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
AMERISOURCEBERGEN CORP	COM	03073E105	3,085	50,487	SH		SOLE	0	50,487	0	0
ACETO CORP	COM	4446100	410	26,263	SH		SOLE	0	26,263	0	0
ACCENTURE PLC	COM	G1151C101	4,546	61,730	SH		SOLE	0	61,553	0	177
ADDUS HOMECARE CORP	COM	6739106	446	15,404	SH		SOLE	0	15,404	0	0
AERCAP HOLDINGS NV	COM	N00985106	1,645	84,541	SH		SOLE	0	83,890	0	651
AFC ENTERPRISES INC	COM	00104Q107	437	10,025	SH		SOLE	0	10,025	0	0
FEDERAL AGRICULTURE MTG CP	COM	313148306	459	13,747	SH		SOLE	0	13,747	0	0
AMBARELLA INC	COM	G037AX101	558	28,569	SH		SOLE	0	28,569	0	0
ARMANINO FOODS DISTINCTION	COM	42166801	428	253,444	SH		SOLE	0	253,444	0	0
AMERICAN PACIFIC CORP	COM	28740108	510	9,305	SH		SOLE	0	9,305	0	0
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	386	25,249	SH		SOLE	0	25,249	0	0
ALTISOURCE PORTFOLIO SOLTNS	COM	L0175J104	6,597	47,115	SH		SOLE	0	47,025	0	90
AVG TECHNOLOGIES NV	COM	N07831105	5,570	232,684	SH		SOLE	0	232,173	0	511
ADVANCED INFO SERVICE PCL	COM	00753G103	168	20,600	SH		SOLE	0	20,600	0	0
ASTRAZENECA PLC	COM	46353108	1,830	35,240	SH		SOLE	0	35,116	0	124
BAE SYSTEMS PLC	COM	05523R107	320	10,874	SH		SOLE	0	10,388	0	486
BARRETT BUSINESS SVCS INC	COM	68463108	342	5,077	SH		SOLE	0	5,077	0	0
BOFI HOLDING INC	COM	05566U108	384	5,918	SH		SOLE	0	5,918	0	0
BRITISH SKY BROADCASTING GRP	COM	111013108	1,825	32,390	SH		SOLE	0	32,167	0	223
ANHEUSER-BUSCH INBEV	COM	03524A108	1,940	19,558	SH		SOLE	0	19,436	0	122
CA INC	COM	12673P105	2,937	98,998	SH		SOLE	0	98,064	0	934
MAGICJACK VOCALTEC LTD	COM	M6787E101	401	31,184	SH		SOLE	0	31,184	0	0
CALAMP CORP	COM	128126109	390	22,170	SH		SOLE	0	22,170	0	0
CASS INFORMATION SYSTEMS INC	COM	14808P109	385	7,214	SH		SOLE	0	7,214	0	0
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	664	22,746	SH		SOLE	0	22,746	0	0
CHASE CORP	COM	16150R104	443	15,063	SH		SOLE	0	15,063	0	0
COLEMAN CABLE INC	COM	193459302	369	17,457	SH		SOLE	0	17,457	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	476	33,809	SH		SOLE	0	33,809	0	0
CARDINAL FINANCIAL CORP	COM	14149F109	378	22,843	SH		SOLE	0	22,843	0	0
CIE FINANCIERE RICHEMONT AG	COM	204319107	126	12,600	SH		SOLE	0	12,600	0	0
CORE LABORATORIES NV	COM	N22717107	1,607	9,500	SH		SOLE	0	9,500	0	0
CHINA MINSHENG BANKING CORP	COM	16949T106	140	11,700	SH		SOLE	0	11,700	0	0
COLUMBUS MCKINNON CORP	COM	199333105	409	17,040	SH		SOLE	0	17,040	0	0
COMPASS GROUP PLC	COM	20449X203	165	12,000	SH		SOLE	0	12,000	0	0
CONRAD INDUSTRIES INC	COM	208305102	446	14,630	SH		SOLE	0	14,630	0	0
COVIDIEN PLC	COM	G2554F113	1,729	28,369	SH		SOLE	0	28,192	0	177
