Bares Capital Management: 13F holdings, Q3 2025
Concentrated value · SEC EDGAR filings (CIK 0001340807) · Explore on the interactive board
Bares Capital Management disclosed 24 US equity positions worth $1.1bn in its Q3 2025 13F filing (holdings as of September 30, 2025, filed November 14, 2025). Its largest position is PEGA at 17.9% of the reported book, followed by XYZ, WDAY. The top ten holdings are 96.4% of the book, and the portfolio behaves like about 9 equal-weight positions. Versus the prior filing it opened 2 new positions, added to 4, reduced 8 and exited 0. Note: this manager's most recent filing is 3 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Bares Capital Management own? Top holdings as of September 30, 2025
Change is measured in shares against the previous filing (Q2 2025), so price moves do not read as decisions. This quarter: 2 new, 4 added, 8 reduced, 0 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | PEGA Pegasystems Inc | Technology | 17.9% | $194.4m | 3,380,345 | -5% | reduced |
| 2 | XYZ Block Inc | Technology | 13.3% | $144.0m | 1,991,847 | -7% | reduced |
| 3 | WDAY Workday Inc. | Technology | 13.2% | $142.9m | 593,755 | 11% | added |
| 4 | IBKR Interactive Brokers Group Inc | Financial Services | 13.1% | $141.8m | 2,060,589 | -32% | reduced |
| 5 | CSGP CoStar Group | Real Estate | 9.5% | $103.5m | 1,226,251 | 1% | added |
| 6 | ETSY Etsy Inc | Consumer Cyclical | 8.7% | $94.7m | 1,425,825 | -1% | reduced |
| 7 | ALGN Align Technology Inc. | Healthcare | 7.0% | $76.3m | 609,722 | 19% | added |
| 8 | W Wayfair Inc | Consumer Cyclical | 5.5% | $60.1m | 672,486 | -9% | reduced |
| 9 | MEDP Medpace Holdings, Inc. | Healthcare | 5.3% | $57.3m | 111,507 | -29% | reduced |
| 10 | GMED Globus Medical Inc Class A | Healthcare | 2.8% | $29.8m | 521,129 | – | new |
| 11 | VEEV Veeva Systems Inc. | Healthcare | 2.0% | $21.9m | 73,360 | -21% | reduced |
| 12 | ONTO Onto Innovation Inc. | Technology | 0.9% | $9.7m | 75,450 | – | new |
| 13 | MIDD Middleby Corp | Industrials | 0.7% | $7.3m | 54,625 | 0% | held |
| 14 | APH Amphenol Corporation Class A | Technology | 0.0% | $43.7k | 353 | 0% | held |
| 15 | SNEX StoneX Group Inc | Financial Services | 0.0% | $40.6k | 402 | -100% | reduced |
| 16 | HEI/A HEICO Corporation Class A | 0.0% | $31.0k | 122 | 0% | held | |
| 17 | APG APi Group Corporation | Industrials | 0.0% | $30.1k | 877 | 50% | added |
| 18 | AME AMETEK Inc | Industrials | 0.0% | $28.6k | 152 | 0% | held |
| 19 | BRO Brown & Brown Inc | Financial Services | 0.0% | $24.3k | 259 | 0% | held |
| 20 | FERG Ferguson Enterprises Inc. | Industrials | 0.0% | $23.1k | 103 | 0% | held |
| 21 | WSO Watsco Inc | Industrials | 0.0% | $18.2k | 45 | 0% | held |
| 22 | MCO Moody`s Corporation | Financial Services | 0.0% | $16.2k | 34 | 0% | held |
| 23 | TYL Tyler Technologies, Inc. | Technology | 0.0% | $14.6k | 28 | 0% | held |
| 24 | VRSK Verisk Analytics Inc. | Industrials | 0.0% | $14.6k | 58 | 0% | held |
Sector mix
| Sector | Weight |
|---|---|
| Technology | 45.3% |
| Healthcare | 17.1% |
| Consumer Cyclical | 14.3% |
| Financial Services | 13.1% |
| Real Estate | 9.5% |
| Industrials | 0.7% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q3 2025 | 24 | $1.1bn |
| Q2 2025 | 22 | $1.0bn |
| Q1 2025 | 21 | $851.9m |
| Q4 2024 | 11 | $1.1bn |
| Q3 2024 | 22 | $1.1bn |
| Q2 2024 | 29 | $2.1bn |
| Q1 2024 | 31 | $2.5bn |
| Q4 2023 | 32 | $2.5bn |
| Q3 2023 | 37 | $2.3bn |
| Q2 2023 | 38 | $2.9bn |
| Q1 2023 | 39 | $2.8bn |
| Q4 2022 | 38 | $2.6bn |
| Q3 2022 | 38 | $2.6bn |
| Q2 2022 | 37 | $2.7bn |
| Q1 2022 | 37 | $4.3bn |
| Q4 2021 | 35 | $5.0bn |
Earliest filing: Q1 2013 · 51 quarters on file
How concentrated is Bares Capital Management's portfolio?
Across every quarter Bares Capital Management has filed, its median largest position is 14.2% of the book and its median top-ten weight is 81.5%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 159 completed holding spells, the median lasted 7.0 quarters; 24 positions are still open and their final length is unknown.