Ativo Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Ativo Capital Management LLC reported 54 stock positions worth $116.8 million. Its top holding was Franklin Ftse India ETF (FLIN) at 10.3% of the portfolio, followed by Check Point Software Tech (CHKP, 8.4%) and Finvolution Group-ADR (FINV, 6.1%). Compared with Q4 2024, it opened 8 new positions, sold out of 5, added to 5 and reduced 38. The biggest buy was a new position in Finvolution Group-ADR (FINV) and the biggest sale Franklin Ftse India ETF (FLIN, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $116.8M (Q1 2025)
- SEC Filing
- 0001423065-25-000003 ↗ filed Apr 28, 2025
Holdings Value
Holdings 54 stocks · $116.8M
| FLIN Franklin Ftse India ETF | 10.30% | 326,430 | $12.0M | Reduce -21.3% |
| CHKP Check Point Software Tech | 8.45% | 43,290 | $9.9M | Reduce -27.3% |
| FINV Finvolution Group-ADR | 6.09% | 738,680 | $7.1M | New |
| YUMC Yum China Holdings Inc. | 5.56% | 124,780 | $6.5M | New |
| BAP Credicorp Ltd. | 5.02% | 31,470 | $5.9M | Add +44.1% |
| NTES Netease Inc.-ADR | 4.95% | 56,199 | $5.8M | Add +35.9% |
| BABA Alibaba Group Holding-SP ADR | 4.06% | 35,898 | $4.7M | No change |
| TSM Taiwan Semiconductor-SP ADR | 2.19% | 15,442 | $2.6M | Add +0.0% |
| RELX Relx PLC - Spon ADR | 1.94% | 44,961 | $2.3M | Reduce -0.8% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.68% | 111,517 | $2.0M | Reduce -0.8% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HOLDINGS INC | 1.64% | 125,127 | $1.9M | Reduce -0.7% |
| HMY Harmony Gold MNG-Spon ADR | 1.61% | 127,655 | $1.9M | New |
| ALIZY Allianz SE - Unsp ADR | 1.51% | 46,237 | $1.8M | Reduce -0.9% |
| ATDRY Autotrader Group PL-Unsp ADR | 1.41% | 692,390 | $1.6M | Reduce -0.7% |
| DBSDY DBS Group Holdings-Spon ADR | 1.38% | 11,741 | $1.6M | Reduce -0.7% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.37% | 27,865 | $1.6M | Reduce -0.7% |
| CRARY Credit Agricole SA-Unsp ADR | 1.34% | 173,569 | $1.6M | Reduce -0.9% |
| AGESY Ageas -Spon ADR | 1.34% | 25,859 | $1.6M | Reduce -0.8% |
| GIL Gildan Activewear Inc. | 1.32% | 34,977 | $1.5M | Reduce -0.8% |
| JEXYY Jiangsu Express Co.-Spons ADR | 1.32% | 61,823 | $1.5M | Add +115.9% |
| AXAHY AXA -Spons ADR | 1.32% | 36,052 | $1.5M | Reduce -0.8% |
| TGOPY 3I Group PLC-Unspon ADR | 1.32% | 64,658 | $1.5M | Reduce -0.7% |
| AEM Agnico Eagle Mines Ltd. | 1.32% | 14,172 | $1.5M | New |
| DNBBY DNB Bank ASA - SPN ADR | 1.30% | 57,700 | $1.5M | New |
| ENGIY Engie-Spon ADR | 1.27% | 76,340 | $1.5M | Reduce -0.8% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.24% | 106,653 | $1.5M | Reduce -30.9% |
| GIB Cgi Inc. | 1.23% | 14,445 | $1.4M | Reduce -0.7% |
| QBIEY Qbe Insurance Group-SPN ADR | 1.23% | 102,779 | $1.4M | Add +116.0% |
| ASR Grupo Aeroportuario Sur-ADR | 1.20% | 5,110 | $1.4M | No change |
