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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
-10.72%
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
$3.29B
AUM Growth
-$275M
Cap. Flow
+$172M
Cap. Flow %
5.21%
Top 10 Hldgs %
75.97%
Holding
24
New
2
Increased
16
Reduced
5
Closed
1

Top Buys

Rank Stock Value
1
IBKR icon
Interactive Brokers
IBKR
+$57.2M
2
BOX icon
Box
BOX
+$34.2M
3
MIDD icon
Middleby
MIDD
+$24.4M
4
ALGN icon
Align Technology
ALGN
+$22.4M
5
WDAY icon
Workday
WDAY
+$21.7M

Top Sells

Rank Stock Value
1
ENOV icon
Enovis
ENOV
+$41.3M
2
ATHN
Athenahealth, Inc.
ATHN
+$15.2M
3
ELF icon
e.l.f. Beauty
ELF
+$14M
4
ESI icon
Element Solutions
ESI
+$8.14M
5
ALRM icon
Alarm.com
ALRM
+$5.67M

Sector Composition

Rank Sector Weight
1 Technology 39.43%
2 Consumer Discretionary 15.95%
3 Industrials 14.28%
4 Financials 11.5%
5 Healthcare 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBKR icon
1
Interactive Brokers
IBKR
$38.4B
$379M 11.5%
27,717,884
+4,285,152
+18% +$57.2M
WDAY icon
2
Workday
WDAY
$41.5B
$307M 9.32%
1,922,480
+153,440
+9% +$21.7M
IT icon
3
Gartner
IT
$11.1B
$297M 9.01%
2,320,549
+130,657
+6% +$18.8M
TRIP icon
4
TripAdvisor
TRIP
$1.7B
$283M 8.59%
5,244,018
+146,130
+3% +$8.09M
FAST icon
5
Fastenal
FAST
$54.8B
$248M 7.55%
19,007,608
+770,524
+4% +$10.4M
MIDD icon
6
Middleby
MIDD
$6.01B
$222M 6.74%
2,160,517
+214,328
+11% +$24.4M
NATI
7
DELISTED
National Instruments Corp
NATI
$201M 6.11%
4,437,004
+112,559
+3% +$5.25M
CSGP icon
8
CoStar Group
CSGP
$12.2B
$200M 6.06%
5,914,330
+267,850
+5% +$9.78M
ESI icon
9
Element Solutions
ESI
$8.48B
$187M 5.67%
18,070,958
-738,941
-4% -$8.14M
ALRM icon
10
Alarm.com
ALRM
$2.75B
$179M 5.42%
3,442,336
-117,290
-3% -$5.67M
UA icon
11
Under Armour Class C
UA
$2.95B
$173M 5.24%
10,668,778
+509,245
+5% +$9.64M
WAT icon
12
Waters Corp
WAT
$37.3B
$170M 5.16%
900,685
+1,096
+0.1% +$208K
BOX icon
13
Box
BOX
$4.49B
$159M 4.82%
9,407,600
+1,859,624
+25% +$34.2M
PZZA icon
14
Papa John's
PZZA
$1.01B
$62.6M 1.9%
1,571,653
-96,130
-6% -$4.85M
SCOR icon
15
Comscore
SCOR
$113M
$50.9M 1.55%
176,459
+591
+0.3% +$191K
ENOV icon
16
Enovis
ENOV
$1.74B
$31.2M 0.95%
867,310
-885,724
-51% -$41.3M
XYZ
17
Block Inc
XYZ
$48.9B
$30.4M 0.92%
541,591
+170,143
+46% +$12M
GWRE icon
18
Guidewire Software
GWRE
$13.9B
$26.5M 0.8%
329,933
+65,546
+25% +$5.72M
TYL icon
19
Tyler Technologies
TYL
$13.7B
$24.1M 0.73%
129,940
+31,547
+32% +$6.23M
ANSS
20
DELISTED
Ansys
ANSS
$24.1M 0.73%
168,454
+37,951
+29% +$5.9M
ALGN icon
21
Align Technology
ALGN
$12.9B
$18.6M 0.57%
+88,850
New +$22.4M
ELF icon
22
e.l.f. Beauty
ELF
$4.77B
$14.7M 0.45%
1,693,102
-1,242,763
-42% -$14M
DESP
23
DELISTED
Despegar.com
DESP
$7.17M 0.22%
+578,162
New +$8.73M
ATHN
24
DELISTED
Athenahealth, Inc.
ATHN
– –
-113,988
Closed -$15.2M

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Bares Capital Management's Q4 2018 Portfolio in Review

As of Q4 2018, Bares Capital Management held 24 positions worth $3.29B, down 7.7% from $3.57B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Bares Capital Management deployed $172M of net new capital in Q4 2018, opening 2 new positions and adding to 16 existing holdings. Its largest new stake was Align Technology: 88,850 shares worth $18.6M.

By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 39% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was Enovis, an estimated $41.3M trimmed.

  • Bares Capital Management's largest Q4 2018 buy was Align Technology: 88,850 shares worth $18.6M.
  • Bares Capital Management added most to Interactive Brokers in Q4 2018, an estimated $57.2M increase.
  • Bares Capital Management's biggest Q4 2018 reduction was Enovis, cutting an estimated $41.3M.
  • Bares Capital Management fully exited Athenahealth, Inc. in Q4 2018, selling an estimated $15.2M.
  • Bares Capital Management's ten largest holdings make up 76% of its $3.29B portfolio in Q4 2018.
  • Bares Capital Management opened 2 new positions and closed 1 in Q4 2018.
  • Bares Capital Management's portfolio value fell 7.7% quarter-over-quarter to $3.29B.

Based on Bares Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.