Bares Capital Management 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · this is the latest filing on record
Bares Capital Management disclosed 24 US equity positions worth $1.1bn in its Q3 2025 13F filing. The largest position was PEGA at 17.9% of the reported book, followed by XYZ and WDAY. Against the Q2 2025 filing, it opened 2 new positions, added to 4 and reduced 8 among the top 24 holdings.
What did Bares Capital Management own in Q3 2025? Top 24 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | PEGA Pegasystems Inc | Technology | 17.9% | $194.4m | 3,380,345 | -5% | reduced |
| 2 | XYZ Block Inc | Technology | 13.3% | $144.0m | 1,991,847 | -7% | reduced |
| 3 | WDAY Workday Inc. | Technology | 13.2% | $142.9m | 593,755 | 11% | added |
| 4 | IBKR Interactive Brokers Group Inc | Financial Services | 13.1% | $141.8m | 2,060,589 | -32% | reduced |
| 5 | CSGP CoStar Group | Real Estate | 9.5% | $103.5m | 1,226,251 | 1% | added |
| 6 | ETSY Etsy Inc | Consumer Cyclical | 8.7% | $94.7m | 1,425,825 | -1% | reduced |
| 7 | ALGN Align Technology Inc. | Healthcare | 7.0% | $76.3m | 609,722 | 19% | added |
| 8 | W Wayfair Inc | Consumer Cyclical | 5.5% | $60.1m | 672,486 | -9% | reduced |
| 9 | MEDP Medpace Holdings, Inc. | Healthcare | 5.3% | $57.3m | 111,507 | -29% | reduced |
| 10 | GMED Globus Medical Inc Class A | Healthcare | 2.8% | $29.8m | 521,129 | – | new |
| 11 | VEEV Veeva Systems Inc. | Healthcare | 2.0% | $21.9m | 73,360 | -21% | reduced |
| 12 | ONTO Onto Innovation Inc. | Technology | 0.9% | $9.7m | 75,450 | – | new |
| 13 | MIDD Middleby Corp | Industrials | 0.7% | $7.3m | 54,625 | 0% | held |
| 14 | APH Amphenol Corporation Class A | Technology | 0.0% | $43.7k | 353 | 0% | held |
| 15 | SNEX StoneX Group Inc | Financial Services | 0.0% | $40.6k | 402 | -100% | reduced |
| 16 | HEI/A HEICO Corporation Class A | 0.0% | $31.0k | 122 | 0% | held | |
| 17 | APG APi Group Corporation | Industrials | 0.0% | $30.1k | 877 | 50% | added |
| 18 | AME AMETEK Inc | Industrials | 0.0% | $28.6k | 152 | 0% | held |
| 19 | BRO Brown & Brown Inc | Financial Services | 0.0% | $24.3k | 259 | 0% | held |
| 20 | FERG Ferguson Enterprises Inc. | Industrials | 0.0% | $23.1k | 103 | 0% | held |
| 21 | WSO Watsco Inc | Industrials | 0.0% | $18.2k | 45 | 0% | held |
| 22 | MCO Moody`s Corporation | Financial Services | 0.0% | $16.2k | 34 | 0% | held |
| 23 | TYL Tyler Technologies, Inc. | Technology | 0.0% | $14.6k | 28 | 0% | held |
| 24 | VRSK Verisk Analytics Inc. | Industrials | 0.0% | $14.6k | 58 | 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.