Bares Capital Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Bares Capital Management, Inc. reported 11 stock positions worth $1.1 billion. Its top holding was Pegasystems (PEGA) at 19.8% of the portfolio, followed by Block (XYZ, 19.8%) and Interactive Brokers Gro Class A (IBKR, 15.1%). Compared with Q3 2024, it sold out of 11, added to 3 and reduced 8. The biggest buy was Veeva Systems Class A (VEEV, shares +7%) and the biggest sale Wayfair Class A (W, shares −2%).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $1.1B (Q4 2024)
- SEC Filing
- 0001340807-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 11 stocks · $1.1B
| PEGA Pegasystems Inc. | 19.84% | 2,364,949 | $220.4M | Reduce -10.9% |
| XYZ Block Inc. | 19.80% | 2,588,616 | $220.0M | Reduce -12.3% |
| IBKR Interactive Brokers Gro Class A | 15.13% | 951,647 | $168.1M | Reduce -14.8% |
| WDAY Workday Inc. Class A | 14.48% | 623,585 | $160.9M | Reduce -4.4% |
| ALGN Align Technology Inc. | 9.63% | 513,125 | $107.0M | Add +1.4% |
| ETSY Etsy Inc. | 9.01% | 1,891,645 | $100.0M | Reduce -1.6% |
| CSGP Costar Group Inc. | 4.18% | 649,205 | $46.5M | Add +0.1% |
| W Wayfair Inc. Class A | 3.86% | 968,349 | $42.9M | Reduce -1.5% |
| VEEV Veeva Systems Inc. Class A | 2.46% | 130,230 | $27.4M | Add +6.9% |
| TWLO Twilio Inc. Class A | 1.55% | 159,045 | $17.2M | Reduce -25.7% |
| DESP Despegar.com Corp. | 0.04% | 25,443 | $490K | Reduce -95.6% |
Portfolio Sells Q3 2024 → Q4 2024
| W Wayfair Inc. Class A | Reduce -1.5% | 3.86% | −1.17 |
| ETSY Etsy Inc. | Reduce -1.6% | 9.01% | −0.71 |
| DESP Despegar.com Corp. | Reduce -95.6% | 0.04% | −0.61 |
| ALRM Alarm.com Holdings Inc. | Sold out | 0.00% | −0.06 |
| XPEL Xpel Inc. | Sold out | 0.00% | −0.06 |
| FC Franklin Covey Co. | Sold out | 0.00% | −0.05 |
| ATRO Astronics Corp. | Sold out | 0.00% | −0.04 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.04 |
| WOW Wideopenwest Inc. | Sold out | 0.00% | −0.04 |
| CMPR Cimpress PLC | Sold out | 0.00% | −0.04 |
| TFIN Triumph Financial Inc. | Sold out | 0.00% | −0.03 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.03 |
| IIIV I3 Verticals Inc. Class A | Sold out | 0.00% | −0.03 |
| WDAY Workday Inc. Class A | Reduce -4.4% | 14.48% | −0.02 |
| PD Pagerduty Inc. | Sold out | 0.00% | −0.02 |
| TWLO Twilio Inc. Class A | Reduce -25.7% | 1.55% | +0.28 |
| IBKR Interactive Brokers Gro Class A | Reduce -14.8% | 15.13% | +0.97 |
| XYZ Block Inc. | Reduce -12.3% | 19.80% | +1.76 |
| PEGA Pegasystems Inc. | Reduce -10.9% | 19.84% | +2.17 |
Portfolio Buys Q3 2024 → Q4 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 |