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Bares Capital Management, Inc. Historical SEC 13F Holdings & Archive (Q3 2025)
Bares Capital Management, Inc.CIK: 0001340807
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$1.1B
Reporting period: 2025-09-30 · Number of holdings: 24
Bares Capital Management, Inc. disclosed 24 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $1.1B and a quarterly turnover rate of 25.7%.
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Personality snowflake
- Concentration
- 45.26
- Portfolio Stability
- 25.69
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 48
- Sizing Uniformity
- 86.62
Bares Capital Management, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.113 — mathematically equivalent to about 9 equally-sized positions, well below its 24 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.34), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 7.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 36% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MEDP
-29.0% $45.9M
Trim IBKR
-31.6% $1.9M
Trim ALGN
+19.0% -$9.1M
Add W
-8.6% $34.6M
Trim WDAY
+11.4% $9.6M
Add PEGA
-4.6% $54.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PEGA | Pegasystems Inc | Stock-Tech | 17.93% | +1.56% | -4.58% | |
| 2 | XYZ | Block Inc | Stock-Financials | 13.28% | -1.19% | -7.31% | |
| 3 | WDAY | Workday Inc-class A | Stock-Tech | 13.19% | -2.46% | +11.43% | |
| 4 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 13.08% | -3.34% | -31.57% | |
| 5 | CSGP | Costar Group Inc | Stock-Real Estate | 9.54% | -1.00% | +0.95% | |
| 6 | ETSY | Etsy Inc | Stock-Consumer Disc | 8.73% | +0.37% | -0.53% | |
| 7 | ALGN | Align Technology Inc | Stock-Healthcare | 7.04% | -2.99% | +19.01% | |
| 8 | W | Wayfair Inc- Class A | Stock-Consumer Disc | 5.54% | +2.55% | -8.63% | |
| 9 | MEDP | Medpace Holdings Inc | Stock-Healthcare | 5.29% | +3.95% | -29.01% | |
| 10 | GMED | Globus Medical Inc - A | Stock-Healthcare | 2.75% | +2.75% | NEW | |
| 11 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 2.02% | -0.82% | -21.42% | |
| 12 | ONTO | Onto Innovation Inc | Stock-Tech | 0.90% | +0.90% | NEW | |
| 13 | MIDD | Middleby CORP | Stock-Industrials | 0.67% | +0.67% | NEW | |
| 14 | APH | Amphenol Corp-cl A | Stock-Tech | — | — | — | |
| 15 | SNEX | Stonex Group Inc | Stock-Financials | — | -0.99% | -99.60% | |
| 16 | HEI-A | Heico Corp-class A | Stock-Other | — | — | — | |
| 17 | APG | Api Group CORP | Stock-Industrials | — | — | NEW | |
| 18 | AME | Ametek Inc | Stock-Industrials | — | — | — | |
| 19 | BRO | Brown & Brown Inc | Stock-Financials | — | — | — | |
| 20 | FERG | Ferguson Enterprises Inc | Stock-Industrials | — | — | NEW | |
| 21 | WSO | Watsco Inc | Stock-Industrials | — | — | — | |
| 22 | MCO | Moody's CORP | Stock-Financials | — | — | — | |
| 23 | TYL | Tyler Technologies Inc | Stock-Tech | — | — | — | |
| 24 | VRSK | Verisk Analytics Inc | Stock-Industrials | — | — | — |
