Brian Bares – Bares Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Bares Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:
New Buys – Globus Medical, Inc., Onto Innovation 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 |