Bares Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Bares Capital Management, Inc. reported 24 stock positions worth $1.1 billion. Its top holding was Pegasystems (PEGA) at 17.9% of the portfolio, followed by Block (XYZ, 13.3%) and Workday Class A (WDAY, 13.2%). Compared with Q2 2025, it opened 2 new positions, added to 3 and reduced 8. The biggest buy was a new position in Globus Medical Class A (GMED) and the biggest sale Interactive Brokers Gro Class A (IBKR, shares −32%).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001340807-25-000009 ↗ filed Nov 14, 2025
Holdings Value
Holdings 24 stocks · $1.1B
| PEGA Pegasystems Inc. | 17.93% | 3,380,345 | $194.4M | Reduce -4.6% |
| XYZ Block Inc. | 13.28% | 1,991,847 | $144.0M | Reduce -7.3% |
| WDAY Workday Inc. Class A | 13.19% | 593,755 | $142.9M | Add +11.4% |
| IBKR Interactive Brokers Gro Class A | 13.08% | 2,060,589 | $141.8M | Reduce -31.6% |
| CSGP Costar Group Inc. | 9.54% | 1,226,251 | $103.5M | Add +0.9% |
| ETSY Etsy Inc. | 8.73% | 1,425,825 | $94.7M | Reduce -0.5% |
| ALGN Align Technology Inc. | 7.04% | 609,722 | $76.3M | Add +19.0% |
| W Wayfair Inc. Class A | 5.54% | 672,486 | $60.1M | Reduce -8.6% |
| MEDP Medpace Holdings Inc. | 5.29% | 111,507 | $57.3M | Reduce -29.0% |
| GMED Globus Medical Inc. Class A | 2.75% | 521,129 | $29.8M | New |
| VEEV Veeva Systems Inc. Class A | 2.02% | 73,360 | $21.9M | Reduce -21.4% |
| ONTO Onto Innovation Inc. | 0.90% | 75,450 | $9.7M | New |
| MIDD Middleby Corp. | 0.67% | 54,625 | $7.3M | No change |
| APH Amphenol Corp. Class A | 0.00% | 353 | $44K | No change |
| SNEX Stonex Group Inc. | 0.00% | 402 | $41K | Reduce -99.6% |
| HEI.A Heico Corp. Class A | 0.00% | 122 | $31K | No change |
| APG Api Group Corp. | 0.00% | 877 | $30K | No change |
| AME Ametek Inc. | 0.00% | 152 | $29K | No change |
| BRO Brown & Brown Inc. | 0.00% | 259 | $24K | No change |
| FERG Ferguson Enterprises Inc. | 0.00% | 103 | $23K | No change |
| WSO Watsco Inc. | 0.00% | 45 | $18K | No change |
| MCO Moody's Corp. | 0.00% | 34 | $16K | No change |
| TYL Tyler Technologies Inc. | 0.00% | 28 | $15K | No change |
| VRSK Verisk Analytics Inc. | 0.00% | 58 | $15K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| IBKR Interactive Brokers Gro Class A | Reduce -31.6% | 13.08% | −3.12 |
| XYZ Block Inc. | Reduce -7.3% | 13.28% | −0.89 |
| SNEX Stonex Group Inc. | Reduce -99.6% | 0.00% | −0.88 |
| PEGA Pegasystems Inc. | Reduce -4.6% | 17.93% | −0.68 |
| VEEV Veeva Systems Inc. Class A | Reduce -21.4% | 2.02% | −0.59 |
| MEDP Medpace Holdings Inc. | Reduce -29.0% | 5.29% | +0.50 |
| ETSY Etsy Inc. | Reduce -0.5% | 8.73% | +1.75 |
| W Wayfair Inc. Class A | Reduce -8.6% | 5.54% | +1.89 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 24 | $1.1B | PEGA, XYZ, WDAY, IBKR, CSGP |
| Q2 2025 | 22 | $1.0B | PEGA, IBKR, XYZ, WDAY, CSGP |
| Q1 2025 | 21 | $851.9M | IBKR, PEGA, WDAY, XYZ, CSGP |
| Q4 2024 | 11 | $1.1B | PEGA, XYZ, IBKR, WDAY, ALGN |
| Q3 2024 | 22 | $1.1B | XYZ, PEGA, WDAY, IBKR, ALGN |
| Q2 2024 | 29 | $2.1B | PEGA, IBKR, WDAY, XYZ, ETSY |
| Q1 2024 | 31 | $2.5B | PEGA, XYZ, IBKR, WDAY, ALGN |