Ativo Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Ativo Capital Management LLC reported 56 stock positions worth $111.9 million. Its top holding was Check Point Software Tech (CHKP) at 7.5% of the portfolio, followed by Franklin Ftse India ETF (FLIN, 6.8%) and Netease Inc.-ADR (NTES, 5.0%). Compared with Q1 2025, it opened 7 new positions, sold out of 5, added to 3 and reduced 45. The biggest buy was a new position in Cia Saneamento Basico DE-ADR (SBS) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $111.9M (Q2 2025)
- SEC Filing
- 0001423065-25-000005 ↗ filed Jul 28, 2025
Holdings Value
Holdings 56 stocks · $111.9M
| CHKP Check Point Software Tech | 7.46% | 37,695 | $8.3M | Reduce -12.9% |
| FLIN Franklin Ftse India ETF | 6.85% | 192,310 | $7.7M | Reduce -41.1% |
| NTES Netease Inc.-ADR | 5.04% | 41,866 | $5.6M | Reduce -25.5% |
| BAP Credicorp Ltd. | 4.92% | 24,610 | $5.5M | Reduce -21.8% |
| FINV Finvolution Group-ADR | 4.60% | 542,790 | $5.1M | Reduce -26.5% |
| YUMC Yum China Holdings Inc. | 4.12% | 103,020 | $4.6M | Reduce -17.4% |
| TSM Taiwan Semiconductor-SP ADR | 3.13% | 15,442 | $3.5M | No change |
| RELX Relx PLC - Spon ADR | 2.12% | 43,668 | $2.4M | Reduce -2.9% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.71% | 108,422 | $1.9M | Reduce -2.8% |
| ATDRY Autotrader Group PL-Unsp ADR | 1.69% | 672,160 | $1.9M | Reduce -2.9% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HOLDINGS INC | 1.63% | 121,554 | $1.8M | Reduce -2.9% |
| ALIZY Allianz SE - Unsp ADR | 1.63% | 44,936 | $1.8M | Reduce -2.8% |
| TGOPY 3I Group PLC-Unspon ADR | 1.62% | 62,761 | $1.8M | Reduce -2.9% |
| ENGIY Engie-Spon ADR | 1.55% | 74,018 | $1.7M | Reduce -3.0% |
| HMY Harmony Gold MNG-Spon ADR | 1.55% | 123,923 | $1.7M | Reduce -2.9% |
| AXAHY AXA -Spons ADR filed as AXA SA | 1.54% | 35,048 | $1.7M | Reduce -2.8% |
| AGESY Ageas -Spon ADR | 1.52% | 25,057 | $1.7M | Reduce -3.1% |
| JEXYY Jiangsu Express Co.-Spons ADR | 1.51% | 60,023 | $1.7M | Reduce -2.9% |
| GIL Gildan Activewear Inc. | 1.50% | 33,977 | $1.7M | Reduce -2.9% |
| BTI British American Tob-SP ADR | 1.50% | 35,346 | $1.7M | Add +107.6% |
| NVS Novartis AG-Sponsored ADR | 1.48% | 13,725 | $1.7M | Add +13.4% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.47% | 27,070 | $1.6M | Reduce -2.9% |
| AEM Agnico Eagle Mines Ltd. | 1.46% | 13,771 | $1.6M | Reduce -2.8% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 1.45% | 74,051 | $1.6M | New |
| TSCDY Tesco PLC-Sponsored ADR | 1.44% | 96,472 | $1.6M | New |
| KMTUY Komatsu Ltd. -Spons ADR | 1.44% | 48,800 | $1.6M | New |
| DBSDY DBS Group Holdings-Spon ADR | 1.44% | 11,345 | $1.6M | Reduce -3.4% |
| ASR Grupo Aeroportuario Sur-ADR | 1.43% | 5,011 | $1.6M | Reduce -1.9% |
| WF Woori Financial-Spon ADR | 1.43% | 32,076 | $1.6M | Reduce -3.1% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.42% | 103,581 | $1.6M | Reduce -2.9% |
| CRARY Credit Agricole SA-Unsp ADR | 1.42% | 168,579 | $1.6M | Reduce -2.9% |
