Bares Capital Management 13F, Q3 2025
Brian Bares · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1340807
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| Pegasystems Inc | PEGA | $194.37M | 17.9% | -5% shares |
| Block Inc | XYZ | $143.95M | 13.3% | -7% shares |
| Workday Inc. | WDAY | $142.93M | 13.2% | +11% shares |
| Interactive Brokers Group Inc | IBKR | $141.79M | 13.1% | -32% shares |
| CoStar Group | CSGP | $103.46M | 9.5% | unchanged |
| Etsy Inc | ETSY | $94.66M | 8.7% | unchanged |
| Align Technology Inc. | ALGN | $76.35M | 7.0% | +19% shares |
| Wayfair Inc | W | $60.07M | 5.5% | -9% shares |
| Medpace Holdings, Inc. | MEDP | $57.33M | 5.3% | -29% shares |
| Globus Medical Inc Class A | GMED | $29.85M | 2.8% | new |
| Veeva Systems Inc. | VEEV | $21.85M | 2.0% | -21% shares |
| Onto Innovation Inc. | ONTO | $9.75M | 0.9% | new |
| Middleby Corp | MIDD | $7.26M | 0.7% | unchanged |
| Amphenol Corporation Class A | APH | $43.7K | 0.0% | unchanged |
| StoneX Group Inc | SNEX | $40.6K | 0.0% | -100% shares |
| HEICO Corporation Class A | HEI/A | $31.0K | 0.0% | unchanged |
| APi Group Corporation | APG | $30.1K | 0.0% | +50% shares |
| AMETEK Inc | AME | $28.6K | 0.0% | unchanged |
| Brown & Brown Inc | BRO | $24.3K | 0.0% | unchanged |
| Ferguson Enterprises Inc. | FERG | $23.1K | 0.0% | unchanged |
| Watsco Inc | WSO | $18.2K | 0.0% | unchanged |
| Moody`s Corporation | MCO | $16.2K | 0.0% | unchanged |
| Tyler Technologies, Inc. | TYL | $14.6K | 0.0% | unchanged |
| Verisk Analytics Inc. | VRSK | $14.6K | 0.0% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Bares Capital Management opened 2 new positions, added to 3, trimmed 7, left 12 unchanged and exited 0. 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 0001340807-25-000009, 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.