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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
-22.34%
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
$2.77B
AUM Growth
-$791M
Cap. Flow
+$177M
Cap. Flow %
6.38%
Top 10 Hldgs %
88.36%
Holding
28
New
5
Increased
10
Reduced
11
Closed
2

Top Buys

Rank Stock Value
1
XYZ
Block Inc
XYZ
+$142M
2
WDAY icon
Workday
WDAY
+$96.7M
3
ALGN icon
Align Technology
ALGN
+$85.6M
4
PEGA icon
Pegasystems
PEGA
+$38.8M
5
TWLO icon
Twilio
TWLO
+$30.4M

Top Sells

Rank Stock Value
1
IBKR icon
Interactive Brokers
IBKR
+$67.4M
2
PZZA icon
Papa John's
PZZA
+$50.5M
3
ESI icon
Element Solutions
ESI
+$45.6M
4
BOX icon
Box
BOX
+$36.4M
5
FAST icon
Fastenal
FAST
+$33.4M

Sector Composition

Rank Sector Weight
1 Technology 56.93%
2 Consumer Discretionary 12.71%
3 Healthcare 9.71%
4 Financials 9.46%
5 Real Estate 7.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WDAY icon
1
Workday
WDAY
$41.5B
$395M 14.23%
3,031,665
+573,757
+23% +$96.7M
XYZ
2
Block Inc
XYZ
$48.9B
$380M 13.71%
7,259,030
+2,073,081
+40% +$142M
PEGA icon
3
Pegasystems
PEGA
$5.09B
$288M 10.37%
8,078,362
+925,636
+13% +$38.8M
ALGN icon
4
Align Technology
ALGN
$12.9B
$269M 9.71%
1,547,908
+357,504
+30% +$85.6M
IBKR icon
5
Interactive Brokers
IBKR
$38.4B
$262M 9.46%
24,320,448
-5,574,012
-19% -$67.4M
W icon
6
Wayfair
W
$11.8B
$254M 9.17%
4,758,975
+345,873
+8% +$26.5M
IT icon
7
Gartner
IT
$11.1B
$251M 9.06%
2,523,939
+120,047
+5% +$16.4M
CSGP icon
8
CoStar Group
CSGP
$12.2B
$222M 7.99%
3,774,110
+100,000
+3% +$6.52M
UA icon
9
Under Armour Class C
UA
$2.95B
$72.8M 2.63%
9,038,426
-1,279,847
-12% -$18.4M
ESI icon
10
Element Solutions
ESI
$8.48B
$56.9M 2.05%
6,802,908
-4,285,795
-39% -$45.6M
BOX icon
11
Box
BOX
$4.49B
$49.1M 1.77%
3,498,602
-2,444,269
-41% -$36.4M
ALRM icon
12
Alarm.com
ALRM
$2.75B
$39.4M 1.42%
1,012,350
-512,036
-34% -$22.3M
GWRE icon
13
Guidewire Software
GWRE
$13.9B
$39.3M 1.42%
495,544
+155,100
+46% +$16.2M
TYL icon
14
Tyler Technologies
TYL
$13.7B
$32.7M 1.18%
110,290
-19,367
-15% -$6M
TWLO icon
15
Twilio
TWLO
$28.6B
$24.7M 0.89%
+276,438
New +$30.4M
NATI
16
DELISTED
National Instruments Corp
NATI
$23.9M 0.86%
722,832
+88,434
+14% +$3.53M
MIDD icon
17
Middleby
MIDD
$6.01B
$22.4M 0.81%
393,810
+60,589
+18% +$5.94M
ZUO
18
DELISTED
Zuora, Inc.
ZUO
$19.7M 0.71%
2,445,681
-573,216
-19% -$7.54M
PZZA icon
19
Papa John's
PZZA
$1.01B
$17.9M 0.65%
336,210
-838,753
-71% -$50.5M
AYX
20
DELISTED
Alteryx Inc
AYX
$17.4M 0.63%
+182,492
New +$22.7M
PD icon
21
PagerDuty
PD
$830M
$9.67M 0.35%
+559,573
New +$11.9M
DESP
22
DELISTED
Despegar.com
DESP
$7.55M 0.27%
1,330,897
-851,796
-39% -$10.1M
CMPR icon
23
Cimpress
CMPR
$2.37B
$7.07M 0.25%
132,915
-174,686
-57% -$17.7M
MIME
24
DELISTED
Mimecast Limited
MIME
$5.66M 0.2%
+160,204
New +$6.93M
SCOR icon
25
Comscore
SCOR
$113M
$3.78M 0.14%
67,072
-41,219
-38% -$3.11M
1
2

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Bares Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, Bares Capital Management held 28 positions worth $2.77B, down 22% from $3.57B the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Bares Capital Management deployed $177M of net new capital in Q1 2020, opening 5 new positions and adding to 10 existing holdings. Its largest new stake was Twilio: 276,438 shares worth $24.7M.

By sector, the portfolio is most concentrated in Technology at 57% of assets, up from 48% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Interactive Brokers, an estimated $67.4M trimmed.

  • Bares Capital Management's largest Q1 2020 buy was Twilio: 276,438 shares worth $24.7M.
  • Bares Capital Management added most to Block Inc in Q1 2020, an estimated $142M increase.
  • Bares Capital Management's biggest Q1 2020 reduction was Interactive Brokers, cutting an estimated $67.4M.
  • Bares Capital Management fully exited Fastenal in Q1 2020, selling an estimated $33.4M.
  • Bares Capital Management's ten largest holdings make up 88% of its $2.77B portfolio in Q1 2020.
  • Bares Capital Management opened 5 new positions and closed 2 in Q1 2020.
  • Bares Capital Management's portfolio value fell 22% quarter-over-quarter to $2.77B.

Based on Bares Capital Management's 13F filing for Q1 2020, filed 15 May 2020.