Bares Capital Management 13F holdings, Q1 2015
Bares Capital Management disclosed 10 US equity positions worth $811.4m in its Q1 2015 13F filing. Its largest position is COLFAX CORP at 20.1% of the reported book, followed by INTERACTIVE INTELLIGENCE GRO and REALD INC. Versus Q4 2014 it opened 2 new positions, added to 3, reduced 4 and exited 44.
- $811m
- Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
- 10
- Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
- 20.1%
- Largest position The largest single position as a share of the reported equity book.
- 100%
- Top 10 weight The ten largest positions together, as a share of the reported equity book.
- 8
- 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 2014: 2 new, 3 added, 4 reduced, 44 exited
| COLFAX CORP no ticker | 20.1% | +22% | added |
| INTERACTIVE INTELLIGENCE GRO no ticker | 13.6% | +32% | added |
| REALD INC no ticker | 12.4% | −0.2% | held |
| HEI/A HEICO CORP NEW | 11.9% | −2.6% | reduced |
| ECOLEUR US ECOLOGY INC | 10.3% | +3.4% | added |
| ATUEUR ACTUANT CORP | 9.7% | −17% | reduced |
| CRMT AMERICAS CAR-MART INC | 7.8% | −4.0% | reduced |
| PLATFORM SPECIALTY PRODS COR no ticker | 7.6% | −2.5% | reduced |
| HOMEAWAY INC no ticker | 4.3% | – | new |
| DORM DORMAN PRODUCTS INC | 2.3% | – | new |
Exited since Q4 2014
| MIDD MIDDLEBY CORP | 7.0% | $58.1m |
| BROOKFIELD ASSET MGMT INC no ticker | 0.3% | $2.7m |
| VWO VANGUARD INTL EQUITY INDEX F | 0.3% | $2.4m |
| BRK/B BERKSHIRE HATHAWAY INC DEL | 0.3% | $2.2m |
| COP CONOCOPHILLIPS | 0.2% | $2.1m |
| BRK/A BERKSHIRE HATHAWAY INC DEL | 0.2% | $2.0m |
| KMI KINDER MORGAN INC DEL | 0.2% | $2.0m |
| Special Opportunities Fund, Inc. no ticker | 0.2% | $1.9m |
| BROOKFIELD PROPERTY PARTRS L no ticker | 0.2% | $1.8m |
| POST POST HLDGS INC | 0.2% | $1.8m |
| CORE LABORATORIES N V no ticker | 0.2% | $1.7m |
| WHITE MTNS INS GROUP LTD no ticker | 0.2% | $1.6m |
| EXPD EXPEDITORS INTL WASH INC | 0.2% | $1.6m |
| ASCMA ASCENT CAP GROUP INC | 0.2% | $1.4m |
| CSWC CAPITAL SOUTHWEST CORP | 0.2% | $1.4m |
| UPLEUR ULTRA PETROLEUM CORP | 0.2% | $1.3m |
| YUSD ALLEGHANY CORP DEL | 0.2% | $1.3m |
| GLRE GREENLIGHT CAPITAL RE LTD | 0.1% | $1.2m |
| MORN MORNINGSTAR INC | 0.1% | $1.1m |
| PSX PHILLIPS 66 | 0.1% | $1.1m |
| LEUCADIA NATL CORP no ticker | 0.1% | $992k |
| WY WEYERHAEUSER CO | 0.1% | $970k |
| ZBH ZIMMER BIOMET HOLDINGS INC | 0.1% | $970k |
| OXY OCCIDENTAL PETE CORP | 0.1% | $967k |
| XEL XCEL ENERGY INC | 0.1% | $934k |
| AXP AMERICAN EXPRESS CO | 0.1% | $840k |
| ADP AUTOMATIC DATA PROCESSING IN | 0.10% | $812k |
