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Institutional Investment Manager
Ativo Capital Management LLC
Ativo Capital Management LLC (CIK: 0001423065) incorporated in Delaware, located at 120 N Lasalle Street, Chicago, IL. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q2)
Portfolio Summary: 225 holdings with a total value of $283,947,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 MOODYS CORP 17,133 1,890,000 0.67% SH
52 FRESENIUS MED CARE AG&CO KGA 45,171 1,890,000 0.67% SH
53 IHS MARKIT LTD 70,373 1,874,000 0.66% SH
54 RELX NV 110,975 1,808,000 0.64% SH
55 MEDTRONIC PLC 23,218 1,797,000 0.63% SH
56 APPLE INC 15,538 1,789,000 0.63% SH
57 BT GROUP PLC 24,300 1,774,000 0.62% SH
58 BALL CORP 24,643 1,708,000 0.60% SH
59 ALLIED WRLD ASSUR COM HLDG A 39,171 1,658,000 0.58% SH
60 AON PLC 16,131 1,628,000 0.57% SH
61 HUANENG POWER INTL INC ADR SPONSORED 34,156 1,618,000 0.57% SH
62 CK HUTCHISON HLDGS LTD ADR 106,671 1,564,000 0.55% SH
63 ABB LTD 75,452 1,538,000 0.54% SH
64 NORWEGIAN FINANS HLD ASA 354,163 1,455,000 0.51% SH
65 MITSUBISHI UFJ FINL GROUP INCORPORATED SPONSORED ADR 204,300 1,453,000 0.51% SH
66 TEGNA INC 50,553 1,334,000 0.47% SH
67 QATAR ELECT & WATER 21,700 1,303,000 0.46% SH
68 JUMEI INTL HLDG LTD 59,900 1,118,000 0.39% SH
69 NETEASE INC 7,618 1,112,000 0.39% SH
70 NEW YORK MORTGAGE TRUST INC COM 129,137 917,000 0.32% SH
71 SILICON MOTION TECHN 36,538 887,000 0.31% SH
72 HACKETT GROUP INC 64,724 803,000 0.28% SH
73 LHC GROUP INC 16,808 784,000 0.28% SH
74 SILICONWARE PRECISION INDS L 145,718 775,000 0.27% SH
75 UNIVERSAL INS HLDGS INC 26,198 741,000 0.26% SH
76 MESA LABS INC 6,041 722,000 0.25% SH
77 Winmark Corp 7,100 720,000 0.25% SH
78 WNS HOLDINGS LTD 23,428 700,000 0.25% SH
79 DOUGLAS DYNAMICS INC 30,651 699,000 0.25% SH
80 U S PHYSICAL THERAPY COM 13,715 695,000 0.24% SH
81 CHEROKEE INC DEL NEW 23,629 662,000 0.23% SH
82 SCICLONE PHARMACEUTICALS INC 74,336 657,000 0.23% SH
83 INFOSYS LTD 37,623 651,000 0.23% SH
84 HINGHAM INSTN SVGS MASS 5,503 640,000 0.23% SH
85 HESKA CORP 18,809 636,000 0.22% SH
86 ARMADA HOFFLER PPTYS INC 62,785 634,000 0.22% SH
87 HDFC BANK LTD 10,130 634,000 0.22% SH
88 ESCALADE INC 34,747 633,000 0.22% SH
89 ARGAN INC 16,065 632,000 0.22% SH
90 NV5 GLOBAL INC COM 26,213 621,000 0.22% SH
91 KFORCE INC COM 22,111 619,000 0.22% SH
92 BIOSPECIFICS TECHNOLOGIES CO 10,592 613,000 0.22% SH
93 NATURAL HEALTH 20,464 611,000 0.22% SH
94 KADANT INC 13,012 608,000 0.21% SH
95 CHASE CORP COM 15,736 602,000 0.21% SH
96 CHESAPEAKE UTILS CORP 12,457 600,000 0.21% SH
97 Landmark Bancorp, Inc. 21,443 595,000 0.21% SH
98 CBIZ INC 60,256 590,000 0.21% SH
99 EPLUS INC COM 7,504 587,000 0.21% SH
100 Nova Lifestyle Inc 235,361 577,000 0.20% SH
Page 2 of 5

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001423065-15-000008, filed 2015.08.13).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.