Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q3 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 Sep 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 Q3 2014, the filing reported:

New Buys - Papa John's International, Inc., Special Opportunities Fund, Inc, Vanguard FTSE All-Wld ex-US SmC

Increases - Brookfield Asset Management Ltd., Capital Southwest Corporation, Expeditors International of Was, White Mountains, Heico Corporation, and 2 more

Reductions - Automatic Data Processing, Inc., American Express Company, Berkshire Hathaway Inc. New, SPDR Bloomberg International Tr, America's Car-Mart, Inc., and 8 more

Complete Exits - Exelon Corporation, Graham Corporation, Mesa Laboratories, Inc., Omega Flex, Inc., Tandy Leather Factory, Inc., and 4 more

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 2014	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-6	-0.1%	$809.00	9,738
Q3 2014	AXP American Express Company	American Express Company	Sell	-75	-0.8%	$791.00	9,032
Q3 2014	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Buy	+6,035	+12.4%	$2.46K	54,660
Q3 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-1,887	-11.4%	$2.02K	14,625
Q3 2014	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-1,954	-13.4%	$725.00	12,639
Q3 2014	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Sell	-872	-0.1%	$49.62K	1,253,425
Q3 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+7,108	+23.1%	$1.35K	37,892
Q3 2014	EMR Emerson Electric Company	Emerson Electric Company	Sell	-6	-0.1%	$482.00	7,705
Q3 2014	EXC Exelon Corporation	Exelon Corporation	Sell - Position Exit	-5,738	-100.0%	$0.00	-
Q3 2014	EXPD Expeditors International of Was	Expeditors International of Was	Buy	+7,280	+26.0%	$1.43K	35,248
Q3 2014	G9618E107 White Mountains	White Mountains	Buy	+577	+30.0%	$1.58K	2,503
Q3 2014	GHM Graham Corporation	Graham Corporation	Sell - Position Exit	-584,674	-100.0%	$0.00	-
Q3 2014	HEI-A Heico Corporation	Heico Corporation	Buy	+459,270	+32.0%	$76.41K	1,895,941
Q3 2014	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-35,180	-3.3%	$90.15K	1,022,890
Q3 2014	MLAB Mesa Laboratories, Inc.	Mesa Laboratories, Inc.	Sell - Position Exit	-161,758	-100.0%	$0.00	-
Q3 2014	MORN Morningstar, Inc.	Morningstar, Inc.	Sell	-2,620	-13.6%	$1.13K	16,695
Q3 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-9	-0.1%	$484.00	10,440
Q3 2014	OFLX Omega Flex, Inc.	Omega Flex, Inc.	Sell - Position Exit	-554,640	-100.0%	$0.00	-
Q3 2014	POST Post Holdings, Inc.	Post Holdings, Inc.	Sell	-2,424,656	-98.2%	$1.46K	44,040
Q3 2014	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy - Position Entry	+829,791	-	$33.18K	829,791
Q3 2014	SPE Special Opportunities Fund, Inc	Special Opportunities Fund, Inc	Buy - Position Entry	+72,383	-	$1.21K	72,383
Q3 2014	TLF Tandy Leather Factory, Inc.	Tandy Leather Factory, Inc.	Sell - Position Exit	-1,012,182	-100.0%	$0.00	-
Q3 2014	UGI UGI Corporation	UGI Corporation	Buy	+3,043	+49.1%	$315.00	9,240
Q3 2014	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell - Position Exit	-303,667	-100.0%	$0.00	-
Q3 2014	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-1,642	-16.2%	$680.00	8,518
Q3 2014	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-1,520	-26.6%	$221.00	4,196
Q3 2014	VSS Vanguard FTSE All-Wld ex-US SmC	Vanguard FTSE All-Wld ex-US SmC	Buy - Position Entry	+5,067	-	$517.00	5,067
Q3 2014	VTV Vanguard Value ETF	Vanguard Value ETF	Sell - Position Exit	-9,231	-100.0%	$0.00	-
Q3 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+3,942	+7.2%	$2.44K	58,493
Q3 2014	WINA Winmark Corporation	Winmark Corporation	Sell - Position Exit	-497,975	-100.0%	$0.00	-

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