Ativo Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
APPLE INC	COM	37833100	2,073	5,229	SH		SOLE	0	5,229	0	0
AMERISOURCEBERGEN CORP	COM	003073108	2,989	53,542	SH		SOLE	0	53,542	0	0
ACETO CORP	COM	4446100	397	28,470	SH		SOLE	0	28,470	0	0
ACCENTURE PLC	COM	G1151C101	4,297	59,720	SH		SOLE	0	59,543	0	177
ADDUS HOMECARE CORP	COM	6739106	435	22,021	SH		SOLE	0	22,021	0	0
AEP INDUSTRIES INC	COM	1031103	425	5,713	SH		SOLE	0	5,713	0	0
AERCAP HOLDINGS NV	COM	N00985106	1,458	83,500	SH		SOLE	0	83,500	0	0
ASIA ENTERTAINMENT & RES LTD	COM	G0539K108	363	86,501	SH		SOLE	0	86,501	0	0
AFC ENTERPRISES INC	COM	00104Q107	360	10,025	SH		SOLE	0	10,025	0	0
AMBARELLA INC	COM	G037AX101	373	22,169	SH		SOLE	0	22,169	0	0
AMERICAN PACIFIC CORP	COM	28740108	489	17,246	SH		SOLE	0	17,246	0	0
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	366	23,041	SH		SOLE	0	23,041	0	0
ALTISOURCE PORTFOLIO SOLTNS	COM	L0175J104	5,462	57,919	SH		SOLE	0	57,795	0	124
ADVANCED INFO SERVICE PCL	COM	00753G103	185	20,600	SH		SOLE	0	20,600	0	0
ASTRAZENECA PLC	COM	46353108	1,744	36,865	SH		SOLE	0	36,741	0	124
BAE SYSTEMS PLC	COM	05523R107	258	11,116	SH		SOLE	0	10,630	0	486
BARRETT BUSINESS SVCS INC	COM	68463108	314	6,017	SH		SOLE	0	6,017	0	0
BOFI HOLDING INC	COM	05566U108	285	6,218	SH		SOLE	0	6,218	0	0
BRITISH SKY BROADCASTING GRP	COM	111013108	716	14,900	SH		SOLE	0	14,900	0	0
ANHEUSER-BUSCH INBEV	COM	03524A108	1,855	20,556	SH		SOLE	0	20,434	0	122
MAGICJACK VOCALTEC LTD	COM	M6787E101	362	25,477	SH		SOLE	0	25,477	0	0
CALAMP CORP	COM	128126109	400	27,377	SH		SOLE	0	27,377	0	0
CAI INTERNATIONAL INC	COM	12477X106	291	12,327	SH		SOLE	0	12,327	0	0
CASS INFORMATION SYSTEMS INC	COM	14808P109	333	7,214	SH		SOLE	0	7,214	0	0
CHASE CORP	COM	16150R104	370	16,537	SH		SOLE	0	16,537	0	0
COLEMAN CABLE INC	COM	193459302	335	18,557	SH		SOLE	0	18,557	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	356	28,909	SH		SOLE	0	28,909	0	0
CARDINAL FINANCIAL CORP	COM	14149F109	334	22,843	SH		SOLE	0	22,843	0	0
CIE FINANCIERE RICHEMONT AG	COM	204319107	144	16,300	SH		SOLE	0	16,300	0	0
CANADIAN IMPERIAL BANK	COM	136069101	1,491	21,000	SH		SOLE	0	21,000	0	0
COLUMBUS MCKINNON CORP	COM	199333105	372	17,443	SH		SOLE	0	17,443	0	0
COMPASS GROUP PLC	COM	20449X203	153	12,000	SH		SOLE	0	12,000	0	0
CONRAD INDUSTRIES INC	COM	208305102	408	14,571	SH		SOLE	0	14,571	0	0
COVIDIEN PLC	COM	G2554F113	1,639	26,077	SH		SOLE	0	25,900	0	177
CHESAPEAKE UTILITIES CORP	COM	165303108	325	6,315	SH		SOLE	0	6,315	0	0
