Bares Capital Management, Inc.

Long Only Manager

Bares Capital Management, Inc. is a Long Only Manager based in Austin, TX led by James Jeffrey Creel, reporting $1.3B in AUM as of Q3 2025 with 45% Technology concentration, 96% concentrated in top 10 holdings, 18% allocation to PEGA, and 45% technology allocation.

CEOJames Jeffrey Creel

Portfolio Value: $1.1B
Positions: 24
Top Holding: PEGA at 17.93%
Last Reported: Q3 2025

Address12600 Hill Country Blvd, Suite R-230, Austin, TX, 78738, United States

Top Holdings

Largest long holdings in Bares Capital Management, Inc.'s portfolio (96.4% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Pegasystems PEGA	Software - Application Technology	$194.4M	17.93%	-$9.3M Sold	1.98% 3.4M shares	Q3 2019 Held for 6y 2m
2 Block XYZ	Software - Infrastructure Technology	$144.0M	13.28%	-$11.4M Sold	0.33% 2.0M shares	Q2 2018 Held for 7y 5m
3 Workday, Inc. WDAY	Software - Application Technology	$142.9M	13.19%	+$14.7M Bought	0.22% 593.8K shares	Q2 2018 Held for 7y 5m
4 Interactive Brokers Group, Inc. IBKR	Financial - Capital Markets Financial Services	$141.8M	13.08%	-$65.4M Sold	0.46% 2.1M shares	Q3 2015 Held for 10y 2m
5 CoStar Group CSGP	Real Estate - Services Real Estate	$103.5M	9.54%	+$978.6K Bought	0.29% 1.2M shares	Q2 2016 Held for 9y 5m
6 Etsy ETSY	Specialty Retail Consumer Cyclical	$94.7M	8.73%	-$507.6K Sold	1.44% 1.4M shares	Q2 2021 Held for 4y 5m
7 Align Technology ALGN	Medical - Devices Healthcare	$76.3M	7.04%	+$12.2M Bought	0.84% 609.7K shares	Q4 2018 Held for 6y 11m
8 Wayfair W	Specialty Retail Consumer Cyclical	$60.1M	5.54%	-$5.7M Sold	0.52% 672.5K shares	Q1 2019 Held for 6y 8m
9 Medpace Holdings, Inc. MEDP	Medical - Diagnostics & Research Healthcare	$57.3M	5.29%	-$23.4M Sold	0.40% 111.5K shares	Q1 2025 Held for 8 months
10 Globus Medical GMED	Medical - Devices Healthcare	$29.8M	2.75%	+$29.8M New	0.39% 521.1K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Bares Capital Management, Inc.'s latest filing

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Market Value

$1.1B

Prior: $1.0B

Q/Q Change

+5.23%

+$53.8M

Net Flows % of MV

-6.83%

Turnover Ratio

8.73%

New Purchases

1 stocks

$29.8M

Added To

3 stocks

+$27.8M

Sold Out Of

0 stocks

Reduced Holdings

9 stocks

-$131.7M

Increased Positions

Position	Shares Δ	Change
1 Globus Medical GMED	New	0 → 521.1K +$29.8M
2 Align Technology ALGN	+19.01%	512.3K → 609.7K +$12.2M
3 Workday, Inc. WDAY	+11.43%	532.8K → 593.8K +$14.7M
4 CoStar Group CSGP	+0.95%	1.2M → 1.2M +$978.6K

Decreased Positions

Position	Shares Δ	Change
1 StoneX Group Inc. SNEX	-99.6%	99.9K → 402.0 −$10.0M
2 Interactive Brokers Group, Inc. IBKR	-31.57%	3.0M → 2.1M −$65.4M
3 Medpace Holdings, Inc. MEDP	-29.01%	157.1K → 111.5K −$23.4M
4 Veeva Systems VEEV	-21.42%	93.4K → 73.4K −$6.0M
5 Wayfair W	-8.63%	736.0K → 672.5K −$5.7M