Biglari Capital Corp. is an SEC-registered investment adviser based in San Antonio, TX that reports managing 2 hedge funds on Form ADV. It reports $1.0 billion in regulatory assets under management. Its private funds, of all types, hold $1.0 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +22.6% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +73.6% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $1.0 billionForm ADV Item 5.F
- Gross assets of private funds
- $1.0 billionAll private fund types, Form ADV
- Hedge funds managed
- 22 private funds in total
- Employees
- 4Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 115197
- Latest Form ADV
- 03/28/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +24.4% | +14.8% |
| Q1 2026 | -1.4% | -4.6% |
| Q4 2025 | +0.8% | +2.4% |
| Q3 2025 | +5.9% | +7.8% |
| Q2 2025 | +28.0% | +10.4% |
| Q1 2025 | -15.4% | -4.5% |
| Q4 2024 | +26.0% | +2.1% |
| Q3 2024 | -2.8% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Largest disclosed holdings
- Biglari Hldgs Inc$627.2 million
- Biglari CL A$325.1 million
- Ferrari N V Com$129.2 million
- El Pollo Loco Hldgs Inc$64.1 million
- Jack In The Box Inc$26.6 million
- Wynn Resorts LTD$14.0 million
- Carmax Inc$6.6 million
- Berkshire Hathaway Inc Del$1.5 million
- Bausch Health Cos Inc$202,475
- Cracker Barrel Old Country Store$106,600
As of 2026-06-30, from 13F filing by Biglari Capital Corp..
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. HedgeMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures