Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2013, the filing reported:

New Buys - Bristol-Myers Squibb Company

Increases - America's Car-Mart, Inc., Heico Corporation, Post Holdings, Inc., Vanguard FTSE Emerging Markets , XPO, Inc.

Reductions - Brookfield Asset Management Ltd., SPDR Bloomberg International Tr, Expeditors International of Was, Masimo Corporation, The Middleby Corporation, and 8 more

Complete Exits - American Public Education, Inc., Zimmer Biomet Holdings, 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
Q4 2013	APEI American Public Education, Inc.	American Public Education, Inc.	Sell - Position Exit	-1,775,604	-100.0%	$0.00	-
Q4 2013	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-43	-0.1%	$1.87K	48,046
Q4 2013	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+3,834	-	$204.00	3,834
Q4 2013	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-22	-0.1%	$933.00	16,156
Q4 2013	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy	+346,961	+57.5%	$40.12K	949,986
Q4 2013	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-13	-0.0%	$1.25K	28,201
Q4 2013	HEI-A Heico Corporation	Heico Corporation	Buy	+230,499	+27.4%	$45.20K	1,073,083
Q4 2013	MASI Masimo Corporation	Masimo Corporation	Sell	-237,262	-9.9%	$62.94K	2,153,144
Q4 2013	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-988	-0.3%	$81.08K	338,162
Q4 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-13,420	-56.2%	$391.00	10,449
Q4 2013	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy	+716,832	+47.5%	$109.75K	2,227,375
Q4 2013	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-22,905	-5.4%	$22.80K	398,937
Q4 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-1,125	-8.8%	$927.00	11,622
Q4 2013	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-558	-4.0%	$786.00	13,359
Q4 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-10	-0.1%	$367.00	7,194
Q4 2013	VTV Vanguard Value ETF	Vanguard Value ETF	Sell	-3,899	-29.1%	$724.00	9,484
Q4 2013	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+93	+0.2%	$1.93K	46,891
Q4 2013	WINA Winmark Corporation	Winmark Corporation	Sell	-2,430	-0.3%	$77.21K	833,650
Q4 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-30	-0.1%	$941.00	29,808
Q4 2013	XPO XPO, Inc.	XPO, Inc.	Buy	+530,949	+17.6%	$93.22K	3,545,978
Q4 2013	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell - Position Exit	-8,551	-100.0%	$0.00	-