Bares Capital Management 13F holdings, Q1 2025
Holdings as of March 31, 2025 · filings on SEC EDGAR · latest filing →
Bares Capital Management disclosed 21 US equity positions worth $851.9m in its Q1 2025 13F filing. The largest position was IBKR at 16.4% of the reported book, followed by PEGA and WDAY. Against the Q4 2024 filing, it opened 12 new positions, added to 2 and reduced 7 among the top 21 holdings.
What did Bares Capital Management own in Q1 2025? Top 21 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q4 2024 |
|---|---|---|---|---|---|---|---|
| 1 | IBKR Interactive Brokers Group Inc | Financial Services | 16.4% | $139.8m | 844,537 | -11% | reduced |
| 2 | PEGA Pegasystems Inc | Technology | 16.4% | $139.5m | 2,005,990 | -15% | reduced |
| 3 | WDAY Workday Inc. | Technology | 15.6% | $133.3m | 570,833 | -8% | reduced |
| 4 | XYZ Block Inc | Technology | 14.5% | $123.2m | 2,268,105 | -12% | reduced |
| 5 | CSGP CoStar Group | Real Estate | 10.5% | $89.8m | 1,133,002 | 75% | added |
| 6 | ALGN Align Technology Inc. | Healthcare | 10.0% | $85.4m | 537,606 | 5% | added |
| 7 | ETSY Etsy Inc | Consumer Cyclical | 8.4% | $71.2m | 1,509,001 | -20% | reduced |
| 8 | W Wayfair Inc | Consumer Cyclical | 3.0% | $25.5m | 795,061 | -18% | reduced |
| 9 | VEEV Veeva Systems Inc. | Healthcare | 2.8% | $24.2m | 104,361 | -20% | reduced |
| 10 | MEDP Medpace Holdings, Inc. | Healthcare | 1.3% | $11.4m | 37,476 | – | new |
| 11 | SNEX StoneX Group Inc | Financial Services | 1.0% | $8.4m | 109,902 | – | new |
| 12 | BRO Brown & Brown Inc | Financial Services | 0.0% | $26.5k | 213 | – | new |
| 13 | AME AMETEK Inc | Industrials | 0.0% | $26.2k | 152 | – | new |
| 14 | HEI/A HEICO Corporation Class A | 0.0% | $25.7k | 122 | – | new | |
| 15 | APH Amphenol Corporation Class A | Technology | 0.0% | $23.2k | 353 | – | new |
| 16 | KAI Kadant Inc | 0.0% | $20.2k | 60 | – | new | |
| 17 | VRSK Verisk Analytics Inc. | Industrials | 0.0% | $17.3k | 58 | – | new |
| 18 | WSO Watsco Inc | Industrials | 0.0% | $16.8k | 33 | – | new |
| 19 | TYL Tyler Technologies, Inc. | Technology | 0.0% | $16.3k | 28 | – | new |
| 20 | MCO Moody`s Corporation | Financial Services | 0.0% | $15.8k | 34 | – | new |
| 21 | DHR Danaher Corporation | Healthcare | 0.0% | $13.9k | 68 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.