Portfolio Performance
Performance for Q3 2026
+13.5%
Performance Last 4 Quarters
+3.1%
- Stdev
- +28.4%
- Beta
- +1.61
- Alpha
- -24.8%
- Max Drawdown
- -25.6%
- Annualized Perf
- +3.5%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +0.41
- Stutzer
- +0.08
- Treynor
- +0.05
- Sterling
- +0.11
- Calmar
- +0.14
- Information Ratio
- -0.61
- Tracking Error
- +20.9%
- Stdev Down
- +18.1%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +21.8%
- Worst 12 Months
- -24%
- Efficiency Ratio
- +0.05
- Sharpe
- +0.26
- Stdev Sectors
- +4.8%
- Skewness
- +0.32
- Kurtosis
- +0.3
- Upside Potential
- +2.34
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 24 | $1.1B | 26 | ||
| 2025 Q2 | 22 | $1.0B | 0 | ||
| 2025 Q1 | 21 | $851.9M | 100 | ||
| 2024 Q4 | 11 | $1.1B | 0 | ||
| 2024 Q3 | 22 | $1.1B | 0 | ||
| 2024 Q2 | 29 | $2.1B | 0 | ||
| 2024 Q1 | 31 | $2.5B | 0 | ||
| 2023 Q4 | 32 | $2.5B | 0 | ||
| 2023 Q3 | 37 | $2.3B | 0 | ||
| 2023 Q2 | 38 | $2.9B | 0 | ||
| 2023 Q1 | 39 | $2.8B | 0 | ||
| 2022 Q4 | 38 | $2.6B | 0 | ||
| 2022 Q3 | 38 | $2.6B | 0 | ||
| 2022 Q2 | 37 | $2.7B | 0 | ||
| 2022 Q1 | 37 | $4.3B | 0 | ||
| 2021 Q4 | 35 | $5.0B | 0 | ||
| 2021 Q3 | 35 | $5.6B | 0 | ||
| 2021 Q2 | 25 | $5.6B | 98 | ||
| 2021 Q1 | 26 | $5.3B | 26 | ||
| 2020 Q4 | 26 | $5.4B | 20 | ||
| 2020 Q3 | 26 | $4.7B | 19 | ||
| 2020 Q2 | 25 | $4.1B | 49 | ||
| 2020 Q1 | 26 | $2.8B | 33 | ||
| 2019 Q4 | 23 | $3.6B | 35 | ||
| 2019 Q3 | 24 | $3.3B | 25 | ||
| 2019 Q2 | 24 | $3.7B | 22 | ||
| 2019 Q1 | 23 | $3.6B | 30 | ||
| 2018 Q4 | 23 | $3.3B | 28 | ||
| 2018 Q3 | 22 | $3.6B | 34 | ||
| 2018 Q2 | 22 | $2.9B | 30 | ||
| 2018 Q1 | 17 | $2.6B | 25 | ||
| 2017 Q4 | 17 | $2.4B | 18 | ||
| 2017 Q3 | 18 | $2.2B | 15 | ||
| 2017 Q2 | 19 | $2.2B | 14 | ||
| 2017 Q1 | 18 | $2.0B | 20 | ||
| 2016 Q4 | 18 | $1.7B | 35 | ||
| 2016 Q3 | 19 | $1.7B | 20 | ||
| 2016 Q2 | 18 | $1.4B | 20 | ||
| 2016 Q1 | 18 | $1.4B | 30 | ||
| 2015 Q4 | 18 | $1.3B | 42 | ||
| 2015 Q3 | 18 | $1.0B | 45 | ||
| 2015 Q2 | 18 | $1.1B | 45 | ||
| 2015 Q1 | 10 | $811.4M | 31 | ||
| 2014 Q4 | 52 | $829.6M | 34 | ||
| 2014 Q3 | 52 | $818.5M | 62 | ||
| 2014 Q2 | 63 | $1.2B | 18 | ||
| 2014 Q1 | 69 | $1.3B | 30 | ||
| 2013 Q4 | 64 | $1.2B | 30 | ||
| 2013 Q3 | 68 | $1.1B | 28 | ||
| 2013 Q2 | 69 | $1.0B | 35 |
Holding changes this quarter
Bares Capital Management, Inc.'s most significant position changes for 2025-09-30: New buy: Globus Medical Inc - A (GMED); New buy: Onto Innovation Inc (ONTO); New buy: Middleby CORP (MIDD); New buy: Api Group CORP (APG); New buy: Ferguson Enterprises Inc (FERG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MEDP | Medpace Holdings Inc | +4% | -29.01% | Add |
| 2 | W | Wayfair Inc- Class A | +2.6% | -8.63% | Trim |
| 3 | PEGA | Pegasystems Inc | +1.6% | -4.58% | Add |
| 4 | ETSY | Etsy Inc | +0.4% | -0.53% | Trim |
| 5 | APH | Amphenol Corp-cl A | — | — | Unchanged |
| 6 | HEI-A | Heico Corp-class A | — | — | Unchanged |
