Biglari, Sardar
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Biglari, Sardar reported 10 stock positions worth $49.7 million. Its top holding was Ferrari (RACE) at 24.9% of the portfolio, followed by WYNN Resorts (WYNN, 18.1%) and Coca-Cola (KO, 14.2%). Compared with Q2 2025, it added to 2 and reduced 1. The biggest buy was Ferrari (RACE, shares +10%) and the biggest sale Atlantic American (AAME, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334430
- Portfolio Value
- $49.7M (Q3 2025)
- SEC Filing
- 0000921895-25-003111 ↗ filed Nov 14, 2025
Holdings Value
Holdings 10 stocks · $49.7M
| RACE Ferrari NV | 24.92% | 25,500 | $12.4M | Add +10.4% |
| WYNN WYNN Resorts Ltd. | 18.14% | 70,200 | $9.0M | No change |
| KO The Coca-Cola Co. | 14.16% | 105,994 | $7.0M | Add +3.5% |
| TSM Taiwan Semiconductor-SP ADR | 11.99% | 21,314 | $6.0M | No change |
| LOCO El Pollo Loco Holdings Inc. | 9.56% | 489,247 | $4.7M | No change |
| JACK Jack in the Box Inc. | 7.99% | 200,617 | $4.0M | No change |
| CBRL Cracker Barrel Old Country | 6.14% | 69,141 | $3.0M | No change |
| KMX Carmax Inc. | 3.71% | 41,100 | $1.8M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.79% | 7,750 | $1.4M | No change |
| AAME Atlantic American Corp. | 0.61% | 105,861 | $304K | Reduce -43.8% |
Portfolio Sells Q2 2025 → Q3 2025
| AAME Atlantic American Corp. | Reduce -43.8% | 0.61% | −0.24 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $62.2M | RACE, KO, LOCO, TSM, WYNN |
| Q1 2026 | 10 | $50.9M | RACE, KO, WYNN, LOCO, TSM |
| Q4 2025 | 10 | $48.3M | RACE, WYNN, KO, TSM, LOCO |
| Q3 2025 | 10 | $49.7M | RACE, WYNN, KO, TSM, LOCO |
| Q2 2025 | 10 | $47.1M | RACE, KO, WYNN, LOCO, TSM |
| Q1 2025 | 10 | $44.2M | RACE, KO, WYNN, LOCO, TSM |
| Q4 2024 | 10 | $43.8M | RACE, KO, LOCO, TSM, WYNN |
| Q3 2024 | 10 | $47.1M | RACE, KO, LOCO, WYNN, TSM |
| Q2 2024 | 9 | $29.5M | KO, RACE, TSM, JACK, CBRL |
| Q1 2024 | 9 | $30.8M | KO, RACE, CBRL, JACK, TSM |