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	2,816	40,052	SH		SOLE	0	40,052	0	0
ACETO CORP	COM	004446100	604	24,157	SH		SOLE	0	24,157	0	0
ACCENTURE PLC	COM	G1151C101	5,302	64,480	SH		SOLE	0	64,303	0	177
ACTAVIS PLC	COM	G0083B108	1,906	11,344	SH		SOLE	0	11,344	0	0
ADDUS HOMECARE CORP	COM	006739106	379	16,899	SH		SOLE	0	16,899	0	0
AERCAP HOLDINGS NV	COM	N00985106	4,609	120,178	SH		SOLE	0	119,830	0	348
AFC ENTERPRISES INC	COM	00104Q107	386	10,023	SH		SOLE	0	10,023	0	0
ALLIANCE FIBER OPTIC PRODUCT	COM	018680306	460	30,569	SH		SOLE	0	30,569	0	0
FEDERAL AGRICULTURE MTG CP	COM	313148306	488	14,250	SH		SOLE	0	14,250	0	0
ARMADA HOFFLER PROPERTIES	COM	04208T108	583	62,876	SH		SOLE	0	62,876	0	0
AMBARELLA INC	COM	G037AX101	644	18,994	SH		SOLE	0	18,994	0	0
ARMANINO FOODS DISTINCTION	COM	042166801	492	253,444	SH		SOLE	0	253,444	0	0
AMERICAN PACIFIC CORP	COM	028740108	493	13,233	SH		SOLE	0	13,233	0	0
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	410	25,255	SH		SOLE	0	25,255	0	0
ALTISOURCE PORTFOLIO SOLTNS	COM	L0175J104	7,141	45,015	SH		SOLE	0	44,925	0	90
AVG TECHNOLOGIES NV	COM	N07831105	1,466	85,177	SH		SOLE	0	84,666	0	511
ADVANCED INFO SERVICE PCL	COM	00753G103	125	20,600	SH		SOLE	0	20,600	0	0
ASTRAZENECA PLC	COM	046353108	2,070	34,865	SH		SOLE	0	34,741	0	124
ALLIANZ SE	COM	018805101	180	10,000	SH		SOLE	0	10,000	0	0
BAE SYSTEMS PLC	COM	05523R107	289	10,035	SH		SOLE	0	9,549	0	486
BARRETT BUSINESS SVCS INC	COM	068463108	470	5,072	SH		SOLE	0	5,072	0	0
BANK OF MONTREAL	COM	063671101	224	3,361	SH		SOLE	0	3,174	0	187
BRYN MAWR BANK CORP	COM	117665109	472	15,648	SH		SOLE	0	15,648	0	0
BOFI HOLDING INC	COM	05566U108	464	5,914	SH		SOLE	0	5,914	0	0
BOLT TECHNOLOGY CORP	COM	097698104	479	21,751	SH		SOLE	0	21,751	0	0
BP PLC	COM	055622104	5,431	111,720	SH		SOLE	0	111,437	0	283
BROADRIDGE FINANCIAL SOLUTNS	COM	11133T103	263	6,662	SH		SOLE	0	5,754	0	908
BRITISH SKY BROADCASTING GRP	COM	111013108	1,847	33,032	SH		SOLE	0	32,809	0	223
ANHEUSER-BUSCH INBEV	COM	03524A108	2,055	19,305	SH		SOLE	0	19,183	0	122
CA INC	COM	12673P105	3,436	102,121	SH		SOLE	0	101,187	0	934
CALAMP CORP	COM	128126109	460	16,431	SH		SOLE	0	16,431	0	0
CASS INFORMATION SYSTEMS INC	COM	14808P109	486	7,217	SH		SOLE	0	7,217	0	0
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	780	27,040	SH		SOLE	0	27,040	0	0
CBIZ INC	COM	124805102	501	54,945	SH		SOLE	0	54,945	0	0
CHASE CORP	COM	16150R104	556	15,763	SH		SOLE	0	15,763	0	0
COLEMAN CABLE INC	COM	193459302	232	8,843	SH		SOLE	0	8,843	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	423	26,216	SH		SOLE	0	26,216	0	0