CRAWFORD & CO	COM	224633107	373	66,379	SH		SOLE	0	66,379	0	0
COMPUTER TASK GROUP INC	COM	205477102	320	13,937	SH		SOLE	0	13,937	0	0
CHEVRON CORP	COM	166764100	3,062	25,875	SH		SOLE	0	25,675	0	200
COSAN LTD	COM	G25343107	2,695	166,780	SH		SOLE	0	166,203	0	577
DIAGEO PLC	COM	25243Q205	1,810	15,750	SH		SOLE	0	15,655	0	95
DANAHER CORP	COM	235851102	2,982	47,107	SH		SOLE	0	47,107	0	0
DICE HOLDINGS INC	COM	253017107	395	42,844	SH		SOLE	0	42,844	0	0
DISCOVERY COMMUNICATIONS INC	COM	25470F104	2,947	38,155	SH		SOLE	0	38,155	0	0
DAVITA HEALTHCARE PARTNERS	COM	23918K108	2,405	19,912	SH		SOLE	0	19,912	0	0
DYNEX CAPITAL INC	COM	26817Q506	415	40,694	SH		SOLE	0	40,694	0	0
DXP ENTERPRISES INC	COM	233377407	307	4,614	SH		SOLE	0	4,614	0	0
ENI SPA	COM	26874R108	1,039	25,324	SH		SOLE	0	25,175	0	149
US ECOLOGY INC	COM	91732J102	363	13,227	SH		SOLE	0	13,227	0	0
EAGLE BANCORP INC/MD	COM	268948106	303	13,546	SH		SOLE	0	13,546	0	0
ENGHOUSE SYSTEMS LTD	COM	292949104	387	16,923	SH		SOLE	0	16,923	0	0
ELLIE MAE INC	COM	28849P100	348	15,090	SH		SOLE	0	15,090	0	0
REED ELSEVIER NV	COM	758204200	2,138	64,564	SH		SOLE	0	63,473	0	1,091
EPIQ SYSTEMS INC	COM	026882113	433	32,135	SH		SOLE	0	32,135	0	0
FEMALE HEALTH CO	COM	314462102	461	46,795	SH		SOLE	0	46,795	0	0
FISERV INC	COM	337738108	2,824	32,306	SH		SOLE	0	32,306	0	0
FLY LEASING LTD -ADR	COM	034407113	2,349	139,435	SH		SOLE	0	136,995	0	2,440
FORMULA SYSTEMS (1985) LTD	COM	346414105	271	12,463	SH		SOLE	0	12,463	0	0
GIANT INTERACTIVE GROUP -ADR	COM	374511103	3,975	496,195	SH		SOLE	0	491,145	0	5,050
GOLUB CAPITAL BDC INC	COM	38173M102	340	19,447	SH		SOLE	0	19,447	0	0
GENERAL MOTORS CO	COM	37045V100	3,041	91,296	SH		SOLE	0	91,296	0	0
GOOGLE INC	COM	38259P508	3,098	3,518	SH		SOLE	0	3,518	0	0
GAMING PARTNERS INTL CORP	COM	36467A107	277	35,035	SH		SOLE	0	35,035	0	0
GP STRATEGIES CORP	COM	36225V104	458	19,237	SH		SOLE	0	19,237	0	0
GRAY TELEVISION INC	COM	389375106	531	73,696	SH		SOLE	0	73,696	0	0
GOLDFIELD CORP	COM	381370105	397	182,773	SH		SOLE	0	182,773	0	0
HCI GROUP INC	COM	040416107	633	20,605	SH		SOLE	0	19,665	0	940
HACKETT GROUP INC	COM	404609109	412	79,465	SH		SOLE	0	79,465	0	0
HOLLYFRONTIER CORP	COM	436106108	2,559	59,826	SH		SOLE	0	59,326	0	500
HOMESTREET INC	COM	43785V102	466	21,733	SH		SOLE	0	21,733	0	0
HONEYWELL INTERNATIONAL INC	COM	438516106	2,993	37,723	SH		SOLE	0	37,723	0	0
INDUSTRIAL & COMM BANKCHINA	COM	455807107	126	10,000	SH		SOLE	0	10,000	0	0
