Biglari, Sardar

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Biglari, Sardar reported 10 stock positions worth $47.1 million. Its top holding was Ferrari (RACE) at 24.0% of the portfolio, followed by Coca-Cola (KO, 15.4%) and WYNN Resorts (WYNN, 13.9%). Compared with Q1 2025, it added to 4 and reduced 3. The biggest buy was Ferrari (RACE, shares +11%) and the biggest sale Alibaba Group Holding-SP ADR (BABA, shares −75%).

Most Recent 13F
Q2 2026
Location
San Antonio, TX
CIK
0001334430
Portfolio Value
$47.1M (Q2 2025)
SEC Filing
0000921895-25-002304 ↗ filed Aug 14, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M Q1 2024: $30.8M Q1 2024 Q2 2024: $29.5M Q2 2024 Q3 2024: $47.1M Q3 2024 Q4 2024: $43.8M Q4 2024 Q1 2025: $44.2M Q1 2025 Q2 2025: $47.1M $47.1M Q2 2025 Q3 2025: $49.7M Q3 2025 Q4 2025: $48.3M Q4 2025 Q1 2026: $50.9M Q1 2026 Q2 2026: $62.2M Q2 2026

Holdings 10 stocks · $47.1M
RACE Ferrari NV 24.05% 23,100 $11.3M Add +10.5%
KO The Coca-Cola Co. 15.38% 102,464 $7.2M Reduce -9.1%
WYNN WYNN Resorts Ltd. 13.95% 70,200 $6.6M Add +14.7%
LOCO El Pollo Loco Holdings Inc. 11.43% 489,247 $5.4M No change
TSM Taiwan Semiconductor-SP ADR 10.24% 21,314 $4.8M Reduce -20.3%
CBRL Cracker Barrel Old Country 8.96% 69,141 $4.2M No change
JACK Jack in the Box Inc. 7.43% 200,617 $3.5M Add +107.4%
KMX Carmax Inc. 5.86% 41,100 $2.8M Add +11.7%
BABA Alibaba Group Holding-SP ADR 1.86% 7,750 $879K Reduce -75.0%
AAME Atlantic American Corp. 0.85% 188,393 $401K No change

Portfolio Sells Q1 2025 → Q2 2025
BABA Alibaba Group Holding-SP ADR Reduce -75.0% 1.86% −7.41
KO The Coca-Cola Co. Reduce -9.1% 15.38% −2.88
TSM Taiwan Semiconductor-SP ADR Reduce -20.3% 10.24% +0.20

Portfolio Buys Q1 2025 → Q2 2025
RACE Ferrari NV Add +10.5% 24.05% +3.81
WYNN WYNN Resorts Ltd. Add +14.7% 13.95% +2.39
JACK Jack in the Box Inc. Add +107.4% 7.43% +1.48
KMX Carmax Inc. Add +11.7% 5.86% −0.63

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$62.2MRACE, KO, LOCO, TSM, WYNN
Q1 2026 10$50.9MRACE, KO, WYNN, LOCO, TSM
Q4 2025 10$48.3MRACE, WYNN, KO, TSM, LOCO
Q3 2025 10$49.7MRACE, WYNN, KO, TSM, LOCO
Q2 2025 10$47.1MRACE, KO, WYNN, LOCO, TSM
Q1 2025 10$44.2MRACE, KO, WYNN, LOCO, TSM
Q4 2024 10$43.8MRACE, KO, LOCO, TSM, WYNN
Q3 2024 10$47.1MRACE, KO, LOCO, WYNN, TSM
Q2 2024 9$29.5MKO, RACE, TSM, JACK, CBRL
Q1 2024 9$30.8MKO, RACE, CBRL, JACK, TSM