13F-HR 1 bcm13f-hr20110331.txt 2011-03-31 BCM 13F-HR FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2011 Check here if Amendment: | |; Amendment Number: This Amendment (Check only one): | | is a restatement. | | adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Bares Capital Management, Inc. Address: 221 W 6th Street, Suite 1225 Austin, TX 78701 Form 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Brian T Bares Title: President Phone: 512-542-1083 Signature, Place, and Date of Signing: /s/Brian T Bares Brian T Bares Austin, Texas May 13, 2011 Report Type (Check one only): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 67 Form 13F Information Table Value Total: $388,533 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file nember(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------- ----------------- -------- --------------------------- ------ ------------------- INVESTMENT VOTING AUTHORITY DISCRETION (SHARES) MARKET SHARED VALUE SOLE SHARED OTHER SOLE SHARED NONE SECURITY DESCRIPTION CLASS CUSIP SHARES ($000) (A) (B) (C) MGR (A) (B) (C) Advisory Board Co COM 762W107 93921 4837 X 93921 0 0 Alaska Communications Systems COM 01167P101 40700 433 X 40700 0 0 AltiGen Communications Inc COM 21489109 267600 270 X 267600 0 0 American Dental Partners COM 25353103 900325 11812 X 900325 0 0 American Express Company COM 25816109 13844 626 X 13844 0 0 American Public Education COM 2913V103 293238 11861 X 293238 0 0 Ascent Media Corp CL A 43632108 6796 332 X 6796 0 0 Automatic Data Processing COM 53015103 14280 733 X 14280 0 0 Berkshire Hathaway Inc CL A 84670108 5 627 X 5 0 0 Berkshire Hathaway Inc CL B 84670207 6730 563 X 6730 0 0 BIDZ.com Inc. COM 08883T200 1453862 2137 X 1453862 0 0 Brookfield Asset Management Inc COM 112585104 28775 934 X 28775 0 0 Capital Southwest Corp COM 140501107 2709 248 X 2709 0 0 Choice Hotels International COM 169905106 10000 389 X 10000 0 0 Colfax Corporation COM 194014106 393513 9031 X 393513 0 0 Conagra Food Inc COM 205887102 10000 238 X 10000 0 0 ConocoPhillips COM 20825C104 30000 2396 X 30000 0 0 Contango Oil & Gas Co COM 21075N204 4407 279 X 4407 0 0 Corporate Executive Board COM 21988R102 220722 8911 X 220722 0 0 Derma Sciences Inc COM 249827502 15000 146 X 15000 0 0 Emergent Group Inc COM 29089V203 47000 398 X 47000 0 0 Emerson Electric Co COM 291011104 10414 608 X 10414 0 0 Exelon Corp COM 30161N101 8958 369 X 8958 0 0 Female Health Company COM 314462102 2291861 11436 X 2291861 0 0 Greenlight Capital Re LTD CL A G4095J109 279148 7875 X 279148 0 0 Hallmark Financial Services COM 40624Q203 1925312 16134 X 1925312 0 0 HEICO Corp CL A 422806208 131504 5915 X 131504 0 0 Hospitality Properties Trust COM 44106M102 23915 554 X 23915 0 0 Interactive Intelligence Inc. COM 45839M103 2482638 96103 X 2482638 0 0 Interval Leisure Group COM 46113M108 307132 5022 X 307132 0 0 INTL FCStone Inc COM 459028106 2310878 58743 X 2310878 0 0 iShares Trust iBoxx Inv Grade CPBD CPBD 464287242 5564 602 X 5564 0 0 iShares Trust Treas Inflat US TIP B 464287176 7406 808 X 7406 0 0 Kinder Morgan Energy Partner LTD PTN 494550106 9600 711 X 9600 0 0 Leucadia National Corp. COM 527288104 6976 262 X 6976 0 0 Level 3 Communications COM 52729N100 14500 21 X 14500 0 0 Lockheed Martin Corporation COM 539830109 9286 747 X 9286 0 0 Microsoft Corp. COM 594918104 31574 802 X 31574 0 0 Morningstar, Inc. COM 617700109 101397 5920 X 101397 0 0 National Retail Properties, Inc. COM 637417106 14000 366 X 14000 0 0 Occidental Petroleum COM 674599105 12000 1254 X 12000 0 0 Omega Flex, Inc. COM 682095104 383995 5165 X 383995 0 0 OneBeacon Insurance Group CL A G67742109 11253 152 X 11253 0 0 Pennsylvania Real Estate Invt SH BEN IN709102107 10155 145 X 10155 0 0 Pfizer Inc. COM 717081103 10000 203 X 10000 0 0 Pizza Inn Inc COM 725848105 113155 227 X 113155 0 0 PowerShares Global Trust Nat Muni 73936T474 47413 1054 X 47413 0 0 Psychemedics Corp COM 744375205 11917 132 X 11917 0 0 Reis Inc COM 75936P105 22350 176 X 22350 0 0 Sears Holdings Corp COM 812350106 15514 1282 X 15514 0 0 Simulations Plus Inc COM 829214105 42951 136 X 42951 0 0 SPDR Series Trust IN TR ETF78464A516 20752 1242 X 20752 0 0 Stamps.com COM 852857200 1013005 13524 X 1013005 0 0 Stratasys Inc. COM 862685104 10500 494 X 10500 0 0 Tandy Leather Factory Inc. COM 87538X105 1647336 8187 X 1647336 0 0 The Dolan Company COM 25659P402 1244598 15109 X 1244598 0 0 The Middleby Corp COM 596278101 28083 2615 X 28083 0 0 TravelCenters of America COM 894174101 30000 227 X 30000 0 0 Travelzoo Inc. COM 89421Q106 233193 15528 X 233193 0 0 U S Global Investors Inc CL A 902952100 22859 185 X 22859 0 0 Utah Medical Products COM 917488108 331348 9576 X 331348 0 0 Walgreens Co COM 931422109 9942 399 X 9942 0 0 Western Union Co COM 959802109 31172 647 X 31172 0 0 Winmark Corp COM 974250102 848500 39141 X 848500 0 0 Winthrop Realty Trust, Inc. COM 976391102 16292 200 X 16292 0 0 XCEL Energy Inc. COM 98389B100 26000 621 X 26000 0 0 Zimmer Holdings, Inc. COM 98956P102 11822 716 X 11822 0 0