| SOBKY Softbank Corp.-Unsp ADR | 1.17% | 97,485 | $1.4M | Reduce -0.8% |
| NVS Novartis AG-Sponsored ADR | 1.15% | 12,100 | $1.3M | Reduce -0.8% |
| DSGX The Descartes Systems Grp | 1.15% | 13,312 | $1.3M | Reduce -0.7% |
| MTSUY Mitsubishi Corp. - ADR | 1.15% | 75,541 | $1.3M | Reduce -0.8% |
| UNCRY Unicredit SPA-ADR | 1.15% | 47,657 | $1.3M | Reduce -26.9% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.14% | 141,583 | $1.3M | Reduce -0.8% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.13% | 45,028 | $1.3M | Reduce -0.8% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.11% | 100,598 | $1.3M | Reduce -0.8% |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE GROUP HLDNGS ADR | 1.09% | 58,502 | $1.3M | Reduce -0.8% |
| RY Royal Bank of Canada | 1.08% | 11,181 | $1.3M | Reduce -0.8% |
| ABBNY Abb Ltd.-Spon ADR | 1.08% | 24,134 | $1.3M | New |
| UL Unilever PLC | 1.03% | 20,287 | $1.2M | Reduce -0.9% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.03% | 57,653 | $1.2M | Reduce -0.8% |
| RXEEY Rexel SA - Unsponsored ADR | 1.01% | 44,037 | $1.2M | No change |
| TM Toyota Motor Corp. -Spon ADR | 0.98% | 6,503 | $1.1M | Reduce -1.5% |
| CIG Cia Energetica DE-Spon ADR | 0.98% | 647,475 | $1.1M | Reduce -1.6% |
| E Eni SPA-Sponsored ADR | 0.97% | 36,519 | $1.1M | Reduce -0.8% |
| BBSEY BB Seguridade Parti-Spon ADR | 0.96% | 158,049 | $1.1M | Reduce -0.8% |
| WF Woori Financial-Spon ADR | 0.95% | 33,092 | $1.1M | Reduce -0.9% |
| LYG Lloyds Banking Group PLC-ADR | 0.80% | 244,962 | $936K | Reduce -1.7% |
| LNVGY Lenovo Group Ltd.-ADR | 0.66% | 28,694 | $774K | New |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.62% | 28,278 | $720K | Reduce -1.7% |
| BTI British American Tob-SP ADR | 0.60% | 17,028 | $704K | New |
| MGYOY Mol Hungarian Oil-SP ADR | 0.56% | 163,673 | $648K | Reduce -45.7% |
| SGBLY Standard Bank Group-Spon ADR | 0.54% | 47,660 | $634K | Reduce -48.9% |
Portfolio Sells Q4 2024 → Q1 2025
| FLIN Franklin Ftse India ETF | Reduce -21.3% | 10.30% | −5.30 |
| AER Aercap Holdings NV | Sold out | 0.00% | −3.94 |
| VIPS Vipshop Holdings Ltd. - ADR | Sold out | 0.00% | −2.71 |
| CHKP Check Point Software Tech | Reduce -27.3% | 8.45% | −2.58 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −1.01 |
| LGGNY Legal & Gen Group -Spon ADR | Sold out | 0.00% | −1.00 |
| MBGYY Mercedes-Benz Group-Unsp ADR | Sold out | 0.00% | −0.93 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -48.9% | 0.54% | −0.54 |
| MGYOY Mol Hungarian Oil-SP ADR | Reduce -45.7% | 0.56% | −0.51 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -0.8% | 1.14% | −0.41 |
| DSGX The Descartes Systems Grp | Reduce -0.7% | 1.15% | −0.36 |
| GIB Cgi Inc. | Reduce -0.7% | 1.23% | −0.34 |
| GIL Gildan Activewear Inc. | Reduce -0.8% | 1.32% | −0.32 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -1.5% | 0.98% | −0.29 |
