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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
-11.78%
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
$2.34B
AUM Growth
-$550M
Cap. Flow
-$158M
Cap. Flow %
-6.76%
Top 10 Hldgs %
82.17%
Holding
38
New
–
Increased
10
Reduced
21
Closed
1

Top Buys

Rank Stock Value
1
ETSY icon
Etsy
ETSY
+$117M
2
TFIN icon
Triumph Financial Inc
TFIN
+$10M
3
AYX
Alteryx Inc
AYX
+$7.51M
4
PD icon
PagerDuty
PD
+$5.46M
5
WOW
WideOpenWest
WOW
+$2.86M

Top Sells

Rank Stock Value
1
PLNT icon
Planet Fitness
PLNT
+$135M
2
WDAY icon
Workday
WDAY
+$109M
3
ALGN icon
Align Technology
ALGN
+$30.3M
4
RDFN
Redfin
RDFN
+$7.87M
5
PZZA icon
Papa John's
PZZA
+$3.86M

Sector Composition

Rank Sector Weight
1 Technology 45.04%
2 Consumer Discretionary 20.53%
3 Real Estate 11.78%
4 Financials 10.79%
5 Healthcare 7.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WDAY icon
1
Workday
WDAY
$41.5B
$352M 15.05%
1,639,542
-468,585
-22% -$109M
ETSY icon
2
Etsy
ETSY
$8.12B
$261M 11.15%
4,043,715
+1,480,655
+58% +$117M
PEGA icon
3
Pegasystems
PEGA
$5.09B
$251M 10.7%
11,542,706
-72,480
-0.6% -$1.77M
IBKR icon
4
Interactive Brokers
IBKR
$38.4B
$222M 9.49%
10,265,580
-19,616
-0.2% -$436K
XYZ
5
Block Inc
XYZ
$48.9B
$195M 8.32%
4,399,425
+11,376
+0.3% +$704K
CSGP icon
6
CoStar Group
CSGP
$12.2B
$159M 6.78%
2,065,105
-27,522
-1% -$2.28M
ALGN icon
7
Align Technology
ALGN
$12.9B
$141M 6.04%
462,911
-87,725
-16% -$30.3M
W icon
8
Wayfair
W
$11.8B
$137M 5.85%
2,260,786
-7,949
-0.4% -$553K
RDFN
9
DELISTED
Redfin
RDFN
$117M 4.99%
16,606,557
-716,723
-4% -$7.87M
AYX
10
DELISTED
Alteryx Inc
AYX
$89M 3.8%
2,361,169
+209,650
+10% +$7.51M
XPEL icon
11
XPEL
XPEL
$1.22B
$49.6M 2.12%
642,771
-1,077
-0.2% -$86.6K
ALRM icon
12
Alarm.com
ALRM
$2.75B
$40.8M 1.74%
667,819
-231
-0% -$13.1K
TWLO icon
13
Twilio
TWLO
$28.6B
$19.5M 0.83%
333,472
+1,095
+0.3% +$68.2K
CMPR icon
14
Cimpress
CMPR
$2.37B
$19.4M 0.83%
277,531
-3,382
-1% -$224K
GWRE icon
15
Guidewire Software
GWRE
$13.9B
$18.2M 0.78%
202,664
-24,000
-11% -$2M
AGYS icon
16
Agilysys
AGYS
$3.21B
$18.2M 0.78%
275,000
+5,000
+2% +$347K
FC icon
17
Franklin Covey
FC
$239M
$17.7M 0.76%
412,801
+6,340
+2% +$281K
WOW
18
DELISTED
WideOpenWest
WOW
$17.6M 0.75%
2,298,210
+360,690
+19% +$2.86M
UPWK icon
19
Upwork
UPWK
$1.18B
$16.6M 0.71%
1,460,000
– –
DESP
20
DELISTED
Despegar.com
DESP
$16.6M 0.71%
2,283,883
-36,207
-2% -$274K
PD icon
21
PagerDuty
PD
$830M
$15.7M 0.67%
696,283
+228,693
+49% +$5.46M
SNEX icon
22
StoneX
SNEX
$8.72B
$15.4M 0.66%
804,938
-5,062
-0.6% -$92.9K
TFIN icon
23
Triumph Financial Inc
TFIN
$1.81B
$15M 0.64%
231,388
+152,222
+192% +$10M
ONTO icon
24
Onto Innovation
ONTO
$10.9B
$14.3M 0.61%
112,000
-25,000
-18% -$2.97M
ESI icon
25
Element Solutions
ESI
$8.48B
$13.6M 0.58%
695,129
-112,535
-14% -$2.23M
1
2

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Bares Capital Management's Q3 2023 Portfolio in Review

As of Q3 2023, Bares Capital Management held 38 positions worth $2.34B, down 19% from $2.89B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Bares Capital Management withdrew a net $158M in Q3 2023, closing 1 position and reducing 21 holdings. Its most notable exit was Planet Fitness, an estimated $135M position sold in full.

By sector, the portfolio is most concentrated in Technology at 45% of assets, down from 46% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Bares Capital Management added an estimated $117M to Etsy.

  • Bares Capital Management added most to Etsy in Q3 2023, an estimated $117M increase.
  • Bares Capital Management's biggest Q3 2023 reduction was Workday, cutting an estimated $109M.
  • Bares Capital Management fully exited Planet Fitness in Q3 2023, selling an estimated $135M.
  • Bares Capital Management's ten largest holdings make up 82% of its $2.34B portfolio in Q3 2023.
  • Bares Capital Management opened 0 new positions and closed 1 in Q3 2023.
  • Bares Capital Management's portfolio value fell 19% quarter-over-quarter to $2.34B.

Based on Bares Capital Management's 13F filing for Q3 2023, filed 14 Nov 2023.