Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q3 2019)

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, 2019. 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 2019, the filing reported:

New Buys - Pegasystems Inc.

Increases - Align Technology, Inc., Interactive Brokers Group, Inc., Gartner, Inc., Block, Inc., TripAdvisor, Inc., and 4 more

Reductions - Alarm.com Holdings, Inc., Box, Inc., CoStar Group, Inc., e.l.f. Beauty, Inc., Element Solutions Inc., and 5 more

Complete Exits - ANSYS, 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
Q3 2019	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+944,240	+896.9%	$189.88K	1,049,513
Q3 2019	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-257,788	-17.7%	$56.09K	1,202,590
Q3 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell - Position Exit	-141,554	-100.0%	$0.00	-
Q3 2019	BOX Box, Inc.	Box, Inc.	Sell	-2,043,980	-24.0%	$106.94K	6,457,542
Q3 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-171,596	-32.1%	$215.42K	363,154
Q3 2019	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Sell	-2,172,221	-99.5%	$194.00	11,052
Q3 2019	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-3,867,196	-23.6%	$127.29K	12,504,251
Q3 2019	FAST Fastenal Company	Fastenal Company	Sell	-1,780,325	-20.5%	$225.32K	6,896,773
Q3 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-7,000	-2.2%	$32.20K	305,601
Q3 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+194,290	+2.7%	$400.03K	7,438,214
Q3 2019	IT Gartner, Inc.	Gartner, Inc.	Buy	+67,397	+2.9%	$346.98K	2,426,582
Q3 2019	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-100,956	-24.1%	$37.26K	318,695
Q3 2019	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy - Position Entry	+461,363	-	$31.40K	461,363
Q3 2019	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell	-425,409	-22.7%	$75.77K	1,447,403
Q3 2019	SQ Block, Inc.	Block, Inc.	Buy	+1,247,773	+34.5%	$301.36K	4,864,538
Q3 2019	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+114,222	+2.6%	$172.20K	4,451,920
Q3 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Sell	-5,200	-3.9%	$33.65K	128,205
Q3 2019	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+289,419	+2.9%	$187.34K	10,333,299
Q3 2019	W Wayfair Inc.	Wayfair Inc.	Buy	+738,116	+44.4%	$269.25K	2,401,442
Q3 2019	WDAY Workday, Inc.	Workday, Inc.	Buy	+214,493	+11.7%	$348.10K	2,048,145
Q3 2019	ZUO Zuora, Inc.	Zuora, Inc.	Buy	+298,011	+12.3%	$40.92K	2,718,747