Ativo Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 1, 2026), Ativo Capital Management LLC reported 55 stock positions worth $115.0 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.7% of the portfolio, followed by Credicorp (BAP, 5.6%) and Aercap (AER, 5.0%). Compared with Q4 2025, it opened 3 new positions, sold out of 3, added to 21 and reduced 18. The biggest buy was a new position in ASML Holding NV-NY Reg SHS (ASML) and the biggest sale Check Point Software Tech (CHKP, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001423065
- Portfolio Value
- $115.0M (Q1 2026)
- SEC Filing
- 0001423065-26-000005 ↗ filed May 1, 2026
Holdings Value
Holdings 55 stocks · $115.0M
| TSM Taiwan Semiconductor-SP ADR | 5.67% | 19,283 | $6.5M | Reduce -7.2% |
| BAP Credicorp Ltd. | 5.57% | 18,870 | $6.4M | Reduce -12.4% |
| AER Aercap Holdings NV | 4.98% | 41,724 | $5.7M | Add +5.8% |
| YUMC Yum China Holdings Inc. | 4.30% | 101,320 | $4.9M | Reduce -1.6% |
| FLIN Franklin Ftse India ETF | 3.76% | 130,120 | $4.3M | No change |
| NTES Netease Inc.-ADR | 3.54% | 36,370 | $4.1M | Reduce -1.9% |
| E Eni SPA-Sponsored ADR | 2.69% | 54,580 | $3.1M | Add +28.4% |
| B Barrick Mining Corp. | 2.37% | 66,756 | $2.7M | Add +19.3% |
| SMPNY Sompo Japan Nipponkoa-Un ADR filed as SOMPO HOLDINGS INC | 2.36% | 139,248 | $2.7M | Add +25.0% |
| AEM Agnico Eagle Mines Ltd. | 2.22% | 12,596 | $2.6M | Reduce -0.0% |
| WHGLY WH Group Ltd. - Spon ADR | 2.11% | 92,570 | $2.4M | Add +29.2% |
| NVS Novartis AG-Sponsored ADR | 2.10% | 15,831 | $2.4M | Add +25.2% |
| ENGIY Engie-Spon ADR | 1.94% | 67,853 | $2.2M | Reduce -0.1% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.94% | 102,788 | $2.2M | Add +28.6% |
| RY Royal Bank of Canada | 1.84% | 13,060 | $2.1M | Add +31.4% |
| LUGDF Lundin Gold Inc. | 1.77% | 26,753 | $2.0M | Add +0.0% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 1.74% | 65,492 | $2.0M | Add +0.1% |
| CIG Cia Energetica DE-Spon ADR | 1.69% | 812,518 | $1.9M | Add +38.6% |
| BTI British American Tob-SP ADR | 1.64% | 32,330 | $1.9M | Add +0.0% |
| DBSDY DBS Group Holdings-Spon ADR | 1.63% | 10,431 | $1.9M | Reduce -0.0% |
| WF Woori Financial-Spon ADR | 1.59% | 27,530 | $1.8M | Reduce -0.1% |
| ABBNY Abb Ltd.-Spon ADR | 1.59% | 22,640 | $1.8M | Reduce -0.0% |
| TD Toronto-Dominion Bank | 1.56% | 19,278 | $1.8M | Reduce -0.0% |
| KMTUY Komatsu Ltd. -Spons ADR | 1.56% | 45,750 | $1.8M | No change |
| IPSEY Ipsen SA-Sponsored ADR | 1.56% | 38,759 | $1.8M | Reduce -0.0% |
| CHKP Check Point Software Tech | 1.56% | 12,533 | $1.8M | Reduce -65.7% |
| VLVLY Volvo AB-B SHS-Unspon ADR | 1.54% | 54,064 | $1.8M | Add +34.8% |
| GIL Gildan Activewear Inc. | 1.51% | 31,212 | $1.7M | No change |
| ALIZY Allianz SE - Unsp ADR | 1.51% | 41,216 | $1.7M | No change |
| AGESY Ageas -Spon ADR | 1.47% | 23,016 | $1.7M | No change |
| TSCDY Tesco PLC-Sponsored ADR | 1.46% | 88,482 | $1.7M | No change |
| PROSY Prosus NV -Spon ADR | 1.42% | 175,955 | $1.6M | Add +42.3% |
| ATEYY Advantest Corp.- Spon ADR | 1.41% | 11,926 | $1.6M | Add +0.2% |
| DNBBY DNB Bank ASA - SPN ADR | 1.40% | 51,380 | $1.6M | No change |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 1.38% | 1,201 | $1.6M | New |
| NRDBY Nordea Bank Abp - Spon ADR | 1.35% | 89,578 | $1.5M | Reduce -0.0% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 1.33% | 51,149 | $1.5M | Reduce -0.0% |
| UNCRY Unicredit SPA-ADR | 1.33% | 42,445 | $1.5M | Add +0.0% |
| ARZGY Assicurazioni Gen-Unspon ADR | 1.33% | 75,682 | $1.5M | No change |
| ASR Grupo Aeroportuario Sur-ADR | 1.32% | 4,521 | $1.5M | No change |
| AXAHY AXA -Spons ADR filed as AXA SA | 1.28% | 32,077 | $1.5M | Add +0.0% |
| MKTAY Makita Corp.-Spons ADR | 1.28% | 45,004 | $1.5M | Reduce -0.0% |
| KLYCY Kunlun Energy Co. -Unsp ADR | 1.25% | 126,104 | $1.4M | Reduce -0.1% |
