Bares Capital Management 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Bares Capital Management disclosed 22 US equity positions worth $1.0bn in its Q2 2025 13F filing. The largest position was PEGA at 18.6% of the reported book, followed by IBKR and XYZ. Against the Q1 2025 filing, it opened 3 new positions, added to 6 and reduced 7 among the top 22 holdings.
What did Bares Capital Management own in Q2 2025? Top 22 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | PEGA Pegasystems Inc | Technology | 18.6% | $191.8m | 3,542,716 | 77% | added |
| 2 | IBKR Interactive Brokers Group Inc | Financial Services | 16.2% | $166.8m | 3,011,100 | 257% | added |
| 3 | XYZ Block Inc | Technology | 14.2% | $146.0m | 2,148,963 | -5% | reduced |
| 4 | WDAY Workday Inc. | Technology | 12.4% | $127.9m | 532,835 | -7% | reduced |
| 5 | CSGP CoStar Group | Real Estate | 9.5% | $97.7m | 1,214,652 | 7% | added |
| 6 | ALGN Align Technology Inc. | Healthcare | 9.4% | $97.0m | 512,344 | -5% | reduced |
| 7 | ETSY Etsy Inc | Consumer Cyclical | 7.0% | $71.9m | 1,433,471 | -5% | reduced |
| 8 | MEDP Medpace Holdings, Inc. | Healthcare | 4.8% | $49.3m | 157,084 | 319% | added |
| 9 | W Wayfair Inc | Consumer Cyclical | 3.7% | $37.6m | 736,012 | -7% | reduced |
| 10 | VEEV Veeva Systems Inc. | Healthcare | 2.6% | $26.9m | 93,361 | -11% | reduced |
| 11 | SNEX StoneX Group Inc | Financial Services | 0.9% | $9.1m | 99,902 | -9% | reduced |
| 12 | MIDD Middleby Corp | Industrials | 0.8% | $7.9m | 54,625 | – | new |
| 13 | APH Amphenol Corporation Class A | Technology | 0.0% | $34.9k | 353 | 0% | held |
| 14 | HEI/A HEICO Corporation Class A | 0.0% | $31.6k | 122 | 0% | held | |
| 15 | APG APi Group Corporation | Industrials | 0.0% | $29.9k | 585 | – | new |
| 16 | BRO Brown & Brown Inc | Financial Services | 0.0% | $28.7k | 259 | 22% | added |
| 17 | AME AMETEK Inc | Industrials | 0.0% | $27.5k | 152 | 0% | held |
| 18 | FERG Ferguson Enterprises Inc. | Industrials | 0.0% | $22.4k | 103 | – | new |
| 19 | WSO Watsco Inc | Industrials | 0.0% | $19.9k | 45 | 36% | added |
| 20 | VRSK Verisk Analytics Inc. | Industrials | 0.0% | $18.1k | 58 | 0% | held |
| 21 | MCO Moody`s Corporation | Financial Services | 0.0% | $17.1k | 34 | 0% | held |
| 22 | TYL Tyler Technologies, Inc. | Technology | 0.0% | $16.6k | 28 | 0% | held |
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.