| ATDRY Autotrader Group PL-Unsp ADR | Reduce -0.7% | 1.41% | −0.29 |
| RY Royal Bank of Canada | Reduce -0.8% | 1.08% | −0.27 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -30.9% | 1.24% | −0.25 |
| IX Orix - Sponsored ADR | Reduce -0.8% | 1.03% | −0.19 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -0.8% | 1.09% | −0.19 |
| CIG Cia Energetica DE-Spon ADR | Reduce -1.6% | 0.98% | −0.18 |
| UNCRY Unicredit SPA-ADR | Reduce -26.9% | 1.15% | −0.15 |
| TGOPY 3I Group PLC-Unspon ADR | Reduce -0.7% | 1.32% | −0.14 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -0.7% | 1.38% | −0.12 |
| UL Unilever PLC | Reduce -0.9% | 1.03% | −0.12 |
| RELX Relx PLC - Spon ADR | Reduce -0.8% | 1.94% | −0.10 |
| WF Woori Financial-Spon ADR | Reduce -0.9% | 0.95% | −0.09 |
| MTSUY Mitsubishi Corp. - ADR | Reduce -0.8% | 1.15% | −0.09 |
| OVCHY Oversea-Chinese Bank-Uns ADR | Reduce -1.7% | 0.62% | −0.08 |
| SOBKY Softbank Corp.-Unsp ADR | Reduce -0.8% | 1.17% | −0.06 |
| E Eni SPA-Sponsored ADR | Reduce -0.8% | 0.97% | −0.03 |
| NVS Novartis AG-Sponsored ADR | Reduce -0.8% | 1.15% | −0.02 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Reduce -0.7% | 1.64% | −0.02 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -0.7% | 1.37% | −0.01 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -0.8% | 1.11% | +0.01 |
| BBSEY BB Seguridade Parti-Spon ADR | Reduce -0.8% | 0.96% | +0.03 |
| AXAHY AXA -Spons ADR | Reduce -0.8% | 1.32% | +0.04 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Reduce -0.8% | 1.13% | +0.04 |
| ENGIY Engie-Spon ADR | Reduce -0.8% | 1.27% | +0.07 |
| AGESY Ageas -Spon ADR | Reduce -0.8% | 1.34% | +0.08 |
| ALIZY Allianz SE - Unsp ADR | Reduce -0.9% | 1.51% | +0.10 |
| ARZGY Assicurazioni Gen-Unspon ADR | Reduce -0.8% | 1.68% | +0.10 |
| LYG Lloyds Banking Group PLC-ADR | Reduce -1.7% | 0.80% | +0.13 |
| CRARY Credit Agricole SA-Unsp ADR | Reduce -0.9% | 1.34% | +0.16 |
Portfolio Buys Q4 2024 → Q1 2025
| FINV Finvolution Group-ADR | New | 6.09% | +6.09 |
| YUMC Yum China Holdings Inc. | New | 5.56% | +5.56 |
| HMY Harmony Gold MNG-Spon ADR | New | 1.61% | +1.61 |
| AEM Agnico Eagle Mines Ltd. | New | 1.32% | +1.32 |
| DNBBY DNB Bank ASA - SPN ADR | New | 1.30% | +1.30 |
| NTES Netease Inc.-ADR | Add +35.9% | 4.95% | +1.29 |
| ABBNY Abb Ltd.-Spon ADR | New | 1.08% | +1.08 |
| BAP Credicorp Ltd. | Add +44.1% | 5.02% | +1.04 |
| JEXYY Jiangsu Express Co.-Spons ADR | Add +115.9% | 1.32% | +0.68 |
| QBIEY Qbe Insurance Group-SPN ADR | Add +116.0% | 1.23% | +0.67 |
| LNVGY Lenovo Group Ltd.-ADR | New | 0.66% | +0.66 |
| BTI British American Tob-SP ADR | New | 0.60% | +0.60 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.0% | 2.19% | −0.83 |
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 |