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
Q3 2020Sep 30, 2020	WDAY Workday, Inc.	Workday, Inc.	Sell	-94,052-3.3%	$592.72K	2,755,186
Q3 2020Sep 30, 2020	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-198,683-3.5%	$266.43K	5,512,620
Q3 2020Sep 30, 2020	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-227,205-16.2%	$384.47K	1,174,452
Q3 2020Sep 30, 2020	W Wayfair Inc.	Wayfair Inc.	Sell	-413,096-13.8%	$749.92K	2,576,946
Q3 2020Sep 30, 2020	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-485,174-27.5%	$13.43K	1,277,820
Q3 2020Sep 30, 2020	ZUO Zuora, Inc.	Zuora, Inc.	Sell	-503,250-48.2%	$5.59K	540,884
Q3 2020Sep 30, 2020	SQ Block, Inc.	Block, Inc.	Sell	-554,152-8.9%	$925.27K	5,692,211
Q3 2020Sep 30, 2020	BOX Box, Inc.	Box, Inc.	Sell	-646,418-45.1%	$13.66K	786,793
Q2 2020Jun 30, 2020	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy	+677,306+16.8%	$477.17K	4,716,487
Q2 2020Jun 30, 2020	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+22,916+5.8%	$32.90K	416,726
Q2 2020Jun 30, 2020	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-5,601-1.5%	$264.23K	371,810
Q2 2020Jun 30, 2020	TWLO Twilio Inc.	Twilio Inc.	Sell	-7,000-2.5%	$59.12K	269,438
Q2 2020Jun 30, 2020	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Sell	-24,450-22.2%	$29.78K	85,840
Q2 2020Jun 30, 2020	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-44,000-8.9%	$50.05K	451,544
Q2 2020Jun 30, 2020	G2143T103 Cimpress	Cimpress	Sell	-81,309-61.2%	$3.94K	51,606
Q2 2020Jun 30, 2020	ATRO Astronics Corporation	Astronics Corporation	Sell	-97,682-34.6%	$1.95K	184,940
Q2 2020Jun 30, 2020	IT Gartner, Inc.	Gartner, Inc.	Sell	-105,645-4.2%	$293.41K	2,418,294
Q2 2020Jun 30, 2020	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-146,251-9.4%	$384.67K	1,401,657
Q2 2020Jun 30, 2020	WDAY Workday, Inc.	Workday, Inc.	Sell	-182,427-6.0%	$533.83K	2,849,238
Q2 2020Jun 30, 2020	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell	-214,772-63.9%	$9.64K	121,438
Q2 2020Jun 30, 2020	PD PagerDuty, Inc.	PagerDuty, Inc.	Sell	-246,057-44.0%	$8.97K	313,516
Q2 2020Jun 30, 2020	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-368,809-6.1%	$238.56K	5,711,303
Q2 2020Jun 30, 2020	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-551,919-54.5%	$29.84K	460,431
Q2 2020Jun 30, 2020	SQ Block, Inc.	Block, Inc.	Sell	-1,012,667-14.0%	$655.49K	6,246,363
Q2 2020Jun 30, 2020	ZUO Zuora, Inc.	Zuora, Inc.	Sell	-1,401,547-57.3%	$13.31K	1,044,134
Q2 2020Jun 30, 2020	W Wayfair Inc.	Wayfair Inc.	Sell	-1,768,933-37.2%	$590.86K	2,990,042
Q2 2020Jun 30, 2020	BOX Box, Inc.	Box, Inc.	Sell	-2,065,391-59.0%	$29.75K	1,433,211
Q2 2020Jun 30, 2020	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-5,039,914-74.1%	$19.13K	1,762,994
Q2 2020Jun 30, 2020	UA Under Armour, Inc.	Under Armour, Inc.	Sell - Position Exit	-9,038,426-100.0%	$0.00	-
Q1 2020Mar 31, 2020	SQ Block, Inc.	Block, Inc.	Buy	+2,073,081+40.0%	$380.23K	7,259,030

Page 18 of 36 • 1069 total trades

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