WhaleCreep

Bares Capital Management 13F holdings, Q3 2014

Long-only investorSEC filingsCompare with another fundHoldings as of 2014-09-30, filed 2014-11-14

Bares Capital Management disclosed 52 US equity positions worth $818.5m in its Q3 2014 13F filing. Its largest position is ATUEUR at 13.1% of the reported book, followed by COLFAX CORP and MIDD. Versus Q2 2014 it opened 3 new positions, added to 14, reduced 17 and exited 14.

$819m
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
52
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
13.1%
Largest position
The largest single position as a share of the reported equity book.
90.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
11
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 Q2 2014: 3 new, 14 added, 17 reduced, 14 exited

50 of 52
ATUEUR ACTUANT CORP–13.1%$107m3.50m−0.2%held
COLFAX CORP no ticker–12.0%$98.2m1.72m+9.5%added
MIDD MIDDLEBY CORPIndustrials11.0%$90.1m1.02m−3.3%reduced
HEI/A HEICO CORP NEW–9.3%$76.4m1.90m+32%added
REALD INC no ticker–9.1%$74.7m7.97m−2.4%reduced
PLATFORM SPECIALTY PRODS COR no ticker–8.0%$65.7m2.63m−4.9%reduced
ECOLEUR US ECOLOGY INC–7.8%$63.6m1.36m−0.3%held
INTERACTIVE INTELLIGENCE GRO no ticker–7.3%$60.1m1.44m+3763%added
CORPORATE EXECUTIVE BRD CO no ticker–7.2%$59.0m981,791−23%reduced
CRMT AMERICAS CAR-MART INCConsumer Cyclical6.1%$49.6m1.25m−0.1%held
PZZA PAPA JOHNS INTL INCConsumer Cyclical4.1%$33.2m829,791–new
BROOKFIELD ASSET MGMT INC no ticker–0.3%$2.5m54,660+12%added
VWO VANGUARD INTL EQUITY INDEX F–0.3%$2.4m58,493+7.2%added
COP CONOCOPHILLIPSEnergy0.3%$2.3m30,0000.0%held
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$2.0m14,625−11%reduced
BRK/A BERKSHIRE HATHAWAY INC DEL–0.2%$1.9m90.0%held
BROOKFIELD PROPERTY PARTRS L no ticker–0.2%$1.7m81,521+9.2%added
WHITE MTNS INS GROUP LTD no ticker–0.2%$1.6m2,503+30%added
POST POST HLDGS INCConsumer Defensive0.2%$1.5m44,040−98%reduced
EXPD EXPEDITORS INTL WASH INCIndustrials0.2%$1.4m35,248+26%added
CSWC CAPITAL SOUTHWEST CORPFinancial Services0.2%$1.4m37,892+23%added
PSX PHILLIPS 66Energy0.1%$1.2m15,0000.0%held
Special Opportunities Fund, Inc. no ticker–0.1%$1.2m72,383–new
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.1%$1.2m36,650−2.4%reduced
OXY OCCIDENTAL PETE CORPEnergy0.1%$1.2m12,0000.0%held
YUSD ALLEGHANY CORP DEL–0.1%$1.2m2,754−0.5%reduced
MORN MORNINGSTAR INCFinancial Services0.1%$1.1m16,695−14%reduced
LEUCADIA NATL CORP no ticker–0.1%$1.1m44,240+3.5%added
UPLEUR ULTRA PETROLEUM CORP–0.1%$947k40,702+3.6%added
KINDER MORGAN MANAGEMENT LLC no ticker–0.1%$946k10,052+15%added
WY WEYERHAEUSER COReal Estate0.1%$909k28,520−1.0%reduced
KINDER MORGAN ENERGY PARTNER no ticker–0.1%$895k9,6000.0%held
ZBH ZIMMER BIOMET HOLDINGS INCHealthcare0.1%$860k8,5510.0%held
ADP AUTOMATIC DATA PROCESSING INTechnology0.10%$809k9,738−0.1%held
AXP AMERICAN EXPRESS COFinancial Services0.10%$791k9,032−0.8%reduced
XEL XCEL ENERGY INCUtilities0.10%$790k26,0000.0%held
BWX SPDR SERIES TRUST–0.09%$725k12,639−13%reduced
VCSH VANGUARD SCOTTSDALE FDS–0.08%$680k8,518−16%reduced
SPDR S&P Middle East & Africa ETF no ticker–0.08%$675k9,704−0.7%reduced
ASCMA ASCENT CAP GROUP INC–0.08%$667k11,084+125%added
CHH CHOICE HOTELS INTL INCConsumer Cyclical0.06%$520k10,0000.0%held
VSS VANGUARD INTL EQUITY INDEX F–0.06%$517k5,067–new
PFE PFIZER INCHealthcare0.06%$490k16,5790.0%held
MSFT MICROSOFT CORPTechnology0.06%$484k10,440−0.1%held
NNN NNN REIT INCReal Estate0.06%$484k14,0000.0%held
EMR Emerson Electric Inc.Industrials0.06%$482k7,705−0.1%held
VCA INC no ticker–0.05%$386k9,802−3.2%reduced
CAG CONAGRA BRANDS INCConsumer Defensive0.04%$330k10,0000.0%held
UGI UGI CORP NEWUtilities0.04%$315k9,240+49%added
MRK MERCK & CO. INCHealthcare0.03%$225k3,7940.0%held

Exited since Q2 2014

14 rows
XPO XPO INC7.6%$92.2m
INTLUSD INTL FCSTONE INC2.9%$35.7m
WINA WINMARK CORP2.8%$34.7m
GHM GRAHAM CORP1.7%$20.4m
REIS INC no ticker1.5%$18.1m
FEMALE HEALTH CO no ticker1.3%$16.2m
UTMD UTAH MED PRODS INC1.3%$15.6m
MLAB MESA LABS INC1.1%$13.6m
CHEROKEE INC DEL NEW no ticker1.0%$12.4m
OFLX OMEGA FLEX INC0.9%$10.9m
TLF TANDY LEATHER FACTORY INC0.8%$9.2m
JTH Holding, Inc. no ticker0.3%$4.3m
VTV VANGUARD INDEX FDS0.06%$747k
EXC EXELON CORP0.02%$209k

Sector mix

  • Unclassified76.6%
  • Industrials11.2%
  • Consumer Cyclical10.2%
  • Energy0.6%
  • Financial Services0.5%
  • Consumer Defensive0.2%
  • Healthcare0.2%
  • Real Estate0.2%
  • Technology0.2%
  • Utilities0.1%

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