, 2025 | −8.4% | +2.4% |
| September 30, 2025 | +2.9% | +7.8% |
| June 30, 2025 | +7.9% | +10.5% |
| March 31, 2025 | −3.5% | −4.6% |
| December 31, 2024 | −7.2% | +2.1% |
| September 30, 2024 | +10.0% | +5.4% |
| June 30, 2024 | −8.7% | +4.0% |
| March 31, 2024 | +5.1% | +10.0% |
| December 31, 2023 | +10.5% | +11.2% |
| September 30, 2023 | −17.1% | −3.6% |
| June 30, 2023 | −0.2% | +8.3% |
| March 31, 2023 | +18.0% | +7.0% |
| December 31, 2022 | +3.7% | +7.1% |
| September 30, 2022 | −8.4% | −5.3% |
| June 30, 2022 | −20.9% | −16.5% |
| March 31, 2022 | +1.1% | −4.9% |
| December 31, 2021 | −2.8% | +10.7% |
| September 30, 2021 | −5.5% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Biglari, Sardar Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1334430&type=13F-HR&dateb=&owner=include&count=40CIK 1334430
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1334430/000092189526002190/Filed August 14, 2026 · accession 0000921895-26-002190