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Livermore
Livermore
ZHEN

Bares Capital Management, Inc.

SEC CIK
0001340807
Latest filing
Nov 14, 2025

The latest 13F from Bares Capital Management, Inc. covers Q3 2025 (filed Nov 14, 2025): 24 long positions worth $1.08B. The top 10 holdings make up 96.4% of the portfolio, and the largest is Pegasystems Inc (PEGA) at 17.9%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$39.6M
Added
4
Est. +$27.8M
Reduced
8
Est. −$131.7M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. PEGAPegasystems Inc
    17.9%$194.4MHistory
  2. XYZBlock, Inc.
    13.3%$144.0MHistory
  3. WDAYWorkday, Inc.
    13.2%$142.9MHistory
  4. IBKRInteractive Brokers Group, Inc.
    13.1%$141.8MHistory
  5. CSGPCostar Group, Inc.
    9.5%$103.5MHistory

Share of portfolio

Top 5 holdings and the other 19 positions, by share of portfolio value

  1. PEGA17.9%
  2. XYZ13.3%
  3. WDAY13.2%
  4. IBKR13.1%
  5. CSGP9.5%
  6. Other 19 positions33.0%

Biggest buys

New and added positions, by estimated amount bought

  1. GMEDGlobus Medical Inc
    +$29.8MNewHistory
  2. WDAYWorkday, Inc.
    +$14.7MAddedHistory
  3. ALGNAlign Technology Inc
    +$12.2MAddedHistory
  4. ONTOOnto Innovation Inc.
    +$9.75MNewHistory
  5. CSGPCostar Group, Inc.
    +$978.6KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GMEDGlobus Medical Inc
    +2.75 pp0.0% → 2.8%History
  2. ONTOOnto Innovation Inc.
    +0.90 pp0.0% → 0.9%History
  3. WDAYWorkday, Inc.
    +0.77 pp12.4% → 13.2%History
  4. CSGPCostar Group, Inc.
    +0.06 pp9.5% → 9.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. IBKRInteractive Brokers Group, Inc.
    −$65.4MReducedHistory
  2. MEDPMedpace Holdings, Inc.
    −$23.4MReducedHistory
  3. XYZBlock, Inc.
    −$11.4MReducedHistory
  4. SNEXStoneX Group Inc.
    −$10.0MReducedHistory
  5. PEGAPegasystems Inc
    −$9.34MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. IBKRInteractive Brokers Group, Inc.
    −3.12 pp16.2% → 13.1%History
  2. XYZBlock, Inc.
    −0.89 pp14.2% → 13.3%History
  3. SNEXStoneX Group Inc.
    −0.88 pp0.9% → <0.1%History
  4. PEGAPegasystems Inc
    −0.68 pp18.6% → 17.9%History
  5. VEEVVeeva Systems Inc
    −0.59 pp2.6% → 2.0%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.08B
+$53.8M (+5.2%) vs. prior quarter
Positions
24
+2 vs. prior quarter
Top 10 concentration
96.4%
Top 10 as share of value
Turnover
6.4%
Q3 2025, one quarter
Average holding period
17.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $5.62B (Q2 2021)

Q1 2021: $5.35BQ2 2021: $5.62BQ3 2021: $5.57BQ4 2021: $5.00BQ1 2022: $4.30BQ2 2022: $2.73BQ3 2022: $2.56BQ4 2022: $2.63BQ1 2023: $2.82BQ2 2023: $2.89BQ3 2023: $2.34BQ4 2023: $2.55BQ1 2024: $2.52BQ2 2024: $2.08BQ3 2024: $1.10BQ4 2024: $1.11BQ1 2025: $851.9MQ2 2025: $1.03BQ3 2025: $1.08B
Q1 2021Q3 2025
13F filings of Bares Capital Management, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 14, 202524$1.08BPEGAXYZWDAYvs. Q2 2025SEC
Q2 2025Aug 14, 202522$1.03BPEGAIBKRXYZvs. Q1 2025SEC
Q1 2025May 15, 202521$851.9MIBKRPEGAWDAYvs. Q4 2024SEC
Q4 2024Feb 14, 202511$1.11BPEGAXYZIBKRvs. Q3 2024SEC
Q3 2024Nov 18, 202422$1.10BXYZPEGAWDAYvs. Q2 2024SEC
Q2 2024Aug 14, 202429$2.08BPEGAIBKRWDAYvs. Q1 2024SEC
Q1 2024May 15, 202431$2.52BPEGAXYZIBKRvs. Q4 2023SEC
Q4 2023Feb 14, 202432$2.55BWDAYXYZETSYvs. Q3 2023SEC
Q3 2023Nov 14, 202337$2.34BWDAYETSYPEGAvs. Q2 2023SEC
Q2 2023Aug 14, 202338$2.89BWDAYXYZPEGAvs. Q1 2023SEC
Q1 2023May 15, 202339$2.82BWDAYALGNXYZvs. Q4 2022SEC
Q4 2022Feb 15, 202338$2.63BXYZWDAYIBKRvs. Q3 2022SEC
Q3 2022Nov 14, 202238$2.56BWDAYXYZIBKRvs. Q2 2022SEC
Q2 2022Aug 16, 202237$2.73BXYZWDAYPEGAvs. Q1 2022SEC
Q1 2022May 16, 202237$4.30BXYZWDAYWvs. Q4 2021SEC
Q4 2021Feb 14, 202235$5.00BXYZWDAYWvs. Q3 2021SEC
Q3 2021Nov 15, 202135$5.57BXYZWWDAYvs. Q2 2021SEC
Q2 2021Aug 13, 202125$5.62BXYZWPEGAvs. Q1 2021SEC
Q1 2021May 17, 202126$5.35BXYZWWDAY–SEC

13D and 13G filings

Companies where Bares Capital Management, Inc. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Bares Capital Management, Inc. does not currently report owning 5% or more of any company.

Latest filings

19 filings on file made by Bares Capital Management, Inc. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Bares Capital Management, Inc.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
WWayfair Inc.Nov 7, 20256:15 PM ET13G/A––Oct 31, 2025SEC
IBKRInteractive Brokers Group, Inc.Nov 7, 20256:06 PM ET13G/A––Oct 31, 2025SEC
PEGAPegasystems IncSep 10, 202413G/AOld format–––SEC
PEGAPegasystems IncFeb 14, 202413G/AOld format–––SEC
SSTISoundthinking, Inc.Feb 14, 202413GOld format–New–SEC
RDFNRedfin CorpDec 11, 202313G/AOld format–––SEC
RDFNRedfin CorpFeb 14, 202313G/AOld format–––SEC
PEGAPegasystems IncFeb 14, 202313G/AOld format–––SEC
ATROAstronics CorpFeb 14, 202313GOld format–New–SEC
RDFNRedfin CorpApr 11, 202213G/AOld format–––SEC
PEGAPegasystems IncFeb 15, 202213G/AOld format–––SEC
AYXAlteryx, Inc.Feb 14, 202213G/AOld format–––SEC
PEGAPegasystems IncFeb 14, 202213G/AOld format–––SEC
IBKRInteractive Brokers Group, Inc.Feb 14, 202213G/AOld format–––SEC
RDFNRedfin CorpFeb 14, 202213G/AOld format–––SEC
RDFNRedfin CorpNov 10, 202113GOld format–New–SEC
IBKRInteractive Brokers Group, Inc.Feb 16, 202113G/AOld format–––SEC
AYXAlteryx, Inc.Feb 16, 202113GOld format–New–SEC
PEGAPegasystems IncFeb 16, 202113GOld format–New–SEC