Ativo Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Ativo Capital Management LLC reported 57 stock positions worth $118.5 million. Its top holding was Check Point Software Tech (CHKP) at 6.6% of the portfolio, followed by Franklin Ftse India ETF (FLIN, 6.1%) and Netease Inc.-ADR (NTES, 5.3%). Compared with Q2 2025, it opened 4 new positions, sold out of 3, added to 6 and reduced 43. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +37%) and the biggest sale an exit from Jiangsu Express Co.-Spons ADR (JEXYY).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $118.5M (Q3 2025)
- SEC Filing
- 0001423065-25-000011 ↗ filed Nov 4, 2025
Holdings Value
Holdings 57 stocks · $118.5M
| CHKP Check Point Software Tech | 6.56% | 37,564 | $7.8M | Reduce -0.3% |
| FLIN Franklin Ftse India ETF | 6.05% | 192,310 | $7.2M | No change |
| NTES Netease Inc.-ADR | 5.30% | 41,336 | $6.3M | Reduce -1.3% |
| TSM Taiwan Semiconductor-SP ADR | 4.98% | 21,145 | $5.9M | Add +36.9% |
| BAP Credicorp Ltd. | 4.84% | 21,540 | $5.7M | Reduce -12.5% |
| YUMC Yum China Holdings Inc. | 3.73% | 103,020 | $4.4M | No change |
| FINV Finvolution Group-ADR | 3.38% | 542,790 | $4.0M | No change |
| B Barrick Mining Corp. | 1.96% | 70,924 | $2.3M | Reduce -2.1% |
| AEM Agnico Eagle Mines Ltd. | 1.91% | 13,434 | $2.3M | Reduce -2.5% |
| RELX Relx PLC - Spon ADR | 1.73% | 42,794 | $2.0M | Reduce -2.0% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.65% | 101,261 | $1.9M | Reduce -2.2% |
| GIL Gildan Activewear Inc. | 1.62% | 33,266 | $1.9M | Reduce -2.1% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.58% | 26,438 | $1.9M | Reduce -2.3% |
| PROSY Prosus NV -Spon ADR | 1.57% | 131,729 | $1.9M | New |
| LUGDF Lundin Gold Inc. | 1.56% | 28,542 | $1.8M | Reduce -2.4% |
| ALIZY Allianz SE - Unsp ADR | 1.56% | 43,956 | $1.8M | Reduce -2.2% |
| BTI British American Tob-SP ADR | 1.55% | 34,542 | $1.8M | Reduce -2.3% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HOLDINGS INC | 1.54% | 118,863 | $1.8M | Reduce -2.2% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 1.52% | 72,451 | $1.8M | Reduce -2.2% |
| DBSDY DBS Group Holdings-Spon ADR | 1.49% | 11,132 | $1.8M | Reduce -1.9% |
| ABBNY Abb Ltd.-Spon ADR | 1.47% | 24,135 | $1.7M | Reduce -0.0% |
| NVS Novartis AG-Sponsored ADR | 1.46% | 13,445 | $1.7M | Reduce -2.0% |
| TSCDY Tesco PLC-Sponsored ADR | 1.45% | 94,372 | $1.7M | Reduce -2.2% |
| TGOPY 3I Group PLC-Unspon ADR | 1.45% | 122,808 | $1.7M | Reduce -2.2% |
| UNCRY Unicredit SPA-ADR | 1.45% | 45,262 | $1.7M | Reduce -2.1% |
| ATDRY Autotrader Group PL-Unsp ADR | 1.44% | 657,585 | $1.7M | Reduce -2.2% |
| AGESY Ageas -Spon ADR | 1.43% | 24,555 | $1.7M | Reduce -2.0% |
| KMTUY Komatsu Ltd. -Spons ADR | 1.42% | 48,800 | $1.7M | No change |
| HMY Harmony Gold MNG-Spon ADR | 1.41% | 92,212 | $1.7M | Reduce -25.6% |
| WHGLY WH Group Ltd. - Spon ADR | 1.40% | 76,569 | $1.7M | Add +89.2% |
