Bares Capital Management, Inc.

Bares Capital Management, Inc. is an investment adviser firm founded in 2000 by Brian T. Bares, located in Austin, Texas. The firm specializes in providing investment management services predominantly for institutional clients, pooled investment vehicles, family offices, high-net-worth individuals, and trust programs. Their investment strategy focuses on a long-only concentrated Mid/Large-Cap equity strategy, investing in publicly traded U.S. companies. They also offer a less concentrated version of this strategy and a global concentrated equity strategy. Clients have the option to customize their accounts with certain investment guidelines. The fee structure for the Mid/Large-Cap strategies is 0.50% of assets under management per annum, with a minimum account size of $20 million. The Global Allocators strategy has a fee of 0.75% of assets under management per annum and a minimum account size of $5 million. Fees are negotiable based on various factors. The firm acts as a fiduciary and has discretionary authority over client accounts. Clients receive quarterly reports and market commentaries. The firm does not sponsor or participate in wrap fee programs and custody client assets with independent custodians. They do not offer tax or financial planning services. The firm does not engage in agency cross transactions and seeks best execution for client transactions. Clients can delegate proxy voting authority to the firm. The firm's principals, including Brian T. Bares, James J. Creel Jr., and John N. Dowling, are experienced professionals with CFA designations and adhere to a strict Code of Ethics.