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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
+25.23%
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
$1.03B
AUM Growth
+$178M
Cap. Flow
-$18.9M
Cap. Flow %
-1.83%
Top 10 Hldgs %
98.33%
Holding
24
New
3
Increased
4
Reduced
9
Closed
2

Top Buys

Rank Stock Value
1
MEDP icon
Medpace
MEDP
+$35.9M
2
MIDD icon
Middleby
MIDD
+$7.7M
3
CSGP icon
CoStar Group
CSGP
+$6.36M
4
APG icon
APi Group
APG
+$25.1K
5
FERG icon
Ferguson
FERG
+$19K

Top Sells

Rank Stock Value
1
PEGA icon
Pegasystems
PEGA
+$21.3M
2
IBKR icon
Interactive Brokers
IBKR
+$17.4M
3
WDAY icon
Workday
WDAY
+$9.26M
4
XYZ
Block Inc
XYZ
+$6.93M
5
ALGN icon
Align Technology
ALGN
+$4.46M

Sector Composition

Rank Sector Weight
1 Technology 45.21%
2 Financials 17.09%
3 Healthcare 16.81%
4 Consumer Discretionary 10.63%
5 Real Estate 9.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PEGA icon
1
Pegasystems
PEGA
$5.09B
$192M 18.62%
3,542,716
-469,264
-12% -$21.3M
IBKR icon
2
Interactive Brokers
IBKR
$38.4B
$167M 16.2%
3,011,100
-367,048
-11% -$17.4M
XYZ
3
Block Inc
XYZ
$48.9B
$146M 14.17%
2,148,963
-119,142
-5% -$6.93M
WDAY icon
4
Workday
WDAY
$41.5B
$128M 12.41%
532,835
-37,998
-7% -$9.26M
CSGP icon
5
CoStar Group
CSGP
$12.2B
$97.7M 9.48%
1,214,652
+81,650
+7% +$6.36M
ALGN icon
6
Align Technology
ALGN
$12.9B
$97M 9.42%
512,344
-25,262
-5% -$4.46M
ETSY icon
7
Etsy
ETSY
$8.12B
$71.9M 6.98%
1,433,471
-75,530
-5% -$3.76M
MEDP icon
8
Medpace
MEDP
$16.3B
$49.3M 4.79%
157,084
+119,608
+319% +$35.9M
W icon
9
Wayfair
W
$11.8B
$37.6M 3.65%
736,012
-59,049
-7% -$2.2M
VEEV icon
10
Veeva Systems
VEEV
$33.8B
$26.9M 2.61%
93,361
-11,000
-11% -$2.73M
SNEX icon
11
StoneX
SNEX
$8.72B
$9.11M 0.88%
224,780
-22,500
-9% -$846K
MIDD icon
12
Middleby
MIDD
$6.01B
$7.87M 0.76%
+54,625
New +$7.7M
APH icon
13
Amphenol
APH
$185B
$34.9K ﹤0.01%
353
– –
HEI.A icon
14
HEICO Corp Class A
HEI.A
$36B
$31.6K ﹤0.01%
122
– –
APG icon
15
APi Group
APG
$16.7B
$29.9K ﹤0.01%
+878
New +$25.1K
BRO icon
16
Brown & Brown
BRO
$25.1B
$28.7K ﹤0.01%
259
+46
+22% +$5.17K
AME icon
17
Ametek
AME
$53.9B
$27.5K ﹤0.01%
152
– –
FERG icon
18
Ferguson
FERG
$43.9B
$22.4K ﹤0.01%
+103
New +$19K
WSO icon
19
Watsco Inc
WSO
$13.2B
$19.9K ﹤0.01%
45
+12
+36% +$5.57K
VRSK icon
20
Verisk Analytics
VRSK
$27.7B
$18.1K ﹤0.01%
58
– –
MCO icon
21
Moody's
MCO
$83.7B
$17.1K ﹤0.01%
34
– –
TYL icon
22
Tyler Technologies
TYL
$13.7B
$16.6K ﹤0.01%
28
– –
DHR icon
23
Danaher
DHR
$138B
– –
-68
Closed -$13.9K
KAI icon
24
Kadant
KAI
$3.58B
– –
-60
Closed -$20.2K

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BFS
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SFI
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Bares Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Bares Capital Management held 24 positions worth $1.03B, up 21% from $852M the previous quarter. Its ten largest holdings account for 98% of the portfolio.

Bares Capital Management's Q2 2025 filing shows 3 new, 4 increased, 9 reduced and 2 closed positions. Its largest new stake was Middleby: 54,625 shares worth $7.87M. The largest sale was Pegasystems, an estimated $21.3M.

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

  • Bares Capital Management's largest Q2 2025 buy was Middleby: 54,625 shares worth $7.87M.
  • Bares Capital Management added most to Medpace in Q2 2025, an estimated $35.9M increase.
  • Bares Capital Management's biggest Q2 2025 reduction was Pegasystems, cutting an estimated $21.3M.
  • Bares Capital Management fully exited Kadant in Q2 2025, selling an estimated $20.2K.
  • Bares Capital Management's ten largest holdings make up 98% of its $1.03B portfolio in Q2 2025.
  • Bares Capital Management opened 3 new positions and closed 2 in Q2 2025.
  • Bares Capital Management's portfolio value rose 21% quarter-over-quarter to $1.03B.

Based on Bares Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.