Ativo Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Ativo Capital Management LLC reported 51 stock positions worth $99.7 million. Its top holding was Check Point Software Tech (CHKP) at 10.4% of the portfolio, followed by Icon (ICLR, 9.5%) and Dr. Reddy's Laboratories-ADR (RDY, 5.4%). Compared with Q4 2023, it opened 8 new positions, sold out of 11, added to 13 and reduced 30. The biggest buy was Icon (ICLR, shares +145%) and the biggest sale an exit from HDFC Bank Ltd.-ADR (HDB).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $99.7M (Q1 2024)
- SEC Filing
- 0001423065-24-000003 ↗ filed May 8, 2024
Holdings Value
Holdings 51 stocks · $99.7M
| CHKP Check Point Software Tech | 10.42% | 63,355 | $10.4M | Reduce -4.7% |
| ICLR Icon PLC | 9.53% | 28,290 | $9.5M | Add +145.2% |
| RDY Dr. Reddy's Laboratories-ADR | 5.42% | 73,673 | $5.4M | Reduce -14.7% |
| NTES Netease Inc.-ADR | 4.29% | 41,366 | $4.3M | Reduce -0.5% |
| VIPS Vipshop Holdings Ltd. - ADR | 4.08% | 245,922 | $4.1M | Reduce -0.5% |
| BAP Credicorp Ltd. | 3.71% | 21,840 | $3.7M | Add +6.3% |
| TSM Taiwan Semiconductor-SP ADR | 3.48% | 25,526 | $3.5M | Add +11.8% |
| BABA Alibaba Group Holding-SP ADR | 2.45% | 33,708 | $2.4M | Reduce -0.6% |
| RELX Relx PLC - Spon ADR | 2.18% | 50,235 | $2.2M | Reduce -0.4% |
| STLA Stellantis NV | 2.00% | 70,395 | $2.0M | Reduce -0.4% |
| UNCRY Unicredit SPA-ADR | 1.96% | 103,414 | $2.0M | Reduce -8.9% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.95% | 164,572 | $1.9M | Reduce -0.4% |
| MTSUY Mitsubishi Corp. - ADR | 1.74% | 78,760 | $1.7M | Add +203.9% |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE GROUP HLDNGS ADR | 1.70% | 63,480 | $1.7M | New |
| TM Toyota Motor Corp. -Spon ADR | 1.69% | 6,713 | $1.7M | Add +8.1% |
| SHECY Shin-Etsu Chem-Unspon ADR | 1.69% | 77,064 | $1.7M | Reduce -0.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.69% | 13,124 | $1.7M | Reduce -16.0% |
| GIB Cgi Inc. | 1.67% | 15,080 | $1.7M | Reduce -0.2% |
| TGOPY 3I Group PLC-Unspon ADR | 1.65% | 92,596 | $1.6M | Reduce -0.4% |
| ATEYY Advantest Corp.- Spon ADR | 1.50% | 33,600 | $1.5M | Reduce -14.3% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.48% | 116,444 | $1.5M | New |
| PBR Petroleo Brasileiro-Spon ADR | 1.47% | 96,588 | $1.5M | Add +0.2% |
| ING ING Groep N.V.-Sponsored ADR | 1.46% | 88,405 | $1.5M | Reduce -0.5% |
| ALIZY Allianz SE - Unsp ADR | 1.45% | 48,266 | $1.4M | Reduce -0.4% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.37% | 46,864 | $1.4M | New |
| CRARY Credit Agricole SA-Unsp ADR | 1.35% | 181,158 | $1.3M | Add +99.0% |
| SGIOY Shionogi & Co. Ltd.-Unspon ADR | 1.34% | 104,946 | $1.3M | New |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.33% | 11,989 | $1.3M | Add +126.2% |
| SOBKY Softbank Corp.-Unsp ADR | 1.31% | 101,739 | $1.3M | New |
| CIG Cia Energetica DE-Spon ADR | 1.30% | 526,233 | $1.3M | Reduce -0.4% |
| MBGYY Mercedes-Benz Group-Unsp ADR | 1.30% | 65,097 | $1.3M | New |
