Ativo Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Ativo Capital Management LLC reported 55 stock positions worth $114.1 million. Its top holding was Check Point Software Tech (CHKP) at 5.9% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 5.5%) and Credicorp (BAP, 5.4%). Compared with Q3 2025, it opened 7 new positions, sold out of 9, added to 3 and reduced 43. The biggest buy was a new position in Aercap (AER) and the biggest sale an exit from Finvolution Group-ADR (FINV).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $114.1M (Q4 2025)
- SEC Filing
- 0001423065-26-000004 ↗ filed Feb 2, 2026
Holdings Value
Holdings 55 stocks · $114.1M
| CHKP Check Point Software Tech | 5.95% | 36,554 | $6.8M | Reduce -2.7% |
| TSM Taiwan Semiconductor-SP ADR | 5.54% | 20,784 | $6.3M | Reduce -1.7% |
| BAP Credicorp Ltd. | 5.42% | 21,540 | $6.2M | No change |
| AER Aercap Holdings NV | 4.97% | 39,447 | $5.7M | New |
| NTES Netease Inc.-ADR | 4.47% | 37,086 | $5.1M | Reduce -10.3% |
| FLIN Franklin Ftse India ETF | 4.40% | 130,120 | $5.0M | Reduce -32.3% |
| YUMC Yum China Holdings Inc. | 4.31% | 103,020 | $4.9M | No change |
| B Barrick Mining Corp. | 2.14% | 55,979 | $2.4M | Reduce -21.1% |
| BZ Kanzhun Ltd. - ADR | 2.04% | 114,420 | $2.3M | New |
| LUGDF Lundin Gold Inc. | 1.95% | 26,751 | $2.2M | Reduce -6.3% |
| AEM Agnico Eagle Mines Ltd. | 1.87% | 12,600 | $2.1M | Reduce -6.2% |
| GIL Gildan Activewear Inc. | 1.71% | 31,212 | $1.9M | Reduce -6.2% |
| ALIZY Allianz SE - Unsp ADR | 1.66% | 41,216 | $1.9M | Reduce -6.2% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HOLDINGS INC | 1.65% | 111,436 | $1.9M | Reduce -6.3% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.63% | 79,951 | $1.9M | Reduce -21.0% |
| DBSDY DBS Group Holdings-Spon ADR | 1.61% | 10,432 | $1.8M | Reduce -6.3% |
| BTI British American Tob-SP ADR | 1.60% | 32,329 | $1.8M | Reduce -6.4% |
| TD Toronto-Dominion Bank | 1.59% | 19,279 | $1.8M | Add +92.5% |
| ENGIY Engie-Spon ADR | 1.56% | 67,890 | $1.8M | Reduce -6.3% |
| UNCRY Unicredit SPA-ADR | 1.54% | 42,443 | $1.8M | Reduce -6.2% |
| NVS Novartis AG-Sponsored ADR | 1.53% | 12,644 | $1.7M | Reduce -6.0% |
| HMY Harmony Gold MNG-Spon ADR | 1.51% | 86,420 | $1.7M | Reduce -6.3% |
| NRDBY Nordea Bank Abp - Spon ADR | 1.49% | 89,587 | $1.7M | Reduce -6.2% |
| RY Royal Bank of Canada | 1.49% | 9,942 | $1.7M | Reduce -6.3% |
| ABBNY Abb Ltd.-Spon ADR | 1.47% | 22,645 | $1.7M | Reduce -6.2% |
| WF Woori Financial-Spon ADR | 1.42% | 27,547 | $1.6M | Reduce -6.5% |
| AGESY Ageas -Spon ADR | 1.42% | 23,016 | $1.6M | Reduce -6.3% |
| E Eni SPA-Sponsored ADR | 1.41% | 42,509 | $1.6M | Reduce -6.0% |
| TSCDY Tesco PLC-Sponsored ADR | 1.40% | 88,482 | $1.6M | Reduce -6.2% |
| WHGLY WH Group Ltd. - Spon ADR | 1.39% | 71,650 | $1.6M | Reduce -6.4% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.39% | 75,682 | $1.6M | Reduce -6.2% |
