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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 (2016Q1)
Portfolio Summary: 193 holdings with a total value of $368,612,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 Winmark Corp 6,700 656,000 0.18% SH
102 HACKETT GROUP INC 42,304 640,000 0.17% SH
103 INFOSYS LTD 33,309 634,000 0.17% SH
104 CBIZ INC 60,558 611,000 0.17% SH
105 PETMED EXPRESS INC 33,915 607,000 0.16% SH
106 STOCK YDS BANCORP INC 15,508 598,000 0.16% SH
107 ARGAN INC 16,865 593,000 0.16% SH
108 ZAGG INCORPORATED 65,435 590,000 0.16% SH
109 EMC INS GROUP INC COM 22,770 584,000 0.16% SH
110 FINANCIAL INSTNS INC 19,837 577,000 0.16% SH
111 DICE HOLDINGS INC 71,405 576,000 0.16% SH
112 FONAR CORP 36,870 567,000 0.15% SH
113 AGREE RLTY CORP COM 14,609 562,000 0.15% SH
114 NAUTILUS INC 29,014 561,000 0.15% SH
115 Crown Crafts Inc 60,625 561,000 0.15% SH
116 NATIONAL PRESTO INDS INC COM 6,704 561,000 0.15% SH
117 APOLLO COML REAL EST FIN INC 34,224 558,000 0.15% SH
118 ARMADA HOFFLER PPTYS INC 49,479 557,000 0.15% SH
119 GP Strategies Corp 20,319 557,000 0.15% SH
120 MAINSOURCE FINANCIAL GP INC 26,313 555,000 0.15% SH
121 U S PHYSICAL THERAPY COM 11,159 555,000 0.15% SH
122 GIGPEAK INC 205,018 554,000 0.15% SH
123 INFUSYSTEM HLDGS INC 157,517 554,000 0.15% SH
124 LIONBRIDGE TECHNOLOGIES ORD 108,550 549,000 0.15% SH
125 HINGHAM INSTN SVGS MASS 4,603 548,000 0.15% SH
126 Landmark Bancorp, Inc. 21,466 537,000 0.15% SH
127 WESTWOOD HOLDINGS CORP 9,147 536,000 0.15% SH
128 UTAH MED PRODS INC 8,525 533,000 0.14% SH
129 Enterprise Finl Svcs Corp 19,709 533,000 0.14% SH
130 Hennessy Advisors Inc 19,909 532,000 0.14% SH
131 REIS INC 22,524 530,000 0.14% SH
132 PZENA INVESTMENT MGMT INC CLASS A 70,130 529,000 0.14% SH
133 ARDMORE SHIPPING CORP COM 62,321 527,000 0.14% SH
134 HCI GROUP INC 15,827 527,000 0.14% SH
135 CHESAPEAKE UTILS CORP 8,254 520,000 0.14% SH
136 STONEGATE BANK 17,109 513,000 0.14% SH
137 West Bancorporation Inc 27,924 509,000 0.14% SH
138 ALMOST FAMILY INC COM 13,406 499,000 0.14% SH
139 WASHINGTON TR BANCORP COM 13,268 495,000 0.13% SH
140 OMEGA FLEX INC 14,206 494,000 0.13% SH
141 NATIONAL SEC GROUP INC 32,774 493,000 0.13% SH
142 ACCESS NATL CORP COM 24,808 492,000 0.13% SH
143 CPI CARD GROUP INC 59,628 491,000 0.13% SH
144 MULTI FINELINE ELECTRONIX IN 21,112 490,000 0.13% SH
145 BANK MARIN BANCORP 9,929 489,000 0.13% SH
146 LAKELAND FINL CORP 10,589 485,000 0.13% SH
147 EPLUS INC COM 6,004 483,000 0.13% SH
148 HERITAGE INS HLDGS INC COM 30,215 483,000 0.13% SH
149 SUPERIOR UNIFORM GP INC COM 27,022 482,000 0.13% SH
150 HDFC BANK LTD 7,722 476,000 0.13% SH
Page 3 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001423065-16-000018, filed 2016.05.13).

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.