Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (52 quarters reported)
$515M in Q3 2013 → $1.19B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| BH Biglari Hldgs Inc | 52.5% | Added 3.9% | 1,472,237 | $627M |
| BH Biglari Hldgs Inc | 27.2% | Unchanged | 154,474 | $325M |
| Ferrari N V | 10.8% | Added 19% | 346,981 | $129M |
| EP El Pollo Loco Hldgs Inc | 5.4% | Trimmed 5.6% | 3,777,400 | $64.1M |
| Jack In The Box Inc | 2.2% | Unchanged | 1,683,652 | $26.6M |
| Wynn Resorts Ltd | 1.2% | Unchanged | 143,801 | $14M |
| Carmax Inc | 0.6% | Unchanged | 125,420 | $6.63M |
| BH Berkshire Hathaway Inc Del | 0.1% | Unchanged | 2 | $1.5M |
| BH Bausch Health Cos Inc | 0.0% | Unchanged | 41,070 | $202K |
| CB Cracker Barrel Old Ctry Stor | 0.0% | Trimmed 94% | 2,000 | $107K |
| TS Taiwan Semiconductor Manufac | 0.0% | Unchanged | 100 | $47.8K |
| Coca Cola Co | 0.0% | Unchanged | 120 | $9.75K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Biglari Hldgs Inc | Added | +54,952 | +$23.4M | 52.5% |
| Ferrari N V | Added | +55,000 | +$20.5M | 10.8% |
| EP El Pollo Loco Hldgs Inc | Trimmed | −222,600 | −$3.78M | 5.4% |
| CB Cracker Barrel Old Ctry Stor | Trimmed | −33,859 | −$1.8M | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ferrari N V | Added | +66,400 | +$22.5M | 10.6% |
| CB Cracker Barrel Old Ctry Stor | Trimmed | −549,141 | −$15.4M | 0.1% |
| BH Biglari Hldgs Inc | Added | +9,717 | +$3.2M | 50.3% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ferrari N V | Added | +17,981 | +$6.65M | 8.9% |
| BH Biglari Hldgs Inc | Added | +13,131 | +$4.37M | 50.2% |
| BH Biglari Hldgs Inc | Added | +797 | +$1.39M | 28.8% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CB Cracker Barrel Old Ctry Stor | Trimmed | −311,775 | −$13.7M | 2.8% |
| Ferrari N V | Added | +23,100 | +$11.2M | 11.0% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| CB Cracker Barrel Old Ctry Stor | Trimmed | −1,103,225 | −$67.4M | 6.3% |
| Ferrari N V | Added | +31,000 | +$15.2M | 10.5% |
| Jack In The Box Inc | Added | +609,769 | +$10.6M | 3.4% |
| AG Alibaba Group Hldg Ltd | Exited | −5,000 | −$661K | — |
| Wynn Resorts Ltd | Added | +5,000 | +$468K | 1.6% |
| BH Bausch Health Cos Inc | Trimmed | −59,000 | −$393K | — |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Bausch Health Cos Inc | Trimmed | −194,930 | −$1.26M | 0.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Biglari Hldgs Inc | Added | +45,366 | +$11.5M | 42.3% |
| BH Biglari Hldgs Inc | Added | +5,857 | +$7.47M | 23.4% |
| BH Bausch Health Cos Inc | Trimmed | −100,000 | −$806K | 0.3% |
| AG Alibaba Group Hldg Ltd | Trimmed | −5,000 | −$424K | 0.1% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Wynn Resorts Ltd | New | +138,801 | +$13.3M | 2.0% |
| AG Alibaba Group Hldg Ltd | Trimmed | −5,000 | −$531K | 0.2% |
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