Brian Bares – Bares Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Bares Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys – Globus Medical, Inc., Onto Innovation Inc.

Increases – Align Technology, Inc., APi Group Corporation, CoStar Group, Inc., Workday, Inc.

Reductions – Etsy, Inc., Interactive Brokers Group, Inc., Medpace Holdings, Inc., Pegasystems Inc., StoneX Group Inc., and 3 more

Complete Exits –

None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+97,378	+19.0%	$76.35M	609,722
Q3 2025	APG APi Group Corporation	APi Group Corporation	Buy	+292	+49.9%	$30.14K	877
Q3 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+11,599	+1.0%	$103.46M	1,226,251
Q3 2025	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-7,646	-0.5%	$94.66M	1,425,825
Q3 2025	GMED Globus Medical, Inc.	Globus Medical, Inc.	Buy - Position Entry	+521,129	-	$29.85M	521,129
Q3 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-950,511	-31.6%	$141.79M	2,060,589
Q3 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-45,577	-29.0%	$57.33M	111,507
Q3 2025	ONTO Onto Innovation Inc.	Onto Innovation Inc.	Buy - Position Entry	+75,450	-	$9.75M	75,450
Q3 2025	PEGA Pegasystems Inc.	Pegasystems Inc.	Sell	-162,371	-4.6%	$194.37M	3,380,345
Q3 2025	SNEX StoneX Group Inc.	StoneX Group Inc.	Sell	-99,500	-99.6%	$40.57K	402
Q3 2025	SQ Block, Inc.	Block, Inc.	Sell	-157,116	-7.3%	$143.95M	1,991,847
Q3 2025	VEEV Veeva Systems Inc.	Veeva Systems Inc.	Sell	-20,001	-21.4%	$21.85M	73,360
Q3 2025	W Wayfair Inc.	Wayfair Inc.	Sell	-63,526	-8.6%	$60.07M	672,486
Q3 2025	WDAY Workday, Inc.	Workday, Inc.	Buy	+60,920	+11.4%	$142.93M	593,755
Q2 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-25,262	-4.7%	$97.00M	512,344
Q2 2025	APG APi Group Corporation	APi Group Corporation	Buy - Position Entry	+585	-	$29.86K	585
Q2 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Buy	+46	+21.6%	$28.71K	259
Q2 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+81,650	+7.2%	$97.66M	1,214,652
Q2 2025	DHR Danaher Corporation	Danaher Corporation	Sell - Position Exit	-68	-100.0%	$0.00	-
Q2 2025	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-75,530	-5.0%	$71.90M	1,433,471
Q2 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy - Position Entry	+103	-	$22.43K	103
Q2 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+2,166,563	+256.5%	$166.85M	3,011,100
Q2 2025	KAI Kadant Inc	Kadant Inc	Sell - Position Exit	-60	-100.0%	$0.00	-
Q2 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy	+119,608	+319.2%	$49.30M	157,084
Q2 2025	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+54,625	-	$7.87M	54,625
Q2 2025	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy	+1,536,726	+76.6%	$191.77M	3,542,716
Q2 2025	SNEX StoneX Group Inc.	StoneX Group Inc.	Sell	-10,000	-9.1%	$9.11M	99,902
Q2 2025	SQ Block, Inc.	Block, Inc.	Sell	-119,142	-5.3%	$145.98M	2,148,963
Q2 2025	VEEV Veeva Systems Inc.	Veeva Systems Inc.	Sell	-11,000	-10.5%	$26.89M	93,361
Q2 2025	W Wayfair Inc.	Wayfair Inc.	Sell	-59,049	-7.4%	$37.64M	736,012