| FJTSY Fujitsu Ltd. - Unspon ADR | 1.39% | 57,989 | $1.6M | New |
| CRARY Credit Agricole SA-Unsp ADR | 1.39% | 154,429 | $1.6M | Reduce -6.3% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 1.37% | 65,412 | $1.6M | Reduce -9.7% |
| AXAHY AXA -Spons ADR filed as AXA SA | 1.35% | 32,068 | $1.5M | Reduce -6.4% |
| PROSY Prosus NV -Spon ADR | 1.34% | 123,614 | $1.5M | Reduce -6.2% |
| ATEYY Advantest Corp.- Spon ADR | 1.32% | 11,900 | $1.5M | New |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.31% | 51,158 | $1.5M | Reduce -6.2% |
| ASR Grupo Aeroportuario Sur-ADR | 1.28% | 4,521 | $1.5M | Reduce -6.0% |
| KMTUY Komatsu Ltd. -Spons ADR | 1.27% | 45,750 | $1.5M | Reduce -6.3% |
| DNBBY DNB Bank ASA - SPN ADR | 1.25% | 51,380 | $1.4M | Reduce -6.2% |
| IPSEY Ipsen SA-Sponsored ADR | 1.24% | 38,765 | $1.4M | New |
| UL Unilever PLC-Sponsored ADR | 1.22% | 21,198 | $1.4M | Reduce -6.2% |
| MKTAY Makita Corp.-Spons ADR | 1.20% | 45,017 | $1.4M | New |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.12% | 40,118 | $1.3M | Reduce -6.2% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.09% | 126,170 | $1.2M | Reduce -6.1% |
| TM Toyota Motor Corp. -Spon ADR | 1.08% | 5,755 | $1.2M | Reduce -6.0% |
| MSADY Ms&ad Insurance-Unspons ADR | 1.07% | 52,154 | $1.2M | Reduce -6.2% |
| QBIEY Qbe Insurance Group-SPN ADR | 1.07% | 91,516 | $1.2M | Reduce -6.2% |
| CIG Cia Energetica DE-Spon ADR | 1.03% | 586,421 | $1.2M | Reduce -5.2% |
| GOFPY Allwyn AG filed as GREEK ORG OF FOOTBALL UNSPONSORD ADR | 0.70% | 72,337 | $800K | Add +0.1% |
| RAIFY Raiffeisen Bank Int-Unsp ADR | 0.64% | 65,000 | $729K | New |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.61% | 22,317 | $691K | Reduce -12.8% |
| SGBLY Standard Bank Group-Spon ADR | 0.58% | 37,490 | $662K | Reduce -12.8% |
| LNVGY Lenovo Group Ltd.-ADR | 0.54% | 26,145 | $619K | Add +0.1% |
Portfolio Sells Q3 2025 → Q4 2025
| FINV Finvolution Group-ADR | Sold out | 0.00% | −3.38 |
| RELX Relx PLC - Spon ADR | Sold out | 0.00% | −1.73 |
| FLIN Franklin Ftse India ETF | Reduce -32.3% | 4.40% | −1.65 |
| HSBC HSBC Holdings PLC-Spons ADR | Sold out | 0.00% | −1.58 |
| TGOPY 3I Group PLC-Unspon ADR | Sold out | 0.00% | −1.45 |
| ATDRY Autotrader Group PL-Unsp ADR | Sold out | 0.00% | −1.44 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −1.26 |
| NPNYY Nippon Yusen KK - Spon ADR | Sold out | 0.00% | −1.24 |
| SOBKY Softbank Corp.-Unsp ADR | Sold out | 0.00% | −1.15 |
| NTES Netease Inc.-ADR | Reduce -10.3% | 4.47% | −0.83 |
| KLPEF Klepierre | Sold out | 0.00% | −0.62 |
| CHKP Check Point Software Tech | Reduce -2.7% | 5.95% | −0.61 |
| PROSY Prosus NV -Spon ADR | Reduce -6.2% | 1.34% | −0.23 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -9.7% | 1.37% | −0.15 |
| KMTUY Komatsu Ltd. -Spons ADR | Reduce -6.3% | 1.27% | −0.15 |
| CIG Cia Energetica DE-Spon ADR | Reduce -5.2% | 1.03% | −0.07 |