CIE FINANCIERE RICHEMONT AG	COM	204319107	126	12,600	SH		SOLE	0	12,600	0	0
CORE LABORATORIES NV	COM	N22717107	1,816	9,510	SH		SOLE	0	9,510	0	0
COLUMBUS MCKINNON CORP	COM	199333105	462	17,038	SH		SOLE	0	17,038	0	0
COMPASS GROUP PLC	COM	20449X203	192	12,000	SH		SOLE	0	12,000	0	0
CONRAD INDUSTRIES INC	COM	208305102	565	15,309	SH		SOLE	0	15,309	0	0
COVIDIEN PLC	COM	G2554F113	1,973	28,974	SH		SOLE	0	28,797	0	177
CIPHER PHARMACEUTICALS INC	COM	17253X105	483	65,700	SH		SOLE	0	65,700	0	0
CHESAPEAKE UTILITIES CORP	COM	165303108	475	7,918	SH		SOLE	0	7,918	0	0
CRAWFORD & CO	COM	224633107	494	53,432	SH		SOLE	0	53,432	0	0
CONSTELLIUM NV	COM	N22035104	1,908	81,976	SH		SOLE	0	81,385	0	591
CHANGYOU.COM LTD	COM	15911M107	713	22,235	SH		SOLE	0	22,235	0	0
DIAGEO PLC	COM	25243Q205	1,979	14,944	SH		SOLE	0	14,849	0	95
DANAHER CORP	COM	235851102	2,957	38,304	SH		SOLE	0	38,304	0	0
DICE HOLDINGS INC	COM	253017107	487	67,208	SH		SOLE	0	67,208	0	0
DISCOVERY COMMUNICATIONS INC	COM	25470F104	3,313	36,636	SH		SOLE	0	36,636	0	0
DELUXE CORP	COM	248019101	272	5,221	SH		SOLE	0	4,491	0	730
DIRECTV	COM	25490A309	3,425	49,595	SH		SOLE	0	49,595	0	0
DYNEX CAPITAL INC	COM	26817Q506	440	55,025	SH		SOLE	0	55,025	0	0
DXP ENTERPRISES INC	COM	233377407	497	4,310	SH		SOLE	0	4,310	0	0
US ECOLOGY INC	COM	91732J102	491	13,230	SH		SOLE	0	13,230	0	0
EAGLE BANCORP INC/MD	COM	268948106	415	13,543	SH		SOLE	0	13,543	0	0
ENGHOUSE SYSTEMS LTD	COM	292949104	510	18,700	SH		SOLE	0	18,700	0	0
EASYHOME LTD	COM	277855102	372	24,900	SH		SOLE	0	24,900	0	0
EMC INSURANCE GROUP INC	COM	268664109	400	13,068	SH		SOLE	0	13,068	0	0
ENAGAS SA	COM	29248L104	154	11,800	SH		SOLE	0	11,800	0	0
REED ELSEVIER NV	COM	758204200	2,343	54,906	SH		SOLE	0	53,695	0	1,211
EPIQ SYSTEMS INC	COM	26882D109	549	33,952	SH		SOLE	0	33,952	0	0
ESCALADE INC	COM	296056104	509	43,225	SH		SOLE	0	43,225	0	0
FISERV INC	COM	337738108	3,457	58,540	SH		SOLE	0	58,540	0	0
FLY LEASING LTD -ADR	COM	34407D109	2,681	166,833	SH		SOLE	0	164,153	0	2,680
FORMULA SYSTEMS (1985) LTD	COM	346414105	543	21,650	SH		SOLE	0	21,650	0	0
GOLUB CAPITAL BDC INC	COM	38173M102	419	21,945	SH		SOLE	0	21,945	0	0
GENERAL DYNAMICS CORP	COM	369550108	3,099	32,430	SH		SOLE	0	32,100	0	330
CGI GROUP INC -CL A	COM	39945C109	2,041	61,000	SH		SOLE	0	60,643	0	357
GENERAL MOTORS CO	COM	37045V100	3,714	90,876	SH		SOLE	0	90,876	0	0
GOOGLE INC	COM	38259P508	3,580	3,195	SH		SOLE	0	3,195	0	0
GP STRATEGIES CORP	COM	36225V104	529	17,751	SH		SOLE	0	17,751	0	0
GRAY TELEVISION INC	COM	389375106	540	36,278	SH		SOLE	0	36,278	0	0
HCI GROUP INC	COM	40416E103	951	17,780	SH		SOLE	0	17,080	0	700
