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 2013Sep 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-75-0.3%	$794.00	23,869
Q3 2013Sep 30, 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-77-0.6%	$1.01K	12,747
Q3 2013Sep 30, 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-128-0.4%	$854.00	29,838
Q3 2013Sep 30, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-201-0.7%	$1.24K	28,214
Q3 2013Sep 30, 2013	WINA Winmark Corporation	Winmark Corporation	Sell	-220-0.0%	$61.61K	836,080
Q3 2013Sep 30, 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-302-4.0%	$371.00	7,204
Q3 2013Sep 30, 2013	VTV Vanguard Value ETF	Vanguard Value ETF	Sell	-371-2.7%	$934.00	13,383
Q3 2013Sep 30, 2013	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-573-0.1%	$25.07K	421,842
Q3 2013Sep 30, 2013	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-752-4.4%	$944.00	16,178
Q3 2013Sep 30, 2013	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Sell	-1,034-0.1%	$12.84K	1,631,829
Q3 2013Sep 30, 2013	HEI-A Heico Corporation	Heico Corporation	Sell	-1,256-0.1%	$42.24K	842,584
Q3 2013Sep 30, 2013	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-10,487-3.0%	$70.81K	339,150
Q3 2013Sep 30, 2013	MORN Morningstar, Inc.	Morningstar, Inc.	Sell	-156,372-89.0%	$1.53K	19,315
Q3 2013Sep 30, 2013	MASI Masimo Corporation	Masimo Corporation	Sell	-647,065-21.3%	$63.68K	2,390,406
Q3 2013Sep 30, 2013	APEI American Public Education, Inc.	American Public Education, Inc.	Sell	-921,352-34.2%	$67.09K	1,775,604
Q2 2013Jun 30, 2013	MASI Masimo Corporation	Masimo Corporation	Buy - Position Entry	+3,037,471	$64.39K	3,037,471
Q2 2013Jun 30, 2013	APEI American Public Education, Inc.	American Public Education, Inc.	Buy - Position Entry	+2,696,956	$100.22K	2,696,956
Q2 2013Jun 30, 2013	XPO XPO, Inc.	XPO, Inc.	Buy - Position Entry	+1,852,425	$33.51K	1,852,425
Q2 2013Jun 30, 2013	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Buy - Position Entry	+1,632,863	$12.70K	1,632,863
Q2 2013Jun 30, 2013	HEI-A Heico Corporation	Heico Corporation	Buy - Position Entry	+843,840	$31.15K	843,840
Q2 2013Jun 30, 2013	WINA Winmark Corporation	Winmark Corporation	Buy - Position Entry	+836,300	$54.25K	836,300
Q2 2013Jun 30, 2013	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy - Position Entry	+627,519	$27.40K	627,519
Q2 2013Jun 30, 2013	OFLX Omega Flex, Inc.	Omega Flex, Inc.	Buy - Position Entry	+547,009	$8.13K	547,009
Q2 2013Jun 30, 2013	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Buy - Position Entry	+422,415	$22.94K	422,415
Q2 2013Jun 30, 2013	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+349,637	$59.47K	349,637
Q2 2013Jun 30, 2013	MORN Morningstar, Inc.	Morningstar, Inc.	Buy - Position Entry	+175,687	$13.63K	175,687
Q2 2013Jun 30, 2013	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy - Position Entry	+47,215	$1.70K	47,215
Q2 2013Jun 30, 2013	COP ConocoPhillips	ConocoPhillips	Buy - Position Entry	+30,000	$1.81K	30,000
Q2 2013Jun 30, 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Buy - Position Entry	+29,966	$854.00	29,966
Q2 2013Jun 30, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Buy - Position Entry	+28,415	$1.08K	28,415

Page 35 of 36 • 1069 total trades

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