The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Feb 27, 2026
Biglari Holdings' 2025 annual letter outlines its progress as an acquisition-oriented conglomerate. Total investments reached $1.1 billion at fair value, with Ferrari being the largest common stock holding ($202.3 million). The company borrowed $225 million via Steak n Shake to hold as 'dry powder' in safe Treasury bills despite an annual spread cost of $11 million, prioritizing patience over risky acquisitions. Operating performance was anchored by Steak n Shake's turnaround, which generated 10.2% same-store sales growth and continued transitioning toward its single-unit franchise partner model. The insurance division, bolstered by AM Best's 'A' rating and the new Biglari Reinsurance Ltd, achieved its 12th consecutive year of pre-tax underwriting profitability.
Replicating the economics of an 'ideal business' by utilizing a multi-industry corporate structure to reallocate the excess cash generated by stable, decentralized operating businesses into high-return investments and acquisitions of other businesses.
The company expects the growth rate of its investments to decline but aims to offset this through the expansion of its insurance business. The long-term target is to grow per-share intrinsic value by an average of 15% per annum, which will require generating aggregate profits of approximately $1.6 billion over the next ten years.
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