# Bares Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1340807. Source: https://holderbook.com/funds/1340807-bares-capital-management-inc/

- Reported value: $1.1B
- Positions: 24
- Weight of the ten largest: 96.4%
- Filed: 2025-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PEGASYSTEMS INC | [PEGA](https://holderbook.com/stocks/PEGA/) | $194.4M | 3,380,345 | 17.9% | 25 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $144.0M | 1,991,847 | 13.3% | 28 |
| WORKDAY INC | [WDAY](https://holderbook.com/stocks/WDAY/) | $142.9M | 593,755 | 13.2% | 28 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $141.8M | 2,060,589 | 13.1% | 28 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $103.5M | 1,226,251 | 9.5% | 28 |
| ETSY INC | [ETSY](https://holderbook.com/stocks/ETSY/) | $94.7M | 1,425,825 | 8.7% | 18 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $76.3M | 609,722 | 7.0% | 28 |
| WAYFAIR INC | [W](https://holderbook.com/stocks/W/) | $60.1M | 672,486 | 5.5% | 27 |
| MEDPACE HLDGS INC | [MEDP](https://holderbook.com/stocks/MEDP/) | $57.3M | 111,507 | 5.3% | 3 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $29.8M | 521,129 | 2.8% | 1 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $21.9M | 73,360 | 2.0% | 7 |
| ONTO INNOVATION INC | [ONTO](https://holderbook.com/stocks/ONTO/) | $9.7M | 75,450 | 0.9% | 1 |
| MIDDLEBY CORP | [MIDD](https://holderbook.com/stocks/MIDD/) | $7.3M | 54,625 | 0.7% | 2 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $43.7K | 353 | 0.0% | 3 |
| STONEX GROUP INC | [SNEX](https://holderbook.com/stocks/SNEX/) | $40.6K | 402 | 0.0% | 3 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $31.0K | 122 | 0.0% | 3 |
| API GROUP CORP | [APG](https://holderbook.com/stocks/APG/) | $30.1K | 877 | 0.0% | 2 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $28.6K | 152 | 0.0% | 3 |
| BROWN & BROWN INC | [BRO](https://holderbook.com/stocks/BRO/) | $24.3K | 259 | 0.0% | 3 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $23.1K | 103 | 0.0% | 2 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $18.2K | 45 | 0.0% | 3 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $16.2K | 34 | 0.0% | 3 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $14.6K | 28 | 0.0% | 3 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $14.6K | 58 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +11.5% | +7.8% | +3.6% | 100% |
| Q2 2025 | +24.0% | +10.5% | +13.6% | 100% |
| Q1 2025 | -18.3% | -4.6% | -13.7% | 100% |
| Q4 2024 | +11.6% | +2.1% | +9.4% | 100% |
| Q3 2024 | +7.0% | +5.4% | +1.6% | 100% |
| Q2 2024 | -12.5% | +4.0% | -16.6% | 99% |
| Q1 2024 | +8.3% | +10.0% | -1.7% | 95% |
| Q4 2023 | +18.6% | +11.2% | +7.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $1.1B | 24 |
| Q2 2025 | $1.0B | 22 |
| Q1 2025 | $851.9M | 21 |
| Q4 2024 | $1.1B | 11 |
| Q3 2024 | $1.1B | 22 |
| Q2 2024 | $2.1B | 29 |
| Q1 2024 | $2.5B | 31 |
| Q4 2023 | $2.5B | 32 |
| Q3 2023 | $2.3B | 37 |
| Q2 2023 | $2.9B | 38 |
| Q1 2023 | $2.8B | 39 |
| Q4 2022 | $2.6B | 38 |