Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 14, 2025, the Bares Capital Management portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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 Q2 2025, the filing reported:

New Buys - APi Group Corporation, Ferguson Enterprises Inc., The Middleby Corporation

Increases - Brown & Brown, Inc., CoStar Group, Inc., Interactive Brokers Group, Inc., Medpace Holdings, Inc., Pegasystems Inc., and 1 more

Reductions - Align Technology, Inc., Etsy, Inc., StoneX Group Inc., Block, Inc., Veeva Systems Inc., and 2 more

Complete Exits - Danaher Corporation, Kadant 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 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
Q2 2025	WDAY Workday, Inc.	Workday, Inc.	Sell	-37,998	-6.7%	$127.88M	532,835
Q2 2025	WSO Watsco, Inc.	Watsco, Inc.	Buy	+12	+36.4%	$19.87K	45