Skip to content
Disclosery

Bares Capital Management, Inc.

Follow

13F filer, CIK 1340807, AUSTIN, TX

Bares Capital Management, Inc. reported $851,856,261 across 21 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 98.99% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001340807-25-000004

Period
2025-03-31
Reported value
$852M
Holdings
21
Top 10 weight
98.99%
New
12
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CSGPadded+483,797$38.3M
MEDPnew+37,476$11.4M
SNEXnew+109,902$8.39M
ALGNadded+24,481$3.89M
BROnew+213$26.5K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
PEGAreduced-358,959-$25M
ETSYreduced-382,644-$18.1M
IBKRreduced-107,110-$17.7M
XYZreduced-320,511-$17.4M
TWLOexited-159,045-$17.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001340807-25-000004, largest first. % of portfolio is the value over $851,856,261, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
IBKRINTERACTIVE BROKERS GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 2,545,588 shares; 2024Q1: 2,810,131 shares; 2024Q2: 2,532,665 shares; 2024Q3: 1,116,524 shares; 2024Q4: 951,647 shares; 2025Q1: 844,537 shares 844,537$140M16.42%-107,110Timeline
PEGAPEGASYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 5,862,346 shares; 2024Q1: 5,576,826 shares; 2024Q2: 5,447,866 shares; 2024Q3: 2,655,352 shares; 2024Q4: 2,364,949 shares; 2025Q1: 2,005,990 shares 2,005,990$139M16.37%-358,959Timeline
WDAYWORKDAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 1,348,467 shares; 2024Q1: 1,124,956 shares; 2024Q2: 1,155,675 shares; 2024Q3: 652,132 shares; 2024Q4: 623,585 shares; 2025Q1: 570,833 shares 570,833$133M15.65%-52,752Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 4,487,251 shares; 2024Q1: 3,985,479 shares; 2024Q2: 3,966,279 shares; 2024Q3: 2,953,234 shares; 2024Q4: 2,588,616 shares; 2025Q1: 2,268,105 shares 2,268,105$123M14.47%-320,511Timeline
CSGPCOSTAR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 1,975,195 shares; 2024Q1: 1,578,735 shares; 2024Q2: 1,382,835 shares; 2024Q3: 648,467 shares; 2024Q4: 649,205 shares; 2025Q1: 1,133,002 shares 1,133,002$89.8M10.54%+483,797Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 567,710 shares; 2024Q1: 819,930 shares; 2024Q2: 771,193 shares; 2024Q3: 505,888 shares; 2024Q4: 513,125 shares; 2025Q1: 537,606 shares 537,606$85.4M10.03%+24,481Timeline
ETSYETSY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 4,080,338 shares; 2024Q1: 3,858,217 shares; 2024Q2: 3,833,881 shares; 2024Q3: 1,922,119 shares; 2024Q4: 1,891,645 shares; 2025Q1: 1,509,001 shares 1,509,001$71.2M8.36%-382,644Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 2,224,907 shares; 2024Q1: 1,836,082 shares; 2024Q2: 1,405,582 shares; 2024Q3: 983,522 shares; 2024Q4: 968,349 shares; 2025Q1: 795,061 shares 795,061$25.5M2.99%-173,288Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: 108,504 shares; 2024Q2: 116,599 shares; 2024Q3: 121,830 shares; 2024Q4: 130,230 shares; 2025Q1: 104,361 shares 104,361$24.2M2.84%-25,869Timeline
MEDPMEDPACE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 37,476 shares 37,476$11.4M1.34%newTimeline
SNEXSTONEX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: 165,000 shares; 2024Q1: 112,500 shares; 2024Q2: 142,500 shares; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 109,902 shares 109,902$8.39M0.99%newTimeline
BROBROWN & BROWN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 213 shares 213$26.5K<0.01%newTimeline
AMEAMETEK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 152 shares 152$26.2K<0.01%newTimeline
HEI-AHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122 shares 122$25.7K<0.01%newTimeline
APHAMPHENOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 353 shares 353$23.2K<0.01%newTimeline
KAIKADANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 60 shares 60$20.2K<0.01%newTimeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 58 shares 58$17.3K<0.01%newTimeline
WSOWATSCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 33 shares 33$16.8K<0.01%newTimeline
TYLTYLER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 28 shares 28$16.3K<0.01%newTimeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 34 shares 34$15.8K<0.01%newTimeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 68 shares 68$13.9K<0.01%newTimeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TWLOTWILIO INC159,045$17.2Mshares
DESPEGAR COM CORPDESPEGAR COM CORP25,443$490Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001340807-25-000004 base2025-05-15acceptance time not in the bulk data set