Bares Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Bares Capital Management, Inc. reported 22 stock positions worth $1.0 billion. Its top holding was Pegasystems (PEGA) at 18.6% of the portfolio, followed by Interactive Brokers Gro Class A (IBKR, 16.2%) and Block (XYZ, 14.2%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 5 and reduced 8. The biggest buy was Medpace (MEDP, shares +319%) and the biggest sale Workday Class A (WDAY, shares −7%).
- Most Recent 13F
- Q3 2025
- Location
- AUSTIN, TX
- CIK
- 0001340807
- Portfolio Value
- $1.0B (Q2 2025)
- SEC Filing
- 0001340807-25-000005 ↗ filed Aug 14, 2025
Holdings Value
Holdings 22 stocks · $1.0B
| PEGA Pegasystems Inc. | 18.62% | 3,542,716 | $191.8M | Add +76.6% |
| IBKR Interactive Brokers Gro Class A | 16.20% | 3,011,100 | $166.8M | Reduce -10.9% |
| XYZ Block Inc. | 14.17% | 2,148,963 | $146.0M | Reduce -5.3% |
| WDAY Workday Inc. Class A | 12.41% | 532,835 | $127.9M | Reduce -6.7% |
| CSGP Costar Group Inc. | 9.48% | 1,214,652 | $97.7M | Add +7.2% |
| ALGN Align Technology Inc. | 9.42% | 512,344 | $97.0M | Reduce -4.7% |
| ETSY Etsy Inc. | 6.98% | 1,433,471 | $71.9M | Reduce -5.0% |
| MEDP Medpace Holdings Inc. | 4.79% | 157,084 | $49.3M | Add +319.2% |
| W Wayfair Inc. Class A | 3.65% | 736,012 | $37.6M | Reduce -7.4% |
| VEEV Veeva Systems Inc. Class A | 2.61% | 93,361 | $26.9M | Reduce -10.5% |
| SNEX Stonex Group Inc. | 0.88% | 99,902 | $9.1M | Reduce -9.1% |
| MIDD Middleby Corp. | 0.76% | 54,625 | $7.9M | New |
| APH Amphenol Corp. Class A | 0.00% | 353 | $35K | No change |
| HEI.A Heico Corp. Class A | 0.00% | 122 | $32K | No change |
| APG Api Group Corp. | 0.00% | 585 | $30K | New |
| BRO Brown & Brown Inc. | 0.00% | 259 | $29K | Add +21.6% |
| AME Ametek Inc. | 0.00% | 152 | $28K | No change |
| FERG Ferguson Enterprises Inc. | 0.00% | 103 | $22K | New |
| WSO Watsco Inc. | 0.00% | 45 | $20K | Add +36.4% |
| VRSK Verisk Analytics Inc. | 0.00% | 58 | $18K | No change |
| MCO Moody's Corp. | 0.00% | 34 | $17K | No change |
| TYL Tyler Technologies Inc. | 0.00% | 28 | $17K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| WDAY Workday Inc. Class A | Reduce -6.7% | 12.41% | −3.23 |
| ETSY Etsy Inc. | Reduce -5.0% | 6.98% | −1.38 |
| ALGN Align Technology Inc. | Reduce -4.7% | 9.42% | −0.61 |
| XYZ Block Inc. | Reduce -5.3% | 14.17% | −0.29 |
| VEEV Veeva Systems Inc. Class A | Reduce -10.5% | 2.61% | −0.23 |
| IBKR Interactive Brokers Gro Class A | Reduce -10.9% | 16.20% | −0.22 |
| SNEX Stonex Group Inc. | Reduce -9.1% | 0.88% | −0.10 |
| KAI Kadant Inc. | Sold out | 0.00% | −0.00 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.00 |
| W Wayfair Inc. Class A | Reduce -7.4% | 3.65% | +0.66 |
Portfolio Buys Q1 2025 → Q2 2025
| MEDP Medpace Holdings Inc. | Add +319.2% | 4.79% | +3.45 |
| PEGA Pegasystems Inc. | Add +76.6% | 18.62% | +2.25 |
| MIDD Middleby Corp. | New | 0.76% | +0.76 |
| APG Api Group Corp. | New | 0.00% | +0.00 |
| FERG Ferguson Enterprises Inc. | New | 0.00% | +0.00 |
| WSO Watsco Inc. | Add +36.4% | 0.00% | 0.00 |
| BRO Brown & Brown Inc. | Add +21.6% | 0.00% | −0.00 |
| CSGP Costar Group Inc. | Add +7.2% | 9.48% | −1.06 |
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 |