WhaleCreep

Bares Capital Management 13F holdings, Q1 2013

Long-only investorSEC filingsCompare with another fundHoldings as of 2013-03-31, filed 2013-06-05

Bares Capital Management disclosed 71 US equity positions worth $778.1m in its Q1 2013 13F filing. Its largest position is INTERACTIVE INTELLIGENCE GRO at 11.5% of the reported book, followed by APEI and REALD INC.

$778m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
71
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.5%
Largest position
The largest single position as a share of the reported equity book.
70.3%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
17
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
51
Quarters on file since Q1 2013
Quarters for which this manager's 13F holdings are on record.

Holdings

50 of 71
INTERACTIVE INTELLIGENCE GRO no ticker–11.5%$89.7m2.02m–
APEI AMERICAN PUB ED INCConsumer Defensive8.2%$64.1m1.84m–
REALD INC no ticker–7.8%$61.1m4.70m–
COLFAX CORP no ticker–7.3%$57.0m1.22m–
INTLUSD INTL FCSTONE INC–7.0%$54.7m3.14m–
WINA WINMARK CORPConsumer Cyclical6.8%$52.7m836,300–
CORPORATE EXECUTIVE BRD CO no ticker–6.0%$47.0m808,306–
ATUEUR ACTUANT CORP–5.3%$41.4m1.35m–
MASI* MASIMO CORP–5.3%$41.1m2.10m–
MIDD MIDDLEBY CORPIndustrials4.9%$38.5m252,794–
FEMALE HEALTH CO no ticker–3.8%$29.9m4.12m–
HEI/A HEICO CORP NEW–2.7%$20.7m603,762–
UTMD UTAH MED PRODS INCHealthcare2.7%$20.6m422,847–
TZOO TRAVELZOO INC–2.6%$19.9m931,393–
XPO XPO INCIndustrials2.5%$19.7m1.17m–
HALLUSD HALLMARK FINL SVCS INC–2.2%$17.1m1.90m–
INTERVAL LEISURE GROUP INC no ticker–1.6%$12.7m586,031–
MORN MORNINGSTAR INCFinancial Services1.5%$11.6m166,543–
TLF TANDY LEATHER FACTORY INC–1.5%$11.6m1.63m–
STMP STAMPS COM INC–1.4%$11.1m446,504–
CHEROKEE INC DEL NEW no ticker–1.3%$10.0m727,769–
OFLX OMEGA FLEX INCIndustrials1.2%$9.4m547,009–
REIS INC no ticker–0.4%$3.2m207,200–
Berkshire Hathaway Inc B no ticker–0.2%$1.9m17,981–
COP CONOCOPHILLIPSEnergy0.2%$1.8m30,000–
BROOKFIELD ASSET MGMT INC no ticker–0.2%$1.6m45,112–
Berkshire Hathaway Inc A no ticker–0.2%$1.4m9–
POWERSHARES ETF TR II no ticker–0.2%$1.2m48,713–
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.1%$1.1m45,741–
PSX PHILLIPS 66Energy0.1%$1.0m15,000–
VCSH VANGUARD SCOTTSDALE FDS–0.1%$1.0m12,575–
BWX SPDR SERIES TRUST–0.1%$996k17,033–
OXY OCCIDENTAL PETE CORPEnergy0.1%$940k12,000–
WY WEYERHAEUSER COReal Estate0.1%$940k29,966–
VTV VANGUARD INDEX FDS–0.1%$901k13,754–
VWO VANGUARD INTL EQUITY INDEX F–0.1%$877k20,459–
KINDER MORGAN ENERGY PARTNER no ticker–0.1%$861k9,600–
XEL XCEL ENERGY INCUtilities0.10%$772k26,000–
WHITE MTNS INS GROUP LTD no ticker–0.10%$767k1,354–
Alleghany Corp no ticker–0.10%$745k1,884–
MSFT MICROSOFT CORPTechnology0.09%$684k23,944–
VGK VANGUARD INTL EQUITY INDEX F–0.09%$683k13,917–
LMT LOCKHEED MARTIN CORPIndustrials0.09%$682k7,075–
HOSPITALITY PPTYS TR no ticker–0.08%$656k23,915–
ZBH ZIMMER BIOMET HOLDINGS INCHealthcare0.08%$643k8,551–
Automatic Data Processing no ticker–0.08%$633k9,744–
SPDR S&P Middle East & Af no ticker–0.08%$630k9,398–
CSWC CAPITAL SOUTHWEST CORPFinancial Services0.08%$626k5,451–
MCF1EUR CONTANGO OIL & GAS CO–0.08%$619k15,451–
American Express Company no ticker–0.08%$614k9,107–

Sector mix

  • Unclassified70.6%
  • Industrials8.9%
  • Consumer Defensive8.3%
  • Consumer Cyclical6.8%
  • Healthcare2.8%
  • Financial Services1.8%
  • Energy0.5%
  • Real Estate0.2%
  • Technology0.1%
  • Utilities0.10%

