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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
-10.39%
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
$819M
AUM Growth
-$401M
Cap. Flow
-$284M
Cap. Flow %
-34.64%
Top 10 Hldgs %
90.93%
Holding
66
New
3
Increased
13
Reduced
24
Closed
14

Top Buys

Rank Stock Value
1
ININ
Interactive Intelligence Group, inc.
ININ
+$62.9M
2
PZZA icon
Papa John's
PZZA
+$34M
3
HEI.A icon
HEICO Corp Class A
HEI.A
+$19M
4
ENOV icon
Enovis
ENOV
+$9.76M
5
SPE
Special Opportunities Fund
SPE
+$1.22M

Top Sells

Rank Stock Value
1
POST icon
Post Holdings
POST
+$98.9M
2
XPO icon
XPO
XPO
+$92.2M
3
SNEX icon
StoneX
SNEX
+$35.7M
4
WINA icon
Winmark
WINA
+$34.7M
5
GHM icon
Graham Corp
GHM
+$20.4M

Sector Composition

Rank Sector Weight
1 Industrials 48.69%
2 Healthcare 12.19%
3 Consumer Discretionary 10.21%
4 Real Estate 9.5%
5 Materials 8.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
Y
26
DELISTED
Alleghany Corp
Y
$1.15M 0.14%
2,754
-15
-0.5% -$6.41K
MORN icon
27
Morningstar
MORN
$7.34B
$1.13M 0.14%
16,695
-2,620
-14% -$179K
JEF icon
28
Jefferies Financial Group
JEF
$12.7B
$1.05M 0.13%
49,422
+1,665
+3% +$37.5K
UPL
29
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$947K 0.12%
40,702
+1,428
+4% +$35.8K
KMR
30
DELISTED
KINDER MORGAN MANAGEMENT LLC
KMR
$946K 0.12%
10,203
+1,206
+13% +$104K
WY icon
31
Weyerhaeuser
WY
$16.9B
$909K 0.11%
28,520
-277
-1% -$9.08K
KMP
32
DELISTED
KINDER MORGAN ENER PNTRS L.P.
KMP
$895K 0.11%
9,600
– –
ZBH icon
33
Zimmer Biomet
ZBH
$18.4B
$860K 0.11%
8,808
– –
ADP icon
34
Automatic Data Processing
ADP
$105B
$809K 0.1%
11,092
-6
-0.1% -$433
AXP icon
35
American Express
AXP
$228B
$791K 0.1%
9,032
-75
-0.8% -$6.75K
XEL icon
36
Xcel Energy
XEL
$48.8B
$790K 0.1%
26,000
– –
BWX icon
37
State Street SPDR Bloomberg International Treasury Bond ETF
BWX
$1.33B
$725K 0.09%
25,278
-3,908
-13% -$117K
VCSH icon
38
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.8B
$680K 0.08%
8,518
-1,642
-16% -$132K
GAF
39
DELISTED
SPDR S&P Emerging Middle East & Africa ETF
GAF
$675K 0.08%
9,704
-69
-0.7% -$5.13K
ASCMA
40
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$667K 0.08%
11,084
+6,153
+125% +$387K
CHH icon
41
Choice Hotels
CHH
$5.08B
$520K 0.06%
10,000
– –
VSS icon
42
Vanguard FTSE All-World ex-US Small-Cap Index Fund
VSS
$11.3B
$517K 0.06%
+5,067
New +$549K
PFE icon
43
Pfizer
PFE
$142B
$490K 0.06%
17,474
– –
MSFT icon
44
Microsoft
MSFT
$3.35T
$484K 0.06%
10,440
-9
-0.1% -$401
NNN icon
45
NNN REIT
NNN
$9.16B
$484K 0.06%
14,000
– –
EMR icon
46
Emerson Electric
EMR
$83.3B
$482K 0.06%
7,705
-6
-0.1% -$390
WOOF
47
DELISTED
VCA Inc.
WOOF
$386K 0.05%
9,802
-320
-3% -$12.3K
CAG icon
48
Conagra Brands
CAG
$7.19B
$330K 0.04%
12,850
– –
UGI icon
49
UGI
UGI
$7.76B
$315K 0.04%
9,240
-56
-0.6% -$1.91K
MRK icon
50
Merck
MRK
$321B
$225K 0.03%
3,976
– –
1
2
3

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Bares Capital Management's Q3 2014 Portfolio in Review

As of Q3 2014, Bares Capital Management held 66 positions worth $819M, down 33% from $1.22B the previous quarter. Its ten largest holdings account for 91% of the portfolio.

Bares Capital Management withdrew a net $284M in Q3 2014, closing 14 positions and reducing 24 holdings. Its most notable exit was XPO, an estimated $92.2M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 49% of assets, up from 46% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Bares Capital Management opened a new position in Papa John's worth $33.2M.

  • Bares Capital Management's largest Q3 2014 buy was Papa John's: 829,791 shares worth $33.2M.
  • Bares Capital Management added most to Interactive Intelligence Group, inc. in Q3 2014, an estimated $62.9M increase.
  • Bares Capital Management's biggest Q3 2014 reduction was Post Holdings, cutting an estimated $98.9M.
  • Bares Capital Management fully exited XPO in Q3 2014, selling an estimated $92.2M.
  • Bares Capital Management's ten largest holdings make up 91% of its $819M portfolio in Q3 2014.
  • Bares Capital Management opened 3 new positions and closed 14 in Q3 2014.
  • Bares Capital Management's portfolio value fell 33% quarter-over-quarter to $819M.

Based on Bares Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.