SEC 13F Intelligence

Managers / Q3 2019 · view latest →

BIGLARI CAPITAL CORP.

CIK 0001334429 · 19100 RIDGEWOOD PKWY, SUITE 1200, SAN ANTONIO, TX, 78259 · (210) 344-3400

Reported Value
$646M
Q3 2019
Positions
19
includes revealed positions
Filings on Record
37
2019–present window
Filed
Nov 14, 2019
original filing

Summary

Biglari Capital Corp. reported $646M in U.S.-listed holdings across 19 positions for Q3 2019.

The portfolio is heavily concentrated: CBRL alone accounts for 50.4% of reported value.

Compared with Q2 2019, the fund opened 2 new positions and exited 0.

Portfolio Metrics

Turnover
+17.9%
vs prior filed quarter
Top-10 Concentration
+97.8%
share of reported value
Largest Position
+50.4%
Cracker Barrel Old Ctry Stor

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $909MQ4 ’18Q1 ’19: $835MQ2 ’19: $711MQ3 ’19: $646MQ4 ’19: $587MQ4 ’19Q1 ’20: $295MQ2 ’20: $426MQ3 ’20: $498MQ4 ’20: $563MQ4 ’20Q1 ’21: $699MQ2 ’21: $706MQ3 ’21: $727MQ4 ’21: $655MQ4 ’21Q1 ’22: $574MQ2 ’22: $421MQ3 ’22: $455MQ4 ’22: $583MQ4 ’22Q1 ’23: $718MQ2 ’23: $755MQ3 ’23: $640MQ4 ’23: $679MQ4 ’23Q1 ’24: $746MQ2 ’24: $657MQ3 ’24: $651MQ4 ’24: $839MQ4 ’24Q1 ’25: $709MQ2 ’25: $865MQ3 ’25: $913MQ4 ’25: $933MQ4 ’25Q1 ’26: $929Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 99.8%MLP: 0.2%
  • Common Stock · 99.8% · $644M
  • MLP · 0.2% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TIFEURTIFFANY & CO NEWREVEALEDNEW+1.14M1.14M+$111M$111M
AXASEURABRAXAS PETE CORPNEW+239.4K239.4K+$121,000$121,000
ITICINVESTORS TITLE COTRIMMED−1.7K1.3K−$291,000$212,000
CBRLCRACKER BARREL OLD CTRY STORTRIMMED−986.4K2.00M−$185M$325M
DKLDELEK LOGISTICS PARTNERS LPTRIMMED−13.2K45.0K−$455,000$1M
BHBIGLARI HLDGS INCHELD+01.14M+$6M$125M
BH/ABIGLARI HLDGS INCHELD+0122.7K+$4M$69M
BHCBAUSCH HEALTH COS INCHELD+0395.0K−$1M$9M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2019REVEALED

11 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CBRLCRACKER BARREL OLD CTRY STORhistory →COM50.38%$325M2.00M
2BHBIGLARI HLDGS INChistory →COM STK CL B · COM STK CL A29.94%$193M1.27M
3TIFEURTIFFANY & CO NEWREVEALEDhistory →COM17.16%$111M1.14M
4BHCBAUSCH HEALTH COS INChistory →COM1.34%$9M395.0K
5UNAMUSDUNICO AMERN CORPCOM0.53%$3M527.1K
6SEMGUSDSEMGROUP CORPCL A0.26%$2M101.0K
7DKLDELEK LOGISTICS PARTNERS LPCOM UNT RP INT0.22%$1M45.0K
8BRK/ABERKSHIRE HATHAWAY INC DELCL A0.10%$624,0002
9ITICINVESTORS TITLE COCOM0.03%$212,0001.3K
10EAELECTRONIC ARTS INCCOM0.03%$205,0002.1K
11AXASEURABRAXAS PETE CORPCOM0.02%$121,000239.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$929M19May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$933M19Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$913M20Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$865M19Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$709M20May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$839M20Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$651M20Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$657M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$746M18May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$679M19Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$640M19Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$755M19Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$718M19May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$583M19Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$455M15Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$421M11Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$574M14May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$655M17Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$727M18Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$706M16Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$699M16May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$563M17Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$498M16Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$426M14Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$295M14May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$587M14Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019REVEALED$646M19Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$711M14Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$835M13May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$909M14Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 3 additional managers.

  • BIGLARI, SARDAR028-14882
  • LION FUND, L.P.028-15398
  • LION FUND II, L.P.028-16045

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.