비글라리 홀딩스 주식회사
US ˙ NYSE ˙ US08986R3093

SecurityBH / Biglari Holdings Inc.
InstitutionRenaissance Technologies Llc
ManagerJames Simons
Latest Disclosed Ownership21,742 shares
Latest Disclosed Value $ 7,165,946
Renaissance Technologies Llc reports 98.20% increase in ownership of BH / Biglari Holdings Inc.

On May 14, 2026 - Renaissance Technologies Llc filed a 13F-HR form disclosing ownership of 21,742 shares of Biglari Holdings Inc. (US:BH) valued at $7,165,946 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 10,970 shares of Biglari Holdings Inc.. This represents a change in shares of 98.20% during the quarter. The current value of the position is $6,382,147 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 21,742 10,772 98.20 7,166 96.52 0.0112
2026-02-12 2025-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 10,970 -4,406 -28.66 3,647 -26.73 0.0057
2025-11-13 2025-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 15,376 9,050 143.06 4,976 169.26 0.0066
2025-08-13 2025-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 6,326 400 6.75 1,849 44.04 0.0025
2025-05-14 2025-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 5,926 410 7.43 1,283 -8.49 0.0019
2025-02-13 2024-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 5,516 3,040 122.78 1,403 229.88 0.0021
2024-11-13 2024-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,476 90 3.77 426 -7.81 0.0006
2024-08-09 2024-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,386 220 10.16 461 0.0008
2024-05-13 2024-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,166 120 5.87 0 0.0006
2024-02-13 2023-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,046 180 9.65 0 0.0005
2023-11-14 2023-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 1,866 -990 -34.66 0 0.0005
2023-08-11 2023-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,856 -63 -2.16 1 0.0008
2023-05-12 2023-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,919 2,919 0 0.0007
2022-08-12 2022-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 0 -2,046 -100.00 0 -100.00
2022-05-13 2022-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,046 -1,230 -37.55 296 -36.62 0.0003
2022-02-11 2021-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 3,276 -688 -17.36 467 -31.42 0.0006
2021-11-12 2021-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 3,964 -1,022 -20.50 681 -14.34 0.0009
2021-08-13 2021-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 4,986 -340 -6.38 795 12.45 0.0010
2021-05-13 2021-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 5,326 5,326 707 0.0009
2020-11-13 2020-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 0 -6,295 -100.00 0 -100.00
2020-08-13 2020-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 6,295 -9,711 -60.67 434 -47.27 0.0004
2020-05-14 2020-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 16,006 -5,570 -25.82 823 -66.67 0.0008
2020-02-13 2019-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 21,576 -2,750 -11.30 2,469 -6.90 0.0019
2019-11-13 2019-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 24,326 -3,936 -13.93 2,652 -9.64 0.0022
2019-08-12 2019-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 28,262 10,865 62.45 2,935 19.36 0.0026
2019-05-14 2019-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 17,397 7,740 80.15 2,459 124.16 0.0022
2019-02-12 2018-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 9,657 6,927 253.74 1,097 121.62 0.0012
2018-11-13 2018-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,730 2,730 495 0.0005
2018-05-14 2018-03-31 13F BIGLARI HLDGS COM 08986R101 0 -810 -100.00 0 -100.00
2018-02-13 2017-12-31 13F BIGLARI HLDGS COM 08986R101 810 -3,750 -82.24 336 -77.89 0.0004
2017-11-13 2017-09-30 13F BIGLARI HLDGS COM 08986R101 4,560 440 10.68 1,520 -7.71 0.0018
2017-08-11 2017-06-30 13F BIGLARI HLDGS COM 08986R101 4,120 -3,140 -43.25 1,647 -47.48 0.0021
2017-05-12 2017-03-31 13F BIGLARI HLDGS COM 08986R101 7,260 1,190 19.60 3,136 9.19 0.0044
2017-02-13 2016-12-31 13F BIGLARI HLDGS COM 08986R101 6,070 3,780 165.07 2,872 187.78 0.0045
2016-11-14 2016-09-30 13F BIGLARI HLDGS COM 08986R101 2,290 990 76.15 998 90.46 0.0018
2016-08-12 2016-06-30 13F BIGLARI HLDGS COM 08986R101 1,300 -880 -40.37 524 -35.31 0.0010
2016-05-13 2016-03-31 13F BIGLARI HLDGS COM 08986R101 2,180 2,180 0.00 810 0.0015
2016-02-11 2015-12-31 13F BIGLARI HLDGS COM 08986R101 0 0 0 0.0000
2015-11-12 2015-09-30 13F BIGLARI HLDGS COM 08986R101 0 -7,780 -100.00 0 -100.00
2015-08-14 2015-06-30 13F BIGLARI HLDGS COM 08986R101 7,780 6,970 860.49 3,219 714.94 0.0073
2014-05-14 2014-03-31 13F BIGLARI HLDGS COM 08986R101 810 -680 -45.64 395 -47.68 0.0009
2014-02-14 2013-12-31 13F BIGLARI HLDGS COM 08986R101 1,490 -5,875 -79.77 755 -75.16 0.0018
2013-11-13 2013-09-30 13F BIGLARI HLDGS COM 08986R101 7,365 -4,771 -39.31 3,039 -38.99 0.0074
2013-08-12 2013-06-30 13F BIGLARI HLDGS COM 08986R101 12,136 12,136 4,981 0.0131
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.