WhaleCreep

Bares Capital Management 13F holdings, Q3 2016

Long-only investorSEC filingsCompare with another fundHoldings as of 2016-09-30, filed 2016-11-14

Bares Capital Management disclosed 19 US equity positions worth $1.7bn in its Q3 2016 13F filing. Its largest position is INTERACTIVE INTELLIGENCE GRO at 9.7% of the reported book, followed by COLFAX CORP and FAST. Versus Q2 2016 it opened 1 new position, added to 12, reduced 6 and exited 0.

$1.7bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
19
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.7%
Largest position
The largest single position as a share of the reported equity book.
67.1%
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 Q2 2016: 1 new, 12 added, 6 reduced, 0 exited

19 rows
INTERACTIVE INTELLIGENCE GRO no ticker–9.7%$163m2.71m−5.3%reduced
COLFAX CORP no ticker–7.5%$125m3.99m−3.4%reduced
FAST FASTENAL COIndustrials7.0%$117m2.81m+30%added
PLATFORM SPECIALTY PRODS COR no ticker–6.8%$114m14.07m+10%added
IBKR INTERACTIVE BROKERS GROUP INFinancial Services6.7%$113m3.19m+22%added
IT GARTNER INCTechnology6.7%$112m1.27m+25%added
MCO MOODYS CORPFinancial Services6.6%$111m1.03m+7.0%added
NATIONAL INSTRS CORP no ticker–5.4%$91.0m3.20m+38%added
AKX ANSYS INC–5.4%$90.8m980,251+14%added
WAT WATERS CORPHealthcare5.4%$90.7m572,553+4.8%added
MKL MARKEL GROUP INCFinancial Services5.3%$89.8m96,704+20%added
VRSK VERISK ANALYTICS INCIndustrials5.1%$85.3m1.05m+16%added
FDS FACTSET RESH SYS INCFinancial Services4.9%$82.7m509,934+6.5%added
BOX BOX INCTechnology4.7%$79.1m5.02m−2.3%reduced
CSGP COSTAR GROUP INCReal Estate4.0%$67.7m312,770+17%added
CRMT AMERICAS CAR-MART INCConsumer Cyclical2.5%$41.2m1.13m−12%reduced
ALRM ALARM COM HLDGS INCTechnology2.4%$40.0m1.39m−31%reduced
ECOLEUR US ECOLOGY INC–2.2%$37.0m825,256−9.1%reduced
SCOR COMSCORE INCTechnology1.7%$29.0m947,261–new

Sector mix

  • Unclassified37.0%
  • Financial Services23.6%
  • Technology15.5%
  • Industrials12.1%
  • Healthcare5.4%
  • Real Estate4.0%
  • Consumer Cyclical2.5%

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