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
Q4 2019Dec 31, 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+35,401+0.5%	$348.42K	7,473,615
Q4 2019Dec 31, 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Buy	+34,843+11.4%	$37.37K	340,444
Q4 2019Dec 31, 2019	MIDD The Middleby Corporation	The Middleby Corporation	Buy	+14,526+4.6%	$36.49K	333,221
Q4 2019Dec 31, 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+4,257+1.2%	$219.82K	367,411
Q4 2019Dec 31, 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Buy	+1,452+1.1%	$38.90K	129,657
Q4 2019Dec 31, 2019	ELF e.l.f. Beauty, Inc.	e.l.f. Beauty, Inc.	Sell - Position Exit	-11,052-100.0%	$0.00	-
Q4 2019Dec 31, 2019	UA Under Armour, Inc.	Under Armour, Inc.	Sell	-15,026-0.1%	$197.90K	10,318,273
Q4 2019Dec 31, 2019	IT Gartner, Inc.	Gartner, Inc.	Sell	-22,690-0.9%	$370.44K	2,403,892
Q4 2019Dec 31, 2019	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell	-272,440-18.8%	$74.20K	1,174,963
Q4 2019Dec 31, 2019	BOX Box, Inc.	Box, Inc.	Sell	-514,671-8.0%	$99.72K	5,942,871
Q4 2019Dec 31, 2019	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-1,415,548-11.3%	$129.52K	11,088,703
Q4 2019Dec 31, 2019	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Sell	-3,771,309-84.7%	$20.68K	680,611
Q4 2019Dec 31, 2019	FAST Fastenal Company	Fastenal Company	Sell	-5,993,892-86.9%	$33.36K	902,881
Q3 2019Sep 30, 2019	SQ Block, Inc.	Block, Inc.	Buy	+1,247,773+34.5%	$301.36K	4,864,538
Q3 2019Sep 30, 2019	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy	+944,240+896.9%	$189.88K	1,049,513
Q3 2019Sep 30, 2019	W Wayfair Inc.	Wayfair Inc.	Buy	+738,116+44.4%	$269.25K	2,401,442
Q3 2019Sep 30, 2019	PEGA Pegasystems Inc.	Pegasystems Inc.	Buy - Position Entry	+461,363	$31.40K	461,363
Q3 2019Sep 30, 2019	ZUO Zuora, Inc.	Zuora, Inc.	Buy	+298,011+12.3%	$40.92K	2,718,747
Q3 2019Sep 30, 2019	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+289,419+2.9%	$187.34K	10,333,299
Q3 2019Sep 30, 2019	WDAY Workday, Inc.	Workday, Inc.	Buy	+214,493+11.7%	$348.10K	2,048,145
Q3 2019Sep 30, 2019	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+194,290+2.7%	$400.03K	7,438,214
Q3 2019Sep 30, 2019	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+114,222+2.6%	$172.20K	4,451,920
Q3 2019Sep 30, 2019	IT Gartner, Inc.	Gartner, Inc.	Buy	+67,397+2.9%	$346.98K	2,426,582
Q3 2019Sep 30, 2019	TYL Tyler Technologies, Inc.	Tyler Technologies, Inc.	Sell	-5,200-3.9%	$33.65K	128,205
Q3 2019Sep 30, 2019	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-7,000-2.2%	$32.20K	305,601
Q3 2019Sep 30, 2019	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-100,956-24.1%	$37.26K	318,695
Q3 2019Sep 30, 2019	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell - Position Exit	-141,554-100.0%	$0.00	-
Q3 2019Sep 30, 2019	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-171,596-32.1%	$215.42K	363,154
Q3 2019Sep 30, 2019	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-257,788-17.7%	$56.09K	1,202,590
Q3 2019Sep 30, 2019	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell	-425,409-22.7%	$75.77K	1,447,403

Page 20 of 36 • 1069 total trades

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