HACKETT GROUP INC	COM	404609109	550	88,547	SH		SOLE	0	88,547	0	0
HENKEL AG & CO KGAA	COM	42550U109	219	2,100	SH		SOLE	0	2,100	0	0
HOMESTREET INC	COM	43785V102	427	21,347	SH		SOLE	0	21,347	0	0
HONEYWELL INTERNATIONAL INC	COM	438516106	2,987	32,691	SH		SOLE	0	32,691	0	0
HERCULES TECH GROWTH CAP INC	COM	427096508	243	14,825	SH		SOLE	0	12,965	0	1,860
INDUSTRIAS BACHOCO SAB DE CV	COM	456463108	1,675	41,606	SH		SOLE	0	41,359	0	247
INDEPENDENT BANK CORP/MI	COM	453838609	577	48,086	SH		SOLE	0	48,086	0	0
INDUSTRIAL & COMM BANKCHINA	COM	455807107	135	10,000	SH		SOLE	0	10,000	0	0
INGLES MARKETS INC -CL A	COM	457030104	387	14,299	SH		SOLE	0	14,299	0	0
ITV PLC	COM	45069P107	215	6,700	SH		SOLE	0	6,700	0	0
JEWETT-CAMERON TRADING CO	COM	47733C207	374	35,779	SH		SOLE	0	35,779	0	0
KADANT INC	COM	48282T104	386	9,529	SH		SOLE	0	9,529	0	0
KFORCE INC	COM	493732101	517	25,259	SH		SOLE	0	25,259	0	0
MULTI-COLOR CORP	COM	625383104	424	11,248	SH		SOLE	0	11,248	0	0
LIBBEY INC	COM	529898108	408	19,444	SH		SOLE	0	19,444	0	0
LIN MEDIA LLC	COM	532771102	521	18,150	SH		SOLE	0	18,150	0	0
FIDELITY SOUTHERN CORP	COM	316394105	428	25,797	SH		SOLE	0	25,797	0	0
LUMOS NETWORKS CORP	COM	550283105	433	20,625	SH		SOLE	0	20,625	0	0
LANDEC CORP	COM	514766104	387	31,970	SH		SOLE	0	31,970	0	0
LUKOIL OIL COMPANY	COM	677862104	236	3,804	SH		SOLE	0	3,639	0	165
LUXOTTICA GROUP SPA	COM	55068R202	574	10,640	SH		SOLE	0	10,640	0	0
MASTERCARD INC	COM	57636Q104	3,321	3,975	SH		SOLE	0	3,975	0	0
MAIN STREET CAPITAL CORP	COM	56035L104	385	11,779	SH		SOLE	0	11,779	0	0
MOODY`S CORP	COM	615369105	3,084	39,305	SH		SOLE	0	39,305	0	0
MCRAE INDUSTRIES -CL A	COM	582757209	550	16,383	SH		SOLE	0	16,383	0	0
MEDTRONIC INC	COM	585055106	3,227	56,231	SH		SOLE	0	56,231	0	0
MULTIMEDIA GAMES HOLDING CO	COM	625453105	320	10,192	SH		SOLE	0	10,192	0	0
MAGIC SOFTWARE ENTERPRISES	COM	559166103	448	62,486	SH		SOLE	0	62,486	0	0
MASTECH HOLDINGS INC	COM	57633B100	434	31,001	SH		SOLE	0	31,001	0	0
MESA LABORATORIES INC	COM	59064R109	523	6,652	SH		SOLE	0	6,652	0	0
3M CO	COM	88579Y101	2,650	18,895	SH		SOLE	0	18,895	0	0
MONARCH FINANCIAL HLDGS INC	COM	60907Q100	482	39,137	SH		SOLE	0	39,137	0	0
MICROSOFT CORP	COM	594918104	3,752	100,302	SH		SOLE	0	99,462	0	840
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	1,154	59,198	SH		SOLE	0	59,198	0	0
MYLAN INC	COM	628530107	2,925	67,402	SH		SOLE	0	67,402	0	0
NANOPHASE TECHNOLOGIES CORP	COM	630079101	7	12,500	SH		SOLE	0	12,500	0	0
NEWCASTLE INVESTMENT CORP	COM	65105M108	252	43,887	SH		SOLE	0	38,727	0	5,160
NICHOLAS FINANCIAL INC	COM	65373J209	253	16,088	SH		SOLE	0	16,088	0	0
NEENAH PAPER INC	COM	640079109	394	9,202	SH		SOLE	0	9,202	0	0
