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
Q2 2013Jun 30, 2013	XEL Xcel Energy Inc.	Xcel Energy Inc.	Buy - Position Entry	+26,000	$737.00	26,000
Q2 2013Jun 30, 2013	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy - Position Entry	+25,265	$980.00	25,265
Q2 2013Jun 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+23,944	$827.00	23,944
Q2 2013Jun 30, 2013	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Buy - Position Entry	+16,930	$953.00	16,930
Q2 2013Jun 30, 2013	PFE Pfizer, Inc.	Pfizer, Inc.	Buy - Position Entry	+16,579	$464.00	16,579
Q2 2013Jun 30, 2013	PSX Phillips 66	Phillips 66	Buy - Position Entry	+15,000	$884.00	15,000
Q2 2013Jun 30, 2013	NNN NNN REIT, Inc.	NNN REIT, Inc.	Buy - Position Entry	+14,000	$482.00	14,000
Q2 2013Jun 30, 2013	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Buy - Position Entry	+13,917	$670.00	13,917
Q2 2013Jun 30, 2013	VTV Vanguard Value ETF	Vanguard Value ETF	Buy - Position Entry	+13,754	$930.00	13,754
Q2 2013Jun 30, 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Buy - Position Entry	+12,824	$1.01K	12,824
Q2 2013Jun 30, 2013	OXY Occidental Petroleum Corporatio	Occidental Petroleum Corporatio	Buy - Position Entry	+12,000	$1.07K	12,000
Q2 2013Jun 30, 2013	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Buy - Position Entry	+10,000	$349.00	10,000
Q2 2013Jun 30, 2013	CHH Choice Hotels International, In	Choice Hotels International, In	Buy - Position Entry	+10,000	$397.00	10,000
Q2 2013Jun 30, 2013	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy - Position Entry	+8,551	$641.00	8,551
Q2 2013Jun 30, 2013	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy - Position Entry	+7,889	$1.09K	7,889
Q2 2013Jun 30, 2013	EMR Emerson Electric Company	Emerson Electric Company	Buy - Position Entry	+7,711	$421.00	7,711
Q2 2013Jun 30, 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Buy - Position Entry	+7,506	$383.00	7,506
Q2 2013Jun 30, 2013	UGI UGI Corporation	UGI Corporation	Buy - Position Entry	+6,075	$238.00	6,075
Q2 2013Jun 30, 2013	G9618E107 White Mountains	White Mountains	Buy - Position Entry	+1,438	$827.00	1,438

Page 36 of 36 • 1069 total trades

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