Bares Capital Management, Inc.

CIK

1340807

Location

AUSTIN, TX

Portfolio Value

Mid $1,083,869,888

Diversification

Diversified

Filing Date

Global Rank

#1,667 / 7,976 ▼ 15

Top Industry

Software - Application 31.1%

3Y Alpha vs SPY

-19.6%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+3.8%

SPY

+76.3%

Annualised alpha

-19.6%

Max drawdown

−34.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

23 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

17.9%

−0.7 pts

Top 5

67.0%

−4.1 pts

Top 10

96.4%

−2.2 pts

HHI

1,132

Diversified−111

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Technology	45.3%	$491,063,240	6
Healthcare	17.1%	$185,381,561	4
Consumer Cyclical	14.3%	$154,733,695	2
Financial Services	13.1%	$141,856,666	4
Real Estate	9.5%	$103,458,796	1
Industrials	0.7%	$7,375,930	6

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
ALGN	Align Technology Inc	+97,378	609,722	$76,349,388
WDAY	Workday, Inc.	+60,920	593,755	$142,934,641
CSGP	Costar Group, Inc.	+11,599	1,226,251	$103,458,796
APG	APi Group Corp	+292	877	$30,142
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
IBKR	Interactive Brokers Group, Inc.	−950,511	2,060,589	$141,789,129
PEGA	Pegasystems Inc	−162,371	3,380,345	$194,369,837
XYZ	Block, Inc.	−157,116	1,991,847	$143,950,782
SNEX	StoneX Group Inc.	−99,500	402	$27,046
W	Wayfair Inc.	−63,526	672,486	$60,073,174
MEDP	Medpace Holdings, Inc.	−45,577	111,507	$57,332,439
VEEV	Veeva Systems Inc	−20,001	73,360	$21,854,677
ETSY	Etsy Inc	−7,646	1,425,825	$94,660,521
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
GMED	Globus Medical Inc	521,129	$29,845,057
ONTO	Onto Innovation Inc.	75,450	$9,749,649
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

23 positions · $1,083,869,888 total · as of Sep 30, 2025

All sectors Consumer Cyclical Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PEGA	Pegasystems Inc Technology	Reduced	3,380,345	-162,371	$194,369,837	+1.4%	17.93%
XYZ	Block, Inc. Technology	Reduced	1,991,847	-157,116	$143,950,782	−1.4%	13.28%
WDAY	Workday, Inc. Technology	Added	593,755	+60,920	$142,934,641	+11.8%	13.19%
IBKR	Interactive Brokers Group, Inc. Financial Services	Reduced	2,060,589	-950,511	$141,789,129	−15.0%	13.08%
CSGP	Costar Group, Inc. Real Estate	Added	1,226,251	+11,599	$103,458,796	+5.9%	9.55%
ETSY	Etsy Inc Consumer Cyclical	Reduced	1,425,825	-7,646	$94,660,521	+31.7%	8.73%
ALGN	Align Technology Inc Healthcare	Added	609,722	+97,378	$76,349,388	−21.3%	7.04%
W	Wayfair Inc. Consumer Cyclical	Reduced	672,486	-63,526	$60,073,174	+59.6%	5.54%
MEDP	Medpace Holdings, Inc. Healthcare	Reduced	111,507	-45,577	$57,332,439	+16.3%	5.29%
GMED	Globus Medical Inc Healthcare	NEW	521,129	NEW	$29,845,057	NEW	2.75%
VEEV	Veeva Systems Inc Healthcare	Reduced	73,360	-20,001	$21,854,677	−18.7%	2.02%
ONTO	Onto Innovation Inc. Technology	NEW	75,450	NEW	$9,749,649	NEW	0.90%
MIDD	MIDDLEBY Corp Industrials	Held	54,625	0	$7,261,301	−7.7%	0.67%
APH	Amphenol Corp /De/ Technology	Held	353	0	$43,683	+25.3%	0.00%
APG	APi Group Corp Industrials	Added	877	+292	$30,142	+51.4%	0.00%
AME	Ametek Inc/ Industrials	Held	152	0	$28,576	+3.9%	0.00%
SNEX	StoneX Group Inc. Financial Services	Reduced	402	-99,500	$27,046	−99.6%	0.00%
BRO	Brown & Brown, Inc. Financial Services	Held	259	0	$24,291	−15.4%	0.00%
FERG	Ferguson Enterprises Inc. /DE/ Industrials	Held	103	0	$23,131	+3.1%	0.00%
WSO	Watsco Inc Industrials	Held	45	0	$18,193	−8.4%	0.00%
MCO	Moodys Corp /De/ Financial Services	Held	34	0	$16,200	−5.0%	0.00%
TYL	Tyler Technologies Inc Technology	Held	28	0	$14,648	−11.8%	0.00%
VRSK	Verisk Analytics, Inc. Industrials	Held	58	0	$14,587	−19.3%	0.00%