BIGLARI CAPITAL CORP
Q1 2023 Form 13-F
SAN ANTONIO, TEXAS
CIK 0001334429
· CRD 115197
· SEC-registered investment adviser
Consolidated report · includes
3 managers
since Q3 2013
$718.4M Reported Value Total
BIGLARI CAPITAL CORP. reports 2 total accounts under management (AUM). There are 2 discretionary accounts valued at $615,903,845, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered
Discretionary Manager
Private funds (Form ADV)
2 funds
· $1.0B gross asset value
Hedge Fund: $1.0B
Source: Form ADV filed 2026-03-28
Reported value
$718.4M
Quarter over quarter
+21.8%
Holdings
12
Top-10 concentration
99.9%
Filing Structure
Reports holdings for
- LION FUND L P · File #028-15398 · since Q3 2013
- BIGLARI SARDAR · File #028-14882 · since Q3 2013
- LION FUND II L P · File #028-16045 · since Q4 2013
- Biglari, Sardar (not a 13F filer in our records) · File #28-14882 · Q4 2021 – Q3 2022 · declared by one filing
- Lion Fund, L.P. (not a 13F filer in our records) · File #28-15398 · Q4 2021 – Q3 2022 · declared by one filing
- Lion Fund II, L.P. (not a 13F filer in our records) · File #28-16045 · Q4 2021 – Q3 2022 · declared by one filing
Holdings reported by
- BIGLARI HOLDINGS INC · Q2 2013 – Q2 2013 · declared by one filing
Key People
Form ADV owners & control persons
Sardar Biglari
CHAIRMAN & CEO / MANAGING MEMBER
Bruce Lewis
CHIEF COMPLIANCE OFFICER
Filing Navigation
13F Metrics
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Q1 2023 13F record
Q1 2023 13F filing summary
| Period of report | March 31, 2023 |
|---|---|
| Filed | May 15, 2023 |
| Form | 13F-HR |
| Reported value | $718.4M |
| Positions | 12 |
| Change in reported value | +23.2% |
| New positions | 0 |
| Exited positions | 0 |
| Position turnover | 0.0% |
| Top-10 concentration | 99.9% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
12 | $1.2B |
|
Q1 2026 13F
Filed May 15, 2026
|
12 | $929.4M |
|
Q4 2025 13F
Filed Feb 17, 2026
|
12 | $932.7M |
|
Q3 2025 13F
Filed Nov 14, 2025
|
12 | $913.2M |
|
Q2 2025 13F
Filed Aug 14, 2025
|
12 | $865.1M |
|
Q1 2025 13F
Filed May 15, 2025
|
13 | $709.0M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
13 | $838.8M |
|
Q3 2024 13F
Filed Nov 14, 2024
|
13 | $651.4M |
|
Q2 2024 13F
Filed Aug 14, 2024
|
12 | $657.0M |
|
Q1 2024 13F
Filed May 15, 2024
|
12 | $746.3M |
|
Q4 2023 13F
Filed Feb 14, 2024
|
12 | $678.7M |
|
Q3 2023 13F
Filed Nov 14, 2023
|
12 | $640.3M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
12 | $754.9M |
|
Q1 2023 13F
Filed May 15, 2023
|
12 | $718.4M |
|
Q4 2022 13F
Filed Feb 14, 2023
|
12 | $583.0M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
11 | $528.7M |
|
Q2 2022 13F
Filed Aug 15, 2022
|
9 | $476.6M |
|
Q1 2022 13F
Filed May 16, 2022
|
9 | $670.6M |
|
Q4 2021 13F
Filed Feb 14, 2022
|
11 | $660.4M |
|
Q3 2021 13F
Filed Nov 15, 2021
|
12 | $727.3M |
32 earlier quarters on file — choose one from the quarter menu above.
Top 12 holdings · Q1 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | CBRL CRACKER BARREL OLD CTRY STOR | $227.2M | 31.63% |
| 2 | BH BIGLARI HLDGS INC | $224.7M | 31.27% |
| 3 | BHA BIGLARI HLDGS INC | $121.3M | 16.88% |
| 4 | JACK JACK IN THE BOX INC | $94.1M | 13.09% |
| 5 | RACE FERRARI N V | $32.1M | 4.46% |
| 6 | TSM TAIWAN SEMICONDUCTOR MFG LTD | $6.8M | 0.95% |
| 7 | KMX CARMAX INC | $5.7M | 0.79% |
| 8 | BHC BAUSCH HEALTH COS INC | $3.2M | 0.45% |
| 9 | BABA ALIBABA GROUP HLDG LTD | $1.9M | 0.27% |
| 10 | BRK-A BERKSHIRE HATHAWAY INC DEL | $931.2K | 0.13% |
| 11 | UNAM UNICO AMERN CORP | $569.3K | 0.08% |
| 12 | KO COCA COLA CO | $7.4K | < 0.01% |
Values as reported on the Q1 2023 Form 13F. Every position is in the holdings table below.