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Biglari Capital Corp.
Biglari Capital Corp., founded in 2000 by Sardar Biglari, is an investment adviser and the general partner to investment partnerships such as The Lion Fund, L.P. and The Lion Fund II, L.P. The firm is based in San Antonio, Texas and is solely owned and operated by Sardar Biglari. Biglari Capital oversees investments primarily on behalf of Biglari Holdings Inc., a diversified holding company. The firm is known for its centralized capital allocation and decentralized operations structure, overseeing a modest-sized team and managing investments across multiple sectors including insurance, media, oil, and restaurants for institutional and high-net-worth clients.
Investment Strategy
Biglari Capital Corp. employs a capital allocation strategy focused on maximizing long-term shareholder value by investing in a variety of industries across both wholly owned businesses and marketable securities. The firm flexibly reallocates capital generated by subsidiaries into the most promising opportunities, aiming for compounding returns over decades. Investments are made based on rigorous intrinsic value assessment and a strong preference for businesses capable of generating high returns on incremental capital, supplemented by long-term value investing in public markets through The Lion Fund entities.
Latest 13F Filing Activity
Biglari Capital Corp. filed their most recent 13F report on Jun 30, 2025 disclosing 12 equity positions with a total 13F market value of $865M. The fund increased holdings in Biglari HLDGS Inc., Biglari HLDGS Inc., Ferrari N V among other positions. Biglari Capital Corp. reduced exposure to Cracker Barrel Old CTRY Stor, Carmax Inc., Alibaba Group HLDG LTD among others.
Top Holdings
Equity Positions (12)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
B BH | BIGLARI HLDGS INC | 47.10% | $407.5M | 1,394,437 | $176.83 | $292.21 | +$105.5M |
B BH-A | BIGLARI HLDGS INC | 24.88% | $215.2M | 153,677 | $896.63 | $1400.36 | +$46.2M |
R RACE | FERRARI N V | 10.47% | $90.5M | 184,500 | $286.78 | $490.74 | +$24.9M |
C CBRL | CRACKER BARREL OLD CTRY STOR | 6.33% | $54.8M | 896,775 | $102.59 | $61.08 | -$22.9M |
L LOCO | EL POLLO LOCO HLDGS INC | 5.09% | $44.0M | 4,000,000 | $8.93 | $11.01 | +$2.8M |
Industry Allocation
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