Bares Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Bares Capital Management, Inc. reported 21 stock positions worth $851.9 million. Its top holding was Interactive Brokers Gro Class A (IBKR) at 16.4% of the portfolio, followed by Pegasystems (PEGA, 16.4%) and Workday Class A (WDAY, 15.6%). Compared with Q4 2024, it opened 12 new positions, sold out of 2, added to 2 and reduced 7. The biggest buy was Costar (CSGP, shares +75%) and the biggest sale Block (XYZ, shares −12%).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $851.9M (Q1 2025)
- SEC Filing
- 0001340807-25-000004 ↗ filed May 15, 2025
Holdings Value
Holdings 21 stocks · $851.9M
| IBKR Interactive Brokers Gro Class A | 16.42% | 844,537 | $139.8M | Reduce -11.3% |
| PEGA Pegasystems Inc. | 16.37% | 2,005,990 | $139.5M | Reduce -15.2% |
| WDAY Workday Inc. Class A | 15.65% | 570,833 | $133.3M | Reduce -8.5% |
| XYZ Block Inc. | 14.47% | 2,268,105 | $123.2M | Reduce -12.4% |
| CSGP Costar Group Inc. | 10.54% | 1,133,002 | $89.8M | Add +74.5% |
| ALGN Align Technology Inc. | 10.03% | 537,606 | $85.4M | Add +4.8% |
| ETSY Etsy Inc. | 8.36% | 1,509,001 | $71.2M | Reduce -20.2% |
| W Wayfair Inc. Class A | 2.99% | 795,061 | $25.5M | Reduce -17.9% |
| VEEV Veeva Systems Inc. Class A | 2.84% | 104,361 | $24.2M | Reduce -19.9% |
| MEDP Medpace Holdings Inc. | 1.34% | 37,476 | $11.4M | New |
| SNEX Stonex Group Inc. | 0.99% | 109,902 | $8.4M | New |
| BRO Brown & Brown Inc. | 0.00% | 213 | $26K | New |
| AME Ametek Inc. | 0.00% | 152 | $26K | New |
| HEI.A Heico Corp. Class A | 0.00% | 122 | $26K | New |
| APH Amphenol Corp. Class A | 0.00% | 353 | $23K | New |
| KAI Kadant Inc. | 0.00% | 60 | $20K | New |
| VRSK Verisk Analytics Inc. | 0.00% | 58 | $17K | New |
| WSO Watsco Inc. | 0.00% | 33 | $17K | New |
| TYL Tyler Technologies Inc. | 0.00% | 28 | $16K | New |
| MCO Moody's Corp. | 0.00% | 34 | $16K | New |
| DHR Danaher Corp. | 0.00% | 68 | $14K | New |
Portfolio Sells Q4 2024 → Q1 2025
| XYZ Block Inc. | Reduce -12.4% | 14.47% | −5.34 |
| PEGA Pegasystems Inc. | Reduce -15.2% | 16.37% | −3.47 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −1.55 |
| W Wayfair Inc. Class A | Reduce -17.9% | 2.99% | −0.87 |
| ETSY Etsy Inc. | Reduce -20.2% | 8.36% | −0.65 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.04 |
| VEEV Veeva Systems Inc. Class A | Reduce -19.9% | 2.84% | +0.37 |
| WDAY Workday Inc. Class A | Reduce -8.5% | 15.65% | +1.17 |
| IBKR Interactive Brokers Gro Class A | Reduce -11.3% | 16.42% | +1.28 |
Portfolio Buys Q4 2024 → Q1 2025
| CSGP Costar Group Inc. | Add +74.5% | 10.54% | +6.35 |
| MEDP Medpace Holdings Inc. | New | 1.34% | +1.34 |
| SNEX Stonex Group Inc. | New | 0.99% | +0.99 |
| ALGN Align Technology Inc. | Add +4.8% | 10.03% | +0.40 |
| AME Ametek Inc. | New | 0.00% | +0.00 |
| BRO Brown & Brown Inc. | New | 0.00% | +0.00 |
| HEI.A Heico Corp. Class A | New | 0.00% | +0.00 |
| APH Amphenol Corp. Class A | New | 0.00% | +0.00 |
| KAI Kadant Inc. | New | 0.00% | +0.00 |
| VRSK Verisk Analytics Inc. | New | 0.00% | +0.00 |
| WSO Watsco Inc. | New | 0.00% | +0.00 |
| MCO Moody's Corp. | New | 0.00% | +0.00 |
| TYL Tyler Technologies Inc. | New | 0.00% | +0.00 |
| DHR Danaher Corp. | New | 0.00% | +0.00 |
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 |