BIGLARI CAPITAL CORP.

CIK 0001334429 · Q1 2026

13F Equity AUM

$929.4M

-0.3% QoQ

Positions

0 QoQ

AUM Rank

#2,933

Top 24%

Skill Alpha (FF)

+0.8%/yr^ns

No Clear Edge

Rank #1,701 · Top 21%

vs S&P -11.7%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 97.6%Top 10: 100.0%Top 20: 100.0%

BH50.3%

BH/A29.0%

RACE10.6%

LOCO6.0%

JACK1.8%

WYNN1.6%

KMX0.6%

BRK/A0.1%

CBRL0.1%

BHC0.0%

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

Sector Allocation

Consumer Cyclical99.8%

Other0.2%

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

Position Sizing

Positions: 12Median: 1.07%Avg: 8.33%

0–0.5%

5(0.3%)

0.5–1%

1(0.6%)

1–3%

2(3.3%)

3–5%

0(0.0%)

5%+

4(95.8%)

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

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Portfolio Overlap

Shared: 12Unique: 0vs 20 funds

0.2%Low

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

VANGUARD CAPITAL MANAGEMENT LLC

0.4%

BlackRock, Inc.

0.3%

MORGAN STANLEY

0.2%

STATE STREET CORP

0.3%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

BANK OF AMERICA CORP /DE/

0.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.3%

JPMORGAN CHASE & CO

0.2%

FMR LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased2Decreased1Exited0

Increased

RACE10.6%

+66K(+29%)

BH50.3%

+10K(+1%)

Decreased

CBRL0.1%

-549,141(-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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