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
Expires:	Oct 31, 2018
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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
ACE LTD	COM	H0023R105	1,793	18,100	SH		SOLE	0	18,100	0	0
ACETO CORP	COM	004446100	546	27,157	SH		SOLE	0	27,157	0	0
ACCENTURE PLC	COM	G1151C101	5,131	64,362	SH		SOLE	0	64,185	0	177
ADDUS HOMECARE CORP	COM	006739106	415	17,999	SH		SOLE	0	17,999	0	0
AERCAP HOLDINGS NV	COM	N00985106	2,465	58,415	SH		SOLE	0	58,415	0	0
ALLIANCE FIBER OPTIC PRODUCT	COM	018680306	492	33,989	SH		SOLE	0	33,989	0	0
FEDERAL AGRICULTURE MTG CP	COM	313148306	501	15,054	SH		SOLE	0	15,054	0	0
ARMADA HOFFLER PROPERTIES	COM	04208T108	631	62,889	SH		SOLE	0	62,889	0	0
AMBARELLA INC	COM	G037AX101	470	17,579	SH		SOLE	0	17,579	0	0
ARMANINO FOODS DISTINCTION	COM	042166801	487	253,444	SH		SOLE	0	253,444	0	0
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	420	25,255	SH		SOLE	0	25,255	0	0
ALTISOURCE PORTFOLIO SOLTNS	COM	L0175J104	5,774	47,460	SH		SOLE	0	47,370	0	90
AVG TECHNOLOGIES NV	COM	N07831105	1,786	85,233	SH		SOLE	0	84,722	0	511
ADVANCED INFO SERVICE PCL	COM	00753G103	144	20,600	SH		SOLE	0	20,600	0	0
ASTRAZENECA PLC	COM	046353108	2,108	32,497	SH		SOLE	0	32,373	0	124
ALLIANZ SE	COM	018805101	169	10,000	SH		SOLE	0	10,000	0	0
BANK OF MONTREAL	COM	063671101	231	3,443	SH		SOLE	0	3,256	0	187
BRYN MAWR BANK CORP	COM	117665109	473	16,448	SH		SOLE	0	16,448	0	0
BOFI HOLDING INC	COM	05566U108	438	5,114	SH		SOLE	0	5,114	0	0
BOLT TECHNOLOGY CORP	COM	097698104	497	25,164	SH		SOLE	0	25,164	0	0
BP PLC	COM	055622104	5,172	107,517	SH		SOLE	0	107,234	0	283
BROADRIDGE FINANCIAL SOLUTNS	COM	11133T103	273	7,356	SH		SOLE	0	6,448	0	908
BIOSPECIFICS TECHNOLOGIES CP	COM	090931106	375	14,475	SH		SOLE	0	14,475	0	0
BRITISH SKY BROADCASTING GRP	COM	111013108	2,017	33,129	SH		SOLE	0	32,906	0	223
BT GROUP PLC	COM	05577E101	1,660	26,000	SH		SOLE	0	26,000	0	0
BRITISH AMER TOBACCO PLC	COM	110448107	1,226	11,000	SH		SOLE	0	11,000	0	0
ANHEUSER-BUSCH INBEV	COM	03524A108	2,275	21,609	SH		SOLE	0	21,187	0	422
CA INC	COM	12673P105	3,179	102,629	SH		SOLE	0	101,695	0	934
CALAMP CORP	COM	128126109	435	15,624	SH		SOLE	0	15,624	0	0
CASS INFORMATION SYSTEMS INC	COM	14808P109	372	7,217	SH		SOLE	0	7,217	0	0
CHICAGO BRIDGE & IRON CO	COM	167250109	9,017	103,463	SH		SOLE	0	103,300	0	163
CAMBREX CORP	COM	132011107	399	21,147	SH		SOLE	0	21,147	0	0
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	820	23,600	SH		SOLE	0	23,600	0	0
CBIZ INC	COM	124805102	527	57,545	SH		SOLE	0	57,545	0	0
CHASE CORP	COM	16150R104	497	15,763	SH		SOLE	0	15,763	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	412	24,810	SH		SOLE	0	24,810	0	0
CIE FINANCIERE RICHEMONT AG	COM	204319107	120	12,600	SH		SOLE	0	12,600	0	0
CITY HOLDING CO	COM	177835105	492	10,962	SH		SOLE	0	10,962	0	0
CORE LABORATORIES NV	COM	N22717107	1,943	9,794	SH		SOLE	0	9,726	0	68
COLUMBUS MCKINNON CORP	COM	199333105	456	17,038	SH		SOLE	0	17,038	0	0
COMPASS GROUP PLC	COM	20449X203	183	12,000	SH		SOLE	0	12,000	0	0
