Bares Capital Management, Inc.
CIK 1340807 · View on SEC EDGAR ↗
- Portfolio value
- $1.1B
- Positions
- 24
- As of
- Sept. 30, 2025 Data as of Q3 2025
Portfolio value QoQ: +5.2% 13F does not disclose cash
- Top 10 holdings weight
- 96.39%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 11
- Effective number of positions
- 8.8
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q3 2025: 6.38% Est. buys $67,442,295 · sells $131,712,111
Median holding: 3.0 quarters Tracked Q4 2024–Q3 2025 · 85.7% still held
- New positions
- 2
- Increased
- 4
- Decreased
- 8
- Closed
- 2
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Full portfolio 24 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| PEGA Pegasystems Inc. - Common Stock | $194,369,838 | 17.93% | 3,380,345 | $2,602,621 | Down ×1 | ||
| XYZ Block, Inc. Class A Common Stock, | $143,950,783 | 13.28% | 1,991,847 | $-2,028,274 | Down ×3 | ||
| WDAY Workday, Inc. - Class A Common Stock | $142,934,641 | 13.19% | 593,755 | $15,054,241 | Up ×1 | ||
| IBKR Interactive Brokers Group, Inc. - Class A Common Stock | $141,789,129 | 13.08% | 2,060,589 | $-25,055,922 | Down ×1 | ||
| CSGP CoStar Group, Inc. - Common Stock | $103,458,797 | 9.54% | 1,226,251 | $5,800,776 | Up ×3 | ||
| ETSY Etsy, Inc. - Common Stock | $94,660,522 | 8.73% | 1,425,825 | $22,757,617 | Down ×3 | ||
| ALGN Align Technology, Inc. - Common Stock | $76,349,389 | 7.04% | 609,722 | $-20,652,701 | Up ×1 | ||
| W Wayfair Inc. Class A Common Stock | $60,073,174 | 5.54% | 672,486 | $22,433,520 | Down ×3 | ||
| MEDP Medpace Holdings, Inc. - Common Stock | $57,332,439 | 5.29% | 111,507 | $8,030,055 | Down ×1 | ||
| GMED Globus Medical, Inc. Class A Common Stock | $29,845,058 | 2.75% | 521,129 | Up ×1 | |||
| VEEV Veeva Systems Inc. Class A Common Stock | $21,854,678 | 2.02% | 73,360 | $-5,031,423 | Down ×3 | ||
| ONTO Onto Innovation Inc. Common Stock | $9,749,649 | 0.90% | 75,450 | Up ×1 | |||
| MIDD The Middleby Corporation - Common Stock | $7,261,301 | 0.67% | 54,625 | $-604,699 | |||
| APH Amphenol Corporation Common Stock | $43,684 | 0.00% | 353 | $8,825 | |||
| SNEX StoneX Group Inc. - Common Stock | $40,570 | 0.00% | 402 | $-9,064,498 | Down ×2 | ||
| HEIA | $30,999 | 0.00% | 122 | $-569 | |||
| APG APi Group Corporation Common Stock | $30,142 | 0.00% | 877 | $278 | Up ×1 | ||
| AME AMETEK, Inc. | $28,576 | 0.00% | 152 | $1,070 | |||
| BRO Brown & Brown, Inc. Common Stock | $24,292 | 0.00% | 259 | $-4,423 | |||
| FERG Ferguson Enterprises Inc. Common Stock | $23,132 | 0.00% | 103 | $704 | |||
| WSO Watsco, Inc. Common Stock | $18,194 | 0.00% | 45 | $-1,679 | |||
| MCO Moody's Corporation Common Stock | $16,200 | 0.00% | 34 | $-854 | |||
| TYL Tyler Technologies, Inc. Common Stock | $14,648 | 0.00% | 28 | $-1,952 | |||
| VRSK Verisk Analytics, Inc. - Common Stock | $14,588 | 0.00% | 58 | $-3,479 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| CSGP | $103,458,797 | 9.54% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| IBKR | Trimmed | -951K | -$25.1M |
| ETSY | Trimmed | -8K | +$22.8M |
| W | Trimmed | -64K | +$22.4M |
| ALGN | Bought more | +97K | -$20.7M |
| WDAY | Bought more | +61K | +$15.1M |
| MEDP | Trimmed | -46K | +$8.0M |
| CSGP | Bought more | +12K | +$5.8M |
| VEEV | Trimmed | -20K | -$5.0M |
| PEGA | Trimmed | -162K | +$2.6M |
| XYZ | Trimmed | -157K | -$2.0M |
1 position hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.