NATIONAL RESEARCH CORP	COM	637372301	638	18,369	SH		SOLE	0	17,689	0	680
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	1,915	70,833	SH		SOLE	0	70,403	0	430
NOVARTIS AG	COM	66987V109	2,331	29,002	SH		SOLE	0	28,428	0	574
NEXSTAR BROADCASTING GROUP	COM	65336K103	560	10,055	SH		SOLE	0	10,055	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	525	75,166	SH		SOLE	0	75,166	0	0
OMNICOM GROUP	COM	681919106	3,642	48,970	SH		SOLE	0	48,516	0	454
OPEN TEXT CORP	COM	683715106	1,974	21,461	SH		SOLE	0	21,295	0	166
PDL BIOPHARMA INC	COM	69329Y104	239	28,377	SH		SOLE	0	25,357	0	3,020
PERION NETWORK LTD	COM	M78673106	477	39,483	SH		SOLE	0	39,483	0	0
PFIZER INC	COM	717081103	3,762	122,821	SH		SOLE	0	121,881	0	940
PHI INC	COM	69336T205	469	10,796	SH		SOLE	0	10,796	0	0
EPLUS INC	COM	294268107	427	7,518	SH		SOLE	0	7,518	0	0
PENNYMAC MORTGAGE INVEST TR	COM	70931T103	235	10,245	SH		SOLE	0	9,135	0	1,110
POINTER TELOCATION LTD	COM	M7946T104	537	45,342	SH		SOLE	0	45,342	0	0
PERFICIENT INC	COM	71375U101	689	29,412	SH		SOLE	0	29,412	0	0
PUBLICIS GROUPE SA	COM	74463M106	265	11,547	SH		SOLE	0	10,957	0	590
PRUDENTIAL PLC	COM	74435K204	1,901	42,241	SH		SOLE	0	41,909	0	332
PULASKI FINANCIAL CORP	COM	745548107	464	41,198	SH		SOLE	0	41,198	0	0
PENNS WOODS BANCORP INC	COM	708430103	438	8,588	SH		SOLE	0	8,588	0	0
RECKITT BENCKISER GROUP PLC	COM	756255204	191	12,000	SH		SOLE	0	12,000	0	0
ROYAL DUTCH SHELL PLC	COM	780259206	2,185	30,658	SH		SOLE	0	30,170	0	488
REIS INC	COM	75936P105	596	30,971	SH		SOLE	0	30,971	0	0
R F INDUSTRIES LTD	COM	749552105	531	57,727	SH		SOLE	0	57,727	0	0
REPLIGEN CORP	COM	759916109	528	38,700	SH		SOLE	0	38,700	0	0
ROCHE HOLDING AG	COM	771195104	282	4,023	SH		SOLE	0	3,788	0	235
RIVER VALLEY BANCORP	COM	768475105	479	18,424	SH		SOLE	0	18,424	0	0
ROCKFORD CORP	COM	77316P101	314	38,069	SH		SOLE	0	38,069	0	0
RPX CORP	COM	74972G103	434	25,698	SH		SOLE	0	25,698	0	0
RAYTHEON CO	COM	755111507	3,002	33,095	SH		SOLE	0	32,645	0	450
ROYAL BANK OF CANADA	COM	780087102	1,756	26,120	SH		SOLE	0	26,120	0	0
SAFRAN SA	COM	786584102	216	12,400	SH		SOLE	0	12,400	0	0
SAP AG	COM	803054204	6,606	75,803	SH		SOLE	0	75,646	0	157
SARATOGA INVESTMENT CORP	COM	80349A208	398	25,457	SH		SOLE	0	25,457	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	427	15,635	SH		SOLE	0	15,635	0	0
SOUFUN HLDGS LTD	COM	836034108	652	7,914	SH		SOLE	0	7,914	0	0
SK TELECOM CO LTD	COM	78440P108	1,662	67,521	SH		SOLE	0	67,521	0	0
SL INDUSTRIES INC	COM	784413106	471	17,377	SH		SOLE	0	17,377	0	0
SLM CORP	COM	78442P106	3,310	125,941	SH		SOLE	0	125,941	0	0
