Bares Capital Management, Inc.

Adviser

CIK

1340807

Location

AUSTIN, TX

Portfolio Value

Mid $1,083,958,094

Diversification

Diversified

Filing Date

Global Rank

#1,940 / 8,106 ▼ 46 · as of Sep 2025

Top Industry

Software - Application 31.1%

Period ended 1 year ago

Filed Nov 14, 2025 · 11mo

23 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Adviser

Schedule 13G, Nov 7, 2025

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2025, never from the firm's own description.

Style

Concentrated

The top 10 positions are 96.4% of the book (60%+)

Turnover

Low turnover

18.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 20.2 quarters (12+), a floor since 79.6% of the book was already held when coverage starts

Closest benchmark: the S&P MidCap 400 as of 2025-09-30, active share 98.8%; sector active share 36.1% against the combined 13F book's sector weights.

Over time 23 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

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Portfolio Concentration

24 tracked positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

17.9%

−0.7 pts

Top 5

67.0%

−3.9 pts

Top 10

96.4%

−1.9 pts

HHI

1,131

Diversified−104

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Technology	45.3%	$491,106,924	6
Healthcare	17.1%	$185,381,561	4
Consumer Cyclical	14.3%	$154,733,695	2
Financial Services	13.1%	$141,870,189	4
Real Estate	9.5%	$103,458,796	1
Industrials	0.7%	$7,406,929	7

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	$40,569
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

24 tracked positions · $1,083,958,094 total · filing declares 24 positions · $1,083,914,423 · 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	Held (qtrs)	Est. cost/share	% of Portfolio
PEGA	Pegasystems Inc Technology	Reduced	3,380,345	-162,371	$194,369,837	+1.4%	23+	before history	17.93%
XYZ	Block, Inc. Technology	Reduced	1,991,847	-157,116	$143,950,782	−1.4%	23+	before history	13.28%
WDAY	Workday, Inc. Technology	Added	593,755	+60,920	$142,934,641	+11.8%	23+	before history	13.19%
IBKR	Interactive Brokers Group, Inc. Financial Services	Reduced	2,060,589	-950,511	$141,789,129	−15.0%	23+	before history	13.08%
CSGP	Costar Group, Inc. Real Estate	Added	1,226,251	+11,599	$103,458,796	+5.9%	23+	before history	9.54%
ETSY	Etsy Inc Consumer Cyclical	Reduced	1,425,825	-7,646	$94,660,521	+31.7%	18	$104.26	8.73%
ALGN	Align Technology Inc Healthcare	Added	609,722	+97,378	$76,349,388	−21.3%	23+	before history	7.04%
W	Wayfair Inc. Consumer Cyclical	Reduced	672,486	-63,526	$60,073,174	+59.6%	23+	before history	5.54%
MEDP	Medpace Holdings, Inc. Healthcare	Reduced	111,507	-45,577	$57,332,439	+16.3%	3	$308.85	5.29%
GMED	Globus Medical Inc Healthcare	NEW	521,129	NEW	$29,845,057	NEW	1	$57.58	2.75%
VEEV	Veeva Systems Inc Healthcare	Reduced	73,360	-20,001	$21,854,677	−18.7%	7	$214.25	2.02%
ONTO	Onto Innovation Inc. Technology	NEW	75,450	NEW	$9,749,649	NEW	1	$107.03	0.90%
MIDD	MIDDLEBY Corp Industrials	Held	54,625	0	$7,261,302	−7.7%	2	unpriced	0.67%
APH	Amphenol Corp Technology	Held	353	0	$87,367	+25.3%	3	unpriced	0.01%
SNEX	StoneX Group Inc. Financial Services	Reduced	402	-99,500	$40,569	−99.6%	3	unpriced	0.00%
HEI-A	Heico Corp Industrials	Held	122	0	$30,998	−1.8%	3	$193.77	0.00%
APG	APi Group Corp Industrials	Added	877	+292	$30,142	+0.9%	2	$28.64	0.00%
AME	Ametek Inc Industrials	Held	152	0	$28,576	+3.9%	3	$181.78	0.00%
BRO	Brown & Brown, Inc. Financial Services	Held	259	0	$24,291	−15.4%	3	$111.85	0.00%
FERG	Ferguson Enterprises Inc. Industrials	Held	103	0	$23,131	+3.1%	2	$184.07	0.00%
WSO	Watsco Inc Industrials	Held	45	0	$18,193	−8.4%	3	$485.16	0.00%
MCO	Moodys Corp Financial Services	Held	34	0	$16,200	−5.0%	3	$481.85	0.00%
TYL	Tyler Technologies Inc Technology	Held	28	0	$14,648	−11.8%	3	$593.87	0.00%
VRSK	Verisk Analytics, Inc. Industrials	Held	58	0	$14,587	−19.3%	3	$288.19	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.