13F-HR 1 bcm13f-hr20110930.txt 2011-09-30 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: September 30, 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: 12600 Hill Country Blvd, Suite R-230 Austin, TX 78738 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 November 10, 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: 71 Form 13F Information Table Value Total: $357,862 (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 69665 4495 X 69665 0 0 Alaska Communications Systems COM 01167P101 40700 267 X 40700 0 0 Alleghany Corp COM 17175100 894 258 X 894 0 0 AltiGen Communications Inc COM 21489109 267600 182 X 267600 0 0 American Dental Partners COM 25353103 900325 8697 X 900325 0 0 American Express Company COM 25816109 9157 411 X 9157 0 0 American Public Education COM 2913V103 367325 12489 X 367325 0 0 American Science & Engin COM 29429107 119237 7279 X 119237 0 0 Ascent Media Corp CL A 43632108 5397 212 X 5397 0 0 Asure Software COM 4649U102 87623 286 X 87623 0 0 Automatic Data Processing COM 53015103 14213 670 X 14213 0 0 Berkshire Hathaway Inc CL A 84670108 9 961 X 9 0 0 Berkshire Hathaway Inc CL B 84670207 12346 877 X 12346 0 0 BIDZ.com Inc. COM 08883T200 1011475 506 X 1011475 0 0 Brookfield Asset Management Inc COM 112585104 28725 791 X 28725 0 0 Capital Southwest Corp COM 140501107 4817 356 X 4817 0 0 Central European Distribution COM 153435102 10300 72 X 10300 0 0 Choice Hotels International COM 169905106 10000 297 X 10000 0 0 Colfax Corporation COM 194014106 417012 8449 X 417012 0 0 Conagra Food Inc COM 205887102 10000 242 X 10000 0 0 ConocoPhillips COM 20825C104 30000 1900 X 30000 0 0 Contango Oil & Gas Co. COM 21075N204 4725 259 X 4725 0 0 Corporate Executive Board COM 21988R102 201877 6016 X 201877 0 0 Cover-All Technologies COM 222892101 40000 78 X 40000 0 0 Derma Sciences Inc COM 249827502 15000 117 X 15000 0 0 Emerson Electric Co COM 291011104 10353 428 X 10353 0 0 Exelon Corp COM 30161N101 9241 394 X 9241 0 0 Female Health Company COM 314462102 4025297 16423 X 4025297 0 0 Greenlight Capital Re LTD CL A G4095J109 32026 664 X 32026 0 0 Hallmark Financial Services COM 40624Q203 1906687 14052 X 1906687 0 0 HEICO Corp CL A 422806208 146402 4928 X 146402 0 0 Hospitality Properties Trust COM 44106M102 23915 508 X 23915 0 0 Interactive Intelligence Inc. COM 45839M103 2209535 59834 X 2209535 0 0 Interval Leisure Group COM 46113M108 604683 8054 X 604683 0 0 INTL FCStone Inc COM 459028106 2756905 57233 X 2756905 0 0 iShares Trust iBoxx Inv Grade CPBD CPBD 464287242 7248 814 X 7248 0 0 iShares Trust Treas Inflat US TIP B 464287176 5341 610 X 5341 0 0 Kinder Morgan Energy Partner LTD PTN 494550106 9600 656 X 9600 0 0 Level 3 Communications COM 52729N100 14500 22 X 14500 0 0 Lockheed Martin Corporation COM 539830109 9358 680 X 9358 0 0 MakeMusic Inc COM 56086P202 46461 230 X 46461 0 0 Microsoft Corp. COM 594918104 31763 791 X 31763 0 0 Morningstar, Inc. COM 617700109 124633 7034 X 124633 0 0 National Retail Properties, Inc. COM 637417106 14000 376 X 14000 0 0 Occidental Petroleum COM 674599105 12000 858 X 12000 0 0 Omega Flex, Inc. COM 682095104 523397 6961 X 523397 0 0 OneBeacon Insurance Group CL A G67742109 12098 165 X 12098 0 0 Pennsylvania Real Estate Invt SH BEN IN709102107 10155 78 X 10155 0 0 Pfizer Inc. COM 717081103 10000 177 X 10000 0 0 Pizza Inn Inc COM 725848105 213155 720 X 213155 0 0 PowerShares Global Trust Nat Muni 73936T474 54411 1319 X 54411 0 0 Psychemedics Corp COM 744375205 14240 102 X 14240 0 0 Reis Inc COM 75936P105 22350 198 X 22350 0 0 Sears Holdings Corp COM 812350106 16164 930 X 16164 0 0 Simulations Plus Inc COM 829214105 94863 294 X 94863 0 0 SPDR Series Trust-Inter Treas ETF 78464A516 17736 1066 X 17736 0 0 Stamps.com COM 852857200 791694 16182 X 791694 0 0 Stratasys Inc. COM 862685104 397573 7371 X 397573 0 0 Tandy Leather Factory Inc. COM 87538X105 1647336 7578 X 1647336 0 0 The Dolan Company COM 25659P402 2630421 23647 X 2630421 0 0 The Middleby Corp COM 596278101 105418 7428 X 105418 0 0 TravelCenters of America COM 894174101 30000 106 X 30000 0 0 U S Global Investors Inc CL A 902952100 36523 248 X 36523 0 0 Utah Medical Products COM 917488108 409025 10834 X 409025 0 0 Walgreens Co COM 931422109 9525 313 X 9525 0 0 Western Union Co COM 959802109 31445 481 X 31445 0 0 White Mountains Insurance Group COM G9618E107 592 240 X 592 0 0 Winmark Corp COM 974250102 848500 39218 X 848500 0 0 Winthrop Realty Trust, Inc. COM 976391102 19849 172 X 19849 0 0 XCEL Energy Inc. COM 98389B100 26000 642 X 26000 0 0 Zimmer Holdings, Inc. COM 98956P102 11822 632 X 11822 0 0