| DSGX The Descartes Systems Grp | 1.28% | 13,970 | $1.3M | Add +1.4% |
| BP BP PLC-Spons ADR | 1.25% | 33,051 | $1.2M | Reduce -0.3% |
| NVS Novartis AG-Sponsored ADR | 1.23% | 12,631 | $1.2M | Add +11.6% |
| E Eni SPA-Sponsored ADR | 1.22% | 38,453 | $1.2M | Reduce -0.0% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.18% | 104,852 | $1.2M | Reduce -0.4% |
| LGGNY Legal & Gen Group -Spon ADR filed as LEGAL AND GEN GROUP SPON ADR | 1.18% | 72,114 | $1.2M | Reduce -0.4% |
| RY Royal Bank of Canada | 1.18% | 11,643 | $1.2M | Add +0.1% |
| ATDRY Autotrader Group PL-Unsp ADR | 1.17% | 522,368 | $1.2M | Reduce -0.2% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.15% | 29,045 | $1.1M | Reduce -0.3% |
| WF Woori Financial-Spon ADR | 1.12% | 34,478 | $1.1M | Reduce -0.3% |
| HKHHY Heineken Holding NV-SPN ADR | 1.09% | 26,900 | $1.1M | Reduce -0.4% |
| UL Unilever PLC | 1.07% | 21,200 | $1.1M | Add +7.6% |
| GSK GSK PLC-Spon ADR | 1.03% | 23,964 | $1.0M | Add +0.4% |
| SGBLY Standard Bank Group-Spon ADR | 0.94% | 96,500 | $941K | Reduce -0.4% |
| VALE Vale SA-SP ADR | 0.72% | 58,734 | $716K | Reduce -1.1% |
| IMO Imperial Oil Ltd. | 0.70% | 10,028 | $693K | Reduce -0.0% |
| TTE Totalenergies SE -Spon ADR | 0.68% | 9,847 | $678K | New |
| AXAHY AXA -Spons ADR filed as AXA ADR | 0.64% | 17,054 | $641K | New |
| BBSEY BB Seguridade Parti-Spon ADR | 0.61% | 91,911 | $606K | Reduce -0.7% |
| PBCRY Bank Central Asia-Unspon ADR | 0.57% | 35,700 | $568K | Reduce -28.3% |
Portfolio Sells Q4 2023 → Q1 2024
| HDB HDFC Bank Ltd.-ADR | Sold out | 0.00% | −3.69 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −2.72 |
| KHNGY Kuehne & Nagel Intl-Unsp ADR | Sold out | 0.00% | −1.52 |
| UBS UBS Group AG-Reg | Sold out | 0.00% | −1.38 |
| BHP BHP Group Ltd.-Spon ADR | Sold out | 0.00% | −1.34 |
| ANCTF Alimentation Couche-Tard Inc. | Sold out | 0.00% | −1.21 |
| EQNR Equinor ASA-Spon ADR | Sold out | 0.00% | −1.12 |
| BMO Bank of Montreal | Sold out | 0.00% | −1.10 |
| RDY Dr. Reddy's Laboratories-ADR | Reduce -14.7% | 5.42% | −1.00 |
| RIO Rio Tinto PLC-Spon ADR | Sold out | 0.00% | −0.93 |
| AMKBY A P Moller-Maersk-B-Unsp ADR | Sold out | 0.00% | −0.77 |
| SQM Quimica Y Minera Chil-SP ADR | Sold out | 0.00% | −0.68 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -0.5% | 4.08% | −0.61 |
| CHKP Check Point Software Tech | Reduce -4.7% | 10.42% | −0.43 |
| BABA Alibaba Group Holding-SP ADR | Reduce -0.6% | 2.45% | −0.36 |
| VALE Vale SA-SP ADR | Reduce -1.1% | 0.72% | −0.29 |
| ATEYY Advantest Corp.- Spon ADR | Reduce -14.3% | 1.50% | −0.26 |
| PBCRY Bank Central Asia-Unspon ADR | Reduce -28.3% | 0.57% | −0.25 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -0.4% | 0.94% | −0.23 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -0.4% | 1.18% | −0.21 |
| E Eni SPA-Sponsored ADR | Reduce -0.0% | 1.22% | −0.17 |
| HKHHY Heineken Holding NV-SPN ADR | Reduce -0.4% | 1.09% | −0.13 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -0.3% | 1.15% | −0.12 |