SUMITOMO MITSUI FINANCIAL GR	COM	86562M209	1,867	177,994	SH		SOLE	0	176,804	0	1,190
SANOFI	COM	80105N105	1,928	35,952	SH		SOLE	0	35,700	0	252
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	432	20,726	SH		SOLE	0	20,726	0	0
SAPIENS INTERNATIONAL CORP	COM	N7716A151	618	80,122	SH		SOLE	0	80,122	0	0
SASOL LTD	COM	803866300	1,910	38,620	SH		SOLE	0	38,620	0	0
STRATTEC SECURITY CORP	COM	863111100	465	10,411	SH		SOLE	0	10,411	0	0
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	2,258	22,828	SH		SOLE	0	22,631	0	197
TRIANGLE CAPITAL CORP	COM	895848109	308	11,127	SH		SOLE	0	11,127	0	0
TRICO BANCSHARES	COM	896095106	447	15,741	SH		SOLE	0	15,741	0	0
THL CREDIT INC	COM	872438106	535	32,420	SH		SOLE	0	32,420	0	0
TE CONNECTIVITY LTD	COM	H84989104	6,347	115,173	SH		SOLE	0	114,902	0	271
TICC CAPITAL CORP	COM	87244T109	477	46,148	SH		SOLE	0	46,148	0	0
TELIASONERA AB	COM	87960M205	180	10,800	SH		SOLE	0	10,800	0	0
TOYOTA MOTOR CORP	COM	892331307	2,130	17,474	SH		SOLE	0	17,356	0	118
TENAGA NASIONAL BHD	COM	880277108	195	14,000	SH		SOLE	0	14,000	0	0
TOTAL SA	COM	89151E109	1,444	23,570	SH		SOLE	0	22,857	0	713
TAIWAN SEMICONDUCTOR MFG CO	COM	874039100	1,640	94,056	SH		SOLE	0	94,056	0	0
TYCO INTERNATIONAL LTD	COM	H89128104	1,708	41,629	SH		SOLE	0	41,242	0	387
MONOTYPE IMAGING HOLDINGS	COM	61022P100	533	16,738	SH		SOLE	0	16,738	0	0
UNIVERSAL TRUCKLOAD SERVICES	COM	91388P105	450	14,734	SH		SOLE	0	14,734	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,103	41,206	SH		SOLE	0	41,206	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	502	14,242	SH		SOLE	0	14,242	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	404	7,072	SH		SOLE	0	7,072	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	905	62,505	SH		SOLE	0	59,505	0	3,000
VINCI SA	COM	927320101	197	12,000	SH		SOLE	0	12,000	0	0
VOLKSWAGEN AG	COM	928662303	2,033	37,469	SH		SOLE	0	37,164	0	305
VODAFONE GROUP PLC	COM	92857W209	2,356	59,923	SH		SOLE	0	59,575	0	348
VERISK ANALYTICS INC	COM	92345Y106	2,692	40,968	SH		SOLE	0	40,968	0	0
VSE CORP	COM	918284100	463	9,648	SH		SOLE	0	9,648	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	3,543	72,092	SH		SOLE	0	71,532	0	560
WILSHIRE BANCORP INC	COM	97186T108	431	39,474	SH		SOLE	0	39,474	0	0
WINMARK CORP	COM	974250102	547	5,904	SH		SOLE	0	5,904	0	0
WPP PLC	COM	92937A102	523	4,552	SH		SOLE	0	4,083	0	469
WOLTERS KLUWER NV	COM	977874205	565	19,763	SH		SOLE	0	18,011	0	1,752
XINYUAN REAL ESTATE CO -ADR	COM	98417P105	2,351	439,493	SH		SOLE	0	431,223	0	8,270
XERIUM TECHNOLOGIES INC	COM	98416J118	617	37,422	SH		SOLE	0	37,422	0	0
YAHOO JAPAN CORP	COM	98433V102	169	15,166	SH		SOLE	0	15,166	0	0