Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q3 2013)

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 Sep 30, 2013. 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 Q3 2013, the filing reported:

New Buys - America's Car-Mart, Inc.

Increases - Brookfield Asset Management Ltd., Capital Southwest Corporation, White Mountains, Post Holdings, Inc., UGI Corporation, and 2 more

Reductions - American Public Education, Inc., SPDR Bloomberg International Tr, Expeditors International of Was, Heico Corporation, Masimo Corporation, and 10 more

Complete Exits - None reported

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
Q3 2013	APEI American Public Education, Inc.	American Public Education, Inc.	Sell	-921,352	-34.2%	$67.09K	1,775,604
Q3 2013	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+874	+1.9%	$1.80K	48,089
Q3 2013	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-752	-4.4%	$944.00	16,178
Q3 2013	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy - Position Entry	+603,025	-	$27.20K	603,025
Q3 2013	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+23,667	+300.0%	$1.08K	31,556
Q3 2013	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-201	-0.7%	$1.24K	28,214
Q3 2013	G9618E107 White Mountains	White Mountains	Buy	+27	+1.9%	$832.00	1,465
Q3 2013	HEI-A Heico Corporation	Heico Corporation	Sell	-1,256	-0.1%	$42.24K	842,584
Q3 2013	MASI Masimo Corporation	Masimo Corporation	Sell	-647,065	-21.3%	$63.68K	2,390,406
Q3 2013	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-10,487	-3.0%	$70.81K	339,150
Q3 2013	MORN Morningstar, Inc.	Morningstar, Inc.	Sell	-156,372	-89.0%	$1.53K	19,315
Q3 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-75	-0.3%	$794.00	23,869
Q3 2013	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy	+883,024	+140.7%	$60.98K	1,510,543
Q3 2013	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Sell	-1,034	-0.1%	$12.84K	1,631,829
Q3 2013	UGI UGI Corporation	UGI Corporation	Buy	+130	+2.1%	$243.00	6,205
Q3 2013	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-573	-0.1%	$25.07K	421,842
Q3 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-77	-0.6%	$1.01K	12,747
Q3 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-302	-4.0%	$371.00	7,204
Q3 2013	VTV Vanguard Value ETF	Vanguard Value ETF	Sell	-371	-2.7%	$934.00	13,383
Q3 2013	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+21,533	+85.2%	$1.88K	46,798
Q3 2013	WINA Winmark Corporation	Winmark Corporation	Sell	-220	-0.0%	$61.61K	836,080
Q3 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-128	-0.4%	$854.00	29,838
Q3 2013	XPO XPO, Inc.	XPO, Inc.	Buy	+1,162,604	+62.8%	$65.31K	3,015,029