| BWX SPDR SERIES TRUST | 0.08% | $699k |
| VCSH VANGUARD SCOTTSDALE FDS | 0.08% | $672k |
| SPDR S&P Middle East & Africa ETF no ticker | 0.08% | $645k |
| CHH CHOICE HOTELS INTL INC | 0.07% | $560k |
| NNN NNN REIT INC | 0.07% | $551k |
| PFE PFIZER INC | 0.06% | $516k |
| MSFT MICROSOFT CORP | 0.06% | $485k |
| VSS VANGUARD INTL EQUITY INDEX F | 0.06% | $483k |
| EMR Emerson Electric Inc. | 0.06% | $476k |
| VCA INC no ticker | 0.05% | $411k |
| CAG CONAGRA BRANDS INC | 0.04% | $363k |
| UGI UGI CORP NEW | 0.04% | $351k |
| BMY BRISTOL-MYERS SQUIBB CO | 0.03% | $226k |
| VMBS VANGUARD SCOTTSDALE FDS | 0.03% | $221k |
| MRK MERCK & CO. INC | 0.03% | $215k |
| EXC EXELON CORP | 0.03% | $212k |
| RAVE Restaurant Group, Inc. no ticker | 0.02% | $188k |
Sector mix
Book over time
Every quarter on file (51)
| Quarter | Positions | Equity book |
|---|---|---|
| Q3 2025 | 24 | $1.1bn |
| Q2 2025 | 22 | $1.0bn |
| Q1 2025 | 21 | $852m |
| Q4 2024 | 11 | $1.1bn |
| Q3 2024 | 22 | $1.1bn |
| Q2 2024 | 29 | $2.1bn |
| Q1 2024 | 31 | $2.5bn |
| Q4 2023 | 32 | $2.5bn |
| Q3 2023 | 37 | $2.3bn |
| Q2 2023 | 38 | $2.9bn |
| Q1 2023 | 39 | $2.8bn |
| Q4 2022 | 38 | $2.6bn |
| Q3 2022 | 38 | $2.6bn |
| Q2 2022 | 37 | $2.7bn |
| Q1 2022 | 37 | $4.3bn |
| Q4 2021 | 35 | $5.0bn |
| Q3 2021 | 35 | $5.6bn |
| Q2 2021 | 25 | $5.6bn |
| Q1 2021 | 26 | $5.3bn |
| Q4 2020 | 26 | $5.4bn |
| Q3 2020 | 26 | $4.7bn |
| Q2 2020 | 25 | $4.1bn |
| Q1 2020 | 26 | $2.8bn |
| Q4 2019 | 23 | $3.6bn |
| Q3 2019 | 24 | $3.3bn |
| Q2 2019 | 24 | $3.7bn |
| Q1 2019 | 23 | $3.6bn |
| Q4 2018 | 23 | $3.3bn |
| Q3 2018 | 22 | $3.6bn |
| Q2 2018 | 22 | $2.9bn |
| Q1 2018 | 17 | $2.6bn |
| Q4 2017 | 17 | $2.4bn |
| Q3 2017 | 18 | $2.2bn |
| Q2 2017 | 19 | $2.2bn |
| Q1 2017 | 18 | $2.0bn |
| Q4 2016 | 18 | $1.7bn |
| Q3 2016 | 19 | $1.7bn |
| Q2 2016 | 18 | $1.4bn |
| Q1 2016 | 18 | $1.4bn |
| Q4 2015 | 18 | $1.3bn |
| Q3 2015 | 18 | $1.0bn |
| Q2 2015 | 18 | $1.1bn |
| Q1 2015 | 10 | $811m |
| Q4 2014 | 52 | $830m |
| Q3 2014 | 52 | $819m |
| Q2 2014 | 63 | $1.2bn |
| Q1 2014 | 69 | $1.3bn |
| Q4 2013 | 64 | $1.2bn |
| Q3 2013 | 68 | $1.1bn |
| Q2 2013 | 69 | $1.0bn |
| Q1 2013 | 71 | $778m |
Where Bares Capital Management was early
| POST Post Holdings Inc | Q2 2013 | 1 of 138 | 2.7% | Exited by Q1 2015 | −4.0% |
| CRMT America's Car-Mart Inc. | Q3 2013 | 1 of 68 | 2.5% | Exited by Q4 2017 | −8.8% |
| GHM Graham Corp. | Q1 2014 | 1 of 53 | 1.1% | Exited by Q3 2014 | +9.3% |
| MLAB Mesa Laboratories Inc. | Q1 2014 | 1 of 58 | 0.9% | Exited by Q3 2014 | −7.0% |
