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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
+21.99%
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
$2.55B
AUM Growth
+$207M
Cap. Flow
-$178M
Cap. Flow %
-6.98%
Top 10 Hldgs %
85.28%
Holding
37
New
–
Increased
15
Reduced
14
Closed
5

Top Buys

Rank Stock Value
1
ALGN icon
Align Technology
ALGN
+$24.8M
2
TWLO icon
Twilio
TWLO
+$5.94M
3
MODN
MODEL N, INC.
MODN
+$5.3M
4
XYZ
Block Inc
XYZ
+$4.97M
5
AYX
Alteryx Inc
AYX
+$4.78M

Top Sells

Rank Stock Value
1
RDFN
Redfin
RDFN
+$117M
2
WDAY icon
Workday
WDAY
+$69.3M
3
OLO
Olo Inc
OLO
+$10M
4
FTCH
Farfetch Limited Class A Ordinary Shares
FTCH
+$8.29M
5
CSGP icon
CoStar Group
CSGP
+$7.28M

Sector Composition

Rank Sector Weight
1 Technology 51.46%
2 Consumer Discretionary 20.95%
3 Financials 9.57%
4 Healthcare 6.78%
5 Real Estate 6.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WDAY icon
1
Workday
WDAY
$41.5B
$372M 14.61%
1,348,467
-291,075
-18% -$69.3M
XYZ
2
Block Inc
XYZ
$48.9B
$347M 13.62%
4,487,251
+87,826
+2% +$4.97M
ETSY icon
3
Etsy
ETSY
$8.12B
$331M 12.98%
4,080,338
+36,623
+0.9% +$2.62M
PEGA icon
4
Pegasystems
PEGA
$5.09B
$286M 11.24%
11,724,692
+181,986
+2% +$4.26M
IBKR icon
5
Interactive Brokers
IBKR
$38.4B
$211M 8.28%
10,182,352
-83,228
-0.8% -$1.7M
CSGP icon
6
CoStar Group
CSGP
$12.2B
$173M 6.77%
1,975,195
-89,910
-4% -$7.28M
ALGN icon
7
Align Technology
ALGN
$12.9B
$156M 6.1%
567,710
+104,799
+23% +$24.8M
W icon
8
Wayfair
W
$11.8B
$137M 5.39%
2,224,907
-35,879
-2% -$1.88M
AYX
9
DELISTED
Alteryx Inc
AYX
$117M 4.6%
2,484,321
+123,152
+5% +$4.78M
ALRM icon
10
Alarm.com
ALRM
$2.75B
$43M 1.69%
665,134
-2,685
-0.4% -$154K
XPEL icon
11
XPEL
XPEL
$1.22B
$39.1M 1.53%
726,082
+83,311
+13% +$4.48M
TWLO icon
12
Twilio
TWLO
$28.6B
$32.5M 1.28%
428,730
+95,258
+29% +$5.94M
CMPR icon
13
Cimpress
CMPR
$2.37B
$20.9M 0.82%
260,623
-16,908
-6% -$1.18M
TFIN icon
14
Triumph Financial Inc
TFIN
$1.81B
$20.5M 0.81%
256,235
+24,847
+11% +$1.68M
GWRE icon
15
Guidewire Software
GWRE
$13.9B
$20.1M 0.79%
184,664
-18,000
-9% -$1.72M
FC icon
16
Franklin Covey
FC
$239M
$19.9M 0.78%
458,091
+45,290
+11% +$1.79M
DESP
17
DELISTED
Despegar.com
DESP
$19.7M 0.77%
2,079,163
-204,720
-9% -$1.58M
SSTI icon
18
SoundThinking
SSTI
$108M
$18.9M 0.74%
739,213
+71,705
+11% +$1.46M
AGYS icon
19
Agilysys
AGYS
$3.21B
$17.8M 0.7%
210,000
-65,000
-24% -$5.28M
ONTO icon
20
Onto Innovation
ONTO
$10.9B
$17.1M 0.67%
112,000
– –
UPWK icon
21
Upwork
UPWK
$1.18B
$16.8M 0.66%
1,130,000
-330,000
-23% -$4.26M
ESI icon
22
Element Solutions
ESI
$8.48B
$16M 0.63%
692,772
-2,357
-0.3% -$47.6K
MODN
23
DELISTED
MODEL N, INC.
MODN
$15.2M 0.6%
565,000
+220,000
+64% +$5.3M
ATRO icon
24
Astronics
ATRO
$3.21B
$14.2M 0.56%
977,630
+111,088
+13% +$1.46M
EVTC icon
25
Evertec
EVTC
$1.97B
$13.9M 0.55%
340,000
– –
1
2

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Bares Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, Bares Capital Management held 37 positions worth $2.55B, up 8.8% from $2.34B the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Bares Capital Management withdrew a net $178M in Q4 2023, closing 5 positions and reducing 14 holdings. Its most notable exit was Redfin, an estimated $117M position sold in full.

By sector, the portfolio is most concentrated in Technology at 51% of assets, up from 45% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Bares Capital Management added an estimated $24.8M to Align Technology.

  • Bares Capital Management added most to Align Technology in Q4 2023, an estimated $24.8M increase.
  • Bares Capital Management's biggest Q4 2023 reduction was Workday, cutting an estimated $69.3M.
  • Bares Capital Management fully exited Redfin in Q4 2023, selling an estimated $117M.
  • Bares Capital Management's ten largest holdings make up 85% of its $2.55B portfolio in Q4 2023.
  • Bares Capital Management opened 0 new positions and closed 5 in Q4 2023.
  • Bares Capital Management's portfolio value rose 8.8% quarter-over-quarter to $2.55B.

Based on Bares Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.