CONRAD INDUSTRIES INC	COM	208305102	608	15,309	SH		SOLE	0	15,309	0	0
COVIDIEN PLC	COM	G2554F113	6,744	91,552	SH		SOLE	0	91,375	0	177
CIPHER PHARMACEUTICALS INC	COM	17253X105	516	74,900	SH		SOLE	0	74,900	0	0
CHESAPEAKE UTILITIES CORP	COM	165303108	500	7,918	SH		SOLE	0	7,918	0	0
CONSTELLIUM NV	COM	N22035104	1,998	68,065	SH		SOLE	0	67,474	0	591
CHANGYOU.COM LTD	COM	15911M107	655	22,200	SH		SOLE	0	22,200	0	0
DANAHER CORP	COM	235851102	3,204	42,714	SH		SOLE	0	42,714	0	0
DICE HOLDINGS INC	COM	253017107	527	70,608	SH		SOLE	0	70,608	0	0
DISNEY (WALT) CO	COM	254687106	3,153	39,378	SH		SOLE	0	39,378	0	0
DISCOVERY COMMUNICATIONS INC	COM	25470F104	3,232	39,084	SH		SOLE	0	39,084	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	2,096	30,886	SH		SOLE	0	30,675	0	211
DELUXE CORP	COM	248019101	290	5,534	SH		SOLE	0	4,804	0	730
AMDOCS LTD	COM	G02602103	2,142	46,104	SH		SOLE	0	45,790	0	314
DIRECTV	COM	25490A309	3,452	45,166	SH		SOLE	0	45,166	0	0
DYNEX CAPITAL INC	COM	26817Q506	492	55,027	SH		SOLE	0	55,027	0	0
DXP ENTERPRISES INC	COM	233377407	409	4,310	SH		SOLE	0	4,310	0	0
ECOLAB INC	COM	278865100	3,283	30,405	SH		SOLE	0	30,405	0	0
US ECOLOGY INC	COM	91732J102	491	13,230	SH		SOLE	0	13,230	0	0
EAGLE BANCORP INC/MD	COM	268948106	489	13,543	SH		SOLE	0	13,543	0	0
ENGHOUSE SYSTEMS LTD	COM	292949104	532	18,700	SH		SOLE	0	18,700	0	0
EASYHOME LTD	COM	277855102	561	34,500	SH		SOLE	0	34,500	0	0
EMC INSURANCE GROUP INC	COM	268664109	464	13,069	SH		SOLE	0	13,069	0	0
ENAGAS SA	COM	29248L104	180	11,800	SH		SOLE	0	11,800	0	0
ENERSIS SA	COM	29274F104	156	10,062	SH		SOLE	0	10,062	0	0
REED ELSEVIER NV	COM	758204200	2,410	55,606	SH		SOLE	0	54,395	0	1,211
EPIQ SYSTEMS INC	COM	26882D109	485	35,553	SH		SOLE	0	35,553	0	0
ESCALADE INC	COM	296056104	579	43,226	SH		SOLE	0	43,226	0	0
FISERV INC	COM	337738108	3,303	58,257	SH		SOLE	0	58,257	0	0
FLY LEASING LTD -ADR	COM	34407D109	2,113	140,855	SH		SOLE	0	140,855	0	0
FEDERATED NATIONAL HLDG CO	COM	31422T101	454	24,779	SH		SOLE	0	24,779	0	0
FORMULA SYSTEMS (1985) LTD	COM	346414105	658	21,650	SH		SOLE	0	21,650	0	0
GOLUB CAPITAL BDC INC	COM	38173M102	415	23,245	SH		SOLE	0	23,245	0	0
GENERAL DYNAMICS CORP	COM	369550108	3,513	32,255	SH		SOLE	0	31,925	0	330
CGI GROUP INC -CL A	COM	39945C109	1,898	61,370	SH		SOLE	0	61,013	0	357
GOOGLE INC	COM	38259P508	3,245	2,912	SH		SOLE	0	2,912	0	0
GP STRATEGIES CORP	COM	36225V104	483	17,751	SH		SOLE	0	17,751	0	0
HCI GROUP INC	COM	40416E103	707	19,430	SH		SOLE	0	18,730	0	700
HACKETT GROUP INC	COM	404609109	548	91,674	SH		SOLE	0	91,674	0	0
HENKEL AG & CO KGAA	COM	42550U109	211	2,100	SH		SOLE	0	2,100	0	0
HILL INTERNATIONAL INC	COM	431466101	509	92,621	SH		SOLE	0	92,621	0	0
HONEYWELL INTERNATIONAL INC	COM	438516106	3,018	32,534	SH		SOLE	0	32,534	0	0
HERCULES TECH GROWTH CAP INC	COM	427096508	250	17,758	SH		SOLE	0	15,898	0	1,860
INDEPENDENT BANK CORP/MI	COM	453838609	529	40,778	SH		SOLE	0	40,778	0	0
INDUSTRIAL & COMM BANKCHINA	COM	455807107	123	10,000	SH		SOLE	0	10,000	0	0
INGLES MARKETS INC -CL A	COM	457030104	386	16,199	SH		SOLE	0	16,199	0	0