| WF Woori Financial-Spon ADR | 1.40% | 29,467 | $1.7M | Reduce -8.1% |
| AXAHY AXA -Spons ADR filed as AXA SA SPONSORED ADR | 1.39% | 34,248 | $1.6M | Reduce -2.3% |
| CRARY Credit Agricole SA-Unsp ADR | 1.37% | 164,839 | $1.6M | Reduce -2.2% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.34% | 80,702 | $1.6M | Reduce -25.6% |
| E Eni SPA-Sponsored ADR | 1.33% | 45,213 | $1.6M | Add +27.1% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.33% | 95,553 | $1.6M | Reduce -2.2% |
| RY Royal Bank of Canada | 1.32% | 10,612 | $1.6M | Reduce -2.1% |
| ENGIY Engie-Spon ADR | 1.32% | 72,418 | $1.6M | Reduce -2.2% |
| ASR Grupo Aeroportuario Sur-ADR | 1.31% | 4,811 | $1.6M | Reduce -4.0% |
| UL Unilever PLC | 1.27% | 25,439 | $1.5M | Add +28.6% |
| DSGX The Descartes Systems Grp | 1.26% | 15,830 | $1.5M | Add +21.2% |
| DNBBY DNB Bank ASA - SPN ADR | 1.26% | 54,800 | $1.5M | Reduce -2.1% |
| NPNYY Nippon Yusen KK - Spon ADR | 1.24% | 216,332 | $1.5M | Add +104.1% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.20% | 54,551 | $1.4M | Reduce -2.3% |
| SOBKY Softbank Corp.-Unsp ADR | 1.15% | 92,546 | $1.4M | Reduce -2.2% |
| QBIEY Qbe Insurance Group-SPN ADR | 1.13% | 97,595 | $1.3M | Reduce -2.2% |
| CIG Cia Energetica DE-Spon ADR | 1.10% | 618,507 | $1.3M | Reduce -1.7% |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE | 1.06% | 55,598 | $1.3M | Reduce -2.1% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.04% | 42,776 | $1.2M | Reduce -2.3% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.01% | 134,363 | $1.2M | Reduce -2.2% |
| TM Toyota Motor Corp. -Spon ADR | 0.99% | 6,125 | $1.2M | Reduce -2.9% |
| GOFPY Allwyn AG filed as Greek Org Of Football Unsponso | 0.73% | 72,290 | $860K | New |
| TD Toronto-Dominion Bank | 0.68% | 10,015 | $801K | New |
| LNVGY Lenovo Group Ltd.-ADR | 0.66% | 26,121 | $778K | Reduce -4.1% |
| KLPEF Klepierre | 0.62% | 19,000 | $737K | New |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.55% | 25,590 | $650K | Reduce -4.1% |
| SGBLY Standard Bank Group-Spon ADR | 0.50% | 43,000 | $594K | Reduce -4.4% |
Portfolio Sells Q2 2025 → Q3 2025
| JEXYY Jiangsu Express Co.-Spons ADR | Sold out | 0.00% | −1.51 |
| GIB Cgi Inc. | Sold out | 0.00% | −1.32 |
| CHKP Check Point Software Tech | Reduce -0.3% | 6.56% | −0.90 |
| MGYOY Mol Hungarian Oil-SP ADR | Sold out | 0.00% | −0.60 |
| RELX Relx PLC - Spon ADR | Reduce -2.0% | 1.73% | −0.40 |
| ARZGY Assicurazioni Gen-Unspon ADR | Reduce -25.6% | 1.34% | −0.37 |
| QBIEY Qbe Insurance Group-SPN ADR | Reduce -2.2% | 1.13% | −0.25 |
| ATDRY Autotrader Group PL-Unsp ADR | Reduce -2.2% | 1.44% | −0.25 |
| ENGIY Engie-Spon ADR | Reduce -2.2% | 1.32% | −0.24 |
| TGOPY 3I Group PLC-Unspon ADR | Reduce -2.2% | 1.45% | −0.17 |
| SOBKY Softbank Corp.-Unsp ADR | Reduce -2.2% | 1.15% | −0.16 |
