WhaleCreep

Bares Capital Management 13F holdings, Q4 2013

Long-only investorSEC filingsCompare with another fundHoldings as of 2013-12-31, filed 2014-02-14

Bares Capital Management disclosed 64 US equity positions worth $1.2bn in its Q4 2013 13F filing. Its largest position is POST at 9.5% of the reported book, followed by ATUEUR and COLFAX CORP. Versus Q3 2013 it opened 2 new positions, added to 10, reduced 12 and exited 6.

$1.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
64
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.5%
Largest position
The largest single position as a share of the reported equity book.
72.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
16
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 Q3 2013: 2 new, 10 added, 12 reduced, 6 exited

50 of 64
POST POST HLDGS INCConsumer Defensive9.5%$110m2.23m+47%added
ATUEUR ACTUANT CORP–9.5%$110m2.99m+29%added
COLFAX CORP no ticker–8.5%$98.3m1.54m+10%added
XPO XPO INCIndustrials8.1%$93.2m3.55m+18%added
CORPORATE EXECUTIVE BRD CO no ticker–7.9%$91.7m1.18m−0.3%held
MIDD MIDDLEBY CORPIndustrials7.0%$81.1m338,162−0.3%held
WINA WINMARK CORPConsumer Cyclical6.7%$77.2m833,650−0.3%held
REALD INC no ticker–5.9%$68.5m8.02m+0.7%added
MASI* MASIMO CORP–5.4%$62.9m2.15m−9.9%reduced
INTLUSD INTL FCSTONE INC–4.2%$48.6m2.63m−13%reduced
HEI/A HEICO CORP NEW–3.9%$45.2m1.07m+27%added
CRMT AMERICAS CAR-MART INCConsumer Cyclical3.5%$40.1m949,986+58%added
FEMALE HEALTH CO no ticker–3.0%$35.2m4.15m0.0%held
INTERACTIVE INTELLIGENCE GRO no ticker–2.3%$26.5m393,325−53%reduced
ECOLEUR US ECOLOGY INC–2.0%$23.0m619,212–new
UTMD UTAH MED PRODS INCHealthcare2.0%$22.8m398,937−5.4%reduced
TZOO TRAVELZOO INC–2.0%$22.8m1.07m+5.8%added
TLF TANDY LEATHER FACTORY INC–1.4%$15.9m1.63m0.0%held
REIS INC no ticker–1.3%$14.6m761,200+50%added
CHEROKEE INC DEL NEW no ticker–1.3%$14.5m1.05m+0.3%held
OFLX OMEGA FLEX INCIndustrials1.0%$11.2m547,0090.0%held
HALLUSD HALLMARK FINL SVCS INC–0.7%$7.6m855,324−39%reduced
COP CONOCOPHILLIPSEnergy0.2%$2.1m30,0000.0%held
Berkshire Hathaway Inc B no ticker–0.2%$2.0m16,871−0.1%held
VWO VANGUARD INTL EQUITY INDEX F–0.2%$1.9m46,891+0.2%held
BROOKFIELD ASSET MGMT INC no ticker–0.2%$1.9m48,046−0.1%held
Berkshire Hathaway Inc A no ticker–0.1%$1.6m90.0%held
MORN MORNINGSTAR INCFinancial Services0.1%$1.5m19,3150.0%held
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.1%$1.3m38,699−13%reduced
UPLEUR ULTRA PETROLEUM CORP–0.1%$1.3m59,959+11%added
EXPD EXPEDITORS INTL WASH INCIndustrials0.1%$1.2m28,2010.0%held
PSX PHILLIPS 66Energy0.10%$1.2m15,0000.0%held
OXY OCCIDENTAL PETE CORPEnergy0.10%$1.1m12,0000.0%held
BROOKFIELD PROPERTY PARTRS L no ticker–0.10%$1.1m55,715−1.7%reduced
CSWC CAPITAL SOUTHWEST CORPFinancial Services0.10%$1.1m31,5560.0%held
Pizza Inn Holdings no ticker–0.09%$1.0m126,5300.0%held
WY WEYERHAEUSER COReal Estate0.08%$941k29,808−0.1%held
BWX SPDR SERIES TRUST–0.08%$933k16,156−0.1%held
VCSH VANGUARD SCOTTSDALE FDS–0.08%$927k11,622−8.8%reduced
LEUCADIA NATL CORP no ticker–0.08%$919k32,412−0.1%held
WHITE MTNS INS GROUP LTD no ticker–0.08%$884k1,4650.0%held
Alleghany Corp no ticker–0.07%$865k2,162−0.1%held
American Express Company no ticker–0.07%$826k9,1070.0%held
Automatic Data Processing no ticker–0.07%$787k9,7440.0%held
VGK VANGUARD INTL EQUITY INDEX F–0.07%$786k13,359−4.0%reduced
KINDER MORGAN ENERGY PARTNER no ticker–0.07%$774k9,6000.0%held
XEL XCEL ENERGY INCUtilities0.06%$726k26,0000.0%held
VTV VANGUARD INDEX FDS–0.06%$724k9,484−29%reduced
SPDR S&P Middle East Africa no ticker–0.06%$666k9,722−2.1%reduced
HOSPITALITY PPTYS TR no ticker–0.06%$646k23,9150.0%held

Exited since Q3 2013

6 rows
APEI AMERICAN PUB ED INC6.3%$67.1m
ZBH ZIMMER BIOMET HOLDINGS INC0.07%$702k
SHLDEUR SEARS HLDGS CORP0.04%$383k
WALGREEN CO no ticker0.02%$240k
TAUSD TRAVELCENTERS AMER LLC0.02%$236k
POWERSHARES ETF TR II no ticker0.02%$201k

Sector mix

  • Unclassified61.1%
  • Industrials16.2%
  • Consumer Cyclical10.2%
  • Consumer Defensive9.5%
  • Healthcare2.0%
  • Energy0.4%
  • Financial Services0.3%
  • Real Estate0.1%
  • Utilities0.08%
  • Technology0.03%

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