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 2017Dec 31, 2017	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Sell - Position Exit	-294,477-100.0%	$0.00	-
Q3 2017Sep 30, 2017	BOX Box, Inc.	Box, Inc.	Buy	+588,875+10.1%	$123.48K	6,391,461
Q3 2017Sep 30, 2017	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+447,650+5.9%	$121.53K	8,091,563
Q3 2017Sep 30, 2017	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+97,099+2.2%	$205.47K	4,562,008
Q3 2017Sep 30, 2017	FAST Fastenal Company	Fastenal Company	Buy	+70,166+2.0%	$166.96K	3,662,915
Q3 2017Sep 30, 2017	FDS FactSet Research Systems Inc.	FactSet Research Systems Inc.	Buy	+59,249+9.7%	$121.08K	672,267
Q3 2017Sep 30, 2017	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+46,294+8.4%	$160.95K	600,005
Q3 2017Sep 30, 2017	IT Gartner, Inc.	Gartner, Inc.	Buy	+42,195+3.8%	$141.69K	1,138,918
Q3 2017Sep 30, 2017	MKL Markel Group Inc.	Markel Group Inc.	Buy	+7,964+6.8%	$133.66K	125,152
Q3 2017Sep 30, 2017	WAT Waters Corporation	Waters Corporation	Buy	+4,663+0.6%	$130.86K	728,948
Q3 2017Sep 30, 2017	TWLO Twilio Inc.	Twilio Inc.	Buy	+3,972+0.2%	$56.07K	1,878,406
Q3 2017Sep 30, 2017	ANSS ANSYS, Inc.	ANSYS, Inc.	Sell	-3,238-0.3%	$128.96K	1,050,732
Q3 2017Sep 30, 2017	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell	-79,144-2.8%	$122.07K	2,701,886
Q3 2017Sep 30, 2017	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Sell	-469,037-61.4%	$12.11K	294,477
Q3 2017Sep 30, 2017	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell - Position Exit	-1,112,394-100.0%	$0.00	-
Q2 2017Jun 30, 2017	TWLO Twilio Inc.	Twilio Inc.	Buy - Position Entry	+1,874,434	$54.56K	1,874,434
Q2 2017Jun 30, 2017	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Buy	+456,009+19.6%	$104.65K	2,781,030
Q2 2017Jun 30, 2017	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy	+450,304+11.2%	$167.08K	4,464,909
Q2 2017Jun 30, 2017	FAST Fastenal Company	Fastenal Company	Buy	+352,844+10.9%	$156.39K	3,592,749
Q2 2017Jun 30, 2017	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+38,537+0.5%	$154.10K	7,643,913
Q2 2017Jun 30, 2017	ANSS ANSYS, Inc.	ANSYS, Inc.	Buy	+10,003+1.0%	$128.25K	1,053,970
Q2 2017Jun 30, 2017	IT Gartner, Inc.	Gartner, Inc.	Buy	+5,271+0.5%	$135.46K	1,096,723
Q2 2017Jun 30, 2017	WAT Waters Corporation	Waters Corporation	Buy	+3,461+0.5%	$133.15K	724,285
Q2 2017Jun 30, 2017	FDS FactSet Research Systems Inc.	FactSet Research Systems Inc.	Buy	+3,109+0.5%	$101.87K	613,018
Q2 2017Jun 30, 2017	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Buy	+2,517+0.5%	$145.96K	553,711
Q2 2017Jun 30, 2017	MKL Markel Group Inc.	Markel Group Inc.	Buy	+606+0.5%	$114.36K	117,188
Q2 2017Jun 30, 2017	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Sell	-46,064-5.7%	$29.70K	763,514
Q2 2017Jun 30, 2017	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-109,596-9.0%	$93.85K	1,112,394
Q2 2017Jun 30, 2017	BOX Box, Inc.	Box, Inc.	Sell	-123,464-2.1%	$105.84K	5,802,586
Q1 2017Mar 31, 2017	UA Under Armour, Inc.	Under Armour, Inc.	Buy	+3,271,535+75.5%	$139.18K	7,605,376

Page 25 of 36 • 1069 total trades

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