| PZZA Papa John`s International Inc. | Q3 2014 | 6 of 124 | 4.1% | Exited by Q4 2024 | +35% |
| DORM Dorman Products, Inc. | Q1 2015 | 1 of 72 | 2.3% | Exited by Q3 2015 | −4.2% |
| AKX Ansys, Inc. | Q2 2015 | 2 of 161 | 2.0% | Exited by Q3 2019 | +124% |
| IT Gartner Inc. | Q2 2015 | 3 of 133 | 2.4% | Exited by Q2 2021 | +113% |
| MKL Markel Corp. | Q2 2015 | 4 of 102 | 2.5% | Exited by Q1 2018 | +42% |
| VRSK Verisk Analytics Inc. | Q2 2015 | 4 of 137 | 1.9% | Held at last filing, Q3 2025 | +246% |
| FDS FactSet Research Systems inc. | Q2 2015 | 5 of 130 | 1.9% | Exited by Q2 2018 | +23% |
| PII Polaris Industries Inc. | Q2 2015 | 5 of 118 | 2.0% | Exited by Q4 2015 | −19% |
| WAT Waters Corporation | Q2 2015 | 6 of 137 | 1.4% | Exited by Q1 2019 | +47% |
| FAST Fastenal Company | Q2 2015 | 9 of 142 | 2.5% | Exited by Q1 2020 | +75% |
| IBKR Interactive Brokers Group Inc | Q3 2015 | 8 of 177 | 3.6% | Held at last filing, Q3 2025 | +597% |
| MCO Moody`s Corporation | Q4 2015 | 16 of 176 | 5.0% | Held at last filing, Q3 2025 | +375% |
| ALRM Alarm.com Holdings Inc. | Q1 2016 | 2 of 124 | 3.1% | Exited by Q4 2024 | +131% |
| BOX Box, Inc | Q1 2016 | 2 of 150 | 3.1% | Exited by Q2 2021 | +87% |
| CSGP CoStar Group | Q2 2016 | 3 of 189 | 4.2% | Held at last filing, Q3 2025 | +286% |
| UA Under Armour INC CL C | Q4 2016 | 4 of 122 | 6.5% | Exited by Q2 2020 | −68% |
| TWLO Twilio Inc. | Q2 2017 | 6 of 269 | 2.4% | Exited by Q1 2025 | +271% |
| ELF Elf Beauty Inc | Q4 2017 | 2 of 146 | 1.9% | Exited by Q4 2019 | −22% |
| TYL Tyler Technologies, Inc. | Q2 2018 | 8 of 141 | 0.01% | Held at last filing, Q3 2025 | +136% |
| GWRE Guidewire Software Inc. | Q2 2018 | 13 of 187 | 0.01% | Exited by Q1 2024 | +23% |
| XYZ Block Inc | Q2 2018 | 16 of 279 | 0.01% | Held at last filing, Q3 2025 | +17% |
| WDAY Workday Inc. | Q2 2018 | 20 of 263 | 0.01% | Held at last filing, Q3 2025 | +99% |
| ESI Element Solutions Inc. | Q4 2018 | 1 of 117 | 5.7% | Exited by Q4 2024 | +163% |
| ALGN Align Technology Inc. | Q4 2018 | 17 of 178 | 0.6% | Held at last filing, Q3 2025 | −40% |
| W Wayfair Inc | Q1 2019 | 16 of 241 | 6.6% | Held at last filing, Q3 2025 | −40% |
| PEGA Pegasystems Inc | Q3 2019 | 12 of 137 | 0.9% | Held at last filing, Q3 2025 | +69% |
| CMPR Cimpress NV | Q4 2019 | 5 of 72 | 1.1% | Exited by Q4 2024 | −35% |
| PD Pagerduty Inc | Q1 2020 | 4 of 140 | 0.3% | Exited by Q4 2024 | +7.3% |
| XPEL XPEL Inc. | Q3 2021 | 3 of 72 | 0.5% | Exited by Q4 2024 | −43% |
| AGYS AGILYSYS INC COM | Q3 2021 | 6 of 79 | 0.3% | Exited 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