CHESAPEAKE UTILITIES CORP	COM	165303108	371	7,075	SH		SOLE	0	7,075	0	0
CRAWFORD & CO	COM	224633107	582	59,948	SH		SOLE	0	59,948	0	0
CORNERSTONE THERAPEUTICS INC	COM	21924P103	462	49,070	SH		SOLE	0	49,070	0	0
CHEVRON CORP	COM	166764100	3,507	28,861	SH		SOLE	0	28,627	0	234
CHANGYOU.COM LTD	COM	15911M107	639	18,000	SH		SOLE	0	18,000	0	0
DIAGEO PLC	COM	25243Q205	1,920	15,107	SH		SOLE	0	15,012	0	95
DANAHER CORP	COM	235851102	2,818	40,649	SH		SOLE	0	40,649	0	0
DICE HOLDINGS INC	COM	253017107	441	51,853	SH		SOLE	0	51,853	0	0
DISCOVERY COMMUNICATIONS INC	COM	25470F104	2,933	34,746	SH		SOLE	0	34,746	0	0
DELUXE CORP	COM	248019101	229	5,487	SH		SOLE	0	4,757	0	730
DIRECTV	COM	25490A309	3,027	50,641	SH		SOLE	0	50,641	0	0
DYNEX CAPITAL INC	COM	26817Q506	522	59,560	SH		SOLE	0	59,560	0	0
DXP ENTERPRISES INC	COM	233377407	364	4,614	SH		SOLE	0	4,614	0	0
ENI SPA	COM	26874R108	1,003	21,799	SH		SOLE	0	21,650	0	149
US ECOLOGY INC	COM	91732J102	399	13,227	SH		SOLE	0	13,227	0	0
EAGLE BANCORP INC/MD	COM	268948106	383	13,546	SH		SOLE	0	13,546	0	0
ENGHOUSE SYSTEMS LTD	COM	292949104	421	16,923	SH		SOLE	0	16,923	0	0
ENAGAS SA	COM	29248L104	145	11,800	SH		SOLE	0	11,800	0	0
REED ELSEVIER NV	COM	758204200	2,223	55,432	SH		SOLE	0	54,221	0	1,211
EPIQ SYSTEMS INC	COM	26882D109	448	33,943	SH		SOLE	0	33,943	0	0
ESCALADE INC	COM	296056104	190	22,077	SH		SOLE	0	22,077	0	0
FEMALE HEALTH CO	COM	314462102	444	44,995	SH		SOLE	0	44,995	0	0
FISERV INC	COM	337738108	3,020	29,887	SH		SOLE	0	29,887	0	0
FLY LEASING LTD -ADR	COM	34407D109	2,282	164,401	SH		SOLE	0	161,721	0	2,680
FORMULA SYSTEMS (1985) LTD	COM	346414105	503	20,045	SH		SOLE	0	20,045	0	0
GIANT INTERACTIVE GROUP -ADR	COM	374511103	5,272	578,035	SH		SOLE	0	573,057	0	4,978
GOLUB CAPITAL BDC INC	COM	38173M102	337	19,447	SH		SOLE	0	19,447	0	0
GENERAL DYNAMICS CORP	COM	369550108	2,752	31,446	SH		SOLE	0	31,116	0	330
CGI GROUP INC -CL A	COM	39945C109	1,849	52,685	SH		SOLE	0	52,328	0	357
GENERAL MOTORS CO	COM	37045V100	3,399	94,497	SH		SOLE	0	94,497	0	0
GOOGLE INC	COM	38259P508	3,104	3,544	SH		SOLE	0	3,544	0	0
GP STRATEGIES CORP	COM	36225V104	504	19,237	SH		SOLE	0	19,237	0	0
GRAY TELEVISION INC	COM	389375106	522	66,551	SH		SOLE	0	66,551	0	0
HCI GROUP INC	COM	40416E103	811	19,852	SH		SOLE	0	19,152	0	700
HACKETT GROUP INC	COM	404609109	592	82,979	SH		SOLE	0	82,979	0	0
HOLLYFRONTIER CORP	COM	436106108	222	5,279	SH		SOLE	0	4,685	0	594
HOMESTREET INC	COM	43785V102	435	22,538	SH		SOLE	0	22,538	0	0
HONEYWELL INTERNATIONAL INC	COM	438516106	2,739	32,984	SH		SOLE	0	32,984	0	0