INGLES MARKETS INC -CL A	COM	457030104	415	16,438	SH		SOLE	0	16,438	0	0
JEWETT-CAMERON TRADING CO	COM	47733C207	286	24,661	SH		SOLE	0	24,661	0	0
KADANT INC	COM	48282T104	341	11,319	SH		SOLE	0	11,319	0	0
KFORCE INC	COM	493732101	401	27,464	SH		SOLE	0	27,464	0	0
LIBBEY INC	COM	529898108	466	19,438	SH		SOLE	0	19,438	0	0
FIDELITY SOUTHERN CORP	COM	316394105	290	23,443	SH		SOLE	0	23,443	0	0
LANDEC CORP	COM	514766104	387	29,276	SH		SOLE	0	29,276	0	0
LUKOIL OIL COMPANY	COM	677862104	236	4,094	SH		SOLE	0	3,929	0	165
LUXOTTICA GROUP SPA	COM	55068R202	659	13,040	SH		SOLE	0	13,040	0	0
MASTERCARD INC	COM	57636Q104	2,590	4,508	SH		SOLE	0	4,508	0	0
MAIN STREET CAPITAL CORP	COM	56035L104	369	13,323	SH		SOLE	0	13,323	0	0
MEDLEY CAPITAL CORP	COM	58503F106	309	22,789	SH		SOLE	0	22,789	0	0
MOODY`S CORP	COM	615369105	3,056	50,158	SH		SOLE	0	50,158	0	0
MFA FINANCIAL INC	COM	55272X102	182	21,577	SH		SOLE	0	18,977	0	2,600
MULTIMEDIA GAMES HOLDING CO	COM	625453105	395	15,148	SH		SOLE	0	15,148	0	0
MASTECH HOLDINGS INC	COM	57633B100	377	48,959	SH		SOLE	0	48,959	0	0
MESA LABORATORIES INC	COM	59064R109	341	6,294	SH		SOLE	0	6,294	0	0
3M CO	COM	88579Y101	2,660	24,324	SH		SOLE	0	24,324	0	0
MONARCH FINANCIAL HLDGS INC	COM	60907Q100	423	39,090	SH		SOLE	0	39,090	0	0
MTR GAMING GROUP INC	COM	553769100	349	104,104	SH		SOLE	0	104,104	0	0
MARATHON PETROLEUM CORP	COM	56585A102	2,759	38,822	SH		SOLE	0	38,822	0	0
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	2,369	129,691	SH		SOLE	0	129,009	0	682
NANOPHASE TECHNOLOGIES CORP	COM	630079101	7	12,500	SH		SOLE	0	12,500	0	0
NASB FINANCIAL INC	COM	628968109	285	10,873	SH		SOLE	0	10,873	0	0
NATHAN`S FAMOUS INC	COM	632347100	364	6,959	SH		SOLE	0	6,959	0	0
NEWCASTLE INVESTMENT CORP	COM	65105M108	192	36,720	SH		SOLE	0	32,320	0	4,400
NEENAH PAPER INC	COM	640079109	325	10,224	SH		SOLE	0	10,224	0	0
NATIONAL RESEARCH CORP	COM	637372301	559	15,990	SH		SOLE	0	15,420	0	570
NESTLE SA/AG	COM	641069406	225	3,433	SH		SOLE	0	3,268	0	165
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	1,765	67,851	SH		SOLE	0	67,421	0	430
NOVARTIS AG	COM	66987V109	2,118	29,959	SH		SOLE	0	29,442	0	517
NEXSTAR BROADCASTING GROUP	COM	65336K103	481	13,558	SH		SOLE	0	13,558	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	420	62,112	SH		SOLE	0	62,112	0	0
OMNICOM GROUP	COM	681919106	3,052	48,546	SH		SOLE	0	48,156	0	390
HIGHER ONE HOLDINGS INC	COM	042983108	231	19,854	SH		SOLE	0	19,854	0	0
ORACLE CORP	COM	68389X105	3,154	102,698	SH		SOLE	0	102,698	0	0
