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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
-9.27%
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
$3.33B
AUM Growth
-$319M
Cap. Flow
+$7.31M
Cap. Flow %
0.22%
Top 10 Hldgs %
79.71%
Holding
25
New
1
Increased
9
Reduced
14
Closed
1

Top Buys

Rank Stock Value
1
ALGN icon
Align Technology
ALGN
+$196M
2
W icon
Wayfair
W
+$94.4M
3
XYZ
Block Inc
XYZ
+$84.8M
4
WDAY icon
Workday
WDAY
+$41.4M
5
PEGA icon
Pegasystems
PEGA
+$33.4M

Top Sells

Rank Stock Value
1
NATI
National Instruments Corp
NATI
+$115M
2
CSGP icon
CoStar Group
CSGP
+$103M
3
FAST icon
Fastenal
FAST
+$55.4M
4
ESI icon
Element Solutions
ESI
+$38M
5
ELF icon
e.l.f. Beauty
ELF
+$36.2M

Sector Composition

Rank Sector Weight
1 Technology 40.86%
2 Consumer Discretionary 21.94%
3 Financials 12.01%
4 Industrials 9.2%
5 Real Estate 6.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBKR icon
1
Interactive Brokers
IBKR
$38.4B
$400M 12.01%
29,752,856
+777,160
+3% +$9.67M
WDAY icon
2
Workday
WDAY
$41.5B
$348M 10.45%
2,048,145
+214,493
+12% +$41.4M
IT icon
3
Gartner
IT
$11.1B
$347M 10.41%
2,426,582
+67,397
+3% +$9.8M
XYZ
4
Block Inc
XYZ
$48.9B
$301M 9.05%
4,864,538
+1,247,773
+34% +$84.8M
W icon
5
Wayfair
W
$11.8B
$269M 8.08%
2,401,442
+738,116
+44% +$94.4M
FAST icon
6
Fastenal
FAST
$54.8B
$225M 6.76%
13,793,546
-3,560,650
-21% -$55.4M
CSGP icon
7
CoStar Group
CSGP
$12.2B
$215M 6.47%
3,631,540
-1,715,960
-32% -$103M
ALGN icon
8
Align Technology
ALGN
$12.9B
$190M 5.7%
1,049,513
+944,240
+897% +$196M
UA icon
9
Under Armour Class C
UA
$2.95B
$187M 5.62%
10,333,299
+289,419
+3% +$5.7M
TRIP icon
10
TripAdvisor
TRIP
$1.7B
$172M 5.17%
4,451,920
+114,222
+3% +$4.76M
ESI icon
11
Element Solutions
ESI
$8.48B
$127M 3.82%
12,504,251
-3,867,196
-24% -$38M
BOX icon
12
Box
BOX
$4.49B
$107M 3.21%
6,457,542
-2,043,980
-24% -$32.8M
PZZA icon
13
Papa John's
PZZA
$1.01B
$75.8M 2.27%
1,447,403
-425,409
-23% -$20M
NATI
14
DELISTED
National Instruments Corp
NATI
$59.2M 1.78%
1,410,811
-2,669,730
-65% -$115M
ALRM icon
15
Alarm.com
ALRM
$2.75B
$56.1M 1.68%
1,202,590
-257,788
-18% -$12.6M
CMPR icon
16
Cimpress
CMPR
$2.37B
$44M 1.32%
333,655
-97,156
-23% -$10.7M
ZUO
17
DELISTED
Zuora, Inc.
ZUO
$40.9M 1.23%
2,718,747
+298,011
+12% +$4.49M
MIDD icon
18
Middleby
MIDD
$6.01B
$37.3M 1.12%
318,695
-100,956
-24% -$12.4M
TYL icon
19
Tyler Technologies
TYL
$13.7B
$33.7M 1.01%
128,205
-5,200
-4% -$1.27M
GWRE icon
20
Guidewire Software
GWRE
$13.9B
$32.2M 0.97%
305,601
-7,000
-2% -$706K
PEGA icon
21
Pegasystems
PEGA
$5.09B
$31.4M 0.94%
+922,726
New +$33.4M
DESP
22
DELISTED
Despegar.com
DESP
$26.4M 0.79%
2,332,721
-708,497
-23% -$8.57M
SCOR icon
23
Comscore
SCOR
$113M
$4.55M 0.14%
119,224
-40,318
-25% -$2.33M
ELF icon
24
e.l.f. Beauty
ELF
$4.77B
$194K 0.01%
11,052
-2,172,221
-99% -$36.2M
ANSS
25
DELISTED
Ansys
ANSS
– –
-141,554
Closed -$29M

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Bares Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Bares Capital Management held 25 positions worth $3.33B, down 8.7% from $3.65B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Bares Capital Management's Q3 2019 filing shows 1 new, 9 increased, 14 reduced and 1 closed positions. Its largest new stake was Pegasystems: 922,726 shares worth $31.4M. The largest sale was National Instruments Corp, an estimated $115M.

By sector, the portfolio is most concentrated in Technology at 41% of assets, down from 43% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Bares Capital Management's largest Q3 2019 buy was Pegasystems: 922,726 shares worth $31.4M.
  • Bares Capital Management added most to Align Technology in Q3 2019, an estimated $196M increase.
  • Bares Capital Management's biggest Q3 2019 reduction was National Instruments Corp, cutting an estimated $115M.
  • Bares Capital Management fully exited Ansys in Q3 2019, selling an estimated $29M.
  • Bares Capital Management's ten largest holdings make up 80% of its $3.33B portfolio in Q3 2019.
  • Bares Capital Management opened 1 new position and closed 1 in Q3 2019.
  • Bares Capital Management's portfolio value fell 8.7% quarter-over-quarter to $3.33B.

Based on Bares Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.