| AXAHY AXA -Spons ADR | Reduce -2.3% | 1.39% | −0.15 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -25.6% | 1.41% | −0.14 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -2.2% | 1.01% | −0.13 |
| DNBBY DNB Bank ASA - SPN ADR | Reduce -2.1% | 1.26% | −0.13 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -4.0% | 1.31% | −0.12 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Reduce -2.2% | 1.54% | −0.10 |
| AGESY Ageas -Spon ADR | Reduce -2.0% | 1.43% | −0.09 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -2.1% | 1.06% | −0.08 |
| BAP Credicorp Ltd. | Reduce -12.5% | 4.84% | −0.08 |
| ALIZY Allianz SE - Unsp ADR | Reduce -2.2% | 1.56% | −0.07 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Reduce -2.3% | 1.04% | −0.07 |
| OVCHY Oversea-Chinese Bank-Uns ADR | Reduce -4.1% | 0.55% | −0.06 |
| CRARY Credit Agricole SA-Unsp ADR | Reduce -2.2% | 1.37% | −0.05 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.0% | 1.46% | −0.03 |
| WF Woori Financial-Spon ADR | Reduce -8.1% | 1.40% | −0.03 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -4.4% | 0.50% | −0.02 |
| CIG Cia Energetica DE-Spon ADR | Reduce -1.7% | 1.10% | −0.00 |
| TSCDY Tesco PLC-Sponsored ADR | Reduce -2.2% | 1.45% | +0.01 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -2.9% | 0.99% | +0.02 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -2.2% | 1.33% | +0.03 |
| RY Royal Bank of Canada | Reduce -2.1% | 1.32% | +0.04 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -1.9% | 1.49% | +0.05 |
| BTI British American Tob-SP ADR | Reduce -2.3% | 1.55% | +0.05 |
| UNCRY Unicredit SPA-ADR | Reduce -2.1% | 1.45% | +0.07 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -2.2% | 1.52% | +0.07 |
| LNVGY Lenovo Group Ltd.-ADR | Reduce -4.1% | 0.66% | +0.07 |
| IX Orix - Sponsored ADR | Reduce -2.3% | 1.20% | +0.08 |
| HSBC HSBC Holdings PLC-Spons ADR | Reduce -2.3% | 1.58% | +0.11 |
| GIL Gildan Activewear Inc. | Reduce -2.1% | 1.62% | +0.13 |
| ABBNY Abb Ltd.-Spon ADR | Reduce -0.0% | 1.47% | +0.18 |
| LUGDF Lundin Gold Inc. | Reduce -2.4% | 1.56% | +0.18 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -2.2% | 1.65% | +0.22 |
| NTES Netease Inc.-ADR | Reduce -1.3% | 5.30% | +0.27 |
| AEM Agnico Eagle Mines Ltd. | Reduce -2.5% | 1.91% | +0.45 |
| B Barrick Mining Corp. | Reduce -2.1% | 1.96% | +0.61 |
Portfolio Buys Q2 2025 → Q3 2025
| TSM Taiwan Semiconductor-SP ADR | Add +36.9% | 4.98% | +1.86 |
| PROSY Prosus NV -Spon ADR | New | 1.57% | +1.57 |
| GOFPY Allwyn AG | New | 0.73% | +0.73 |
| WHGLY WH Group Ltd. - Spon ADR | Add +89.2% | 1.40% | +0.70 |
| TD Toronto-Dominion Bank | New | 0.68% | +0.68 |
| KLPEF Klepierre | New | 0.62% | +0.62 |
| NPNYY Nippon Yusen KK - Spon ADR | Add +104.1% | 1.24% | +0.55 |
| E Eni SPA-Sponsored ADR | Add +27.1% | 1.33% | +0.30 |
| UL Unilever PLC | Add +28.6% | 1.27% | +0.19 |
| DSGX The Descartes Systems Grp | Add +21.2% | 1.26% | +0.07 |
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 |