Brian Bares – Bares Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Bares Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – APi Group Corporation, Ferguson Enterprises Inc., The Middleby Corporation

Increases – Brown & Brown, Inc., CoStar Group, Inc., Interactive Brokers Group, Inc., Medpace Holdings, Inc., Pegasystems Inc., and 1 more

Reductions – Align Technology, Inc., Etsy, Inc., StoneX Group Inc., Block, Inc., Veeva Systems Inc., and 2 more

Complete Exits – Danaher Corporation, Kadant Inc

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-25,262	-4.7%	$97.00M	512,344
Q2 2025	APG APi Group Corporation	APi Group Corporation	Buy - Position Entry	+585	-	$29.86K	585
Q2 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Buy	+46	+21.6%	$28.71K	259
Q2 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+81,650	+7.2%	$97.66M	1,214,652
Q2 2025	DHR Danaher Corporation	Danaher Corporation	Sell - Position Exit	-68	-100.0%	$0.00	-
Q2 2025	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-75,530	-5.0%	$71.90M	1,433,471
Q2 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy - Position Entry	+103	-	$22.43K	103
Q2 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+2,166,563	+256.5%	$166.85M	3,011,100
Q2 2025	KAI Kadant Inc	Kadant Inc	Sell - Position Exit	-60	-100.0%	$0.00	-
Q2 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy	+119,608	+319.2%	$49.30M	157,084
Q2 2025	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+54,625	-	$7.87M	54,625
Q2 2025	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy	+1,536,726	+76.6%	$191.77M	3,542,716
Q2 2025	SNEX StoneX Group Inc.	StoneX Group Inc.	Sell	-10,000	-9.1%	$9.11M	99,902
Q2 2025	SQ Block, Inc.	Block, Inc.	Sell	-119,142	-5.3%	$145.98M	2,148,963
Q2 2025	VEEV Veeva Systems Inc.	Veeva Systems Inc.	Sell	-11,000	-10.5%	$26.89M	93,361
Q2 2025	W Wayfair Inc.	Wayfair Inc.	Sell	-59,049	-7.4%	$37.64M	736,012
Q2 2025	WDAY Workday, Inc.	Workday, Inc.	Sell	-37,998	-6.7%	$127.88M	532,835
Q2 2025	WSO Watsco, Inc.	Watsco, Inc.	Buy	+12	+36.4%	$19.87K	45
Q1 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+24,481	+4.8%	$85.40M	537,606
Q1 2025	AME AMETEK, Inc.	AMETEK, Inc.	Buy - Position Entry	+152	-	$26.16K	152
Q1 2025	APH Amphenol Corporation	Amphenol Corporation	Buy - Position Entry	+353	-	$23.15K	353
Q1 2025	BRO Brown & Brown, Inc.	Brown & Brown, Inc.	Buy - Position Entry	+213	-	$26.50K	213
Q1 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+483,797	+74.5%	$89.77M	1,133,002
Q1 2025	DHR Danaher Corporation	Danaher Corporation	Buy - Position Entry	+68	-	$13.94K	68
Q1 2025	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-382,644	-20.2%	$71.19M	1,509,001
Q1 2025	HEI-A Heico Corporation	Heico Corporation	Buy - Position Entry	+122	-	$25.74K	122
Q1 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-107,110	-11.3%	$139.85M	844,537
Q1 2025	KAI Kadant Inc	Kadant Inc	Buy - Position Entry	+60	-	$20.21K	60
Q1 2025	MCO Moody's Corporation	Moody's Corporation	Buy - Position Entry	+34	-	$15.83K	34
Q1 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Buy - Position Entry	+37,476	-	$11.42M	37,476