BIGLARI CAPITAL CORP.

CIK 0001334429 · Q2 2026

13F Equity AUM

$1.2B

+28.5% QoQ

Positions

0 QoQ

AUM Rank

#2,155

Top 25%

Skill Alpha (FF)

+0.9%/yr^ns

No Clear Edge

Rank #1,946 · Top 23%

vs S&P -7.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 98.1%Top 10: 100.0%Top 20: 100.0%

BH52.5%

BH/A27.2%

RACE10.8%

LOCO5.4%

JACK2.2%

WYNN1.2%

KMX0.6%

BRK/A0.1%

BHC0.0%

CBRL0.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical99.8%

Other0.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 12Median: 0.86%Avg: 8.33%

0–0.5%

5(0.2%)

0.5–1%

1(0.6%)

1–3%

2(3.4%)

3–5%

0(0.0%)

5%+

4(95.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 12vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New0Increased2Decreased2Exited0

Increased

RACE10.8%

+55K(+19%)

BH52.5%

+55K(+4%)

Decreased

LOCO5.4%

-222,600(-6%)

CBRL0.0%

-33,859(-94%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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