Brian Bares - Bares Capital Management Portfolio
| Period Date | Mar 31, 2025 | |
| Filing Date | May 15, 2025 | |
| Total Stocks | 21 | |
| Portfolio Value | $851.86M |
Bares Capital Management Strategy Analysis
Investment Strategy Metrics
Key metrics revealing investment style, risk management, and performance characteristics
| Metric | Value | Category | Description |
|---|---|---|---|
| Holding Period | 1.8 years | Style | Average duration positions are maintained |
| Position Count | 34 | Style | Number of active positions in portfolio |
| Position Size | 4.3% | Risk | Typical allocation per position |
| Win Rate | 47.6% | Performance | Percentage of profitable positions |
| Average Return | 191.8% | Performance | Mean return across positions |
| Sharpe Ratio | 0.07 | Performance | Return per unit of risk taken |
Investment Case Study: Interactive Brokers Group Inc (IBKR)
12/31/2015 - 8/4/2025
Performance Metrics
Total Return: 110,233.91%
Holding Period: 3504 days
Max Position Size: $313,919,734.00
Position Weight: 9.05%
Key Events
12/31/2015: INCREASE(477,834.00 shares) @ $0.04
3/31/2016: INCREASE(838,060.00 shares) @ $0.04
6/30/2016: INCREASE(375,941.00 shares) @ $0.04
9/30/2016: INCREASE(576,581.00 shares) @ $0.04
12/31/2016: INCREASE(33,388.00 shares) @ $0.04
3/31/2017: INCREASE(788,086.00 shares) @ $0.03
6/30/2017: INCREASE(450,304.00 shares) @ $0.04
9/30/2017: INCREASE(97,099.00 shares) @ $0.05
12/31/2017: INCREASE(280,574.00 shares) @ $0.06
3/31/2018: INCREASE(9,435.00 shares) @ $0.07
6/30/2018: INCREASE(192,120.00 shares) @ $0.06
9/30/2018: INCREASE(814,046.00 shares) @ $0.06
12/31/2018: INCREASE(1,071,288.00 shares) @ $0.05
3/31/2019: INCREASE(255,098.00 shares) @ $0.05
6/30/2019: INCREASE(59,355.00 shares) @ $0.05
9/30/2019: INCREASE(194,290.00 shares) @ $0.05
12/31/2019: INCREASE(35,401.00 shares) @ $0.05
3/31/2020: DECREASE(-1,393,503.00 shares) @ $0.04
6/30/2020: DECREASE(-368,809.00 shares) @ $0.04
9/30/2020: DECREASE(-198,683.00 shares) @ $0.05
12/31/2020: DECREASE(-16,065.00 shares) @ $0.06
3/31/2021: DECREASE(-56,600.00 shares) @ $0.07
6/30/2021: DECREASE(-342,156.00 shares) @ $0.07
9/30/2021: INCREASE(91,395.00 shares) @ $0.06
12/31/2021: DECREASE(-1,883.00 shares) @ $0.08
3/31/2022: DECREASE(-1,186,400.00 shares) @ $0.07
6/30/2022: DECREASE(-777,671.00 shares) @ $0.06
9/30/2022: DECREASE(-72,186.00 shares) @ $0.06
12/31/2022: DECREASE(-86,234.00 shares) @ $72.35
3/31/2023: DECREASE(-468,149.00 shares) @ $82.56
6/30/2023: DECREASE(-25,372.00 shares) @ $83.07
9/30/2023: DECREASE(-4,904.00 shares) @ $86.56
12/31/2023: DECREASE(-20,807.00 shares) @ $82.90
3/31/2024: INCREASE(264,543.00 shares) @ $111.71
6/30/2024: DECREASE(-277,466.00 shares) @ $122.60
9/30/2024: DECREASE(-1,416,141.00 shares) @ $139.36
12/31/2024: DECREASE(-164,877.00 shares) @ $176.67
3/31/2025: DECREASE(-107,110.00 shares) @ $165.59
Investment Thesis
Entry Context: Initial position established based on fundamental analysis
Sector Conditions: Favorable market conditions in the sector
Risk Factors:
- Market volatility
- Sector-specific risks
Key Learnings
- Position sizing is critical for portfolio management
- Important to monitor sector exposure