Bares Capital Management 13F, Q1 2025
Brian Bares · quarter ending 31 March 2025 · filed 15 May 2025 · SEC CIK 1340807
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| Interactive Brokers Group Inc | IBKR | $139.85M | 16.4% | -11% shares |
| Pegasystems Inc | PEGA | $139.46M | 16.4% | -15% shares |
| Workday Inc. | WDAY | $133.31M | 15.7% | -9% shares |
| Block Inc | XYZ | $123.23M | 14.5% | -12% shares |
| CoStar Group | CSGP | $89.77M | 10.5% | +75% shares |
| Align Technology Inc. | ALGN | $85.40M | 10.0% | +5% shares |
| Etsy Inc | ETSY | $71.19M | 8.4% | -20% shares |
| Wayfair Inc | W | $25.47M | 3.0% | -18% shares |
| Veeva Systems Inc. | VEEV | $24.17M | 2.8% | -20% shares |
| Medpace Holdings, Inc. | MEDP | $11.42M | 1.3% | new |
| StoneX Group Inc | SNEX | $8.39M | 1.0% | new |
| Brown & Brown Inc | BRO | $26.5K | 0.0% | new |
| AMETEK Inc | AME | $26.2K | 0.0% | new |
| HEICO Corporation Class A | HEI/A | $25.7K | 0.0% | new |
| Amphenol Corporation Class A | APH | $23.2K | 0.0% | new |
| Kadant Inc | KAI | $20.2K | 0.0% | new |
| Verisk Analytics Inc. | VRSK | $17.3K | 0.0% | new |
| Watsco Inc | WSO | $16.8K | 0.0% | new |
| Tyler Technologies, Inc. | TYL | $16.3K | 0.0% | new |
| Moody`s Corporation | MCO | $15.8K | 0.0% | new |
| Danaher Corporation | DHR | $13.9K | 0.0% | new |
What changed since Q4 2024
Against the Q4 2024 filing, Bares Capital Management opened 12 new positions, added to 2, trimmed 7, left 0 unchanged and exited 2. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001340807-25-000004, filed by Bares Capital Management, Inc.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.