Bares Capital Management, Inc.
Bares Capital Management, Inc. reported 24 US-listed holdings worth $1.08 billion in its 13F for the quarter ended 30 September 2025, filed 14 November 2025. Its largest: Pegasystems Inc. (17.9%), Block, Inc. (13.3%) and Workday, Inc. (13.2%). Against the quarter before, it opened 2 positions, added to 4, trimmed 8 and sold out of 0.
Its latest 13F is for the quarter ended 30 September 2025; it has not filed one for a later quarter.
The 14 largest of its 24 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2025.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2025; a change under 0.1% of a position counts as held
Opened 2
- Globus Medical Inc. GMED$29.8 million
- Onto Innovation Inc. ONTO$9.7 million
Added to 4
- Workday, Inc. WDAY+60,920 shares · +11%
- Align Technology Inc. ALGN+97,378 shares · +19%
- Costar Group, Inc. CSGP+11,599 shares · +1%
- APi Group Corp. APG+292 shares · +50%
Trimmed 8
- Interactive Brokers Group, Inc. IBKR-950,511 shares · -32%
- Medpace Holdings, Inc. MEDP-45,577 shares · -29%
- Block, Inc. XYZ-157,116 shares · -7%
- StoneX Group Inc. SNEX-99,500 shares · -100%
- Pegasystems Inc. PEGA-162,371 shares · -5%
- Veeva Systems Inc. VEEV-20,001 shares · -21%
- Wayfair Inc. W-63,526 shares · -9%
- Etsy Inc. ETSY-7,646 shares · -1%
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Pegasystems Inc. PEGA | 3,380,345 | $194.4 million | 17.93% | -162,371 |
| Block, Inc. XYZ | 1,991,847 | $144.0 million | 13.28% | -157,116 |
| Workday, Inc. WDAY | 593,755 | $142.9 million | 13.19% | +60,920 |
| Interactive Brokers Group, Inc. IBKR | 2,060,589 | $141.8 million | 13.08% | -950,511 |
| Costar Group, Inc. CSGP | 1,226,251 | $103.5 million | 9.54% | +11,599 |
| Etsy Inc. ETSY | 1,425,825 | $94.7 million | 8.73% | -7,646 |
| Align Technology Inc. ALGN | 609,722 | $76.3 million | 7.04% | +97,378 |
| Wayfair Inc. W | 672,486 | $60.1 million | 5.54% | -63,526 |
| Medpace Holdings, Inc. MEDP | 111,507 | $57.3 million | 5.29% | -45,577 |
| Globus Medical Inc. GMED | 521,129 | $29.8 million | 2.75% | new |
| Veeva Systems Inc. VEEV | 73,360 | $21.9 million | 2.02% | -20,001 |
| Onto Innovation Inc. ONTO | 75,450 | $9.7 million | 0.90% | new |
| Middleby Corp. MIDD | 54,625 | $7.3 million | 0.67% | no change |
| Amphenol Corp. APH | 353 | $43,684 | 0.00% | no change |
| StoneX Group Inc. SNEX | 402 | $40,570 | 0.00% | -99,500 |
| Heico Corp. New HEIA | 122 | $30,999 | 0.00% | no change |
| APi Group Corp. APG | 877 | $30,142 | 0.00% | +292 |
| AMETEK Inc. AME | 152 | $28,576 | 0.00% | no change |
| Brown & Brown, Inc. BRO | 259 | $24,292 | 0.00% | no change |
| Ferguson Enterprises Inc. FERG | 103 | $23,132 | 0.00% | no change |
| Watsco Inc. WSO | 45 | $18,194 | 0.00% | no change |
| Moody's Corp. MCO | 34 | $16,200 | 0.00% | no change |
| Tyler Technologies Inc. TYL | 28 | $14,648 | 0.00% | no change |
| Verisk Analytics, Inc. VRSK | 58 | $14,588 | 0.00% | no change |