| DNBBY DNB Bank ASA - SPN ADR | 1.39% | 56,000 | $1.6M | Reduce -3.0% |
| UNCRY Unicredit SPA-ADR | 1.38% | 46,254 | $1.5M | Reduce -2.9% |
| LUGDF Lundin Gold Inc. | 1.38% | 29,241 | $1.5M | New |
| QBIEY Qbe Insurance Group-SPN ADR | 1.38% | 99,781 | $1.5M | Reduce -2.9% |
| B Barrick Mining Corp. | 1.35% | 72,457 | $1.5M | New |
| GIB Cgi Inc. | 1.32% | 14,047 | $1.5M | Reduce -2.8% |
| SOBKY Softbank Corp.-Unsp ADR | 1.31% | 94,586 | $1.5M | Reduce -3.0% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.30% | 97,707 | $1.5M | Reduce -2.9% |
| ABBNY Abb Ltd.-Spon ADR | 1.29% | 24,141 | $1.4M | Add +0.0% |
| RY Royal Bank of Canada | 1.28% | 10,845 | $1.4M | Reduce -3.0% |
| DSGX The Descartes Systems Grp | 1.19% | 13,060 | $1.3M | Reduce -1.9% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.14% | 137,435 | $1.3M | Reduce -2.9% |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE GROUP HLDNGS ADR | 1.13% | 56,802 | $1.3M | Reduce -2.9% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.12% | 55,853 | $1.3M | Reduce -3.1% |
| CIG Cia Energetica DE-Spon ADR | 1.10% | 629,451 | $1.2M | Reduce -2.8% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.10% | 43,763 | $1.2M | Reduce -2.8% |
| UL Unilever PLC | 1.08% | 19,786 | $1.2M | Reduce -2.5% |
| E Eni SPA-Sponsored ADR | 1.03% | 35,566 | $1.2M | Reduce -2.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.97% | 6,306 | $1.1M | Reduce -3.0% |
| WHGLY WH Group Ltd. - Spon ADR | 0.70% | 40,469 | $780K | New |
| NPNYY Nippon Yusen KK - Spon ADR | 0.69% | 106,000 | $769K | New |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.61% | 26,688 | $683K | Reduce -5.6% |
| MGYOY Mol Hungarian Oil-SP ADR | 0.60% | 155,274 | $671K | Reduce -5.1% |
| LNVGY Lenovo Group Ltd.-ADR | 0.59% | 27,239 | $656K | Reduce -5.1% |
| SGBLY Standard Bank Group-Spon ADR | 0.52% | 44,960 | $584K | Reduce -5.7% |
Portfolio Sells Q1 2025 → Q2 2025
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −4.06 |
| FLIN Franklin Ftse India ETF | Reduce -41.1% | 6.85% | −3.45 |
| FINV Finvolution Group-ADR | Reduce -26.5% | 4.60% | −1.49 |
| YUMC Yum China Holdings Inc. | Reduce -17.4% | 4.12% | −1.44 |
| MTSUY Mitsubishi Corp. - ADR | Sold out | 0.00% | −1.15 |
| RXEEY Rexel SA - Unsponsored ADR | Sold out | 0.00% | −1.01 |
| CHKP Check Point Software Tech | Reduce -12.9% | 7.46% | −0.99 |
| BBSEY BB Seguridade Parti-Spon ADR | Sold out | 0.00% | −0.96 |
| LYG Lloyds Banking Group PLC-ADR | Sold out | 0.00% | −0.80 |
| BAP Credicorp Ltd. | Reduce -21.8% | 4.92% | −0.10 |
| LNVGY Lenovo Group Ltd.-ADR | Reduce -5.1% | 0.59% | −0.08 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -2.9% | 1.55% | −0.07 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Reduce -2.8% | 1.10% | −0.03 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -5.7% | 0.52% | −0.02 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -3.0% | 0.97% | −0.01 |
