WhaleCreep

Bares Capital Management 13F holdings, Q2 2013

Long-only investorSEC filingsCompare with another fundHoldings as of 2013-06-30, filed 2013-08-14

Bares Capital Management disclosed 69 US equity positions worth $1.0bn in its Q2 2013 13F filing. Its largest position is APEI at 9.8% of the reported book, followed by INTERACTIVE INTELLIGENCE GRO and REALD INC. Versus Q1 2013 it opened 7 new positions, added to 22, reduced 7 and exited 9.

$1.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
69
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.8%
Largest position
The largest single position as a share of the reported equity book.
71.4%
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

Against Q1 2013: 7 new, 22 added, 7 reduced, 9 exited

50 of 69
APEI AMERICAN PUB ED INCConsumer Defensive9.8%$100m2.70m+47%added
INTERACTIVE INTELLIGENCE GRO no ticker–8.4%$85.9m1.67m−18%reduced
REALD INC no ticker–8.0%$82.1m5.91m+26%added
COLFAX CORP no ticker–7.5%$76.8m1.47m+20%added
ATUEUR ACTUANT CORP–7.5%$76.6m2.32m+72%added
CORPORATE EXECUTIVE BRD CO no ticker–7.4%$75.2m1.19m+47%added
MASI* MASIMO CORP–6.3%$64.4m3.04m+45%added
MIDD MIDDLEBY CORPIndustrials5.8%$59.5m349,637+38%added
INTLUSD INTL FCSTONE INC–5.4%$54.9m3.15m+0.1%held
WINA WINMARK CORPConsumer Cyclical5.3%$54.3m836,3000.0%held
FEMALE HEALTH CO no ticker–4.0%$40.7m4.13m0.0%held
XPO XPO INCIndustrials3.3%$33.5m1.85m+59%added
HEI/A HEICO CORP NEW–3.0%$31.1m843,840+40%added
TZOO TRAVELZOO INC–2.7%$27.7m1.02m+9.1%added
POST POST HLDGS INCConsumer Defensive2.7%$27.4m627,519–new
UTMD UTAH MED PRODS INCHealthcare2.2%$22.9m422,415−0.1%held
HALLUSD HALLMARK FINL SVCS INC–1.5%$15.5m1.70m−11%reduced
MORN MORNINGSTAR INCFinancial Services1.3%$13.6m175,687+5.5%added
TLF TANDY LEATHER FACTORY INC–1.2%$12.7m1.63m−0.1%held
CHEROKEE INC DEL NEW no ticker–1.2%$12.3m959,563+32%added
OFLX OMEGA FLEX INCIndustrials0.8%$8.1m547,0090.0%held
Abaxis Inc no ticker–0.7%$7.2m151,246–new
REIS INC no ticker–0.4%$3.8m207,500+0.1%held
Berkshire Hathaway Inc B no ticker–0.2%$2.0m17,9810.0%held
COP CONOCOPHILLIPSEnergy0.2%$1.8m30,0000.0%held
BROOKFIELD ASSET MGMT INC no ticker–0.2%$1.7m47,215+4.7%added
Berkshire Hathaway Inc A no ticker–0.1%$1.5m90.0%held
NATIONAL RESH CORP no ticker–0.1%$1.4m40,865–new
BROOKFIELD PROPERTY PARTRS L no ticker–0.1%$1.1m54,363–new
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.1%$1.1m44,811−2.0%reduced
CSWC CAPITAL SOUTHWEST CORPFinancial Services0.1%$1.1m7,889+45%added
EXPD EXPEDITORS INTL WASH INCIndustrials0.1%$1.1m28,415+246%added
OXY OCCIDENTAL PETE CORPEnergy0.1%$1.1m12,0000.0%held
INTERVAL LEISURE GROUP INC no ticker–0.1%$1.1m53,281−91%reduced
VCSH VANGUARD SCOTTSDALE FDS–0.10%$1.0m12,824+2.0%added
VWO VANGUARD INTL EQUITY INDEX F–0.10%$980k25,265+23%added
BWX SPDR SERIES TRUST–0.09%$953k16,930−0.6%reduced
UPLEUR ULTRA PETROLEUM CORP–0.09%$947k47,760–new
VTV VANGUARD INDEX FDS–0.09%$930k13,7540.0%held
PSX PHILLIPS 66Energy0.09%$884k15,0000.0%held
WY WEYERHAEUSER COReal Estate0.08%$854k29,9660.0%held
WHITE MTNS INS GROUP LTD no ticker–0.08%$827k1,438+6.2%added
MSFT MICROSOFT CORPTechnology0.08%$827k23,9440.0%held
KINDER MORGAN ENERGY PARTNER no ticker–0.08%$820k9,6000.0%held
Alleghany Corp no ticker–0.08%$788k2,055+9.1%added
XEL XCEL ENERGY INCUtilities0.07%$737k26,0000.0%held
Pizza Inn Holdings no ticker–0.07%$725k126,5300.0%held
American Express Company no ticker–0.07%$681k9,1070.0%held
Automatic Data Processing no ticker–0.07%$671k9,7440.0%held
VGK VANGUARD INTL EQUITY INDEX F–0.07%$670k13,9170.0%held

Exited since Q1 2013

9 rows
STMP STAMPS COM INC1.4%$11.1m
LMT LOCKHEED MARTIN CORP0.09%$682k
MCF1EUR CONTANGO OIL & GAS CO0.08%$619k
EBIXEUR EBIX INC0.08%$610k
PCYUSD POWERSHARES ETF TR II0.07%$556k
WU WESTERN UN CO0.04%$308k
SSYS STRATASYS LTD0.03%$267k
TIP ISHARES TR0.03%$233k
WALGREEN CO no ticker0.03%$212k

Sector mix

  • Unclassified67.5%
  • Consumer Defensive12.5%
  • Industrials10.0%
  • Consumer Cyclical5.3%
  • Healthcare2.4%
  • Financial Services1.5%
  • Energy0.4%
  • Real Estate0.1%
  • Utilities0.10%
  • Technology0.08%

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