INDUSTRIAS BACHOCO SAB DE CV	COM	456463108	1,659	42,022	SH		SOLE	0	41,775	0	247
INDEPENDENT BANK CORP/MI	COM	453838609	400	39,981	SH		SOLE	0	39,981	0	0
INDUSTRIAL & COMM BANKCHINA	COM	455807107	140	10,000	SH		SOLE	0	10,000	0	0
INGLES MARKETS INC -CL A	COM	457030104	411	14,303	SH		SOLE	0	14,303	0	0
JEWETT-CAMERON TRADING CO	COM	47733C207	342	30,370	SH		SOLE	0	30,370	0	0
KADANT INC	COM	48282T104	320	9,529	SH		SOLE	0	9,529	0	0
KFORCE INC	COM	493732101	486	27,464	SH		SOLE	0	27,464	0	0
MULTI-COLOR CORP	COM	625383104	382	11,247	SH		SOLE	0	11,247	0	0
LIBBEY INC	COM	529898108	462	19,438	SH		SOLE	0	19,438	0	0
LIN MEDIA LLC	COM	532771102	453	22,302	SH		SOLE	0	22,302	0	0
FIDELITY SOUTHERN CORP	COM	316394105	431	28,069	SH		SOLE	0	28,069	0	0
LUMOS NETWORKS CORP	COM	550283105	353	16,298	SH		SOLE	0	16,298	0	0
LANDEC CORP	COM	514766104	341	27,976	SH		SOLE	0	27,976	0	0
LUKOIL OIL COMPANY	COM	677862104	258	4,065	SH		SOLE	0	3,900	0	165
LUXOTTICA GROUP SPA	COM	55068R202	559	10,640	SH		SOLE	0	10,640	0	0
MASTERCARD INC	COM	57636Q104	2,595	3,857	SH		SOLE	0	3,857	0	0
MAIN STREET CAPITAL CORP	COM	56035L104	352	11,776	SH		SOLE	0	11,776	0	0
MOODY`S CORP	COM	615369105	3,071	43,669	SH		SOLE	0	43,669	0	0
MCRAE INDUSTRIES -CL A	COM	582757209	343	13,804	SH		SOLE	0	13,804	0	0
MULTIMEDIA GAMES HOLDING CO	COM	625453105	353	10,204	SH		SOLE	0	10,204	0	0
MAGIC SOFTWARE ENTERPRISES	COM	559166103	406	58,994	SH		SOLE	0	58,994	0	0
MASTECH HOLDINGS INC	COM	57633B100	506	44,305	SH		SOLE	0	44,305	0	0
MESA LABORATORIES INC	COM	59064R109	450	6,654	SH		SOLE	0	6,654	0	0
3M CO	COM	88579Y101	2,165	18,129	SH		SOLE	0	18,129	0	0
MONARCH FINANCIAL HLDGS INC	COM	60907Q100	458	39,090	SH		SOLE	0	39,090	0	0
MTR GAMING GROUP INC	COM	553769100	547	116,198	SH		SOLE	0	116,198	0	0
METRO INC	COM	59162N109	1,428	22,700	SH		SOLE	0	22,700	0	0
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	2,748	127,627	SH		SOLE	0	126,945	0	682
MYLAN INC	COM	628530107	3,046	79,800	SH		SOLE	0	79,800	0	0
NANOPHASE TECHNOLOGIES CORP	COM	630079101	5	12,500	SH		SOLE	0	12,500	0	0
NASB FINANCIAL INC	COM	628968109	328	11,974	SH		SOLE	0	11,974	0	0
NATHAN`S FAMOUS INC	COM	632347100	346	6,547	SH		SOLE	0	6,547	0	0
NEWCASTLE INVESTMENT CORP	COM	65105M108	228	40,632	SH		SOLE	0	35,472	0	5,160
NEENAH PAPER INC	COM	640079109	362	9,204	SH		SOLE	0	9,204	0	0
NATIONAL RESEARCH CORP	COM	637372301	545	18,238	SH		SOLE	0	17,558	0	680
NESTLE SA/AG	COM	641069406	238	3,405	SH		SOLE	0	3,240	0	165
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	1,695	65,060	SH		SOLE	0	64,630	0	430
NETSOL TECHNOLOGIES INC	COM	64115A402	437	43,590	SH		SOLE	0	43,590	0	0
