Bares Capital Management, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Bares Capital Management, Inc. reported 31 stock positions worth $2.5 billion. Its top holding was Pegasystems (PEGA) at 14.3% of the portfolio, followed by Block (XYZ, 13.4%) and Interactive Brokers Gro Class A (IBKR, 12.5%). Compared with Q4 2023, it opened 1 new position, sold out of 2, added to 9 and reduced 17. The biggest buy was Align Technology (ALGN, shares +44%) and the biggest sale an exit from Alteryx Class A (AYX).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $2.5B (Q1 2024)
- SEC Filing
- 0001340807-24-000005 ↗ filed May 15, 2024
Holdings Value
Holdings 31 stocks · $2.5B
| PEGA Pegasystems Inc. | 14.31% | 5,576,826 | $360.5M | Reduce -4.9% |
| XYZ Block Inc. | 13.38% | 3,985,479 | $337.1M | Reduce -11.2% |
| IBKR Interactive Brokers Gro Class A | 12.46% | 2,810,131 | $313.9M | Add +10.4% |
| WDAY Workday Inc. Class A | 12.18% | 1,124,956 | $306.8M | Reduce -16.6% |
| ALGN Align Technology Inc. | 10.67% | 819,930 | $268.9M | Add +44.4% |
| ETSY Etsy Inc. | 10.52% | 3,858,217 | $265.1M | Reduce -5.4% |
| CSGP Costar Group Inc. | 6.05% | 1,578,735 | $152.5M | Reduce -20.1% |
| W Wayfair Inc. Class A | 4.95% | 1,836,082 | $124.6M | Reduce -17.5% |
| ALRM Alarm.com Holdings Inc. | 1.71% | 593,911 | $43.0M | Reduce -10.7% |
| XPEL Xpel Inc. | 1.56% | 726,082 | $39.2M | No change |
| VEEV Veeva Systems Inc. Class A | 1.00% | 108,504 | $25.1M | New |
| DESP Despegar.com Corp. | 0.83% | 1,739,460 | $20.8M | Reduce -16.3% |
| TFIN Triumph Financial Inc. | 0.81% | 256,235 | $20.3M | No change |
| CMPR Cimpress PLC | 0.79% | 225,031 | $19.9M | Reduce -13.7% |
| FC Franklin Covey Co. | 0.72% | 461,661 | $18.1M | Add +0.8% |
| ESI Element Solutions Inc. | 0.69% | 691,389 | $17.3M | Reduce -0.2% |
| ATRO Astronics Corp. | 0.68% | 899,351 | $17.1M | Add +10.4% |
| MODN Model N Inc. | 0.64% | 565,000 | $16.1M | No change |
| ZUO Zuora Inc. Class A | 0.63% | 1,746,292 | $15.9M | Add +41.4% |
| TWLO Twilio Inc. Class A | 0.63% | 258,730 | $15.8M | Reduce -39.6% |
| AGYS Agilysys Inc. | 0.60% | 180,000 | $15.2M | Reduce -14.3% |
| ONTO Onto Innovation Inc. | 0.57% | 79,000 | $14.3M | Reduce -29.5% |
| UPWK Upwork Inc. | 0.52% | 1,070,000 | $13.1M | Reduce -5.3% |
| EVTC Evertec Inc. | 0.51% | 322,449 | $12.9M | Reduce -5.2% |
| SSTI Soundthinking Inc. | 0.49% | 775,400 | $12.3M | Add +4.9% |
| IRMD Iradimed Corp. | 0.49% | 279,000 | $12.3M | Add +0.7% |
| PD Pagerduty Inc. | 0.47% | 519,286 | $11.8M | Reduce -11.2% |
| WOW Wideopenwest Inc. | 0.46% | 3,169,204 | $11.5M | Add +20.5% |
| SNEX Stonex Group Inc. | 0.31% | 112,500 | $7.9M | Reduce -31.8% |
| TDUP Thredup Inc. Class A | 0.28% | 3,548,800 | $7.1M | Add +11.4% |
| HCAT Health Catalyst Inc. | 0.13% | 450,000 | $3.4M | No change |
Portfolio Sells Q4 2023 → Q1 2024
| AYX Alteryx Inc. Class A | Sold out | 0.00% | −4.60 |
| ETSY Etsy Inc. | Reduce -5.4% | 10.52% | −2.46 |
| WDAY Workday Inc. Class A | Reduce -16.6% | 12.18% | −2.43 |
| GWRE Guidewire Software Inc. | Sold out | 0.00% | −0.79 |
| CSGP Costar Group Inc. | Reduce -20.1% | 6.05% | −0.72 |
| TWLO Twilio Inc. Class A | Reduce -39.6% | 0.63% | −0.65 |
| W Wayfair Inc. Class A | Reduce -17.5% | 4.95% | −0.44 |
| XYZ Block Inc. | Reduce -11.2% | 13.38% | −0.24 |
| SNEX Stonex Group Inc. | Reduce -31.8% | 0.31% | −0.16 |
| UPWK Upwork Inc. | Reduce -5.3% | 0.52% | −0.14 |
| ONTO Onto Innovation Inc. | Reduce -29.5% | 0.57% | −0.10 |
| AGYS Agilysys Inc. | Reduce -14.3% | 0.60% | −0.10 |
| PD Pagerduty Inc. | Reduce -11.2% | 0.47% | −0.06 |
| EVTC Evertec Inc. | Reduce -5.2% | 0.51% | −0.04 |
| CMPR Cimpress PLC | Reduce -13.7% | 0.79% | −0.03 |
| ALRM Alarm.com Holdings Inc. | Reduce -10.7% | 1.71% | +0.02 |
| DESP Despegar.com Corp. | Reduce -16.3% | 0.83% | +0.05 |
| ESI Element Solutions Inc. | Reduce -0.2% | 0.69% | +0.06 |
| PEGA Pegasystems Inc. | Reduce -4.9% | 14.31% | +3.07 |
Portfolio Buys Q4 2023 → Q1 2024
| ALGN Align Technology Inc. | Add +44.4% | 10.67% | +4.57 |
| IBKR Interactive Brokers Gro Class A | Add +10.4% | 12.46% | +4.18 |
| VEEV Veeva Systems Inc. Class A | New | 1.00% | +1.00 |
| ZUO Zuora Inc. Class A | Add +41.4% | 0.63% | +0.18 |
| ATRO Astronics Corp. | Add +10.4% | 0.68% | +0.12 |
| WOW Wideopenwest Inc. | Add +20.5% | 0.46% | +0.04 |
| TDUP Thredup Inc. Class A | Add +11.4% | 0.28% | +0.00 |
| IRMD Iradimed Corp. | Add +0.7% | 0.49% | −0.03 |
| FC Franklin Covey Co. | Add +0.8% | 0.72% | −0.06 |
| SSTI Soundthinking Inc. | Add +4.9% | 0.49% | −0.25 |
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 |