PATRICK INDUSTRIES INC	COM	703343103	365	17,572	SH		SOLE	0	17,572	0	0
PDL BIOPHARMA INC	COM	69329Y104	183	23,642	SH		SOLE	0	21,142	0	2,500
PERION NETWORK LTD	COM	M78673106	407	35,571	SH		SOLE	0	35,571	0	0
PFIZER INC	COM	717081103	3,324	118,664	SH		SOLE	0	117,864	0	800
PHOTOMEDEX INC	COM	719358301	360	22,554	SH		SOLE	0	22,554	0	0
EPLUS INC	COM	294268107	420	7,017	SH		SOLE	0	7,017	0	0
PERFICIENT INC	COM	71375U101	479	35,872	SH		SOLE	0	35,872	0	0
PROVIDENT FINANCIAL HOLDINGS	COM	743868101	404	25,445	SH		SOLE	0	25,445	0	0
PUBLICIS GROUPE SA	COM	74463M106	2,655	149,363	SH		SOLE	0	148,588	0	775
PRUDENTIAL PLC	COM	74435K204	1,822	55,674	SH		SOLE	0	55,342	0	332
PULASKI FINANCIAL CORP	COM	745548107	356	37,279	SH		SOLE	0	37,279	0	0
PENNS WOODS BANCORP INC	COM	708430103	340	8,115	SH		SOLE	0	8,115	0	0
RECKITT BENCKISER GROUP PLC	COM	756255204	169	12,000	SH		SOLE	0	12,000	0	0
ROGERS COMMUNICATIONS -CL B	COM	775109200	1,388	35,415	SH		SOLE	0	35,177	0	238
RDA MICROELECTRONCS INC -ADR	COM	749394102	306	27,626	SH		SOLE	0	27,626	0	0
ROYAL DUTCH SHELL PLC	COM	780259206	2,002	31,380	SH		SOLE	0	30,955	0	425
R F INDUSTRIES LTD	COM	749552105	428	72,992	SH		SOLE	0	72,992	0	0
REPLIGEN CORP	COM	759916109	337	40,893	SH		SOLE	0	40,893	0	0
ROCHE HOLDING AG	COM	771195104	287	4,619	SH		SOLE	0	4,384	0	235
RIOCAN REIT	COM	766910103	1,516	62,869	SH		SOLE	0	62,495	0	374
RIVER VALLEY BANCORP	COM	768475105	364	16,448	SH		SOLE	0	16,448	0	0
ROCKFORD CORP	COM	77316P101	338	46,665	SH		SOLE	0	46,665	0	0
RPX CORP	COM	74972G103	426	25,364	SH		SOLE	0	25,364	0	0
RAYTHEON CO	COM	755111507	2,630	39,775	SH		SOLE	0	39,385	0	390
RYANAIR HOLDINGS PLC	COM	783513104	562	10,900	SH		SOLE	0	10,900	0	0
SAP AG	COM	803054204	5,077	69,708	SH		SOLE	0	69,551	0	157
SCICLONE PHARMACEUTICALS INC	COM	80862K104	370	74,545	SH		SOLE	0	74,545	0	0
SOFTCHOICE CORP	COM	83401X108	337	17,290	SH		SOLE	0	17,290	0	0
SUMITOMO MITSUI FINANCIAL GR	COM	86562M209	176	19,100	SH		SOLE	0	19,100	0	0
SANTARUS INC	COM	802817304	464	22,044	SH		SOLE	0	22,044	0	0
SANOFI	COM	80105N105	2,111	40,988	SH		SOLE	0	40,292	0	696
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	374	18,335	SH		SOLE	0	18,335	0	0
SAPIENS INTERNATIONAL CORP	COM	N7716A151	394	68,660	SH		SOLE	0	68,660	0	0
STANTEC INC	COM	85472N109	1,651	38,989	SH		SOLE	0	38,989	0	0
SEAGATE TECHNOLOGY PLC	COM	G7945M107	5,712	127,406	SH		SOLE	0	126,556	0	850
SYNGENTA AG	COM	87160A100	1,845	23,693	SH		SOLE	0	23,546	0	147
