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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 (2015Q4)
Portfolio Summary: 196 holdings with a total value of $399,241,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 SCICLONE PHARMACEUTICALS INC 75,038 690,000 0.17% SH
102 GIGPEAK INC 219,618 668,000 0.17% SH
103 NeoPhotonics Corp 60,727 659,000 0.17% SH
104 DICE HOLDINGS INC 71,405 655,000 0.16% SH
105 HACKETT GROUP INC 40,703 654,000 0.16% SH
106 U S PHYSICAL THERAPY COM 12,114 650,000 0.16% SH
107 DOUGLAS DYNAMICS INC 30,654 646,000 0.16% SH
108 HESKA CORP 16,609 642,000 0.16% SH
109 Winmark Corp 6,900 642,000 0.16% SH
110 CHASE CORP COM 15,735 641,000 0.16% SH
111 FONAR CORP 36,870 636,000 0.16% SH
112 HERITAGE INS HLDGS INC COM 28,821 629,000 0.16% SH
113 EPLUS INC COM 6,729 628,000 0.16% SH
114 CHESAPEAKE UTILS CORP 11,002 624,000 0.16% SH
115 CBIZ INC 63,058 622,000 0.16% SH
116 FINANCIAL INSTNS INC 21,637 606,000 0.15% SH
117 MAINSOURCE FINANCIAL GP INC 26,313 602,000 0.15% SH
118 PERFICIENT INC COM 35,016 599,000 0.15% SH
119 ARDMORE SHIPPING CORP COM 47,020 598,000 0.15% SH
120 APOLLO COML REAL EST FIN INC 34,221 590,000 0.15% SH
121 AGREE RLTY CORP COM 17,309 588,000 0.15% SH
122 STOCK YDS BANCORP INC 15,508 586,000 0.15% SH
123 PETMED EXPRESS INC 33,915 581,000 0.15% SH
124 KADANT INC 14,312 581,000 0.15% SH
125 EMC INS GROUP INC COM 22,770 576,000 0.14% SH
126 NV5 GLOBAL INC COM 26,213 576,000 0.14% SH
127 HINGHAM INSTN SVGS MASS 4,803 575,000 0.14% SH
128 HDFC BANK LTD 9,322 574,000 0.14% SH
129 FEDERATED NATL HLDG CO COM 19,334 572,000 0.14% SH
130 Landmark Bancorp, Inc. 21,669 569,000 0.14% SH
131 GLOBANT S A 15,160 569,000 0.14% SH
132 STONEGATE BANK 17,109 562,000 0.14% SH
133 BREEZE EASTERN CORP 28,213 559,000 0.14% SH
134 Enterprise Finl Svcs Corp 19,709 559,000 0.14% SH
135 NATIONAL PRESTO INDS INC COM 6,703 555,000 0.14% SH
136 West Bancorporation Inc 27,924 552,000 0.14% SH
137 HCI GROUP INC 15,827 552,000 0.14% SH
138 ARGAN INC 16,865 546,000 0.14% SH
139 PZENA INVESTMENT MGMT INC CLASS A 62,629 539,000 0.14% SH
140 NEW YORK MORTGAGE TRUST INC COM 100,142 534,000 0.13% SH
141 REIS INC 22,524 534,000 0.13% SH
142 LIONBRIDGE TECHNOLOGIES ORD 108,550 533,000 0.13% SH
143 LHC GROUP INC 11,758 533,000 0.13% SH
144 BANK MARIN BANCORP 9,929 530,000 0.13% SH
145 WASHINGTON TR BANCORP COM 13,270 524,000 0.13% SH
146 NATHANS FAMOUS INCORPORATED NEW 10,104 521,000 0.13% SH
147 ANI PHARMACEUTICALS INC 11,505 519,000 0.13% SH
148 ARMADA HOFFLER PPTYS INC 49,478 519,000 0.13% SH
149 ALMOST FAMILY INC COM 13,406 513,000 0.13% SH
150 GP Strategies Corp 20,319 510,000 0.13% SH
Page 3 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Restatement filing (0001423065-16-000015, filed 2016.02.17).

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.