Biglari Capital Corp Q2 2026 Portfolio Changes: Significant Ferrari Purchase & Cracker Barrel Reduction
Biglari Capital Corp reported notable changes in its holdings during Q2 2026, including a significant increase in Ferrari N.V. shares and a drastic reduction in Cracker Barrel Old Country Store allocation.
As of June 30th, 2026, Biglari Capital Corp, a significant investor with a portfolio valued at approximately $1.2 billion this quarter, has made several noteworthy adjustments to its holdings.
The most prominent change involves Ferrari N.V. (RACE). The investor increased their stake by 55,000 shares, representing an 18.84% increase in holdings for this stock during the quarter. This significant purchase resulted in Ferrari now accounting for about 10.81% of the total portfolio value and a substantial 18.84% rise in its share count.
Conversely, Cracker Barrel Old Country Store (CBRL) saw a major reduction. The investor sold off almost all of their position in this stock, decreasing the share count by 94.42% (-33,859 shares). This drastic sale caused CBRL's portfolio allocation to plummet from nearly 10.86% last quarter down to just 0.01%, making it one of the significant exits noted during Q2.
Other changes were observed in existing positions. Biglari Holdings (BH) experienced a modest increase, with shares rising by 3.88% (+54,952 shares). Similarly, El Pollo Loco Holdings (LOCO) saw its share count decrease slightly (-5.56%), while the value of their stake in this stock remained relatively stable at 0.13%.
The portfolio's sector allocation remains dominated by Consumer Cyclical stocks, which now stand at approximately 89.04% of the total value ($1.06 billion). This includes significant positions in Biglari Holdings (52.5%), Ferrari N.V. (10.81%), and several other Consumer Cyclical holdings like Jack in the Box, CarMax, and Cracker Barrel Old Country Store (now significantly reduced).
The investor also holds a small allocation to Berkshire Hathaway Inc. (BRK-A) at 0.13%, and minimal stakes in Healthcare (Bausch Health Cos, BHC, 0.02%) and Financial Services (0.13%). Notably, the portfolio includes a stock with an unknown sector allocation totaling $129 million (10.81%), which is Ferrari N.V. in this case.
In summary, Biglari Capital Corp's Q2 2026 activity highlights a strong focus on Consumer Cyclical companies. The quarter saw significant buying of Ferrari shares and selling of Cracker Barrel stock, alongside minor adjustments elsewhere. These changes reflect the investor's dynamic approach to portfolio management.