Bares Capital Management, Inc.

Fourteen of Bares Capital Management's fifteen "new positions" this quarter are specks — Verisk Analytics at $14,588, Moody's at $16,200, Tyler Technologies at $14,648, AMETEK at $28,576, all under 0.005% of the $1.08 billion book. The real allocation happened in exactly two names: a fresh $194.4 million stake in Pegasystems (17.9% of the portfolio, now the largest holding) and $144.0 million in Block Inc (13.3%). Those two positions alone account for roughly two-thirds of the quarter's AUM growth from $551 million to $1.08 billion. Meanwhile the firm quietly cut share counts in three of its four prior holdings — Interactive Brokers (-31.6% shares), Medpace (-29.0%), Wayfair (-8.6%) — even as rising prices made two of those positions look larger in dollar terms.