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 2023Jun 30, 2023	SQ Block, Inc.	Block, Inc.	Buy	+325,646+8.0%	$292.11M	4,388,049
Q2 2023Jun 30, 2023	FC Franklin Covey Company	Franklin Covey Company	Buy	+133,401+48.9%	$17.75M	406,461
Q2 2023Jun 30, 2023	TFIN Triumph Financial, Inc.	Triumph Financial, Inc.	Buy - Position Entry	+79,166	$4.81M	79,166
Q2 2023Jun 30, 2023	PLNT Planet Fitness, Inc.	Planet Fitness, Inc.	Buy	+72,031+3.7%	$134.81M	1,998,888
Q2 2023Jun 30, 2023	SNEX StoneX Group Inc.	StoneX Group Inc.	Buy	+46,000+40.4%	$13.29M	160,000
Q2 2023Jun 30, 2023	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Buy	+35,398+5.6%	$34.52M	668,050
Q2 2023Jun 30, 2023	OLO Olo Inc.	Olo Inc.	Buy	+7,875+0.4%	$14.04M	2,173,299
Q2 2023Jun 30, 2023	PD PagerDuty, Inc.	PagerDuty, Inc.	Buy	+7,650+1.7%	$10.51M	467,590
Q2 2023Jun 30, 2023	W Wayfair Inc.	Wayfair Inc.	Sell	-200-0.0%	$147.49M	2,268,735
Q2 2023Jun 30, 2023	XPEL XPEL, Inc.	XPEL, Inc.	Sell	-5,745-0.9%	$54.22M	643,848
Q2 2023Jun 30, 2023	GWRE Guidewire Software, Inc.	Guidewire Software, Inc.	Sell	-6,000-2.6%	$17.24M	226,664
Q2 2023Jun 30, 2023	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell	-8,431-0.4%	$186.24M	2,092,627
Q2 2023Jun 30, 2023	G2143T103 Cimpress	Cimpress	Sell	-10,000-3.4%	$16.71M	280,913
Q2 2023Jun 30, 2023	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Sell	-25,372-1.0%	$213.60M	2,571,299
Q2 2023Jun 30, 2023	IRMD iRadimed Corporation	iRadimed Corporation	Sell	-40,000-12.6%	$13.22M	277,000
Q2 2023Jun 30, 2023	AGYS Agilysys, Inc.	Agilysys, Inc.	Sell	-40,000-12.9%	$18.53M	270,000
Q2 2023Jun 30, 2023	PZZA Papa John's International, Inc.	Papa John's International, Inc.	Sell	-59,000-33.7%	$8.56M	116,000
Q2 2023Jun 30, 2023	ONTO Onto Innovation Inc.	Onto Innovation Inc.	Sell	-75,000-35.4%	$15.96M	137,000
Q2 2023Jun 30, 2023	EVTC Evertec, Inc.	Evertec, Inc.	Sell	-95,000-21.8%	$12.52M	340,000
Q2 2023Jun 30, 2023	ESI Element Solutions Inc.	Element Solutions Inc.	Sell	-95,000-10.5%	$15.51M	807,664
Q2 2023Jun 30, 2023	M5425M103 InMode	InMode	Sell	-100,000-43.5%	$4.86M	130,000
Q2 2023Jun 30, 2023	WDAY Workday, Inc.	Workday, Inc.	Sell	-121,223-5.4%	$476.20M	2,108,127
Q2 2023Jun 30, 2023	ZUO Zuora, Inc.	Zuora, Inc.	Sell	-148,947-14.2%	$9.87M	900,000
Q2 2023Jun 30, 2023	ATRO Astronics Corporation	Astronics Corporation	Sell	-182,676-20.0%	$14.51M	730,618
Q2 2023Jun 30, 2023	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell	-300,715-35.3%	$194.73M	550,636
Q2 2023Jun 30, 2023	RDFN Redfin Corporation	Redfin Corporation	Sell	-750,491-4.2%	$215.16M	17,323,280
Q1 2023Mar 31, 2023	ETSY Etsy, Inc.	Etsy, Inc.	Buy	+521,260+35.1%	$223.14M	2,004,303
Q1 2023Mar 31, 2023	UPWK Upwork Inc.	Upwork Inc.	Buy	+300,000+60.0%	$9.06M	800,000
Q1 2023Mar 31, 2023	SSTI SoundThinking, Inc.	SoundThinking, Inc.	Buy - Position Entry	+246,689	$9.70M	246,689
Q1 2023Mar 31, 2023	WOW WideOpenWest, Inc.	WideOpenWest, Inc.	Buy	+172,000+13.7%	$15.20M	1,430,000

Page 8 of 36 • 1069 total trades

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