Brian Bares – Bares Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Bares Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. 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 Q2 2025, the filing reported:

New Buys – The Middleby Corporation (MIDD), APi Group Corporation (APG), Ferguson Enterprises Inc. (FERG)

Increases – Interactive Brokers Group, Inc. (IBKR), Pegasystems Inc. (PEGA), Medpace Holdings, Inc. (MEDP), CoStar Group, Inc. (CSGP), Brown & Brown, Inc. (BRO), and 1 more

Reductions – StoneX Group Inc. (SNEX), Veeva Systems Inc. (VEEV), Align Technology, Inc. (ALGN), Workday, Inc. (WDAY), Wayfair Inc. (W), and 2 more

Complete Exits – Kadant Inc (KAI), Danaher Corporation (DHR)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Bares Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2022Jun 30, 2022	W Wayfair Inc.	Wayfair Inc.	Buy	+362,256+8.0%	$214.06K	4,914,119
Q2 2022Jun 30, 2022	ATRO Astronics Corporation	Astronics Corporation	Buy	+319,303+21.8%	$18.13K	1,782,899
Q2 2022Jun 30, 2022	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+279,461+68.0%	$163.36K	690,233
Q2 2022Jun 30, 2022	ETSY Etsy, Inc.	Etsy, Inc.	Buy	+266,000+47.5%	$60.51K	826,553
Q2 2022Jun 30, 2022	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy	+212,729+4.2%	$252.78K	5,283,814
Q2 2022Jun 30, 2022	FC Franklin Covey Company	Franklin Covey Company	Buy - Position Entry	+150,000	$6.93K	150,000
Q2 2022Jun 30, 2022	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+141,490+6.7%	$136.74K	2,263,516
Q2 2022Jun 30, 2022	UPWK Upwork Inc.	Upwork Inc.	Buy - Position Entry	+130,800	$2.71K	130,800
Q2 2022Jun 30, 2022	TWLO Twilio Inc.	Twilio Inc.	Buy	+115,000+63.8%	$24.75K	295,322
Q2 2022Jun 30, 2022	XPEL XPEL, Inc.	XPEL, Inc.	Buy	+99,822+11.0%	$46.08K	1,003,354
Q2 2022Jun 30, 2022	IRMD iRadimed Corporation	iRadimed Corporation	Buy	+67,454+109.2%	$4.39K	129,240
Q2 2022Jun 30, 2022	WDAY Workday, Inc.	Workday, Inc.	Buy	+62,580+2.7%	$335.59K	2,404,273
Q2 2022Jun 30, 2022	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Buy	+50,000+39.5%	$14.75K	176,600
Q2 2022Jun 30, 2022	AGYS Agilysys, Inc.	Agilysys, Inc.	Buy	+50,000+9.0%	$28.57K	604,500
Q2 2022Jun 30, 2022	ZUO Zuora, Inc.	Zuora, Inc.	Buy	+47,055+2.1%	$20.19K	2,255,748
Q2 2022Jun 30, 2022	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Buy	+26,802+3.2%	$53.74K	868,726
Q2 2022Jun 30, 2022	G2143T103 Cimpress	Cimpress	Buy	+25,333+5.6%	$18.50K	475,439
Q2 2022Jun 30, 2022	WOW WideOpenWest, Inc.	WideOpenWest, Inc.	Buy	+25,000+3.4%	$13.80K	758,000
Q2 2022Jun 30, 2022	ONTO Onto Innovation Inc.	Onto Innovation Inc.	Buy	+25,000+14.1%	$14.14K	202,700
Q2 2022Jun 30, 2022	EVTC Evertec, Inc.	Evertec, Inc.	Buy	+25,000+7.0%	$14.02K	380,200
Q2 2022Jun 30, 2022	ESI Element Solutions Inc.	Element Solutions Inc.	Buy	+10,138+0.9%	$20.50K	1,151,744
Q2 2022Jun 30, 2022	HCAT Health Catalyst, Inc	Health Catalyst, Inc	Buy	+9,553+3.9%	$3.66K	252,400
Q2 2022Jun 30, 2022	PD PagerDuty, Inc.	PagerDuty, Inc.	Sell	-5,024-0.3%	$43.85K	1,769,758
Q2 2022Jun 30, 2022	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-10,000-3.5%	$19.57K	275,715
Q2 2022Jun 30, 2022	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-777,671-19.4%	$177.31K	3,223,240
Q2 2022Jun 30, 2022	SFIX Stitch Fix, Inc.	Stitch Fix, Inc.	Sell - Position Exit	-1,933,713-100.0%	$0.00	-
Q1 2022Mar 31, 2022	RDFN Redfin Corporation	Redfin Corporation	Buy	+6,279,550+48.9%	$345.08K	19,128,438
Q1 2022Mar 31, 2022	SQ Block, Inc.	Block, Inc.	Buy	+1,844,365+42.2%	$842.19K	6,210,870
Q1 2022Mar 31, 2022	W Wayfair Inc.	Wayfair Inc.	Buy	+1,649,230+56.8%	$504.25K	4,551,863
Q1 2022Mar 31, 2022	TDUP ThredUp Inc.	ThredUp Inc.	Buy - Position Entry	+1,012,114	$7.79K	1,012,114

Page 12 of 36 • 1069 total trades

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