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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 (2016Q3)
Portfolio Summary: 216 holdings with a total value of $432,922,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 CREDICORP LTD 8,343 1,270,000 0.29%
102 DESCARTES SYS GROUP INC 59,000 1,270,000 0.29%
103 GRUPO FINANCIERO GALICIA S A 40,603 1,263,000 0.29%
104 FONAR CORP 61,186 1,257,000 0.29%
105 Meet Group, Inc. 201,248 1,248,000 0.29%
106 Natural Health Trends Corp 44,065 1,245,000 0.29%
107 Hennessy Advisors Inc 34,990 1,241,000 0.29%
108 Omega Protein Corp 52,914 1,237,000 0.29%
109 Great Ajax Corp 90,523 1,236,000 0.29%
110 Kadant Inc 23,712 1,236,000 0.29%
111 NOVANTA INC 71,016 1,232,000 0.28%
112 Crown Crafts Inc 120,626 1,230,000 0.28%
113 SciClone Pharmaceuticals Inc 118,228 1,212,000 0.28%
114 Globant SA 28,728 1,210,000 0.28%
115 ENTERCOM COMMUNICATIONS CORP 91,923 1,189,000 0.27%
116 Avid Technology Inc 149,334 1,186,000 0.27%
117 WNS Holdings Ltd Sp ADR 39,443 1,181,000 0.27%
118 SPARK ENERGY INC 40,510 1,180,000 0.27%
119 Nautilus Inc 51,814 1,177,000 0.27%
120 Perficient Inc 58,242 1,174,000 0.27%
121 Medifast Inc 31,008 1,172,000 0.27%
122 Banco Macro SA Sp ADR B 14,819 1,160,000 0.27%
123 ADR AMBEV SA SPONSORED ADR 188,404 1,147,000 0.26%
124 U.S. Physical Therapy Inc 18,253 1,144,000 0.26%
125 Ies Holdings Inc 64,017 1,139,000 0.26%
126 DHI GROUP INC 144,305 1,139,000 0.26%
127 CVS HEALTH CORP 12,772 1,137,000 0.26%
128 UNIVEST FINANCIAL CORPORATIO 48,613 1,136,000 0.26%
129 SUCAMPO PHARMACEUTICALS INCORPORATED CLASS A 92,023 1,133,000 0.26%
130 INSTEEL INDUSTRIES 31,008 1,124,000 0.26%
131 WIPRO LTD 115,214 1,119,000 0.26%
132 CBIZ INC 99,552 1,114,000 0.26%
133 STOCK YDS BANCORP INC 33,659 1,109,000 0.26%
134 Nv5 Global Inc 33,829 1,093,000 0.25%
135 Armada Hoffler Properties Inc 81,380 1,090,000 0.25%
136 ACCESS NATL CORP COM 44,808 1,071,000 0.25%
137 Pzena Investment Mgmt Inc Clas 137,895 1,062,000 0.25%
138 P T TELEKOMUNIKASI INDONESIA 16,014 1,058,000 0.24%
139 Ardmore Shipping Corp 149,135 1,050,000 0.24%
140 Ani Pharmaceuticals Inc 15,805 1,049,000 0.24%
141 CRH Medical Corp 275,076 1,048,000 0.24%
142 CENTURY CMNTYS INC COM 48,411 1,041,000 0.24%
143 WASHINGTON TR BANCORP COM 25,370 1,020,000 0.24%
144 ARROW FINL CORP 30,907 1,015,000 0.23%
145 EPLUS INC COM 10,703 1,010,000 0.23%
146 Xinyuan Real Estate Co Ltd Sp 158,198 1,000,000 0.23%
147 Mainsource Financial Group 40,011 998,000 0.23%
148 AMERICAN SOFTWARE CL A CLASS A 89,758 996,000 0.23%
149 UNITY BANCORP INC 77,654 996,000 0.23%
150 UTAH MED PRODS INC 16,525 988,000 0.23%
Page 3 of 5

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001423065-16-000024, filed 2016.11.14).

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.