Brian Bares - Bares Capital Management Portfolio Position Sizes (Q3 2025)

According to the SEC 13F filed on Nov 14, 2025, the Bares Capital Management portfolio balances reported a total equity value of $1.08B across 24 publicly traded holdings as of quarter-end Sep 30, 2025.

The portfolio balances highlight Pegasystems Inc (PEGA) as the single largest position, accounting for 17.9% of total equity value, followed by Block Inc (SQ), Workday Inc. (WDAY), Interactive Brokers Group Inc (IBKR), and others. Collectively, the top five holdings represent 67.0% of the portfolio, showing how capital is distributed among core positions and long-term investments.