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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
+18.94%
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
$3.56B
AUM Growth
+$266M
Cap. Flow
-$200M
Cap. Flow %
-5.62%
Top 10 Hldgs %
77.04%
Holding
25
New
2
Increased
9
Reduced
12
Closed
2

Top Buys

Rank Stock Value
1
W icon
Wayfair
W
+$208M
2
CMPR icon
Cimpress
CMPR
+$34.8M
3
IBKR icon
Interactive Brokers
IBKR
+$13.4M
4
PZZA icon
Papa John's
PZZA
+$13.3M
5
IT icon
Gartner
IT
+$6.03M

Top Sells

Rank Stock Value
1
WAT icon
Waters Corp
WAT
+$170M
2
ALRM icon
Alarm.com
ALRM
+$120M
3
TRIP icon
TripAdvisor
TRIP
+$41.5M
4
ENOV icon
Enovis
ENOV
+$31.2M
5
ESI icon
Element Solutions
ESI
+$18.8M

Sector Composition

Rank Sector Weight
1 Technology 38.02%
2 Consumer Discretionary 21.67%
3 Industrials 16.48%
4 Financials 10.47%
5 Real Estate 7.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBKR icon
1
Interactive Brokers
IBKR
$38.4B
$373M 10.47%
28,738,276
+1,020,392
+4% +$13.4M
IT icon
2
Gartner
IT
$11.1B
$359M 10.08%
2,364,020
+43,471
+2% +$6.03M
WDAY icon
3
Workday
WDAY
$41.5B
$353M 9.93%
1,831,649
-90,831
-5% -$16.5M
FAST icon
4
Fastenal
FAST
$54.8B
$287M 8.06%
17,848,456
-1,159,152
-6% -$17.4M
MIDD icon
5
Middleby
MIDD
$6.01B
$269M 7.56%
2,067,921
-92,596
-4% -$11.1M
CSGP icon
6
CoStar Group
CSGP
$12.2B
$257M 7.22%
5,510,970
-403,360
-7% -$16.7M
W icon
7
Wayfair
W
$11.8B
$237M 6.65%
+1,593,189
New +$208M
TRIP icon
8
TripAdvisor
TRIP
$1.7B
$231M 6.49%
4,487,421
-756,597
-14% -$41.5M
UA icon
9
Under Armour Class C
UA
$2.95B
$192M 5.39%
10,158,363
-510,415
-5% -$9.65M
NATI
10
DELISTED
National Instruments Corp
NATI
$185M 5.21%
4,176,611
-260,393
-6% -$11.8M
ESI icon
11
Element Solutions
ESI
$8.48B
$165M 4.65%
16,371,447
-1,699,511
-9% -$18.8M
BOX icon
12
Box
BOX
$4.49B
$164M 4.61%
8,501,522
-906,078
-10% -$18.8M
PZZA icon
13
Papa John's
PZZA
$1.01B
$99.2M 2.79%
1,872,812
+301,159
+19% +$13.3M
ALRM icon
14
Alarm.com
ALRM
$2.75B
$94.8M 2.66%
1,460,378
-1,981,958
-58% -$120M
SCOR icon
15
Comscore
SCOR
$113M
$64.6M 1.82%
159,542
-16,917
-10% -$6.88M
XYZ
16
Block Inc
XYZ
$48.9B
$42.2M 1.19%
563,217
+21,626
+4% +$1.57M
GWRE icon
17
Guidewire Software
GWRE
$13.9B
$32.9M 0.92%
338,233
+8,300
+3% +$742K
CMPR icon
18
Cimpress
CMPR
$2.37B
$30.5M 0.86%
+380,986
New +$34.8M
ALGN icon
19
Align Technology
ALGN
$12.9B
$30M 0.84%
105,650
+16,800
+19% +$4.01M
ANSS
20
DELISTED
Ansys
ANSS
$28.8M 0.81%
157,454
-11,000
-7% -$1.86M
TYL icon
21
Tyler Technologies
TYL
$13.7B
$28.5M 0.8%
139,640
+9,700
+7% +$1.92M
ELF icon
22
e.l.f. Beauty
ELF
$4.77B
$23.1M 0.65%
2,183,273
+490,171
+29% +$4.37M
DESP
23
DELISTED
Despegar.com
DESP
$12.8M 0.36%
856,450
+278,288
+48% +$4.4M
ENOV icon
24
Enovis
ENOV
$1.74B
– –
-867,310
Closed -$31.2M
WAT icon
25
Waters Corp
WAT
$37.3B
– –
-900,685
Closed -$170M

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Bares Capital Management's Q1 2019 Portfolio in Review

As of Q1 2019, Bares Capital Management held 25 positions worth $3.56B, up 8.1% from $3.29B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Bares Capital Management withdrew a net $200M in Q1 2019, closing 2 positions and reducing 12 holdings. Its most notable exit was Waters Corp, an estimated $170M position sold in full.

By sector, the portfolio is most concentrated in Technology at 38% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Bares Capital Management opened a new position in Wayfair worth $237M.

  • Bares Capital Management's largest Q1 2019 buy was Wayfair: 1,593,189 shares worth $237M.
  • Bares Capital Management added most to Interactive Brokers in Q1 2019, an estimated $13.4M increase.
  • Bares Capital Management's biggest Q1 2019 reduction was Alarm.com, cutting an estimated $120M.
  • Bares Capital Management fully exited Waters Corp in Q1 2019, selling an estimated $170M.
  • Bares Capital Management's ten largest holdings make up 77% of its $3.56B portfolio in Q1 2019.
  • Bares Capital Management opened 2 new positions and closed 2 in Q1 2019.
  • Bares Capital Management's portfolio value rose 8.1% quarter-over-quarter to $3.56B.

Based on Bares Capital Management's 13F filing for Q1 2019, filed 15 May 2019.