Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 14, 2025, the Bares Capital Management portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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 Q3 2025, the filing reported:

New Buys - Globus Medical, Inc., Onto Innovation Inc.

Increases - Align Technology, Inc., APi Group Corporation, CoStar Group, Inc., Workday, Inc.

Reductions - Etsy, Inc., Interactive Brokers Group, Inc., Medpace Holdings, Inc., Pegasystems Inc., StoneX Group Inc., and 3 more

Complete Exits - None reported

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
Q3 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+97,378	+19.0%	$76.35M	609,722
Q3 2025	APG APi Group Corporation	APi Group Corporation	Buy	+292	+49.9%	$30.14K	877
Q3 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+11,599	+1.0%	$103.46M	1,226,251
Q3 2025	ETSY Etsy, Inc.	Etsy, Inc.	Sell	-7,646	-0.5%	$94.66M	1,425,825
Q3 2025	GMED Globus Medical, Inc.	Globus Medical, Inc.	Buy - Position Entry	+521,129	-	$29.85M	521,129
Q3 2025	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-950,511	-31.6%	$141.79M	2,060,589
Q3 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-45,577	-29.0%	$57.33M	111,507
Q3 2025	ONTO Onto Innovation Inc.	Onto Innovation Inc.	Buy - Position Entry	+75,450	-	$9.75M	75,450
Q3 2025	PEGA Pegasystems Inc.	Pegasystems Inc.	Sell	-162,371	-4.6%	$194.37M	3,380,345
Q3 2025	SNEX StoneX Group Inc.	StoneX Group Inc.	Sell	-99,500	-99.6%	$40.57K	402
Q3 2025	SQ Block, Inc.	Block, Inc.	Sell	-157,116	-7.3%	$143.95M	1,991,847
Q3 2025	VEEV Veeva Systems Inc.	Veeva Systems Inc.	Sell	-20,001	-21.4%	$21.85M	73,360
Q3 2025	W Wayfair Inc.	Wayfair Inc.	Sell	-63,526	-8.6%	$60.07M	672,486
Q3 2025	WDAY Workday, Inc.	Workday, Inc.	Buy	+60,920	+11.4%	$142.93M	593,755
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

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