A holding fixture is disclosed for machining bearing caps that have a generally semi-cylindrical bearing bore on an interior surface and bolt shoulders on opposite sides that are drilled to receive bolts. The holding fixture comprises a fixture frame to which a mandrel is attached that receives the bearing caps with the bearing bore centered relative to the mandrel. A plurality of clamps engage an exterior portion of the bearing caps to retain the bearing caps on the mandrel. A method of manufacturing a bearing cap is also disclosed using a fixture that has a mandrel that is received in the bearing bore and clamps that engage the outer surface of the bearing caps. A pair of bolt shoulders of the bearing caps are machined and a bolt hole is drilled in each of the bolt shoulder portions. The bearing bores are subsequently machined with the bearing caps being located based upon the location of the bolt holes to form a plurality of finished bearing caps.