Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q2 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 Jun 30, 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 Q2 2014, the filing reported:

New Buys - Automatic Data Processing, Inc., American Express Company, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, Exelon Corporation

Increases - Brookfield Asset Management Ltd., America's Car-Mart, Inc., Capital Southwest Corporation, Expeditors International of Was, White Mountains, and 8 more

Reductions - SPDR Bloomberg International Tr, Omega Flex, Inc., Tandy Leather Factory, Inc., Utah Medical Products, Inc., Vanguard Short-Term Corporate B, and 4 more

Complete Exits - Travelzoo, Vanguard FTSEEuropean ETF

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 2014	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy - Position Entry	+9,744	-	$773.00	9,744
Q2 2014	AXP American Express Company	American Express Company	Buy - Position Entry	+9,107	-	$864.00	9,107
Q2 2014	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+1,540	+3.3%	$2.14K	48,625
Q2 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy - Position Entry	+9	-	$1.71K	9
Q2 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy - Position Entry	+16,512	-	$2.09K	16,512
Q2 2014	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-90	-0.6%	$887.00	14,593
Q2 2014	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy	+41,476	+3.4%	$49.61K	1,254,297
Q2 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+320	+1.1%	$1.11K	30,784
Q2 2014	EXC Exelon Corporation	Exelon Corporation	Buy - Position Entry	+5,738	-	$209.00	5,738
Q2 2014	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+112	+0.4%	$1.24K	27,968
Q2 2014	G9618E107 White Mountains	White Mountains	Buy	+485	+33.7%	$1.17K	1,926
Q2 2014	GHM Graham Corporation	Graham Corporation	Buy	+134,195	+29.8%	$20.35K	584,674
Q2 2014	HEI-A Heico Corporation	Heico Corporation	Buy	+223,305	+18.4%	$58.33K	1,436,671
Q2 2014	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+714,014	+207.5%	$87.52K	1,058,070
Q2 2014	MLAB Mesa Laboratories, Inc.	Mesa Laboratories, Inc.	Buy	+41,436	+34.4%	$13.58K	161,758
Q2 2014	OFLX Omega Flex, Inc.	Omega Flex, Inc.	Sell	-3,389	-0.6%	$10.88K	554,640
Q2 2014	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy	+184,343	+8.1%	$125.68K	2,468,696
Q2 2014	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Sell	-623,041	-38.1%	$9.21K	1,012,182
Q2 2014	TZOO Travelzoo	Travelzoo	Sell - Position Exit	-990,969	-100.0%	$0.00	-
Q2 2014	UGI UGI Corporation	UGI Corporation	Buy	+160	+2.7%	$313.00	6,197
Q2 2014	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-88,249	-22.5%	$15.62K	303,667
Q2 2014	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-956	-8.6%	$817.00	10,160
Q2 2014	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell - Position Exit	-12,981	-100.0%	$0.00	-
Q2 2014	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-839	-12.8%	$301.00	5,716
Q2 2014	VTV Vanguard Value ETF	Vanguard Value ETF	Buy	+69	+0.8%	$747.00	9,231
Q2 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+8,499	+18.5%	$2.35K	54,551
Q2 2014	WINA Winmark Corporation	Winmark Corporation	Sell	-334,373	-40.2%	$34.67K	497,975
Q2 2014	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-88	-0.3%	$953.00	28,797
Q2 2014	XPO XPO, Inc.	XPO, Inc.	Sell	-334,797	-9.4%	$92.17K	3,220,293