13F-HR 1 bcm13f-hr20120331.txt 2012-03-31BCM 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, 2012 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 May 15, 2012 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: 74 Form 13F Information Table Value Total: $427,836 (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 61549 5454 X 61549 0 0 Alleghany Corp COM 17175100 1105 364 X 1105 0 0 AltiGen Communications Inc COM 21489109 267600 107 X 267600 0 0 American Express Company COM 25816109 9107 527 X 9107 0 0 American Public Education COM 2913V103 401866 15271 X 401866 0 0 American Science & Engin COM 29429107 180577 12090 X 180577 0 0 Ascent Capital Group CL A 43632108 5221 247 X 5221 0 0 Asure Software COM 4649U102 95938 757 X 95938 0 0 Automatic Data Processing COM 53015103 9744 538 X 9744 0 0 Berkshire Hathaway Inc CL A 84670108 9 1097 X 9 0 0 Berkshire Hathaway Inc CL B 84670207 15154 1230 X 15154 0 0 Brookfield Asset Management Inc COM 112585104 33876 1069 X 33876 0 0 Capital Southwest Corp COM 140501107 4817 455 X 4817 0 0 Central European Distribution COM 153435102 10300 53 X 10300 0 0 Choice Hotels International COM 169905106 10000 373 X 10000 0 0 Colfax Corporation COM 194014106 475212 16746 X 475212 0 0 Conagra Food Inc COM 205887102 10000 263 X 10000 0 0 ConocoPhillips COM 20825C104 30000 2280 X 30000 0 0 Contango Oil & Gas Co. COM 21075N204 6638 391 X 6638 0 0 Corporate Executive Board COM 21988R102 202345 8703 X 202345 0 0 Emerson Electric Co COM 291011104 10353 540 X 10353 0 0 Exelon Corp COM 30161N101 5738 225 X 5738 0 0 Female Health Company COM 314462102 4145153 22467 X 4145153 0 0 Greenlight Capital Re LTD CL A G4095J109 27665 681 X 27665 0 0 Hallmark Financial Services COM 40624Q203 1906687 15044 X 1906687 0 0 HEICO Corp CL A 422806208 145782 5853 X 145782 0 0 Hospitality Properties Trust COM 44106M102 23915 633 X 23915 0 0 Interactive Intelligence Inc. COM 45839M103 2240267 68351 X 2240267 0 0 Interval Leisure Group COM 46113M108 581211 10113 X 581211 0 0 INTL FCStone Inc COM 459028106 2868086 60517 X 2868086 0 0 iShares Trust Treas Inflat US TIP B 464287176 5279 621 X 5279 0 0 Kinder Morgan Energy Partner LTD PTN 494550106 9600 794 X 9600 0 0 Kinder Morgan Management SHS 49455U100 3402 254 X 3402 0 0 Leucadia National Corp COM 527288104 10325 269 X 10325 0 0 Lockheed Martin Corporation COM 539830109 7258 652 X 7258 0 0 MakeMusic Inc COM 56086P202 26705 114 X 26705 0 0 Microsoft Corp. COM 594918104 23944 772 X 23944 0 0 Morningstar, Inc. COM 617700109 120541 7600 X 120541 0 0 National Retail Properties, Inc. COM 637417106 14000 381 X 14000 0 0 Occidental Petroleum COM 674599105 12000 1143 X 12000 0 0 Omega Flex, Inc. COM 682095104 533451 6775 X 533451 0 0 Pennsylvania Real Estate Invt SH BEN IN709102107 10155 155 X 10155 0 0 Pfizer Inc. COM 717081103 16579 375 X 16579 0 0 Pizza Inn Inc COM 725848105 163345 787 X 163345 0 0 Powershares Emerging Market Sov Debt 73936T573 13643 382 X 13643 0 0 PowerShares Global Trust Nat Muni 73936T474 52218 1294 X 52218 0 0 Reis Inc COM 75936P105 14000 125 X 14000 0 0 Schwab Strategic US LC Value LC Val 808524409 6826 213 X 6826 0 0 Sears Holdings Corp COM 812350106 14522 962 X 14522 0 0 Simulations Plus Inc COM 829214105 115962 511 X 115962 0 0 SPDR Series Trust-Inter Treas ETF 78464A516 18246 1094 X 18246 0 0 SPDR Barclays Capital High Yield High Yld 78464A417 5539 218 X 5539 0 0 SPDR S&P Middle East & Africa Mid East 78463X806 4153 295 X 4153 0 0 Stamps.com COM 852857200 449598 12535 X 449598 0 0 Stratasys Inc. COM 862685104 462177 16879 X 462177 0 0 Tandy Leather Factory Inc. COM 87538X105 1647336 8601 X 1647336 0 0 The Dolan Company COM 25659P402 3243132 29545 X 3243132 0 0 The Middleby Corp COM 596278101 119262 12067 X 119262 0 0 TravelCenters of America COM 894174101 30000 190 X 30000 0 0 Travelzoo Inc. COM 89421Q106 105311 2422 X 105311 0 0 U S Global Investors Inc CL A 902952100 22014 160 X 22014 0 0 Utah Medical Products COM 917488108 427638 13300 X 427638 0 0 Vanguard Scottsdale MBS Mort Bck 92206C771 5402 280 X 5402 0 0 Vanguard Scottsdale Short Term Corp ST Corp 92206C409 8134 643 X 8134 0 0 Vanguard Index ETF VALUE 922908744 7893 455 X 7893 0 0 Vanguard Intern Index Emer Mkt 922042858 8413 366 X 8413 0 0 Vanguard Intern Index Europe 922042874 8143 375 X 8143 0 0 Weingarten Realty SH BEN T 948741103 7900 209 X 7900 0 0 Western Union Co COM 959802109 35050 617 X 35050 0 0 Weyerhaeuser Co COM 962166104 13357 293 X 13357 0 0 White Mountains Insurance Group COM G9618E107 541 271 X 541 0 0 Winmark Corp COM 974250102 848500 49162 X 848500 0 0 XCEL Energy Inc. COM 98389B100 26000 688 X 26000 0 0 Zimmer Holdings, Inc. COM 98956P102 8590 552 X 8590 0 0