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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
-14.54%
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
$852M
AUM Growth
-$259M
Cap. Flow
-$78M
Cap. Flow %
-9.16%
Top 10 Hldgs %
98.99%
Holding
23
New
12
Increased
2
Reduced
7
Closed
2

Top Buys

Rank Stock Value
1
CSGP icon
CoStar Group
CSGP
+$36.8M
2
MEDP icon
Medpace
MEDP
+$12.6M
3
SNEX icon
StoneX
SNEX
+$8.29M
4
ALGN icon
Align Technology
ALGN
+$4.81M
5
AME icon
Ametek
AME
+$27.6K

Top Sells

Rank Stock Value
1
PEGA icon
Pegasystems
PEGA
+$31.8M
2
XYZ
Block Inc
XYZ
+$23.9M
3
IBKR icon
Interactive Brokers
IBKR
+$21.2M
4
ETSY icon
Etsy
ETSY
+$19.6M
5
TWLO icon
Twilio
TWLO
+$17.2M

Sector Composition

Rank Sector Weight
1 Technology 46.49%
2 Financials 17.41%
3 Healthcare 14.21%
4 Consumer Discretionary 11.35%
5 Real Estate 10.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBKR icon
1
Interactive Brokers
IBKR
$38.4B
$140M 16.42%
3,378,148
-428,440
-11% -$21.2M
PEGA icon
2
Pegasystems
PEGA
$5.09B
$139M 16.37%
4,011,980
-717,918
-15% -$31.8M
WDAY icon
3
Workday
WDAY
$41.5B
$133M 15.65%
570,833
-52,752
-8% -$13.5M
XYZ
4
Block Inc
XYZ
$48.9B
$123M 14.47%
2,268,105
-320,511
-12% -$23.9M
CSGP icon
5
CoStar Group
CSGP
$12.2B
$89.8M 10.54%
1,133,002
+483,797
+75% +$36.8M
ALGN icon
6
Align Technology
ALGN
$12.9B
$85.4M 10.03%
537,606
+24,481
+5% +$4.81M
ETSY icon
7
Etsy
ETSY
$8.12B
$71.2M 8.36%
1,509,001
-382,644
-20% -$19.6M
W icon
8
Wayfair
W
$11.8B
$25.5M 2.99%
795,061
-173,288
-18% -$7.2M
VEEV icon
9
Veeva Systems
VEEV
$33.8B
$24.2M 2.84%
104,361
-25,869
-20% -$5.91M
MEDP icon
10
Medpace
MEDP
$16.3B
$11.4M 1.34%
+37,476
New +$12.6M
SNEX icon
11
StoneX
SNEX
$8.72B
$8.39M 0.99%
+247,280
New +$8.29M
BRO icon
12
Brown & Brown
BRO
$25.1B
$26.5K ﹤0.01%
+213
New +$23.8K
AME icon
13
Ametek
AME
$53.9B
$26.2K ﹤0.01%
+152
New +$27.6K
HEI.A icon
14
HEICO Corp Class A
HEI.A
$36B
$25.7K ﹤0.01%
+122
New +$23.6K
APH icon
15
Amphenol
APH
$185B
$23.2K ﹤0.01%
+353
New +$24.1K
KAI icon
16
Kadant
KAI
$3.58B
$20.2K ﹤0.01%
+60
New +$21.8K
VRSK icon
17
Verisk Analytics
VRSK
$27.7B
$17.3K ﹤0.01%
+58
New +$16.7K
WSO icon
18
Watsco Inc
WSO
$13.2B
$16.8K ﹤0.01%
+33
New +$16.3K
TYL icon
19
Tyler Technologies
TYL
$13.7B
$16.3K ﹤0.01%
+28
New +$16.6K
MCO icon
20
Moody's
MCO
$83.7B
$15.8K ﹤0.01%
+34
New +$16.4K
DHR icon
21
Danaher
DHR
$138B
$13.9K ﹤0.01%
+68
New +$14.8K
DESP
22
DELISTED
Despegar.com
DESP
– –
-25,443
Closed -$490K
TWLO icon
23
Twilio
TWLO
$28.6B
– –
-159,045
Closed -$17.2M

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BFS
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SFI
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Bares Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Bares Capital Management held 23 positions worth $852M, down 23% from $1.11B the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Bares Capital Management withdrew a net $78M in Q1 2025, closing 2 positions and reducing 7 holdings. Its most notable exit was Twilio, an estimated $17.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 46% of assets, down from 56% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Bares Capital Management opened a new position in Medpace worth $11.4M.

  • Bares Capital Management's largest Q1 2025 buy was Medpace: 37,476 shares worth $11.4M.
  • Bares Capital Management added most to CoStar Group in Q1 2025, an estimated $36.8M increase.
  • Bares Capital Management's biggest Q1 2025 reduction was Pegasystems, cutting an estimated $31.8M.
  • Bares Capital Management fully exited Twilio in Q1 2025, selling an estimated $17.2M.
  • Bares Capital Management's ten largest holdings make up 99% of its $852M portfolio in Q1 2025.
  • Bares Capital Management opened 12 new positions and closed 2 in Q1 2025.
  • Bares Capital Management's portfolio value fell 23% quarter-over-quarter to $852M.

Based on Bares Capital Management's 13F filing for Q1 2025, filed 15 May 2025.