Bares Capital Management, Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 18, 2024), Bares Capital Management, Inc. reported 22 stock positions worth $1.1 billion. Its top holding was Block (XYZ) at 18.0% of the portfolio, followed by Pegasystems (PEGA, 17.7%) and Workday Class A (WDAY, 14.5%). Compared with Q2 2024, it opened 2 new positions, sold out of 9, added to 1 and reduced 19. The biggest buy was Veeva Systems Class A (VEEV, shares +4%) and the biggest sale Alarm.com (ALRM, shares −98%).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $1.1B (Q3 2024)
- SEC Filing
- 0001340807-24-000008 ↗ filed Nov 18, 2024
Holdings Value
Holdings 22 stocks · $1.1B
| XYZ Block Inc. | 18.05% | 2,953,234 | $198.3M | Reduce -25.5% |
| PEGA Pegasystems Inc. | 17.67% | 2,655,352 | $194.1M | Reduce -51.3% |
| WDAY Workday Inc. Class A | 14.51% | 652,132 | $159.4M | Reduce -43.6% |
| IBKR Interactive Brokers Gro Class A | 14.16% | 1,116,524 | $155.6M | Reduce -55.9% |
| ALGN Align Technology Inc. | 11.71% | 505,888 | $128.7M | Reduce -34.4% |
| ETSY Etsy Inc. | 9.72% | 1,922,119 | $106.7M | Reduce -49.9% |
| W Wayfair Inc. Class A | 5.03% | 983,522 | $55.3M | Reduce -30.0% |
| CSGP Costar Group Inc. | 4.45% | 648,467 | $48.9M | Reduce -53.1% |
| VEEV Veeva Systems Inc. Class A | 2.33% | 121,830 | $25.6M | Add +4.5% |
| TWLO Twilio Inc. Class A | 1.27% | 214,135 | $14.0M | Reduce -0.9% |
| DESP Despegar.com Corp. | 0.66% | 583,447 | $7.2M | Reduce -50.3% |
| ALRM Alarm.com Holdings Inc. | 0.06% | 12,998 | $711K | Reduce -97.7% |
| XPEL Xpel Inc. | 0.06% | 15,070 | $654K | Reduce -97.8% |
| FC Franklin Covey Co. | 0.05% | 12,061 | $496K | Reduce -97.4% |
| ATRO Astronics Corp. | 0.04% | 24,851 | $484K | Reduce -97.3% |
| ESI Element Solutions Inc. | 0.04% | 16,389 | $445K | Reduce -97.4% |
| WOW Wideopenwest Inc. | 0.04% | 80,729 | $424K | Reduce -97.5% |
| CMPR Cimpress PLC | 0.04% | 5,031 | $412K | Reduce -97.1% |
| TFIN Triumph Financial Inc. | 0.03% | 4,759 | $379K | Reduce -98.1% |
| PZZA Papa John's Intl Inc. | 0.03% | 6,747 | $363K | New |
| IIIV I3 Verticals Inc. Class A | 0.03% | 15,655 | $334K | New |
| PD Pagerduty Inc. | 0.02% | 13,709 | $254K | Reduce -97.4% |
Portfolio Sells Q2 2024 → Q3 2024
| ALRM Alarm.com Holdings Inc. | Reduce -97.7% | 0.06% | −1.69 |
| ETSY Etsy Inc. | Reduce -49.9% | 9.72% | −1.16 |
| XPEL Xpel Inc. | Reduce -97.8% | 0.06% | −1.10 |
| TFIN Triumph Financial Inc. | Reduce -98.1% | 0.03% | −0.97 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −0.93 |
| ATRO Astronics Corp. | Reduce -97.3% | 0.04% | −0.83 |
| FC Franklin Covey Co. | Reduce -97.4% | 0.05% | −0.81 |
| WOW Wideopenwest Inc. | Reduce -97.5% | 0.04% | −0.80 |
| AGYS Agilysys Inc. | Sold out | 0.00% | −0.80 |
| ESI Element Solutions Inc. | Reduce -97.4% | 0.04% | −0.80 |
| IBKR Interactive Brokers Gro Class A | Reduce -55.9% | 14.16% | −0.77 |
| UPWK Upwork Inc. | Sold out | 0.00% | −0.74 |
| CMPR Cimpress PLC | Reduce -97.1% | 0.04% | −0.70 |
| IRMD Iradimed Corp. | Sold out | 0.00% | −0.60 |
| PD Pagerduty Inc. | Reduce -97.4% | 0.02% | −0.55 |
| SNEX Stonex Group Inc. | Sold out | 0.00% | −0.52 |
| CSGP Costar Group Inc. | Reduce -53.1% | 4.45% | −0.48 |
| EVTC Evertec Inc. | Sold out | 0.00% | −0.46 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.42 |
| SSTI Soundthinking Inc. | Sold out | 0.00% | −0.35 |
| TDUP Thredup Inc. Class A | Sold out | 0.00% | −0.35 |
| DESP Despegar.com Corp. | Reduce -50.3% | 0.66% | −0.09 |
| TWLO Twilio Inc. Class A | Reduce -0.9% | 1.27% | +0.68 |
| W Wayfair Inc. Class A | Reduce -30.0% | 5.03% | +1.46 |
| PEGA Pegasystems Inc. | Reduce -51.3% | 17.67% | +1.81 |
| WDAY Workday Inc. Class A | Reduce -43.6% | 14.51% | +2.08 |
| ALGN Align Technology Inc. | Reduce -34.4% | 11.71% | +2.76 |
| XYZ Block Inc. | Reduce -25.5% | 18.05% | +5.74 |
Portfolio Buys Q2 2024 → Q3 2024
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 |