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Bares Capital Management, Inc.

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13F filer, CIK 1340807, AUSTIN, TX

Bares Capital Management, Inc. reported $1,083,914,423 across 24 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 96.39% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001340807-25-000009

Period
2025-09-30
Reported value
$1.08B
Holdings
24
Top 10 weight
96.39%
New
2
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GMEDnew+521,129$29.8M
WDAYadded+60,920$14.7M
ALGNadded+97,378$12.2M
ONTOnew+75,450$9.75M
CSGPadded+11,599$979K

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
IBKRreduced-950,511-$65.4M
MEDPreduced-45,577-$23.4M
XYZreduced-157,116-$11.4M
SNEXreduced-99,500-$10M
PEGAreduced-162,371-$9.34M

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, Q3 2025

Share positions as resolved from 13F-HR 0001340807-25-000009, largest first. % of portfolio is the value over $1,083,914,423, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PEGAPEGASYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 3,542,716 shares; 2025Q3: 3,380,345 shares 3,380,345$194M17.93%-162,371Timeline
XYZBLOCK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 2,148,963 shares; 2025Q3: 1,991,847 shares 1,991,847$144M13.28%-157,116Timeline
WDAYWORKDAY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 532,835 shares; 2025Q3: 593,755 shares 593,755$143M13.19%+60,920Timeline
IBKRINTERACTIVE BROKERS GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 3,011,100 shares; 2025Q3: 2,060,589 shares 2,060,589$142M13.08%-950,511Timeline
CSGPCOSTAR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 1,214,652 shares; 2025Q3: 1,226,251 shares 1,226,251$103M9.54%+11,599Timeline
ETSYETSY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 1,433,471 shares; 2025Q3: 1,425,825 shares 1,425,825$94.7M8.73%-7,646Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 567,710 shares; 2024Q1: 819,930 shares; 2024Q2: 771,193 shares; 2024Q3: 505,888 shares; 2024Q4: 513,125 shares; 2025Q1: 537,606 shares; 2025Q2: 512,344 shares; 2025Q3: 609,722 shares 609,722$76.3M7.04%+97,378Timeline
WWAYFAIR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q2: 736,012 shares; 2025Q3: 672,486 shares 672,486$60.1M5.54%-63,526Timeline
MEDPMEDPACE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 37,476 shares; 2025Q2: 157,084 shares; 2025Q3: 111,507 shares 111,507$57.3M5.29%-45,577Timeline
GMEDGLOBUS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 521,129 shares 521,129$29.8M2.75%newTimeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: 108,504 shares; 2024Q2: 116,599 shares; 2024Q3: 121,830 shares; 2024Q4: 130,230 shares; 2025Q1: 104,361 shares; 2025Q2: 93,361 shares; 2025Q3: 73,360 shares 73,360$21.9M2.02%-20,001Timeline
ONTOONTO INNOVATION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 112,000 shares; 2024Q1: 79,000 shares; 2024Q2: 40,000 shares; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,450 shares 75,450$9.75M0.9%newTimeline
MIDDMIDDLEBY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 54,625 shares; 2025Q3: 54,625 shares 54,625$7.26M0.67%0Timeline
APHAMPHENOL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 353 shares; 2025Q2: 353 shares; 2025Q3: 353 shares 353$43.7K<0.01%0Timeline
SNEXSTONEX GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: 165,000 shares; 2024Q1: 112,500 shares; 2024Q2: 142,500 shares; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 109,902 shares; 2025Q2: 99,902 shares; 2025Q3: 402 shares 402$40.6K<0.01%-99,500Timeline
HEI-AHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 122 shares; 2025Q2: 122 shares; 2025Q3: 122 shares 122$31K<0.01%0Timeline
APGAPI GROUP CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 585 shares; 2025Q3: 877 shares 877$30.1K<0.01%+292Timeline
AMEAMETEK INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 152 shares; 2025Q2: 152 shares; 2025Q3: 152 shares 152$28.6K<0.01%0Timeline
BROBROWN & BROWN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 213 shares; 2025Q2: 259 shares; 2025Q3: 259 shares 259$24.3K<0.01%0Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 103 shares; 2025Q3: 103 shares 103$23.1K<0.01%0Timeline
WSOWATSCO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 33 shares; 2025Q2: 45 shares; 2025Q3: 45 shares 45$18.2K<0.01%0Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 34 shares; 2025Q2: 34 shares; 2025Q3: 34 shares 34$16.2K<0.01%0Timeline
TYLTYLER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 28 shares; 2025Q2: 28 shares; 2025Q3: 28 shares 28$14.6K<0.01%0Timeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: not reported; 2024Q1: not reported; 2024Q2: not reported; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 58 shares; 2025Q2: 58 shares; 2025Q3: 58 shares 58$14.6K<0.01%0Timeline

How Q3 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 0001340807-25-000009 base2025-11-14acceptance time not in the bulk data set