Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q1 2014)

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 Mar 31, 2014. 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 Q1 2014, the filing reported:

New Buys - Graham Corporation, Mesa Laboratories, Inc., Merck & Company, Inc., Travelzoo, Zimmer Biomet Holdings, Inc.

Increases - America's Car-Mart, Inc., Heico Corporation, The Middleby Corporation, Omega Flex, Inc., Post Holdings, Inc., and 2 more

Reductions - Brookfield Asset Management Ltd., SPDR Bloomberg International Tr, Capital Southwest Corporation, Expeditors International of Was, White Mountains, and 9 more

Complete Exits - Bristol-Myers Squibb Company, Masimo Corporation

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
Q1 2014	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-961	-2.0%	$1.92K	47,085
Q1 2014	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell - Position Exit	-3,834	-100.0%	$0.00	-
Q1 2014	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-1,473	-9.1%	$872.00	14,683
Q1 2014	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy	+262,835	+27.7%	$44.46K	1,212,821
Q1 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-1,092	-3.5%	$1.06K	30,464
Q1 2014	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-345	-1.2%	$1.10K	27,856
Q1 2014	G9618E107 White Mountains	White Mountains	Sell	-24	-1.6%	$864.00	1,441
Q1 2014	GHM Graham Corporation	Graham Corporation	Buy - Position Entry	+450,479	-	$14.35K	450,479
Q1 2014	HEI-A Heico Corporation	Heico Corporation	Buy	+140,283	+13.1%	$52.67K	1,213,366
Q1 2014	MASI Masimo Corporation	Masimo Corporation	Sell - Position Exit	-2,153,144	-100.0%	$0.00	-
Q1 2014	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+5,894	+1.7%	$90.90K	344,056
Q1 2014	MLAB Mesa Laboratories, Inc.	Mesa Laboratories, Inc.	Buy - Position Entry	+120,322	-	$10.86K	120,322
Q1 2014	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy - Position Entry	+3,794	-	$215.00	3,794
Q1 2014	OFLX Omega Flex, Inc.	Omega Flex, Inc.	Buy	+11,020	+2.0%	$11.96K	558,029
Q1 2014	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy	+56,978	+2.6%	$125.91K	2,284,353
Q1 2014	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Buy	+3,394	+0.2%	$15.80K	1,635,223
Q1 2014	TZOO Travelzoo	Travelzoo	Buy - Position Entry	+990,969	-	$22.69K	990,969
Q1 2014	UGI UGI Corporation	UGI Corporation	Sell	-168	-2.7%	$275.00	6,037
Q1 2014	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-7,021	-1.8%	$22.66K	391,916
Q1 2014	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-506	-4.4%	$889.00	11,116
Q1 2014	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-378	-2.8%	$765.00	12,981
Q1 2014	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-639	-8.9%	$339.00	6,555
Q1 2014	VTV Vanguard Value ETF	Vanguard Value ETF	Sell	-322	-3.4%	$716.00	9,162
Q1 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Sell	-839	-1.8%	$1.87K	46,052
Q1 2014	WINA Winmark Corporation	Winmark Corporation	Sell	-1,302	-0.2%	$62.98K	832,348
Q1 2014	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-923	-3.1%	$848.00	28,885
Q1 2014	XPO XPO, Inc.	XPO, Inc.	Buy	+9,112	+0.3%	$104.56K	3,555,090
Q1 2014	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy - Position Entry	+8,551	-	$809.00	8,551