NOVARTIS AG	COM	66987V109	2,227	29,032	SH		SOLE	0	28,458	0	574
NEXSTAR BROADCASTING GROUP	COM	65336K103	534	11,988	SH		SOLE	0	11,988	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	469	75,128	SH		SOLE	0	75,128	0	0
OMNICOM GROUP	COM	681919106	3,098	48,837	SH		SOLE	0	48,383	0	454
ORACLE CORP	COM	68389X105	2,777	83,724	SH		SOLE	0	83,724	0	0
OPEN TEXT CORP	COM	683715106	1,619	21,693	SH		SOLE	0	21,527	0	166
PATRICK INDUSTRIES INC	COM	703343103	392	13,039	SH		SOLE	0	13,039	0	0
PDL BIOPHARMA INC	COM	69329Y104	211	26,471	SH		SOLE	0	23,451	0	3,020
PERION NETWORK LTD	COM	M78673106	493	37,471	SH		SOLE	0	37,471	0	0
PFIZER INC	COM	717081103	3,730	129,847	SH		SOLE	0	128,907	0	940
PHOTOMEDEX INC	COM	719358301	359	22,554	SH		SOLE	0	22,554	0	0
EPLUS INC	COM	294268107	363	7,017	SH		SOLE	0	7,017	0	0
PENNYMAC MORTGAGE INVEST TR	COM	70931T103	213	9,410	SH		SOLE	0	8,300	0	1,110
POINTER TELOCATION LTD	COM	M7946T104	223	41,556	SH		SOLE	0	41,556	0	0
PERFICIENT INC	COM	71375U101	574	31,272	SH		SOLE	0	31,272	0	0
PROVIDENT FINANCIAL HOLDINGS	COM	743868101	423	25,451	SH		SOLE	0	25,451	0	0
PUBLICIS GROUPE SA	COM	74463M106	2,632	132,199	SH		SOLE	0	131,424	0	775
PRUDENTIAL PLC	COM	74435K204	1,598	42,812	SH		SOLE	0	42,480	0	332
PULASKI FINANCIAL CORP	COM	745548107	411	39,890	SH		SOLE	0	39,890	0	0
PENNS WOODS BANCORP INC	COM	708430103	404	8,115	SH		SOLE	0	8,115	0	0
RECKITT BENCKISER GROUP PLC	COM	756255204	176	12,000	SH		SOLE	0	12,000	0	0
RDA MICROELECTRONCS INC -ADR	COM	749394102	1,074	70,254	SH		SOLE	0	70,254	0	0
ROYAL DUTCH SHELL PLC	COM	780259206	2,022	30,781	SH		SOLE	0	30,293	0	488
R F INDUSTRIES LTD	COM	749552105	549	75,794	SH		SOLE	0	75,794	0	0
REPLIGEN CORP	COM	759916109	429	38,704	SH		SOLE	0	38,704	0	0
ROCHE HOLDING AG	COM	771195104	299	4,428	SH		SOLE	0	4,193	0	235
RIVER VALLEY BANCORP	COM	768475105	451	18,417	SH		SOLE	0	18,417	0	0
ROCKFORD CORP	COM	77316P101	369	46,315	SH		SOLE	0	46,315	0	0
RPX CORP	COM	74972G103	451	25,685	SH		SOLE	0	25,685	0	0
RAYTHEON CO	COM	755111507	2,498	32,409	SH		SOLE	0	31,959	0	450
ROYAL BANK OF CANADA	COM	780087102	1,517	23,620	SH		SOLE	0	23,620	0	0
SAP AG	COM	803054204	5,425	73,385	SH		SOLE	0	73,228	0	157
SOUTHSIDE BANCSHARES INC	COM	84470P109	420	15,636	SH		SOLE	0	15,636	0	0
SOUFUN HLDGS LTD	COM	836034108	487	9,421	SH		SOLE	0	9,421	0	0
SL INDUSTRIES INC	COM	784413106	397	16,255	SH		SOLE	0	16,255	0	0
SLM CORP	COM	78442P106	3,121	125,343	SH		SOLE	0	125,343	0	0
SUMITOMO MITSUI FINANCIAL GR	COM	86562M209	1,751	179,981	SH		SOLE	0	178,791	0	1,190
SANTARUS INC	COM	802817304	459	20,317	SH		SOLE	0	20,317	0	0