| OVCHY Oversea-Chinese Bank-Uns ADR | Reduce -5.6% | 0.61% | −0.01 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Reduce -2.9% | 1.63% | −0.00 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -2.9% | 1.14% | −0.00 |
| ARZGY Assicurazioni Gen-Unspon ADR | Reduce -2.8% | 1.71% | +0.04 |
| DSGX The Descartes Systems Grp | Reduce -1.9% | 1.19% | +0.04 |
| MGYOY Mol Hungarian Oil-SP ADR | Reduce -5.1% | 0.60% | +0.04 |
| UL Unilever PLC | Reduce -2.5% | 1.08% | +0.05 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -2.9% | 1.13% | +0.05 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -3.4% | 1.44% | +0.05 |
| E Eni SPA-Sponsored ADR | Reduce -2.6% | 1.03% | +0.06 |
| CRARY Credit Agricole SA-Unsp ADR | Reduce -2.9% | 1.42% | +0.07 |
| GIB Cgi Inc. | Reduce -2.8% | 1.32% | +0.08 |
| NTES Netease Inc.-ADR | Reduce -25.5% | 5.04% | +0.08 |
| DNBBY DNB Bank ASA - SPN ADR | Reduce -3.0% | 1.39% | +0.09 |
| IX Orix - Sponsored ADR | Reduce -3.1% | 1.12% | +0.09 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -2.9% | 1.47% | +0.10 |
| ALIZY Allianz SE - Unsp ADR | Reduce -2.8% | 1.63% | +0.11 |
| CIG Cia Energetica DE-Spon ADR | Reduce -2.8% | 1.10% | +0.13 |
| SOBKY Softbank Corp.-Unsp ADR | Reduce -3.0% | 1.31% | +0.14 |
| AEM Agnico Eagle Mines Ltd. | Reduce -2.8% | 1.46% | +0.15 |
| QBIEY Qbe Insurance Group-SPN ADR | Reduce -2.9% | 1.38% | +0.15 |
| GIL Gildan Activewear Inc. | Reduce -2.9% | 1.50% | +0.17 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -2.9% | 1.42% | +0.18 |
| RELX Relx PLC - Spon ADR | Reduce -2.9% | 2.12% | +0.18 |
| AGESY Ageas -Spon ADR | Reduce -3.1% | 1.52% | +0.18 |
| JEXYY Jiangsu Express Co.-Spons ADR | Reduce -2.9% | 1.51% | +0.19 |
| RY Royal Bank of Canada | Reduce -3.0% | 1.28% | +0.20 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -2.9% | 1.30% | +0.20 |
| AXAHY AXA -Spons ADR | Reduce -2.8% | 1.54% | +0.22 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -1.9% | 1.43% | +0.23 |
| UNCRY Unicredit SPA-ADR | Reduce -2.9% | 1.38% | +0.24 |
| ATDRY Autotrader Group PL-Unsp ADR | Reduce -2.9% | 1.69% | +0.28 |
| ENGIY Engie-Spon ADR | Reduce -3.0% | 1.55% | +0.28 |
| TGOPY 3I Group PLC-Unspon ADR | Reduce -2.9% | 1.62% | +0.30 |
| WF Woori Financial-Spon ADR | Reduce -3.1% | 1.43% | +0.48 |
Portfolio Buys Q1 2025 → Q2 2025
| SBS Cia Saneamento Basico DE-ADR | New | 1.45% | +1.45 |
| TSCDY Tesco PLC-Sponsored ADR | New | 1.44% | +1.44 |
| KMTUY Komatsu Ltd. -Spons ADR | New | 1.44% | +1.44 |
| LUGDF Lundin Gold Inc. | New | 1.38% | +1.38 |
| B Barrick Mining Corp. | New | 1.35% | +1.35 |
| BTI British American Tob-SP ADR | Add +107.6% | 1.50% | +0.89 |
| WHGLY WH Group Ltd. - Spon ADR | New | 0.70% | +0.70 |
| NPNYY Nippon Yusen KK - Spon ADR | New | 0.69% | +0.69 |
| NVS Novartis AG-Sponsored ADR | Add +13.4% | 1.48% | +0.33 |
| ABBNY Abb Ltd.-Spon ADR | Add +0.0% | 1.29% | +0.21 |
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 |