| CRARY Credit Agricole SA-Unsp ADR | 1.25% | 154,429 | $1.4M | No change |
| QBIEY Qbe Insurance Group-SPN ADR | 1.18% | 91,516 | $1.4M | No change |
| MSADY Ms&ad Insurance-Unspons ADR filed as MS AND AD INSURANCE | 1.17% | 52,142 | $1.4M | Reduce -0.0% |
| HMY Harmony Gold MNG-Spon ADR | 1.16% | 86,487 | $1.3M | Add +0.1% |
| UL Unilever PLC-Sponsored ADR | 1.05% | 21,201 | $1.2M | Add +0.0% |
| FJTSY Fujitsu Ltd. - Unspon ADR | 1.04% | 58,018 | $1.2M | Add +0.1% |
| TGOPY 3I Group PLC-Unspon ADR | 1.04% | 147,169 | $1.2M | New |
| CPYYY Centrica PLC-SP ADR | 0.91% | 90,326 | $1.0M | New |
| OVCHY Oversea-Chinese Bank-Uns ADR | 0.66% | 22,313 | $763K | Reduce -0.0% |
| RAIFY Raiffeisen Bank Int-Unsp ADR | 0.62% | 65,000 | $708K | No change |
| SGBLY Standard Bank Group-Spon ADR | 0.60% | 37,490 | $687K | No change |
| GOFPY Allwyn AG | 0.47% | 72,403 | $546K | Add +0.1% |
Portfolio Sells Q4 2025 → Q1 2026
| CHKP Check Point Software Tech | Reduce -65.7% | 1.56% | −4.39 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −2.04 |
| TM Toyota Motor Corp. -Spon ADR | Sold out | 0.00% | −1.08 |
| NTES Netease Inc.-ADR | Reduce -1.9% | 3.54% | −0.93 |
| LNVGY Lenovo Group Ltd.-ADR | Sold out | 0.00% | −0.54 |
| NRDBY Nordea Bank Abp - Spon ADR | Reduce -0.0% | 1.35% | −0.14 |
| TD Toronto-Dominion Bank | Reduce -0.0% | 1.56% | −0.03 |
| YUMC Yum China Holdings Inc. | Reduce -1.6% | 4.30% | −0.01 |
| DBSDY DBS Group Holdings-Spon ADR | Reduce -0.0% | 1.63% | +0.02 |
| IX Orix - Sponsored ADR | Reduce -0.0% | 1.33% | +0.02 |
| OVCHY Oversea-Chinese Bank-Uns ADR | Reduce -0.0% | 0.66% | +0.06 |
| MKTAY Makita Corp.-Spons ADR | Reduce -0.0% | 1.28% | +0.09 |
| MSADY Ms&ad Insurance-Unspons ADR | Reduce -0.0% | 1.17% | +0.10 |
| ABBNY Abb Ltd.-Spon ADR | Reduce -0.0% | 1.59% | +0.12 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.2% | 5.67% | +0.13 |
| BAP Credicorp Ltd. | Reduce -12.4% | 5.57% | +0.15 |
| KLYCY Kunlun Energy Co. -Unsp ADR | Reduce -0.1% | 1.25% | +0.15 |
| WF Woori Financial-Spon ADR | Reduce -0.1% | 1.59% | +0.17 |
| IPSEY Ipsen SA-Sponsored ADR | Reduce -0.0% | 1.56% | +0.33 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.0% | 2.22% | +0.35 |
| ENGIY Engie-Spon ADR | Reduce -0.1% | 1.94% | +0.37 |
Portfolio Buys Q4 2025 → Q1 2026
| ASML ASML Holding NV-NY Reg SHS | New | 1.38% | +1.38 |
| E Eni SPA-Sponsored ADR | Add +28.4% | 2.69% | +1.27 |
| TGOPY 3I Group PLC-Unspon ADR | New | 1.04% | +1.04 |
| CPYYY Centrica PLC-SP ADR | New | 0.91% | +0.91 |
| WHGLY WH Group Ltd. - Spon ADR | Add +29.2% | 2.11% | +0.71 |
| SMPNY Sompo Japan Nipponkoa-Un ADR | Add +25.0% | 2.36% | +0.71 |
| CIG Cia Energetica DE-Spon ADR | Add +38.6% | 1.69% | +0.66 |
| NVS Novartis AG-Sponsored ADR | Add +25.2% | 2.10% | +0.58 |
| VLVLY Volvo AB-B SHS-Unspon ADR | Add +34.8% | 1.54% | +0.42 |
| SBS Cia Saneamento Basico DE-ADR | Add +0.1% | 1.74% | +0.37 |
| RY Royal Bank of Canada | Add +31.4% | 1.84% | +0.35 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Add +28.6% | 1.94% | +0.30 |
| B Barrick Mining Corp. | Add +19.3% | 2.37% | +0.23 |
| ATEYY Advantest Corp.- Spon ADR | Add +0.2% | 1.41% | +0.09 |
| PROSY Prosus NV -Spon ADR | Add +42.3% | 1.42% | +0.08 |
| BTI British American Tob-SP ADR | Add +0.0% | 1.64% | +0.04 |
| AER Aercap Holdings NV | Add +5.8% | 4.98% | +0.01 |
| AXAHY AXA -Spons ADR | Add +0.0% | 1.28% | −0.07 |
| UL Unilever PLC-Sponsored ADR | Add +0.0% | 1.05% | −0.16 |
| LUGDF Lundin Gold Inc. | Add +0.0% | 1.77% | −0.17 |
| UNCRY Unicredit SPA-ADR | Add +0.0% | 1.33% | −0.21 |
| GOFPY Allwyn AG | Add +0.1% | 0.47% | −0.23 |
| FJTSY Fujitsu Ltd. - Unspon ADR | Add +0.1% | 1.04% | −0.35 |
| HMY Harmony Gold MNG-Spon ADR | Add +0.1% | 1.16% | −0.35 |
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 |