SANOFI	COM	80105N105	2,028	40,052	SH		SOLE	0	39,278	0	774
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	392	18,235	SH		SOLE	0	18,235	0	0
SAPIENS INTERNATIONAL CORP	COM	N7716A151	483	79,876	SH		SOLE	0	79,876	0	0
STANTEC INC	COM	85472N109	1,798	35,111	SH		SOLE	0	35,111	0	0
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	1,943	25,563	SH		SOLE	0	25,366	0	197
TRIANGLE CAPITAL CORP	COM	895848109	327	11,127	SH		SOLE	0	11,127	0	0
THL CREDIT INC	COM	872438106	418	26,752	SH		SOLE	0	26,752	0	0
TE CONNECTIVITY LTD	COM	H84989104	5,789	111,791	SH		SOLE	0	111,520	0	271
TIMMINS GOLD CORP	COM	88741P103	332	199,069	SH		SOLE	0	199,069	0	0
TICC CAPITAL CORP	COM	87244T109	383	39,336	SH		SOLE	0	39,336	0	0
TELIASONERA AB	COM	87960M205	166	10,800	SH		SOLE	0	10,800	0	0
TOYOTA MOTOR CORP	COM	892331307	2,210	17,259	SH		SOLE	0	17,141	0	118
TENAGA NASIONAL BHD	COM	880277108	155	14,000	SH		SOLE	0	14,000	0	0
TOTAL SA	COM	89151E109	1,266	21,851	SH		SOLE	0	21,635	0	216
TAIWAN SEMICONDUCTOR MFG CO	COM	874039100	1,789	105,477	SH		SOLE	0	105,477	0	0
TWO HARBORS INVESTMENT CORP	COM	90187B101	214	22,062	SH		SOLE	0	19,572	0	2,490
TYCO INTERNATIONAL LTD	COM	H89128104	1,523	43,529	SH		SOLE	0	43,142	0	387
MONOTYPE IMAGING HOLDINGS	COM	61022P100	480	16,741	SH		SOLE	0	16,741	0	0
UNIVERSAL TRUCKLOAD SERVICES	COM	91388P105	393	14,737	SH		SOLE	0	14,737	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,012	42,061	SH		SOLE	0	42,061	0	0
UNITED ONLINE INC	COM	911268100	363	45,516	SH		SOLE	0	45,516	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	435	14,002	SH		SOLE	0	14,002	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	420	7,072	SH		SOLE	0	7,072	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	497	70,460	SH		SOLE	0	70,460	0	0
VINCI SA	COM	927320101	175	12,000	SH		SOLE	0	12,000	0	0
VOLKSWAGEN AG	COM	928662303	1,586	34,951	SH		SOLE	0	34,646	0	305
VODAFONE GROUP PLC	COM	92857W209	2,046	58,150	SH		SOLE	0	58,150	0	0
VERISK ANALYTICS INC	COM	92345Y106	2,529	38,932	SH		SOLE	0	38,932	0	0
VSE CORP	COM	918284100	427	9,093	SH		SOLE	0	9,093	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	3,419	73,249	SH		SOLE	0	72,689	0	560
WARNER CHILCOTT PLC	COM	G94368100	651	28,400	SH		SOLE	0	28,400	0	0
WILSHIRE BANCORP INC	COM	97186T108	323	39,481	SH		SOLE	0	39,481	0	0
WINMARK CORP	COM	974250102	435	5,901	SH		SOLE	0	5,901	0	0
WPP PLC	COM	92937A102	510	4,958	SH		SOLE	0	4,447	0	511
WOLTERS KLUWER NV	COM	977874205	541	20,984	SH		SOLE	0	19,232	0	1,752
XINYUAN REAL ESTATE CO -ADR	COM	98417P105	2,607	433,846	SH		SOLE	0	425,576	0	8,270