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BCM

Bares Capital Management Portfolio holdings

AUM $1.08B
1-Year Est. Return 38.13%
This Fund
S&P 500
This Quarter Est. Return
+13.78%
1 Year Est. Return
+38.13%
3 Year Est. Return
+137.82%
5 Year Est. Return
+31.6%
10 Year Est. Return
+374.72%
AUM
$1.08B
AUM Growth
+$53.8M
Cap. Flow
-$52.2M
Cap. Flow %
-4.82%
Top 10 Hldgs %
96.39%
Holding
24
New
2
Increased
3
Reduced
9
Closed
–

Top Buys

Rank Stock Value
1
GMED icon
Globus Medical
GMED
+$30M
2
ALGN icon
Align Technology
ALGN
+$15.3M
3
WDAY icon
Workday
WDAY
+$14.1M
4
ONTO icon
Onto Innovation
ONTO
+$8.08M
5
CSGP icon
CoStar Group
CSGP
+$1.03M

Top Sells

Rank Stock Value
1
IBKR icon
Interactive Brokers
IBKR
+$59.8M
2
MEDP icon
Medpace
MEDP
+$19.9M
3
XYZ
Block Inc
XYZ
+$11.8M
4
SNEX icon
StoneX
SNEX
+$9.5M
5
PEGA icon
Pegasystems
PEGA
+$8.95M

Sector Composition

Rank Sector Weight
1 Technology 45.3%
2 Healthcare 17.1%
3 Consumer Discretionary 14.28%
4 Financials 13.09%
5 Real Estate 9.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PEGA icon
1
Pegasystems
PEGA
$4.94B
$194M 17.93%
3,380,345
-162,371
-5% -$8.95M
XYZ
2
Block Inc
XYZ
$49.2B
$144M 13.28%
1,991,847
-157,116
-7% -$11.8M
WDAY icon
3
Workday
WDAY
$39B
$143M 13.19%
593,755
+60,920
+11% +$14.1M
IBKR icon
4
Interactive Brokers
IBKR
$40.3B
$142M 13.08%
2,060,589
-950,511
-32% -$59.8M
CSGP icon
5
CoStar Group
CSGP
$12B
$103M 9.54%
1,226,251
+11,599
+1% +$1.03M
ETSY icon
6
Etsy
ETSY
$7.89B
$94.7M 8.73%
1,425,825
-7,646
-0.5% -$457K
ALGN icon
7
Align Technology
ALGN
$12.4B
$76.3M 7.04%
609,722
+97,378
+19% +$15.3M
W icon
8
Wayfair
W
$11.9B
$60.1M 5.54%
672,486
-63,526
-9% -$4.65M
MEDP icon
9
Medpace
MEDP
$16.1B
$57.3M 5.29%
111,507
-45,577
-29% -$19.9M
GMED icon
10
Globus Medical
GMED
$10.9B
$29.8M 2.75%
+521,129
New +$30M
VEEV icon
11
Veeva Systems
VEEV
$32.7B
$21.9M 2.02%
73,360
-20,001
-21% -$5.63M
ONTO icon
12
Onto Innovation
ONTO
$12.5B
$9.75M 0.9%
+75,450
New +$8.08M
MIDD icon
13
Middleby
MIDD
$6.03B
$7.26M 0.67%
54,625
– –
APH icon
14
Amphenol
APH
$197B
$43.7K ﹤0.01%
353
– –
SNEX icon
15
StoneX
SNEX
$9.39B
$40.6K ﹤0.01%
905
-223,875
-100% -$9.5M
HEI.A icon
16
HEICO Corp Class A
HEI.A
$35.8B
$31K ﹤0.01%
122
– –
APG icon
17
APi Group
APG
$17B
$30.1K ﹤0.01%
877
-1
-0.1% -$35
AME icon
18
Ametek
AME
$55B
$28.6K ﹤0.01%
152
– –
BRO icon
19
Brown & Brown
BRO
$23.7B
$24.3K ﹤0.01%
259
– –
FERG icon
20
Ferguson
FERG
$43.9B
$23.1K ﹤0.01%
103
– –
WSO icon
21
Watsco Inc
WSO
$12.8B
$18.2K ﹤0.01%
45
– –
MCO icon
22
Moody's
MCO
$83.5B
$16.2K ﹤0.01%
34
– –
TYL icon
23
Tyler Technologies
TYL
$13.3B
$14.6K ﹤0.01%
28
– –
VRSK icon
24
Verisk Analytics
VRSK
$26.1B
$14.6K ﹤0.01%
58
– –

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Bares Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Bares Capital Management held 24 positions worth $1.08B, up 5.2% from $1.03B the previous quarter. Its ten largest holdings account for 96% of the portfolio.

Bares Capital Management withdrew a net $52.2M in Q3 2025, reducing 9 holdings. Its largest reduction was Interactive Brokers, cutting an estimated $59.8M.

By sector, the portfolio is most concentrated in Technology at 45% of assets, up from 45% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Bares Capital Management opened a new position in Globus Medical worth $29.8M.

  • Bares Capital Management's largest Q3 2025 buy was Globus Medical: 521,129 shares worth $29.8M.
  • Bares Capital Management added most to Align Technology in Q3 2025, an estimated $15.3M increase.
  • Bares Capital Management's biggest Q3 2025 reduction was Interactive Brokers, cutting an estimated $59.8M.
  • Bares Capital Management's ten largest holdings make up 96% of its $1.08B portfolio in Q3 2025.
  • Bares Capital Management opened 2 new positions and closed 0 in Q3 2025.
  • Bares Capital Management's portfolio value rose 5.2% quarter-over-quarter to $1.08B.

Based on Bares Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.