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	1,766	31,590	SH		SOLE	0	31,393	0	197
TRIANGLE CAPITAL CORP	COM	895848109	306	11,127	SH		SOLE	0	11,127	0	0
THL CREDIT INC	COM	872438106	355	23,352	SH		SOLE	0	23,352	0	0
TE CONNECTIVITY LTD	COM	H84989104	1,875	41,182	SH		SOLE	0	40,911	0	271
TESSCO TECHNOLOGIES INC	COM	872386107	344	13,027	SH		SOLE	0	13,027	0	0
TIMMINS GOLD CORP	COM	88741P103	1,695	777,337	SH		SOLE	0	772,637	0	4,700
TICC CAPITAL CORP	COM	87244T109	351	36,470	SH		SOLE	0	36,470	0	0
TELEKOMUNIKASI INDONESIA	COM	715684106	999	23,376	SH		SOLE	0	23,114	0	262
TELSTRA CORP LTD	COM	87969N204	367	16,798	SH		SOLE	0	15,282	0	1,516
TOYOTA MOTOR CORP	COM	892331307	2,225	18,438	SH		SOLE	0	18,320	0	118
TOTAL SA	COM	089151113	1,059	21,751	SH		SOLE	0	21,751	0	0
TAIWAN SEMICONDUCTOR MFG CO	COM	874039100	3,643	198,836	SH		SOLE	0	198,169	0	667
TELUS CORP	COM	87971M103	1,461	50,064	SH		SOLE	0	49,084	0	980
LIN TV CORP	COM	532774106	434	28,379	SH		SOLE	0	28,379	0	0
TWO HARBORS INVESTMENT CORP	COM	90187B101	177	17,242	SH		SOLE	0	15,142	0	2,100
TYCO INTERNATIONAL LTD	COM	H89128104	1,501	45,554	SH		SOLE	0	45,167	0	387
MONOTYPE IMAGING HOLDINGS	COM	61022P100	425	16,741	SH		SOLE	0	16,741	0	0
UNIVERSAL TRUCKLOAD SERVICES	COM	91388P105	355	14,737	SH		SOLE	0	14,737	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	2,677	40,890	SH		SOLE	0	40,890	0	0
UNITED ONLINE INC	COM	911268100	365	48,116	SH		SOLE	0	48,116	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	387	14,002	SH		SOLE	0	14,002	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	435	8,018	SH		SOLE	0	8,018	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	436	61,560	SH		SOLE	0	61,560	0	0
VINCI SA	COM	927320101	150	12,000	SH		SOLE	0	12,000	0	0
VOLKSWAGEN AG	COM	928662303	1,190	30,568	SH		SOLE	0	30,263	0	305
VODAFONE GROUP PLC	COM	92857W209	1,740	60,548	SH		SOLE	0	60,548	0	0
VERISK ANALYTICS INC	COM	92345Y106	2,835	47,485	SH		SOLE	0	47,485	0	0
VSE CORP	COM	918284100	405	9,853	SH		SOLE	0	9,853	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	3,317	65,888	SH		SOLE	0	65,408	0	480
WILSHIRE BANCORP INC	COM	97186T108	374	56,509	SH		SOLE	0	56,509	0	0
WINMARK CORP	COM	974250102	383	5,901	SH		SOLE	0	5,901	0	0
WPP PLC	COM	92937A102	416	4,871	SH		SOLE	0	4,407	0	464
WOLTERS KLUWER NV	COM	977874205	294	13,928	SH		SOLE	0	13,376	0	552
XINYUAN REAL ESTATE CO -ADR	COM	98417P105	2,153	498,437	SH		SOLE	0	491,097	0	7,340
EXXON MOBIL CORP	COM	30231G102	3,217	35,611	SH		SOLE	0	35,611	0	0