Brian Bares

Net selling

Bares Capital Management, Inc. — managed by Brian Bares; US equity positions disclosed quarterly via SEC 13F

Data as of 2025-09-30 (filed 2025-11-14) · Source: SEC EDGAR

⚠ No longer filing: this filer's last 13F covers 2025-09-30, with none since. Holdings below are historical, not current.

Portfolio value$1.08B (+5%)

Holdings24 (+2)

Top holdingPegasystems Inc

Below band1

New

Added

Exited

By what price implies: 12 demand a demanding growth rate, 2 modest.

13F × valuation

Valuation posture

Of 15 valued US positions, 1 trade below a conservative value band (as of 2026-10-16):

Interactive Brokers Group IncIBKR33% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2025-09-30):

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Pegasystems IncPEGA	$194.4M	—	1	3,380,345	17.9%	Core · 8 quarters
Block IncXYZ	$144.0M	—	4	1,991,847	13.3%	Core · 8 quarters
Workday IncWDAY	$142.9M	—	7	593,755	13.2%	Big new position
Interactive Brokers Group IncIBKR	$141.8M	Below value	9	2,060,589	13.1%	Core · 8 quarters
Costar GroupCSGP	$103.5M	—	6	1,226,251	9.5%	Adding · 4 quarters
Etsy IncETSY	$94.7M	—	2	1,425,825	8.7%	—
Align Technology IncALGN	$76.3M	—	3	609,722	7.0%	Big new position
Wayfair IncW	$60.1M	—	2	672,486	5.5%	—
Medpace Holdings, IncMEDP	$57.3M	—	6	111,507	5.3%	—
Globus Medical Inc Class AGMED	$29.8M	—	3	521,129	2.8%	—
Veeva Systems IncVEEV	$21.9M	—	7	73,360	2.0%	—
Onto Innovation IncONTO	$9.7M	—	3	75,450	0.9%	—
Middleby CorpMIDD	$7.3M	—	4	54,625	0.7%	—
Amphenol Corporation Class AAPH	$43,684	—	8	353	0.0%	—
Stonex Group IncSNEX	$40,570	—	—	402	0.0%	—
Heico Corporation Class AHEI.A	$30,999	—	4	122	0.0%	—
Api Group CorporationAPG	$30,142	—	3	877	0.0%	—
Ametek IncAME	$28,576	—	3	152	0.0%	—
Brown & Brown IncBRO	$24,292	—	4	259	0.0%	—
Ferguson Enterprises IncFERG	$23,132	—	11	103	0.0%	—
Watsco IncWSO	$18,194	—	3	45	0.0%	—
Moody`S CorporationMCO	$16,200	—	19	34	0.0%	—
Tyler Technologies, IncTYL	$14,648	—	—	28	0.0%	—
Verisk Analytics IncVRSK	$14,588	—	4	58	0.0%	—

Pegasystems IncPEGACore · 8 quarters
Value$194.4MValuation—Holders1Weight17.9%
Block IncXYZCore · 8 quarters
Value$144.0MValuation—Holders4Weight13.3%
Workday IncWDAYBig new position
Value$142.9MValuation—Holders7Weight13.2%
Interactive Brokers Group IncIBKRCore · 8 quarters
Value$141.8MValuationBelow valueHolders9Weight13.1%
Costar GroupCSGPAdding · 4 quarters
Value$103.5MValuation—Holders6Weight9.5%
Etsy IncETSY—
Value$94.7MValuation—Holders2Weight8.7%
Align Technology IncALGNBig new position
Value$76.3MValuation—Holders3Weight7.0%
Wayfair IncW—
Value$60.1MValuation—Holders2Weight5.5%
Medpace Holdings, IncMEDP—
Value$57.3MValuation—Holders6Weight5.3%
Globus Medical Inc Class AGMED—
Value$29.8MValuation—Holders3Weight2.8%
Veeva Systems IncVEEV—
Value$21.9MValuation—Holders7Weight2.0%
Onto Innovation IncONTO—
Value$9.7MValuation—Holders3Weight0.9%
Middleby CorpMIDD—
Value$7.3MValuation—Holders4Weight0.7%
Amphenol Corporation Class AAPH—
Value$43,684Valuation—Holders8Weight0.0%
Stonex Group IncSNEX—
Value$40,570Valuation—Holders—Weight0.0%
Heico Corporation Class AHEI.A—
Value$30,999Valuation—Holders4Weight0.0%
Api Group CorporationAPG—
Value$30,142Valuation—Holders3Weight0.0%
Ametek IncAME—
Value$28,576Valuation—Holders3Weight0.0%
Brown & Brown IncBRO—
Value$24,292Valuation—Holders4Weight0.0%
Ferguson Enterprises IncFERG—
Value$23,132Valuation—Holders11Weight0.0%
Watsco IncWSO—
Value$18,194Valuation—Holders3Weight0.0%
Moody`S CorporationMCO—
Value$16,200Valuation—Holders19Weight0.0%
Tyler Technologies, IncTYL—
Value$14,648Valuation—Holders—Weight0.0%
Verisk Analytics IncVRSK—
Value$14,588Valuation—Holders4Weight0.0%

What is a superinvestor

About this investor

Portfolio overview

Bares Capital Management, Inc.'s most recent 13F filing, for the quarter ended 2025-09-30, reports 24 positions worth $1.08B. The top 5 holdings represent 67% of that value, a concentrated portfolio.

The single largest position is Pegasystems Inc at 17.9% of the portfolio, followed by Block Inc at 13.3% and Workday Inc at 13.2%.

Against the prior quarter, Brian Bares opened 2 new positions, exited 0, added to 4, and trimmed 8. The largest new buy was Globus Medical Inc Class A.

Across all 8 quarters on file, Pegasystems Inc has appeared in every filing, as has Block Inc. Pegasystems Inc currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Brian Bares has no positions in the strike zone right now. Browse the whole market by value band

Sources· SEC EDGAR 13F as of 2025-09-30 · filed 2025-11-14

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