| QBIEY Qbe Insurance Group-SPN ADR | Reduce -6.2% | 1.07% | −0.06 |
| UL Unilever PLC-Sponsored ADR | Reduce -6.2% | 1.22% | −0.06 |
| TSCDY Tesco PLC-Sponsored ADR | Reduce -6.2% | 1.40% | −0.06 |
| AEM Agnico Eagle Mines Ltd. | Reduce -6.2% | 1.87% | −0.04 |
| AXAHY AXA -Spons ADR | Reduce -6.4% | 1.35% | −0.04 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -6.0% | 1.28% | −0.03 |
| AGESY Ageas -Spon ADR | Reduce -6.3% | 1.42% | −0.02 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -21.0% | 1.63% | −0.01 |
| WHGLY WH Group Ltd. - Spon ADR | Reduce -6.4% | 1.39% | −0.01 |
| DNBBY DNB Bank ASA - SPN ADR | Reduce -6.2% | 1.25% | −0.00 |
| ABBNY Abb Ltd.-Spon ADR | Reduce -6.2% | 1.47% | +0.00 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -6.2% | 1.07% | +0.01 |
| CRARY Credit Agricole SA-Unsp ADR | Reduce -6.3% | 1.39% | +0.02 |
| WF Woori Financial-Spon ADR | Reduce -6.5% | 1.42% | +0.02 |
| ARZGY Assicurazioni Gen-Unspon ADR | Reduce -6.2% | 1.39% | +0.05 |
| OVCHY Oversea-Chinese Bank-Uns ADR | Reduce -12.8% | 0.61% | +0.06 |
| BTI British American Tob-SP ADR | Reduce -6.4% | 1.60% | +0.06 |
| NVS Novartis AG-Sponsored ADR | Reduce -6.0% | 1.53% | +0.07 |
| SGBLY Standard Bank Group-Spon ADR | Reduce -12.8% | 0.58% | +0.08 |
| E Eni SPA-Sponsored ADR | Reduce -6.0% | 1.41% | +0.08 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -6.1% | 1.09% | +0.08 |
| GIL Gildan Activewear Inc. | Reduce -6.2% | 1.71% | +0.09 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Reduce -6.2% | 1.12% | +0.09 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -6.0% | 1.08% | +0.09 |
| UNCRY Unicredit SPA-ADR | Reduce -6.2% | 1.54% | +0.09 |
| HMY Harmony Gold MNG-Spon ADR | Reduce -6.3% | 1.51% | +0.10 |
| ALIZY Allianz SE - Unsp ADR | Reduce -6.2% | 1.66% | +0.11 |
| IX Orix - Sponsored ADR | Reduce -6.2% | 1.31% | +0.11 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Reduce -6.3% | 1.65% | +0.12 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -6.3% | 1.61% | +0.12 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -6.2% | 1.49% | +0.16 |
| RY Royal Bank of Canada | Reduce -6.3% | 1.49% | +0.17 |
| B Barrick Mining Corp. | Reduce -21.1% | 2.14% | +0.18 |
| ENGIY Engie-Spon ADR | Reduce -6.3% | 1.56% | +0.25 |
Portfolio Buys Q3 2025 → Q4 2025
| AER Aercap Holdings NV | New | 4.97% | +4.97 |
| BZ Kanzhun Ltd. - ADR | New | 2.04% | +2.04 |
| FJTSY Fujitsu Ltd. - Unspon ADR | New | 1.39% | +1.39 |
| ATEYY Advantest Corp.- Spon ADR | New | 1.32% | +1.32 |
| IPSEY Ipsen SA-Sponsored ADR | New | 1.24% | +1.24 |
| MKTAY Makita Corp.-Spons ADR | New | 1.20% | +1.20 |
| TD Toronto-Dominion Bank | Add +92.5% | 1.59% | +0.92 |
| RAIFY Raiffeisen Bank Int-Unsp ADR | New | 0.64% | +0.64 |
| GOFPY Allwyn AG | Add +0.1% | 0.70% | −0.02 |
| LNVGY Lenovo Group Ltd.-ADR | Add +0.1% | 0.54% | −0.11 |
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 |