Bares Capital Management, Inc.

Portfolio Overview

Bares Capital Management, Inc. disclosed 24 positions worth $1.1B in its Form 13F-HR for Q3 2025, led by $PEGA (PEGASYSTEMS INC) at 17.9% of the equity portfolio, followed by $XYZ and $WDAY. During the quarter the fund opened 2 new positions and exited 0 — including a new stake in $GMED. The portfolio is most concentrated in Technology (47.3% of disclosed assets). All figures are sourced directly from Bares Capital Management, Inc.’s Form 13F-HR filing with the SEC under CIK 1340807.

• 

  PEGASYSTEMS INC

  $PEGA

  70.2#219

  Quality

  $194.4M3,380,345 sh
• 

  Block, Inc.

  $XYZ

  51.4#1,498

  Quality

  $144.0M1,991,847 sh
• 

  Workday, Inc.

  $WDAY

  75.4#97

  Quality

  $142.9M593,755 sh
• 

  Interactive Brokers Group, Inc.

  $IBKR

  76.7

  Quality

  $141.8M2,060,589 sh
• 

  COSTAR GROUP, INC.

  $CSGP

  57.5

  Quality

  $103.5M1,226,251 sh
• 

  ETSY INC

  $ETSY

  60.8

  Quality

  $94.7M1,425,825 sh
• 

  ALIGN TECHNOLOGY INC

  $ALGN

  58.7

  Quality

  $76.3M609,722 sh
• 

  Wayfair Inc.

  $W

  43.3

  Quality

  $60.1M672,486 sh
• 

  Medpace Holdings, Inc.

  $MEDP

  76.0

  Quality

  $57.3M111,507 sh
• 

  GLOBUS MEDICAL INC

  $GMED

  79.3

  Quality

  $29.8M521,129 sh

Company	Quality	Value	Shares
PEGASYSTEMS INC$PEGA	70.2#219	$194.4M	3,380,345
Block, Inc.$XYZ	51.4#1,498	$144.0M	1,991,847
Workday, Inc.$WDAY	75.4#97	$142.9M	593,755
Interactive Brokers Group, Inc.$IBKR	76.7	$141.8M	2,060,589
COSTAR GROUP, INC.$CSGP	57.5	$103.5M	1,226,251
ETSY INC$ETSY	60.8	$94.7M	1,425,825
ALIGN TECHNOLOGY INC$ALGN	58.7	$76.3M	609,722
Wayfair Inc.$W	43.3	$60.1M	672,486
Medpace Holdings, Inc.$MEDP	76.0	$57.3M	111,507
GLOBUS MEDICAL INC$GMED	79.3	$29.8M	521,129

Showing top 10 of 24 holdings.

Full Holdings — Bares Capital Management, Inc. (Q3 2025)

All 24 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$PEGA	PEGASYSTEMS INC	$194.4M	17.9%	-5%	70.2
2	$XYZ	Block, Inc.	$144.0M	13.3%	-7%	51.4
3	$WDAY	Workday, Inc.	$142.9M	13.2%	+11%	75.4
4	$IBKR	Interactive Brokers Group, Inc.	$141.8M	13.1%	-32%	76.7
5	$CSGP	COSTAR GROUP, INC.	$103.5M	9.5%	+1%	57.5
6	$ETSY	ETSY INC	$94.7M	8.7%	-1%	60.8
7	$ALGN	ALIGN TECHNOLOGY INC	$76.3M	7.0%	+19%	58.7
8	$W	Wayfair Inc.	$60.1M	5.5%	-9%	43.3
9	$MEDP	Medpace Holdings, Inc.	$57.3M	5.3%	-29%	76
10	$GMED	GLOBUS MEDICAL INC	$29.8M	2.8%	NEW	79.3
11	$VEEV	VEEVA SYSTEMS INC	$21.9M	2.0%	-21%	77.5
12	$ONTO	ONTO INNOVATION INC.	$9.7M	0.9%	NEW	61.6
13	$MIDD	MIDDLEBY Corp	$7.3M	0.7%	+0%	40.4
14	$APH	AMPHENOL CORP /DE/	$43,684	0.0%	+0%	79.1
15	$SNEX	StoneX Group Inc.	$40,570	0.0%	-100%	68.7
16	$HEI.A	HEICO CORP	$30,999	0.0%	+0%	75.4
17	$APG	APi Group Corp	$30,142	0.0%	+50%	65
18	$AME	AMETEK INC/	$28,576	0.0%	+0%	69.5
19	$BRO	BROWN & BROWN, INC.	$24,292	0.0%	+0%	73.6
20	$FERG	Ferguson Enterprises Inc. /DE/	$23,132	0.0%	+0%	51.9
21	$WSO	WATSCO INC	$18,194	0.0%	+0%	51.1
22	$MCO	MOODYS CORP /DE/	$16,200	0.0%	+0%	78.8
23	$TYL	TYLER TECHNOLOGIES INC	$14,648	0.0%	+0%	64
24	$VRSK	Verisk Analytics, Inc.	$14,588	0.0%	+0%	71