Brian Bares - Bares Capital Management Portfolio

Name: Investment Portfolio Data
License: https://creativecommons.org/licenses/by/4.0/

Period Date		Mar 31, 2025
Filing Date		May 15, 2025
Total Stocks		21
Portfolio Value		$851.86M

Bares Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2013Dec 31, 2013	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy	+346,961+57.5%	$40.12K	949,986
Q4 2013Dec 31, 2013	HEI-A Heico Corporation	Heico Corporation	Buy	+230,499+27.4%	$45.20K	1,073,083
Q4 2013Dec 31, 2013	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+3,834	$204.00	3,834
Q4 2013Dec 31, 2013	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+93+0.2%	$1.93K	46,891
Q4 2013Dec 31, 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-10-0.1%	$367.00	7,194
Q4 2013Dec 31, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-13-0.0%	$1.25K	28,201
Q4 2013Dec 31, 2013	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Sell	-22-0.1%	$933.00	16,156
Q4 2013Dec 31, 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-30-0.1%	$941.00	29,808
Q4 2013Dec 31, 2013	VGK Vanguard FTSEEuropean ETF	Vanguard FTSEEuropean ETF	Sell	-558-4.0%	$786.00	13,359
Q4 2013Dec 31, 2013	MIDD The Middleby Corporation	The Middleby Corporation	Sell	-988-0.3%	$81.08K	338,162
Q4 2013Dec 31, 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-1,125-8.8%	$927.00	11,622
Q4 2013Dec 31, 2013	WINA Winmark Corporation	Winmark Corporation	Sell	-2,430-0.3%	$77.21K	833,650
Q4 2013Dec 31, 2013	VTV Vanguard Value ETF	Vanguard Value ETF	Sell	-3,899-29.1%	$724.00	9,484
Q4 2013Dec 31, 2013	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell - Position Exit	-8,551-100.0%	$0.00	-
Q4 2013Dec 31, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-13,420-56.2%	$391.00	10,449
Q4 2013Dec 31, 2013	UTMD Utah Medical Products, Inc.	Utah Medical Products, Inc.	Sell	-22,905-5.4%	$22.80K	398,937
Q4 2013Dec 31, 2013	MASI Masimo Corporation	Masimo Corporation	Sell	-237,262-9.9%	$62.94K	2,153,144
Q4 2013Dec 31, 2013	APEI American Public Education, Inc.	American Public Education, Inc.	Sell - Position Exit	-1,775,604-100.0%	$0.00	-
Q3 2013Sep 30, 2013	XPO XPO, Inc.	XPO, Inc.	Buy	+1,162,604+62.8%	$65.31K	3,015,029
Q3 2013Sep 30, 2013	POST Post Holdings, Inc.	Post Holdings, Inc.	Buy	+883,024+140.7%	$60.98K	1,510,543
Q3 2013Sep 30, 2013	CRMT America's Car-Mart, Inc.	America's Car-Mart, Inc.	Buy - Position Entry	+603,025	$27.20K	603,025
Q3 2013Sep 30, 2013	CSWC Capital Southwest Corporation	Capital Southwest Corporation	Buy	+23,667+300.0%	$1.08K	31,556
Q3 2013Sep 30, 2013	VWO Vanguard FTSE Emerging Markets	Vanguard FTSE Emerging Markets	Buy	+21,533+85.2%	$1.88K	46,798
Q3 2013Sep 30, 2013	UGI UGI Corporation	UGI Corporation	Buy	+130+2.1%	$243.00	6,205
Q3 2013Sep 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-75-0.3%	$794.00	23,869
Q3 2013Sep 30, 2013	VCSH Vanguard Short-Term Corporate B	Vanguard Short-Term Corporate B	Sell	-77-0.6%	$1.01K	12,747
Q3 2013Sep 30, 2013	WY Weyerhaeuser Company	Weyerhaeuser Company	Sell	-128-0.4%	$854.00	29,838
Q3 2013Sep 30, 2013	EXPD Expeditors International of Was	Expeditors International of Was	Sell	-201-0.7%	$1.24K	28,214
Q3 2013Sep 30, 2013	WINA Winmark Corporation	Winmark Corporation	Sell	-220-0.0%	$61.61K	836,080
Q3 2013Sep 30, 2013	VMBS Vanguard Mortgage-Backed Securi	Vanguard Mortgage-Backed Securi	Sell	-302-4.0%	$371.00	7,204

Page 33 of 35 • 1031 total trades

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