| 7 | VRSK | Verisk Analytics Inc | — | — | Unchanged |
| 8 | AME | Ametek Inc | — | — | Unchanged |
| 9 | BRO | Brown & Brown Inc | — | — | Add |
| 10 | TYL | Tyler Technologies Inc | — | — | Unchanged |
| 11 | WSO | Watsco Inc | — | — | Add |
| 12 | MCO | Moody's CORP | — | — | Unchanged |
| 13 | VEEV | Veeva Systems Inc-class A | -0.8% | -21.42% | Trim |
| 14 | SNEX | Stonex Group Inc | -1% | -99.60% | Trim |
| 15 | CSGP | Costar Group Inc | -1% | +0.95% | Add |
| 16 | XYZ | Block Inc | -1.2% | -7.31% | Trim |
| 17 | WDAY | Workday Inc-class A | -2.5% | +11.43% | Add |
| 18 | ALGN | Align Technology Inc | -3% | +19.01% | Add |
| 19 | IBKR | Interactive Brokers Gro-cl A | -3.3% | -31.57% | Add |
| 20 | GMED | Globus Medical Inc - A | — | NEW | New buy |
| 21 | ONTO | Onto Innovation Inc | — | NEW | New buy |
| 22 | MIDD | Middleby CORP | — | NEW | New buy |
| 23 | APG | Api Group CORP | — | NEW | New buy |
| 24 | FERG | Ferguson Enterprises Inc | — | NEW | New buy |
| 25 | KAI | Kadant Inc | — | EXIT | Sold out |
| 26 | DHR | Danaher CORP | — | EXIT | Sold out |
Filing History
FAQ
What is Bares Capital Management, Inc. and what type of investor is it?
Bares Capital Management, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $1.1B, spread across 24 disclosed positions.
What are Bares Capital Management, Inc.'s largest equity positions?
Based on the latest 13F filing, Bares Capital Management, Inc.'s top holdings by market value are:
1. Pegasystems Inc (PEGA) — $194.4M (17.9%)
2. Block Inc (XYZ) — $144.0M (13.3%)
3. Workday Inc-class A (WDAY) — $142.9M (13.2%)
4. Interactive Brokers Gro-cl A (IBKR) — $141.8M (13.1%)
5. Costar Group Inc (CSGP) — $103.5M (9.5%)
What changes did Bares Capital Management, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Bares Capital Management, Inc. made 20 notable position adjustments: 5 new positions were initiated, 8 existing holdings were added to, 5 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Globus Medical Inc - A (GMED); New buy: Onto Innovation Inc (ONTO); New buy: Middleby CORP (MIDD); New buy: Api Group CORP (APG); New buy: Ferguson Enterprises Inc (FERG)
What sectors does Bares Capital Management, Inc. focus on?
Bares Capital Management, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 36.9%
• Information Technology: 36.6%
• Real Estate: 26.5%
Investment Profile
Bares Capital Management, Inc. returned an annualized 3.5% over the trailing 36 months — underperforming the S&P 500 by 24.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.61 (more volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 36.9% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 26 over the past 4 quarters — a shift toward more active trading.
It has added to its PEGA position for two straight quarters, increasing it by $54.9M to reach $194.4M.
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Developer Access
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