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

As of Jun 30, 2025, the Bares Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys – The Middleby Corporation (MIDD), APi Group Corporation (APG), Ferguson Enterprises Inc. (FERG)

Increases – Interactive Brokers Group, Inc. (IBKR), Pegasystems Inc. (PEGA), Medpace Holdings, Inc. (MEDP), CoStar Group, Inc. (CSGP), Brown & Brown, Inc. (BRO), and 1 more

Reductions – StoneX Group Inc. (SNEX), Veeva Systems Inc. (VEEV), Align Technology, Inc. (ALGN), Workday, Inc. (WDAY), Wayfair Inc. (W), and 2 more

Complete Exits – Kadant Inc (KAI), Danaher Corporation (DHR)

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

Bares Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2019Sep 30, 2019	FAST Fastenal Company	Fastenal Company	Sell	-1,780,325-20.5%	$225.32K	6,896,773
Q3 2019Sep 30, 2019	BOX Box, Inc.	Box, Inc.	Sell	-2,043,980-24.0%	$106.94K	6,457,542
Q3 2019Sep 30, 2019	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Sell	-2,172,221-99.5%	$194.00	11,052
Q3 2019Sep 30, 2019	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-3,867,196-23.6%	$127.29K	12,504,251
Q2 2019Jun 30, 2019	FAST Fastenal Company	Fastenal Company	Buy	+4,214,984+94.5%	$282.79K	8,677,098
Q2 2019Jun 30, 2019	SQ Block, Inc.	Block, Inc.	Buy	+3,053,548+542.2%	$262.32K	3,616,765
Q2 2019Jun 30, 2019	ZUO Zuora, Inc.	Zuora, Inc.	Buy - Position Entry	+2,420,736	$37.09K	2,420,736
Q2 2019Jun 30, 2019	W Wayfair Inc.	Wayfair Inc.	Buy	+70,137+4.4%	$242.85K	1,663,326
Q2 2019Jun 30, 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+59,355+0.8%	$392.62K	7,243,924
Q2 2019Jun 30, 2019	WDAY Workday, Inc.	Workday, Inc.	Buy	+2,003+0.1%	$376.96K	1,833,652
Q2 2019Jun 30, 2019	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-377-0.4%	$28.81K	105,273
Q2 2019Jun 30, 2019	IT Gartner, Inc.	Gartner, Inc.	Sell	-4,835-0.2%	$379.69K	2,359,185
Q2 2019Jun 30, 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Sell	-6,235-4.5%	$28.82K	133,405
Q2 2019Jun 30, 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-15,900-10.1%	$28.99K	141,554
Q2 2019Jun 30, 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-16,347-3.0%	$296.28K	534,750
Q2 2019Jun 30, 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-25,632-7.6%	$31.69K	312,601
Q2 2019Jun 30, 2019	UA Under Armour, Inc.	Under Armour, Inc.	Sell	-114,483-1.1%	$222.97K	10,043,880
Q2 2019Jun 30, 2019	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Sell	-149,723-3.3%	$200.79K	4,337,698
Q2 2019Jun 30, 2019	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-1,648,270-79.7%	$56.95K	419,651
Q1 2019Mar 31, 2019	W Wayfair Inc.	Wayfair Inc.	Buy - Position Entry	+1,593,189	$236.51K	1,593,189
Q1 2019Mar 31, 2019	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Buy	+490,171+29.0%	$23.14K	2,183,273
Q1 2019Mar 31, 2019	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy	+301,159+19.2%	$99.17K	1,872,812
Q1 2019Mar 31, 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+255,098+3.7%	$372.74K	7,184,569
Q1 2019Mar 31, 2019	IT Gartner, Inc.	Gartner, Inc.	Buy	+43,471+1.9%	$358.57K	2,364,020
Q1 2019Mar 31, 2019	SQ Block, Inc.	Block, Inc.	Buy	+21,626+4.0%	$42.20K	563,217
Q1 2019Mar 31, 2019	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+16,800+18.9%	$30.04K	105,650
Q1 2019Mar 31, 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy	+9,700+7.5%	$28.54K	139,640
Q1 2019Mar 31, 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy	+8,300+2.5%	$32.86K	338,233
Q1 2019Mar 31, 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-11,000-6.5%	$28.77K	157,454
Q1 2019Mar 31, 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-40,336-6.8%	$257.04K	551,097

Page 21 of 36 • 1069 total trades

«‹

19 20 21 22 23

›»