Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q2 2018)

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, 2018. 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 2018, the filing reported:

New Buys - Guidewire Software, Inc., The Middleby Corporation, Papa John's International, Inc., Block, Inc., Tyler Technologies, Inc., and 1 more

Increases - ANSYS, Inc., CoStar Group, Inc., Fastenal Company, Interactive Brokers Group, Inc., Gartner, Inc., and 3 more

Reductions - Alarm.com Holdings, Inc., Box, Inc., e.l.f. Beauty, Inc.

Complete Exits - FactSet Research Systems Inc., Twilio Inc.

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 2018	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-14,247	-0.4%	$137.40K	3,402,644
Q2 2018	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+4,752	+0.4%	$187.29K	1,075,286
Q2 2018	BOX Box, Inc.	Box, Inc.	Sell	-58,553	-0.8%	$180.28K	7,214,196
Q2 2018	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+5,223	+0.8%	$259.04K	627,780
Q2 2018	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Sell	-15,615	-0.7%	$33.05K	2,168,757
Q2 2018	FAST Fastenal Company	Fastenal Company	Buy	+161,305	+4.3%	$187.81K	3,902,198
Q2 2018	FDS FactSet Research Systems Inc.	FactSet Research Systems Inc.	Sell - Position Exit	-761,077	-100.0%	$0.00	-
Q2 2018	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy - Position Entry	+4,089	-	$363.00	4,089
Q2 2018	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+192,120	+4.0%	$324.89K	5,044,137
Q2 2018	IT Gartner, Inc.	Gartner, Inc.	Buy	+46,453	+2.9%	$217.16K	1,634,024
Q2 2018	MIDD The Middleby Corporation	The Middleby Corporation	Buy - Position Entry	+1,561,494	-	$163.05K	1,561,494
Q2 2018	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy - Position Entry	+1,384,929	-	$70.24K	1,384,929
Q2 2018	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+5,824	-	$359.00	5,824
Q2 2018	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+154,366	+3.6%	$244.83K	4,394,668
Q2 2018	TWLO Twilio Inc.	Twilio Inc.	Sell - Position Exit	-1,932,511	-100.0%	$0.00	-
Q2 2018	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy - Position Entry	+1,587	-	$352.00	1,587
Q2 2018	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+245,365	+3.0%	$179.93K	8,535,681
Q2 2018	WAT Waters Corporation	Waters Corporation	Buy	+34,203	+4.6%	$151.28K	781,463
Q2 2018	WDAY Workday, Inc.	Workday, Inc.	Buy - Position Entry	+3,234	-	$392.00	3,234