WhaleCreep

Bares Capital Management 13F holdings, Q1 2014

Long-only investorSEC filingsCompare with another fundHoldings as of 2014-03-31, filed 2014-05-16

Bares Capital Management disclosed 69 US equity positions worth $1.3bn in its Q1 2014 13F filing. Its largest position is POST at 10.1% of the reported book, followed by ATUEUR and COLFAX CORP. Versus Q4 2013 it opened 7 new positions, added to 15, reduced 23 and exited 2.

$1.3bn
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.
10.1%
Largest position
The largest single position as a share of the reported equity book.
71.9%
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 Q4 2013: 7 new, 15 added, 23 reduced, 2 exited

50 of 69
POST POST HLDGS INCConsumer Defensive10.1%$126m2.28m+2.6%added
ATUEUR ACTUANT CORP–9.5%$119m3.49m+17%added
COLFAX CORP no ticker–9.0%$112m1.57m+1.8%added
XPO XPO INCIndustrials8.4%$105m3.56m+0.3%held
MIDD MIDDLEBY CORPIndustrials7.3%$90.9m344,056+1.7%added
REALD INC no ticker–7.3%$90.8m8.13m+1.4%added
CORPORATE EXECUTIVE BRD CO no ticker–7.2%$90.1m1.21m+2.6%added
WINA WINMARK CORPConsumer Cyclical5.0%$63.0m832,348−0.2%held
HEI/A HEICO CORP NEW–4.2%$52.7m1.21m+13%added
ECOLEUR US ECOLOGY INC–4.0%$50.4m1.36m+119%added
PLATFORM SPECIALTY PRODS COR no ticker–4.0%$49.9m2.62m–new
INTLUSD INTL FCSTONE INC–4.0%$49.5m2.63m+0.1%held
CRMT AMERICAS CAR-MART INCConsumer Cyclical3.6%$44.5m1.21m+28%added
FEMALE HEALTH CO no ticker–2.8%$34.8m4.48m+8.0%added
TZOO TRAVELZOO–1.8%$22.7m990,969−7.2%reduced
UTMD UTAH MED PRODS INCHealthcare1.8%$22.7m391,916−1.8%reduced
TLF TANDY LEATHER FACTORY INC–1.3%$15.8m1.64m+0.2%held
REIS INC no ticker–1.3%$15.8m874,877+15%added
CHEROKEE INC DEL NEW no ticker–1.2%$14.8m1.06m+0.8%added
GHM GRAHAM CORPIndustrials1.1%$14.3m450,479–new
OFLX OMEGA FLEX INCIndustrials1.0%$12.0m558,029+2.0%added
MLAB MESA LABS INCTechnology0.9%$10.9m120,322–new
JTH Holding Inc no ticker–0.2%$2.9m104,559–new
INTERACTIVE INTELLIGENCE GRO no ticker–0.2%$2.7m37,206−91%reduced
COP CONOCOPHILLIPSEnergy0.2%$2.1m30,0000.0%held
Berkshire Hathaway Inc B no ticker–0.2%$2.1m16,562−1.8%reduced
BROOKFIELD ASSET MGMT INC no ticker–0.2%$1.9m47,085−2.0%reduced
VWO VANGUARD INTL EQUITY INDEX F–0.1%$1.9m46,052−1.8%reduced
Berkshire Hathaway Inc A no ticker–0.1%$1.7m90.0%held
UPLEUR ULTRA PETROLEUM CORP–0.1%$1.6m59,829−0.2%held
MORN MORNINGSTAR INCFinancial Services0.1%$1.5m19,3150.0%held
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.10%$1.2m37,534−3.0%reduced
PSX PHILLIPS 66Energy0.09%$1.2m15,0000.0%held
OXY OCCIDENTAL PETE CORPEnergy0.09%$1.1m12,0000.0%held
EXPD EXPEDITORS INTL WASH INCIndustrials0.09%$1.1m27,856−1.2%reduced
CSWC CAPITAL SOUTHWEST CORPFinancial Services0.08%$1.1m30,464−3.5%reduced
BROOKFIELD PROPERTY PARTRS L no ticker–0.08%$1.0m56,002+0.5%added
LEUCADIA NATL CORP no ticker–0.07%$891k31,832−1.8%reduced
VCSH VANGUARD SCOTTSDALE FDS–0.07%$889k11,116−4.4%reduced
BWX SPDR SERIES TRUST–0.07%$872k14,683−9.1%reduced
Alleghany Corp no ticker–0.07%$866k2,125−1.7%reduced
WHITE MTNS INS GROUP LTD no ticker–0.07%$864k1,441−1.6%reduced
WY WEYERHAEUSER COReal Estate0.07%$848k28,885−3.1%reduced
American Express Company no ticker–0.07%$820k9,1070.0%held
ZBH ZIMMER BIOMET HOLDINGS INCHealthcare0.06%$809k8,551–new
XEL XCEL ENERGY INCUtilities0.06%$789k26,0000.0%held
VGK VANGUARD INTL EQUITY INDEX F–0.06%$765k12,981−2.8%reduced
Pizza Inn Holdings no ticker–0.06%$764k126,5300.0%held
Automatic Data Processing no ticker–0.06%$753k9,7440.0%held
VTV VANGUARD INDEX FDS–0.06%$716k9,162−3.4%reduced

Exited since Q4 2013

2 rows
MASI* MASIMO CORP5.4%$62.9m
BMY BRISTOL-MYERS SQUIBB CO0.02%$204k

Sector mix

  • Unclassified59.7%
  • Industrials17.9%
  • Consumer Defensive10.1%
  • Consumer Cyclical8.6%
  • Healthcare1.9%
  • Technology0.9%
  • Energy0.4%
  • Financial Services0.3%
  • Real Estate0.1%
  • Utilities0.09%

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