Biglari Capital Corp.'s Q1 2026 13F is a $929M, 19-position fund defined by extreme concentration in its own holding company vehicle — Biglari Holdings Class B ($467.1M, 50.3% of AUM, +$0.8M but +0.7% shares) and Biglari Holdings Class A ($269.2M, 29.0%, essentially flat at 154,474 shares) together account for 79.2% of the portfolio, making this in effect a leveraged proxy for the Biglari Holdings operating businesses rather than a diversified investment vehicle. The quarter's only meaningful trading activity was a $15.5M (+29.4% shares) increase in Ferrari N.V. ($98.8M, 10.6%) — a luxury-auto name that the manager has been building as a long-term compounder — and the near-complete liquidation of Cracker Barrel Old Country Store ($1.0M, -$13.9M, -93.9% shares), which had been a $14.9M (1.6%) position in Q4 2025. Jack in the Box ($16.3M, -$15.6M, -4.8% shares — value decline driven by price, not share reduction), Wynn Resorts ($14.6M, -$2.7M, -5.3%), CarMax ($5.2M, flat), Berkshire Hathaway A ($1.4M, flat), Bausch Health ($222K, flat), Taiwan Semiconductor ($33.8K, flat), and Coca-Cola ($9.1K, flat) round out a book that was essentially unchanged except for the Ferrari add and the Cracker Barrel exit. At a 77.50 whaleScore on $929M with two Biglari Holdings share classes at 79.2% combined, this is a self-invested vehicle whose Q1 activity reflects the manager's selective, high-conviction approach to the non-self portion of the book: adding to a luxury-consumer compounder (Ferrari) and exiting a distressed casual-dining name (Cracker Barrel) while holding the rest of the satellite positions steady.
The single meaningful trade in the filing is the Ferrari increase. Ferrari N.V. ($98.8M, 10.6%, 291,981 shares) was raised $15.5M and 66,400 shares (+29.4%) — a luxury-automobile manufacturer that the manager has held since at least 2023 and has been building steadily. Ferrari is one of the most distinctive luxury brands in the world, with a business model that combines high-margin vehicle sales (average transaction price ~$250K), highly profitable licensing-and-merchandising, and a Formula 1 team that provides marketing value disproportionate to its financial contribution. The 29.4% share increase signals that Mr. Biglari is adding to a position he views as a permanent-compounder-within-the-luxury-consumer space — a bet that Ferrari's ultra-high-net-worth customer base is resilient to economic cycles and that the brand's scarcity-and-status value will allow continued pricing power.
The Cracker Barrel exit is the second trade and a corrective to the portfolio's prior composition. Cracker Barrel Old Country Store ($1.0M, 0.1%, down to 35,859 shares from 585,000 in Q4) was nearly completely liquidated — a $13.9M reduction that brings the casual-dining chain to a de minimis residual. Cracker Barrel had been a Biglari Holdings operating-business investment: Steak 'n Shake and Cracker Barrel were both under the Biglari corporate umbrella and the 13F reflected the holding company's stake in the publicly traded restaurant chain. The near-complete exit of Cracker Barrel in Q1 2026 — combined with the fact that the position had been a meaningful $14.9M holding in Q4 — suggests either that Biglari Holdings sold down its Cracker Barrel stake for strategic reasons (perhaps related to an activist campaign that concluded, a corporate restructuring, or a complete exit from the restaurant investment) or that the filing's data capture missed the transaction. The residual $1.0M holding (35,859 shares at ~$28/share) is small enough to be a rounding error or a blocked-sale remainder. Whatever the specific cause, the result is that the consumer-cyclical sleeve of the portfolio — which had been composed of Cracker Barrel, Jack in the Box, Wynn Resorts, and CarMax — has lost its restaurant-and-casual-dining anchor.