Bares Capital Management
AUSTIN, TXfiles as Bares Capital Management, Inc.
$1.1bn in 24 US stocks at the end of 30 September 2025. The top 10 are 96.4% of the money. It changed about 8.6% of the portfolio this quarter.
Value
$1.1bn
Stocks
24
Top 10 share
96.4%
Turnover
8.6%
What changed this quarter
New
Bought for the first time this quarter.
- Globus MedicalGMED2.8% of the fund
- Onto InnovationONTO0.9% of the fund
Added
Bought more of a stock they already held.
- WorkdayWDAY13.2% of the fund+11%
- Align TechnologyALGN7.0% of the fund+19%
Cut
Sold some of their stake.
- PegasystemsPEGA17.9% of the fund-5%
- BlockXYZ13.3% of the fund-7%
- Interactive Brokers GroupIBKR13.1% of the fund-32%
- WayfairW5.5% of the fund-9%
- Medpace HoldingsMEDP5.3% of the fund-29%
- Veeva SystemsVEEV2.0% of the fund-21%
- StoneX GroupSNEX<0.1% of the fund-100%
Sold out
Sold their entire stake.
None this quarter.
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| PegasystemsPEGA | 17.9% | $194m | 3,380,345 | -5% |
| BlockXYZ | 13.3% | $144m | 1,991,847 | -7% |
| WorkdayWDAY | 13.2% | $143m | 593,755 | +11% |
| Interactive Brokers GroupIBKR | 13.1% | $142m | 2,060,589 | -32% |
| Costar GroupCSGP | 9.5% | $103m | 1,226,251 | Held |
| EtsyETSY | 8.7% | $95m | 1,425,825 | Held |
| Align TechnologyALGN | 7.0% | $76m | 609,722 | +19% |
| WayfairW | 5.5% | $60m | 672,486 | -9% |
| Medpace HoldingsMEDP | 5.3% | $57m | 111,507 | -29% |
| Globus MedicalGMED | 2.8% | $30m | 521,129 | New |
| Veeva SystemsVEEV | 2.0% | $22m | 73,360 | -21% |
| Onto InnovationONTO | 0.9% | $10m | 75,450 | New |
| MiddlebyMIDD | 0.7% | $7m | 54,625 | Held |
| AmphenolAPH | <0.1% | $43,684 | 353 | Held |
| StoneX GroupSNEX | <0.1% | $40,570 | 402 | -100% |
| HeicoHEI-A | <0.1% | $30,999 | 122 | Held |
| APi GroupAPG | <0.1% | $30,142 | 877 | Held |
| AmetekAME | <0.1% | $28,576 | 152 | Held |
| Brown & BrownBRO | <0.1% | $24,292 | 259 | Held |
| Ferguson EnterprisesFERG | <0.1% | $23,132 | 103 | Held |
| WatscoWSO | <0.1% | $18,194 | 45 | Held |
| Moody'sMCO | <0.1% | $16,200 | 34 | Held |
| Tyler TechnologiesTYL | <0.1% | $14,648 | 28 | Held |
| Verisk AnalyticsVRSK | <0.1% | $14,588 | 58 | Held |
Over time and by industry
Value over time
Sep '25
Value is up 5.2% since 30 June 2025.
Where the money is
Technology40.8%
Financial services26.4%
Health care17.1%
Real estate9.5%
Retail & consumer5.5%
Industrials0.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.