Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q1 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Wayfair Inc.

Increases - Align Technology, Inc., e.l.f. Beauty, Inc., Guidewire Software, Inc., Interactive Brokers Group, Inc., Gartner, Inc., and 3 more

Reductions - Alarm.com Holdings, Inc., ANSYS, Inc., Box, Inc., CoStar Group, Inc., Element Solutions Inc., and 5 more

Complete Exits - Waters 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 2019	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+16,800	+18.9%	$30.04K	105,650
Q1 2019	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-1,981,958	-57.6%	$94.78K	1,460,378
Q1 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-11,000	-6.5%	$28.77K	157,454
Q1 2019	BOX Box, Inc.	Box, Inc.	Sell	-906,078	-9.6%	$164.16K	8,501,522
Q1 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-40,336	-6.8%	$257.04K	551,097
Q1 2019	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Buy	+490,171	+29.0%	$23.14K	2,183,273
Q1 2019	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-1,699,511	-9.4%	$165.35K	16,371,447
Q1 2019	FAST Fastenal Company	Fastenal Company	Sell	-289,788	-6.1%	$286.96K	4,462,114
Q1 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy	+8,300	+2.5%	$32.86K	338,233
Q1 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+255,098	+3.7%	$372.74K	7,184,569
Q1 2019	IT Gartner, Inc.	Gartner, Inc.	Buy	+43,471	+1.9%	$358.57K	2,364,020
Q1 2019	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-92,596	-4.3%	$268.89K	2,067,921
Q1 2019	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy	+301,159	+19.2%	$99.17K	1,872,812
Q1 2019	SQ Block, Inc.	Block, Inc.	Buy	+21,626	+4.0%	$42.20K	563,217
Q1 2019	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Sell	-756,597	-14.4%	$230.88K	4,487,421
Q1 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy	+9,700	+7.5%	$28.54K	139,640
Q1 2019	UA Under Armour, Inc.	Under Armour, Inc.	Sell	-510,415	-4.8%	$191.69K	10,158,363
Q1 2019	W Wayfair Inc.	Wayfair Inc.	Buy - Position Entry	+1,593,189	-	$236.51K	1,593,189
Q1 2019	WAT Waters Corporation	Waters Corporation	Sell - Position Exit	-900,685	-100.0%	$0.00	-
Q1 2019	WDAY Workday, Inc.	Workday, Inc.	Sell	-90,831	-4.7%	$353.23K	1,831,649