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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
+21.99%
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
$2.55B
AUM Growth
+$207M
Cap. Flow
-$178M
Cap. Flow %
-6.98%
Top 10 Hldgs %
85.28%
Holding
37
New
–
Increased
15
Reduced
14
Closed
5

Top Buys

Rank Stock Value
1
ALGN icon
Align Technology
ALGN
+$24.8M
2
TWLO icon
Twilio
TWLO
+$5.94M
3
MODN
MODEL N, INC.
MODN
+$5.3M
4
XYZ
Block Inc
XYZ
+$4.97M
5
AYX
Alteryx Inc
AYX
+$4.78M

Top Sells

Rank Stock Value
1
RDFN
Redfin
RDFN
+$117M
2
WDAY icon
Workday
WDAY
+$69.3M
3
OLO
Olo Inc
OLO
+$10M
4
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$8.29M
5
CSGP icon
CoStar Group
CSGP
+$7.28M

Sector Composition

Rank Sector Weight
1 Technology 51.46%
2 Consumer Discretionary 20.95%
3 Financials 9.57%
4 Healthcare 6.78%
5 Real Estate 6.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PD icon
26
PagerDuty
PD
$856M
$13.5M 0.53%
584,970
-111,313
-16% -$2.41M
IRMD icon
27
iRadimed
IRMD
$1.17B
$13.1M 0.52%
277,000
– –
SNEX icon
28
StoneX
SNEX
$8.07B
$12.2M 0.48%
556,875
-248,063
-31% -$4.71M
ZUO
29
DELISTED
Zuora, Inc.
ZUO
$11.6M 0.46%
1,235,000
+435,000
+54% +$3.59M
WOW
30
DELISTED
WideOpenWest
WOW
$10.7M 0.42%
2,630,434
+332,224
+14% +$1.79M
TDUP icon
31
ThredUp
TDUP
$401M
$7.17M 0.28%
3,186,579
+186,579
+6% +$485K
HCAT icon
32
Health Catalyst
HCAT
$171M
$4.17M 0.16%
450,000
-250,000
-36% -$2.04M
INMD icon
33
InMode
INMD
$869M
– –
-130,000
Closed -$3.96M
OLO
34
DELISTED
Olo Inc
OLO
– –
-1,654,863
Closed -$10M
PZZA icon
35
Papa John's
PZZA
$811M
– –
-66,000
Closed -$4.5M
RDFN
36
DELISTED
Redfin
RDFN
– –
-16,606,557
Closed -$117M
FTCH
37
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
– –
-3,965,887
Closed -$8.29M
1
2

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Bares Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, Bares Capital Management held 37 positions worth $2.55B, up 8.8% from $2.34B the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Bares Capital Management withdrew a net $178M in Q4 2023, closing 5 positions and reducing 14 holdings. Its most notable exit was Redfin, an estimated $117M position sold in full.

By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 45% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Bares Capital Management added an estimated $24.8M to Align Technology.

  • Bares Capital Management added most to Align Technology in Q4 2023, an estimated $24.8M increase.
  • Bares Capital Management's biggest Q4 2023 reduction was Workday, cutting an estimated $69.3M.
  • Bares Capital Management fully exited Redfin in Q4 2023, selling an estimated $117M.
  • Bares Capital Management's ten largest holdings make up 85% of its $2.55B portfolio in Q4 2023.
  • Bares Capital Management opened 0 new positions and closed 5 in Q4 2023.
  • Bares Capital Management's portfolio value rose 8.8% quarter-over-quarter to $2.55B.

Based on Bares Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.