Bares Capital Management, Inc. — 13F Holdings & Portfolio
CIK 1340807 · latest 13F-HR filed 2025-11-14
Bares Capital Management, Inc. manages $1.08B in 13F-reported U.S. long-equity assets across 24 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are PEGA (17.93%), XYZ (13.28%), WDAY (13.19%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 2 new positions and exited 0; 6 existing positions rose in reported value and 10 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2025-11-14
vs 2025-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 25Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 25 → Q3 25Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 96.4%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Jun 3, 2025.
SUITE R-230
AUSTIN, TX 78738
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BRADSHAW, JAMES, SHEL Control | CHIEF COMPLIANCE OFFICER since Mar 2002 | 10–25% | Individual |
| Creel, James, Jeffrey Control | CHIEF EXECUTIVE OFFICER since Jan 2025 | 50–75% | Individual |
| Bares, Brian, Timothy | CHAIRMAN AND FOUNDER since Jan 2025 | 10–25% | Individual |
| DOWLING, JOHN, NORMAN | PORTFOLIO MANAGER since Jan 2019 | 5–10% | Individual |
Ownership & leadership changes · 7 filings with changes since Apr 3, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedBares, Brian, Timothy · title PORTFOLIO MANAGER → CHAIRMAN AND FOUNDER; ownership 50–75% → 10–25%; no longer a control person
- ChangedCreel, James, Jeffrey · title PRESIDENT → CHIEF EXECUTIVE OFFICER; ownership 10–25% → 50–75%
- ChangedCreel, James, Jeffrey · ownership 5–10% → 10–25%
- ChangedCreel, James, Jeffrey · title OWNER → PRESIDENT
- No longer listedBRADEN, JOSHUA, KEVIN · PORTFOLIO MANAGER · 5–10% · listed since Jan 2019
- ChangedCreel, James, Jeffrey · ownership 10–25% → 5–10%
- AddedBRADEN, JOSHUA, KEVIN · PORTFOLIO MANAGER · 5–10%
- AddedDOWLING, JOHN, NORMAN · PORTFOLIO MANAGER · 5–10%
- ChangedBares, Brian, Timothy · title PRESIDENT → PORTFOLIO MANAGER; ownership 75% or more → 50–75%
- ChangedCreel, James, Jeffrey · ownership 5–10% → 10–25%; now a control person
- AddedCreel, James, Jeffrey · OWNER · 5–10%
- ChangedBRADSHAW, JAMES, SHEL · ownership 5–10% → 10–25%
- ListedBRADSHAW, JAMES, SHEL · CHIEF COMPLIANCE OFFICER · 5–10% · control person
- ListedBares, Brian, Timothy · PRESIDENT · 75% or more · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- Etsy Inc$22.8M +31.7%
- Wayfair Inc$22.4M +59.6%
- Workday Inc.$15.1M +11.8%
- Medpace Holdings, Inc.$8.0M +16.3%
- CoStar Group$5.8M +5.9%
Top Trims
- Interactive Brokers Group Inc-$25.1M -15.0%
- Align Technology Inc.-$20.7M -21.3%
- StoneX Group Inc-$9.1M -99.6%
- Veeva Systems Inc.-$5.0M -18.7%
- Middleby Corp-$604.7K -7.7%
Bares Capital Management, Inc. Holdings (2025-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Pegasystems Inc | PEGA | 705573103 | $194.4M | 17.93% | 3,380,345 | SH |
| 2 | Block Inc | XYZ | 852234103 | $144.0M | 13.28% | 1,991,847 | SH |
| 3 | Workday Inc. | WDAY | 98138H101 | $142.9M | 13.19% | 593,755 | SH |
| 4 | Interactive Brokers Group Inc | IBKR | 45841N107 | $141.8M | 13.08% | 2,060,589 | SH |
| 5 | CoStar Group | CSGP | 22160N109 | $103.5M | 9.54% | 1,226,251 | SH |
| 6 | Etsy Inc | ETSY | 29786A106 | $94.7M | 8.73% | 1,425,825 | SH |
| 7 | Align Technology Inc. | ALGN | 016255101 | $76.3M | 7.04% | 609,722 | SH |
| 8 | Wayfair Inc | W | 94419L101 | $60.1M | 5.54% | 672,486 | SH |
| 9 | Medpace Holdings, Inc. | MEDP | 58506Q109 | $57.3M | 5.29% | 111,507 | SH |
| 10 | Globus Medical Inc Class A | GMED | 379577208 | $29.8M | 2.75% | 521,129 | SH |
| 11 | Veeva Systems Inc. | VEEV | 922475108 | $21.9M | 2.02% | 73,360 | SH |
| 12 | Onto Innovation Inc. | ONTO | 683344105 | $9.7M | 0.90% | 75,450 | SH |
| 13 | Middleby Corp | MIDD | 596278101 | $7.3M | 0.67% | 54,625 | SH |
| 14 | Amphenol Corporation Class A | APH | 032095101 | $43.7K | 0.00% | 353 | SH |
| 15 | StoneX Group Inc | SNEX | 861896108 | $40.6K | 0.00% | 402 | SH |
| 16 | HEICO Corporation Class A | HEI.A | 422806208 | $31.0K | 0.00% | 122 | SH |
| 17 | APi Group Corporation | APG | 00187Y100 | $30.1K | 0.00% | 877 | SH |
| 18 | AMETEK Inc | AME | 031100100 | $28.6K | 0.00% | 152 | SH |
| 19 | Brown & Brown Inc | BRO | 115236101 | $24.3K | 0.00% | 259 | SH |
| 20 | Ferguson Enterprises Inc. | FERG | 31488V107 | $23.1K | 0.00% | 103 | SH |
| 21 | Watsco Inc | WSO | 942622200 | $18.2K | 0.00% | 45 | SH |
| 22 | Moody`s Corporation | MCO | 615369105 | $16.2K | 0.00% | 34 | SH |
| 23 | Tyler Technologies, Inc. | TYL | 902252105 | $14.6K | 0.00% | 28 | SH |
| 24 | Verisk Analytics Inc. | VRSK | 92345Y106 | $14.6K | 0.00% | 58 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-09-30 | 2025-11-14 | $1.08B | 24 | 0001340807-25-000009 |
| 2025-06-30 | 2025-08-14 | $1.03B | 22 | 0001340807-25-000005 |