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 2018Sep 30, 2018	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+814,046+16.1%	$324.02K	5,858,183
Q3 2018Sep 30, 2018	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Buy	+767,108+35.4%	$37.37K	2,935,865
Q3 2018Sep 30, 2018	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+703,220+16.0%	$260.35K	5,097,888
Q3 2018Sep 30, 2018	FAST Fastenal Company	Fastenal Company	Buy	+657,073+16.8%	$264.53K	4,559,271
Q3 2018Sep 30, 2018	IT Gartner, Inc.	Gartner, Inc.	Buy	+555,868+34.0%	$347.10K	2,189,892
Q3 2018Sep 30, 2018	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+384,695+24.6%	$251.74K	1,946,189
Q3 2018Sep 30, 2018	SQ Block, Inc.	Block, Inc.	Buy	+365,624+6277.9%	$36.78K	371,448
Q3 2018Sep 30, 2018	BOX Box, Inc.	Box, Inc.	Buy	+333,780+4.6%	$180.47K	7,547,976
Q3 2018Sep 30, 2018	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy	+282,854+20.4%	$85.52K	1,667,783
Q3 2018Sep 30, 2018	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy	+260,298+6365.8%	$26.71K	264,387
Q3 2018Sep 30, 2018	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Buy	+156,982+4.6%	$204.32K	3,559,626
Q3 2018Sep 30, 2018	WAT Waters Corporation	Waters Corporation	Buy	+118,126+15.1%	$175.13K	899,589
Q3 2018Sep 30, 2018	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy	+96,806+6099.9%	$24.11K	98,393
Q3 2018Sep 30, 2018	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-63,132-10.1%	$237.63K	564,648
Q3 2018Sep 30, 2018	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-944,783-87.9%	$24.36K	130,503
Q2 2018Jun 30, 2018	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+1,561,494	$163.05K	1,561,494
Q2 2018Jun 30, 2018	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy - Position Entry	+1,384,929	$70.24K	1,384,929
Q2 2018Jun 30, 2018	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+245,365+3.0%	$179.93K	8,535,681
Q2 2018Jun 30, 2018	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+192,120+4.0%	$324.89K	5,044,137
Q2 2018Jun 30, 2018	FAST Fastenal Company	Fastenal Company	Buy	+161,305+4.3%	$187.81K	3,902,198
Q2 2018Jun 30, 2018	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+154,366+3.6%	$244.83K	4,394,668
Q2 2018Jun 30, 2018	IT Gartner, Inc.	Gartner, Inc.	Buy	+46,453+2.9%	$217.16K	1,634,024
Q2 2018Jun 30, 2018	WAT Waters Corporation	Waters Corporation	Buy	+34,203+4.6%	$151.28K	781,463
Q2 2018Jun 30, 2018	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+5,824	$359.00	5,824
Q2 2018Jun 30, 2018	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+5,223+0.8%	$259.04K	627,780
Q2 2018Jun 30, 2018	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+4,752+0.4%	$187.29K	1,075,286
Q2 2018Jun 30, 2018	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy - Position Entry	+4,089	$363.00	4,089
Q2 2018Jun 30, 2018	WDAY Workday, Inc.	Workday, Inc.	Buy - Position Entry	+3,234	$392.00	3,234
Q2 2018Jun 30, 2018	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy - Position Entry	+1,587	$352.00	1,587
Q2 2018Jun 30, 2018	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-14,247-0.4%	$137.40K	3,402,644

Page 23 of 36 • 1069 total trades

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