Brian Bares - Bares Capital Management 13F Activity & Position Changes (Q4 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 Dec 31, 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 Q4 2014, the filing reported:

New Buys - Bristol-Myers Squibb Company, Exelon Corporation, Kinder Morgan, Inc.

Increases - Heico Corporation, Special Opportunities Fund, Inc, Vanguard FTSE Emerging Markets

Reductions - Brookfield Asset Management Ltd., Berkshire Hathaway Inc. New, America's Car-Mart, Inc., Capital Southwest Corporation, Expeditors International of Was, and 5 more

Complete Exits - Papa John's International, 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 2014	BAM Brookfield Asset Management Ltd.	Brookfield Asset Management Ltd.	Sell	-1	-0.0%	$2.74K	54,659
Q4 2014	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+3,834	-	$226.00	3,834
Q4 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-92	-0.6%	$2.18K	14,533
Q4 2014	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Sell	-43,208	-3.4%	$64.60K	1,210,217
Q4 2014	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Sell	-1,610	-4.2%	$1.38K	36,282
Q4 2014	EXC Exelon Corporation	Exelon Corporation	Buy - Position Entry	+5,725	-	$212.00	5,725
Q4 2014	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-102	-0.3%	$1.57K	35,146
Q4 2014	HEI-A Heico Corporation	Heico Corporation	Buy	+109,720	+5.8%	$94.99K	2,005,661
Q4 2014	KMI Kinder Morgan, Inc.	Kinder Morgan, Inc.	Buy - Position Entry	+46,378	-	$1.96K	46,378
Q4 2014	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-436,770	-42.7%	$58.08K	586,120
Q4 2014	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell - Position Exit	-829,791	-100.0%	$0.00	-
Q4 2014	SPE Special Opportunities Fund, Inc	Special Opportunities Fund, Inc	Buy	+52,257	+72.2%	$1.92K	124,640
Q4 2014	UGI UGI Corporation	UGI Corporation	Sell	-1	-0.0%	$351.00	9,239
Q4 2014	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-75	-0.9%	$672.00	8,443
Q4 2014	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-29	-0.7%	$221.00	4,167
Q4 2014	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+779	+1.3%	$2.37K	59,272
Q4 2014	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-1,497	-5.2%	$970.00	27,023