Book over time

Every quarter on file (51)
QuarterPositionsEquity book
Q3 202524$1.1bn
Q2 202522$1.0bn
Q1 202521$852m
Q4 202411$1.1bn
Q3 202422$1.1bn
Q2 202429$2.1bn
Q1 202431$2.5bn
Q4 202332$2.5bn
Q3 202337$2.3bn
Q2 202338$2.9bn
Q1 202339$2.8bn
Q4 202238$2.6bn
Q3 202238$2.6bn
Q2 202237$2.7bn
Q1 202237$4.3bn
Q4 202135$5.0bn
Q3 202135$5.6bn
Q2 202125$5.6bn
Q1 202126$5.3bn
Q4 202026$5.4bn
Q3 202026$4.7bn
Q2 202025$4.1bn
Q1 202026$2.8bn
Q4 201923$3.6bn
Q3 201924$3.3bn
Q2 201924$3.7bn
Q1 201923$3.6bn
Q4 201823$3.3bn
Q3 201822$3.6bn
Q2 201822$2.9bn
Q1 201817$2.6bn
Q4 201717$2.4bn
Q3 201718$2.2bn
Q2 201719$2.2bn
Q1 201718$2.0bn
Q4 201618$1.7bn
Q3 201619$1.7bn
Q2 201618$1.4bn
Q1 201618$1.4bn
Q4 201518$1.3bn
Q3 201518$1.0bn
Q2 201518$1.1bn
Q1 201510$811m
Q4 201452$830m
Q3 201452$819m
Q2 201463$1.2bn
Q1 201469$1.3bn
Q4 201364$1.2bn
Q3 201368$1.1bn
Q2 201369$1.0bn
Q1 201371$778m

Where Bares Capital Management was early

34 rows
POST Post Holdings IncQ2 20131 of 1382.7%10.3%7Exited by Q1 2015−4.0%
CRMT America's Car-Mart Inc.Q3 20131 of 682.5%7.8%17Exited by Q4 2017−8.8%
GHM Graham Corp.Q1 20141 of 531.1%1.7%2Exited by Q3 2014+9.3%
MLAB Mesa Laboratories Inc.Q1 20141 of 580.9%1.1%2Exited by Q3 2014−7.0%
PZZA Papa John`s International Inc.Q3 20146 of 1244.1%4.1%24Exited by Q4 2024+35%
DORM Dorman Products, Inc.Q1 20151 of 722.3%3.0%2Exited by Q3 2015−4.2%
AKX Ansys, Inc.Q2 20152 of 1612.0%6.6%17Exited by Q3 2019+124%
IT Gartner Inc.Q2 20153 of 1332.4%10.4%24Exited by Q2 2021+113%
MKL Markel Corp.Q2 20154 of 1022.5%6.1%11Exited by Q1 2018+42%
VRSK Verisk Analytics Inc.Q2 20154 of 1371.9%5.3%12Held at last filing, Q3 2025+246%
FDS FactSet Research Systems inc.Q2 20155 of 1301.9%6.1%12Exited by Q2 2018+23%
PII Polaris Industries Inc.Q2 20155 of 1182.0%2.0%2Exited by Q4 2015−19%
WAT Waters CorporationQ2 20156 of 1371.4%6.0%15Exited by Q1 2019+47%
FAST Fastenal CompanyQ2 20159 of 1422.5%8.5%19Exited by Q1 2020+75%
IBKR Interactive Brokers Group IncQ3 20158 of 1773.6%16.4%41Held at last filing, Q3 2025+597%
MCO Moody`s CorporationQ4 201516 of 1765.0%6.6%7Held at last filing, Q3 2025+375%
ALRM Alarm.com Holdings Inc.Q1 20162 of 1243.1%5.7%35Exited by Q4 2024+131%
BOX Box, IncQ1 20162 of 1503.1%6.3%21Exited by Q2 2021+87%
CSGP CoStar GroupQ2 20163 of 1894.2%10.5%38Held at last filing, Q3 2025+286%
UA Under Armour INC CL CQ4 20164 of 1226.5%6.9%14Exited by Q2 2020−68%
TWLO Twilio Inc.Q2 20176 of 2692.4%2.8%24Exited by Q1 2025+271%
ELF Elf Beauty IncQ4 20172 of 1461.9%1.9%8Exited by Q4 2019−22%
TYL Tyler Technologies, Inc.Q2 20188 of 1410.01%1.2%14Held at last filing, Q3 2025+136%
GWRE Guidewire Software Inc.Q2 201813 of 1870.01%1.4%23Exited by Q1 2024+23%
XYZ Block IncQ2 201816 of 2790.01%21.4%30Held at last filing, Q3 2025+17%
WDAY Workday Inc.Q2 201820 of 2630.01%16.5%30Held at last filing, Q3 2025+99%
ESI Element Solutions Inc.Q4 20181 of 1175.7%5.7%24Exited by Q4 2024+163%
ALGN Align Technology Inc.Q4 201817 of 1780.6%11.7%28Held at last filing, Q3 2025−40%
W Wayfair IncQ1 201916 of 2416.6%15.8%27Held at last filing, Q3 2025−40%
PEGA Pegasystems IncQ3 201912 of 1370.9%19.8%25Held at last filing, Q3 2025+69%
CMPR Cimpress NVQ4 20195 of 721.1%1.1%20Exited by Q4 2024−35%
PD Pagerduty IncQ1 20204 of 1400.3%1.6%19Exited by Q4 2024+7.3%
XPEL XPEL Inc.Q3 20213 of 720.5%2.1%13Exited by Q4 2024−43%
AGYS AGILYSYS INC COMQ3 20216 of 790.3%1.5%12Exited by Q3 2024+99%

Concentration and tenure

14.2%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
81.5%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
7
Median completed holding, quarters