Ativo Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), Ativo Capital Management LLC reported 51 stock positions worth $100.8 million. Its top holding was Franklin Ftse India ETF (FLIN) at 15.6% of the portfolio, followed by Check Point Software Tech (CHKP, 11.0%) and Credicorp (BAP, 4.0%). Compared with Q3 2024, it opened 6 new positions, sold out of 5, added to 3 and reduced 38. The biggest buy was Aercap (AER, shares +35%) and the biggest sale an exit from Icon (ICLR).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $100.8M (Q4 2024)
- SEC Filing
- 0001423065-25-000002 ↗ filed Feb 3, 2025
Holdings Value
Holdings 51 stocks · $100.8M
| FLIN Franklin Ftse India ETF | 15.60% | 414,720 | $15.7M | No change |
| CHKP Check Point Software Tech | 11.03% | 59,531 | $11.1M | Add +2.8% |
| BAP Credicorp Ltd. | 3.97% | 21,840 | $4.0M | No change |
| AER Aercap Holdings NV | 3.94% | 41,500 | $4.0M | Add +34.9% |
| NTES Netease Inc.-ADR | 3.66% | 41,350 | $3.7M | No change |
| TSM Taiwan Semiconductor-SP ADR | 3.03% | 15,441 | $3.0M | Add +0.1% |
| BABA Alibaba Group Holding-SP ADR | 3.02% | 35,898 | $3.0M | No change |
| VIPS Vipshop Holdings Ltd. - ADR | 2.71% | 202,678 | $2.7M | Reduce -0.0% |
| RELX Relx PLC - Spon ADR | 2.04% | 45,341 | $2.1M | Reduce -2.2% |
| ATDRY Autotrader Group PL-Unsp ADR | 1.70% | 697,582 | $1.7M | Reduce -2.1% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HLDGS INC ADR | 1.65% | 125,953 | $1.7M | Reduce -2.0% |
| GIL Gildan Activewear Inc. | 1.65% | 35,249 | $1.7M | Reduce -2.2% |
| GIB Cgi Inc. | 1.58% | 14,542 | $1.6M | Reduce -2.0% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.57% | 112,450 | $1.6M | Reduce -2.1% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.56% | 142,764 | $1.6M | Reduce -3.5% |
| DSGX The Descartes Systems Grp | 1.51% | 13,407 | $1.5M | Reduce -2.2% |
| DBSDY DBS Group Holdings-Spon ADR | 1.50% | 11,826 | $1.5M | Reduce -1.6% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.49% | 154,347 | $1.5M | Reduce -2.0% |
| TGOPY 3I Group PLC-Unspon ADR | 1.46% | 65,119 | $1.5M | Reduce -2.1% |
| ALIZY Allianz SE - Unsp ADR | 1.41% | 46,642 | $1.4M | Reduce -2.1% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.38% | 28,070 | $1.4M | Reduce -2.1% |
| RY Royal Bank of Canada | 1.35% | 11,275 | $1.4M | Reduce -1.8% |
| ASR Grupo Aeroportuario Sur-ADR | 1.31% | 5,110 | $1.3M | New |
| UNCRY Unicredit SPA-ADR | 1.29% | 65,173 | $1.3M | Reduce -26.2% |
| AXAHY AXA -Spons ADR | 1.28% | 36,352 | $1.3M | Reduce -2.1% |
| TM Toyota Motor Corp. -Spon ADR | 1.28% | 6,603 | $1.3M | Reduce -1.5% |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE GROUP HLDNGS ADR | 1.27% | 58,995 | $1.3M | Reduce -20.2% |
| AGESY Ageas -Spon ADR | 1.25% | 26,062 | $1.3M | New |
| MTSUY Mitsubishi Corp. - ADR | 1.23% | 76,160 | $1.2M | Reduce -2.1% |
| SOBKY Softbank Corp.-Unsp ADR | 1.23% | 98,285 | $1.2M | Reduce -2.1% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.23% | 11,629 | $1.2M | Reduce -1.7% |
| ENGIY Engie-Spon ADR | 1.21% | 76,940 | $1.2M | Reduce -2.0% |
| CRARY Credit Agricole SA-Unsp ADR | 1.19% | 175,106 | $1.2M | Reduce -2.1% |
| NVS Novartis AG-Sponsored ADR | 1.18% | 12,192 | $1.2M | Reduce -2.2% |
| CIG Cia Energetica DE-Spon ADR | 1.16% | 658,358 | $1.2M | Reduce -2.3% |
| UL Unilever PLC | 1.15% | 20,480 | $1.2M | Reduce -1.9% |
| RXEEY Rexel SA - Unsponsored ADR | 1.12% | 44,037 | $1.1M | Reduce -2.1% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.10% | 101,398 | $1.1M | Reduce -2.0% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.09% | 45,412 | $1.1M | Reduce -2.2% |
| SGBLY Standard Bank Group-Spon ADR | 1.08% | 93,260 | $1.1M | Reduce -2.1% |
| MGYOY Mol Hungarian Oil-SP ADR | 1.07% | 301,261 | $1.1M | Reduce -2.0% |
| WF Woori Financial-Spon ADR | 1.04% | 33,388 | $1.0M | Reduce -2.0% |
| PBR Petroleo Brasileiro-Spon ADR | 1.01% | 79,425 | $1.0M | Reduce -2.1% |
| LGGNY Legal & Gen Group -Spon ADR filed as LEGAL AND GEN GROUP SPON ADR | 1.00% | 69,648 | $1.0M | Reduce -2.1% |