| ATDRY Autotrader Group PL-Unsp ADR | Reduce -0.2% | 1.17% | −0.09 |
| LGGNY Legal & Gen Group -Spon ADR | Reduce -0.4% | 1.18% | −0.09 |
| BBSEY BB Seguridade Parti-Spon ADR | Reduce -0.7% | 0.61% | −0.07 |
| GIB Cgi Inc. | Reduce -0.2% | 1.67% | −0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -16.0% | 1.69% | −0.04 |
| SHECY Shin-Etsu Chem-Unspon ADR | Reduce -0.4% | 1.69% | −0.04 |
| CIG Cia Energetica DE-Spon ADR | Reduce -0.4% | 1.30% | −0.01 |
| BP BP PLC-Spons ADR | Reduce -0.3% | 1.25% | −0.00 |
| WF Woori Financial-Spon ADR | Reduce -0.3% | 1.12% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -0.5% | 1.46% | +0.04 |
| RELX Relx PLC - Spon ADR | Reduce -0.4% | 2.18% | +0.05 |
| ALIZY Allianz SE - Unsp ADR | Reduce -0.4% | 1.45% | +0.07 |
| IMO Imperial Oil Ltd. | Reduce -0.0% | 0.70% | +0.08 |
| TGOPY 3I Group PLC-Unspon ADR | Reduce -0.4% | 1.65% | +0.11 |
| NTES Netease Inc.-ADR | Reduce -0.5% | 4.29% | +0.16 |
| STLA Stellantis NV | Reduce -0.4% | 2.00% | +0.24 |
| UNCRY Unicredit SPA-ADR | Reduce -8.9% | 1.96% | +0.31 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -0.4% | 1.95% | +0.35 |
Portfolio Buys Q4 2023 → Q1 2024
| ICLR Icon PLC | Add +145.2% | 9.53% | +6.04 |
| MSADY Ms&ad Insurance-Unspons ADR | New | 1.70% | +1.70 |
| ARZGY Assicurazioni Gen-Unspon ADR | New | 1.48% | +1.48 |
| VLVLY Volvo AB-B SHS-Unspon ADR | New | 1.37% | +1.37 |
| SGIOY Shionogi & Co. Ltd.-Unspon ADR | New | 1.34% | +1.34 |
| SOBKY Softbank Corp.-Unsp ADR | New | 1.31% | +1.31 |
| MBGYY Mercedes-Benz Group-Unsp ADR | New | 1.30% | +1.30 |
| TSM Taiwan Semiconductor-SP ADR | Add +11.8% | 3.48% | +0.95 |
| IX Orix - Sponsored ADR | Add +126.2% | 1.33% | +0.80 |
| TTE Totalenergies SE -Spon ADR | New | 0.68% | +0.68 |
| CRARY Credit Agricole SA-Unsp ADR | Add +99.0% | 1.35% | +0.66 |
| AXAHY AXA -Spons ADR | New | 0.64% | +0.64 |
| TM Toyota Motor Corp. -Spon ADR | Add +8.1% | 1.69% | +0.48 |
| BAP Credicorp Ltd. | Add +6.3% | 3.71% | +0.42 |
| MTSUY Mitsubishi Corp. - ADR | Add +203.9% | 1.74% | +0.41 |
| GSK GSK PLC-Spon ADR | Add +0.4% | 1.03% | +0.09 |
| UL Unilever PLC | Add +7.6% | 1.07% | +0.05 |
| DSGX The Descartes Systems Grp | Add +1.4% | 1.28% | +0.05 |
| NVS Novartis AG-Sponsored ADR | Add +11.6% | 1.23% | +0.01 |
| RY Royal Bank of Canada | Add +0.1% | 1.18% | −0.08 |
| PBR Petroleo Brasileiro-Spon ADR | Add +0.2% | 1.47% | −0.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 56 | $130.6M | TSM, AER, BAP, HTHT, NTES |
| Q1 2026 | 55 | $115.0M | TSM, BAP, AER, YUMC, FLIN |
| Q4 2025 | 55 | $114.1M | CHKP, TSM, BAP, AER, NTES |
| Q3 2025 | 57 | $118.5M | CHKP, FLIN, NTES, TSM, BAP |
| Q2 2025 | 56 | $111.9M | CHKP, FLIN, NTES, BAP, FINV |
| Q1 2025 | 54 | $116.8M | FLIN, CHKP, FINV, YUMC, BAP |
| Q4 2024 | 51 | $100.8M | FLIN, CHKP, BAP, AER, NTES |
| Q3 2024 | 50 | $114.3M | FLIN, CHKP, ICLR, BAP, NTES |
| Q2 2024 | 49 | $96.6M | CHKP, ICLR, RDY, TSM, NTES |
| Q1 2024 | 51 | $99.7M | CHKP, ICLR, RDY, NTES, VIPS |