| E Eni SPA-Sponsored ADR | 1.00% | 36,819 | $1.0M | Reduce -2.1% |
| MBGYY Mercedes-Benz Group-Unsp ADR | 0.93% | 67,947 | $939K | Reduce -2.0% |
| BBSEY BB Seguridade Parti-Spon ADR | 0.93% | 159,327 | $935K | Reduce -2.1% |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.70% | 28,778 | $706K | New |
| LYG Lloyds Banking Group PLC-ADR | 0.67% | 249,184 | $678K | New |
| JEXYY Jiangsu Express Co.-Spons ADR | 0.64% | 28,638 | $644K | New |
| QBIEY Qbe Insurance Group-SPN ADR | 0.56% | 47,579 | $564K | New |
Portfolio Sells Q3 2024 → Q4 2024
| ICLR Icon PLC | Sold out | 0.00% | −6.67 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −1.35 |
| PETRY Vibra Energia - ADR Unsp | Sold out | 0.00% | −1.26 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.84 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.54 |
| UNCRY Unicredit SPA-ADR | Reduce -26.2% | 1.29% | −0.40 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -20.2% | 1.27% | −0.22 |
| MTSUY Mitsubishi Corp. - ADR | Reduce -2.1% | 1.23% | −0.18 |
| ATDRY Autotrader Group PL-Unsp ADR | Reduce -2.1% | 1.70% | −0.12 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -2.1% | 1.08% | −0.10 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -0.0% | 2.71% | −0.08 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.2% | 1.18% | −0.08 |
| CIG Cia Energetica DE-Spon ADR | Reduce -2.3% | 1.16% | −0.06 |
| MBGYY Mercedes-Benz Group-Unsp ADR | Reduce -2.0% | 0.93% | −0.05 |
| UL Unilever PLC | Reduce -1.9% | 1.15% | −0.03 |
| WF Woori Financial-Spon ADR | Reduce -2.0% | 1.04% | −0.03 |
| RXEEY Rexel SA - Unsponsored ADR | Reduce -2.1% | 1.12% | −0.03 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -2.1% | 1.01% | −0.01 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -2.0% | 1.49% | −0.01 |
| BBSEY BB Seguridade Parti-Spon ADR | Reduce -2.1% | 0.93% | −0.00 |
| CRARY Credit Agricole SA-Unsp ADR | Reduce -2.1% | 1.19% | −0.00 |
| E Eni SPA-Sponsored ADR | Reduce -2.1% | 1.00% | +0.00 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Reduce -2.2% | 1.09% | +0.02 |
| ENGIY Engie-Spon ADR | Reduce -2.0% | 1.21% | +0.02 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -2.0% | 1.10% | +0.02 |
| IX Orix - Sponsored ADR | Reduce -1.7% | 1.23% | +0.03 |
| AXAHY AXA -Spons ADR | Reduce -2.1% | 1.28% | +0.03 |
| SOBKY Softbank Corp.-Unsp ADR | Reduce -2.1% | 1.23% | +0.04 |
| MGYOY Mol Hungarian Oil-SP ADR | Reduce -2.0% | 1.07% | +0.04 |
| ALIZY Allianz SE - Unsp ADR | Reduce -2.1% | 1.41% | +0.05 |
| LGGNY Legal & Gen Group -Spon ADR | Reduce -2.1% | 1.00% | +0.06 |
| GIB Cgi Inc. | Reduce -2.0% | 1.58% | +0.09 |
| RY Royal Bank of Canada | Reduce -1.8% | 1.35% | +0.10 |
| RELX Relx PLC - Spon ADR | Reduce -2.2% | 2.04% | +0.12 |
| ARZGY Assicurazioni Gen-Unspon ADR | Reduce -2.1% | 1.57% | +0.12 |
| TGOPY 3I Group PLC-Unspon ADR | Reduce -2.1% | 1.46% | +0.15 |
| GIL Gildan Activewear Inc. | Reduce -2.2% | 1.65% | +0.16 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -1.5% | 1.28% | +0.23 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -2.1% | 1.38% | +0.24 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -3.5% | 1.56% | +0.26 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -1.6% | 1.50% | +0.26 |
| DSGX The Descartes Systems Grp | Reduce -2.2% | 1.51% | +0.28 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Reduce -2.0% | 1.65% | +0.40 |
Portfolio Buys Q3 2024 → Q4 2024
| AER Aercap Holdings NV | Add +34.9% | 3.94% | +1.39 |
| ASR Grupo Aeroportuario Sur-ADR | New | 1.31% | +1.31 |
| CHKP Check Point Software Tech | Add +2.8% | 11.03% | +1.26 |
| AGESY Ageas -Spon ADR | New | 1.25% | +1.25 |
| OVCHY Oversea-Chinese Bank-Uns ADR | New | 0.70% | +0.70 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.1% | 3.03% | +0.68 |
| LYG Lloyds Banking Group PLC-ADR | New | 0.67% | +0.67 |
| JEXYY Jiangsu Express Co.-Spons ADR | New | 0.64% | +0.64 |
| QBIEY Qbe Insurance Group-SPN ADR | New | 0.56% | +0.56 |
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 |