ITV PLC	COM	45069P107	214	6,700	SH		SOLE	0	6,700	0	0
JEWETT-CAMERON TRADING CO	COM	47733C207	352	35,779	SH		SOLE	0	35,779	0	0
KADANT INC	COM	48282T104	348	9,529	SH		SOLE	0	9,529	0	0
KFORCE INC	COM	493732101	515	24,159	SH		SOLE	0	24,159	0	0
MULTI-COLOR CORP	COM	625383104	463	13,232	SH		SOLE	0	13,232	0	0
LIBBEY INC	COM	529898108	568	21,844	SH		SOLE	0	21,844	0	0
LAKELAND FINANCIAL CORP	COM	511656100	422	10,484	SH		SOLE	0	10,484	0	0
LUMOS NETWORKS CORP	COM	550283105	309	23,139	SH		SOLE	0	23,139	0	0
LYONDELLBASELL INDUSTRIES NV	COM	N53745100	1,512	17,000	SH		SOLE	0	17,000	0	0
MASTERCARD INC	COM	57636Q104	2,957	39,580	SH		SOLE	0	39,580	0	0
MAIN STREET CAPITAL CORP	COM	56035L104	387	11,779	SH		SOLE	0	11,779	0	0
MOODY`S CORP	COM	615369105	2,906	36,641	SH		SOLE	0	36,641	0	0
MCRAE INDUSTRIES -CL A	COM	582757209	508	16,383	SH		SOLE	0	16,383	0	0
MEDTRONIC INC	COM	585055106	3,610	58,657	SH		SOLE	0	58,657	0	0
MULTIMEDIA GAMES HOLDING CO	COM	625453105	342	11,792	SH		SOLE	0	11,792	0	0
MAGIC SOFTWARE ENTERPRISES	COM	559166103	504	62,487	SH		SOLE	0	62,487	0	0
MASTECH HOLDINGS INC	COM	57633B100	480	34,609	SH		SOLE	0	34,609	0	0
MESA LABORATORIES INC	COM	59064R109	510	5,651	SH		SOLE	0	5,651	0	0
3M CO	COM	88579Y101	3,005	22,150	SH		SOLE	0	22,150	0	0
MONARCH FINANCIAL HLDGS INC	COM	60907Q100	480	39,138	SH		SOLE	0	39,138	0	0
MOTORCAR PARTS OF AMER INC	COM	620071100	562	21,138	SH		SOLE	0	21,138	0	0
MICROSOFT CORP	COM	594918104	3,854	94,028	SH		SOLE	0	93,188	0	840
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	409	29,317	SH		SOLE	0	29,317	0	0
MYLAN INC	COM	628530107	2,584	52,911	SH		SOLE	0	52,911	0	0
NEENAH PAPER INC	COM	640079109	476	9,202	SH		SOLE	0	9,202	0	0
NATIONAL RESEARCH CORP	COM	637372301	804	18,333	SH		SOLE	0	17,653	0	680
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	2,161	79,325	SH		SOLE	0	77,795	0	1,530
NOVARTIS AG	COM	66987V109	2,491	29,301	SH		SOLE	0	28,727	0	574
NEXSTAR BROADCASTING GROUP	COM	65336K103	377	10,055	SH		SOLE	0	10,055	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	585	75,169	SH		SOLE	0	75,169	0	0
OMNICOM GROUP	COM	681919106	3,404	46,888	SH		SOLE	0	46,434	0	454
OPEN TEXT CORP	COM	683715106	2,033	42,613	SH		SOLE	0	42,281	0	332
PDL BIOPHARMA INC	COM	69329Y104	259	31,183	SH		SOLE	0	28,163	0	3,020
PERION NETWORK LTD	COM	M78673106	436	39,483	SH		SOLE	0	39,483	0	0
PFIZER INC	COM	717081103	3,611	112,426	SH		SOLE	0	111,486	0	940
PROFIRE ENERGY INC	COM	74316X101	419	128,087	SH		SOLE	0	128,087	0	0
PHI INC	COM	69336T205	527	11,908	SH		SOLE	0	11,908	0	0
POPEYES LOUISIANA KITCHEN	COM	732872106	407	10,023	SH		SOLE	0	10,023	0	0
EPLUS INC	COM	294268107	419	7,518	SH		SOLE	0	7,518	0	0
PENNYMAC MORTGAGE INVEST TR	COM	70931T103	267	11,164	SH		SOLE	0	10,054	0	1,110
PENTAIR LTD	COM	H6169Q108	6,724	84,755	SH		SOLE	0	84,579	0	176
POINTER TELOCATION LTD	COM	M7946T104	445	45,342	SH		SOLE	0	45,342	0	0
PERFICIENT INC	COM	71375U101	534	29,478	SH		SOLE	0	29,478	0	0
PUBLICIS GROUPE SA	COM	74463M106	267	11,807	SH		SOLE	0	11,217	0	590
PENNS WOODS BANCORP INC	COM	708430103	419	8,591	SH		SOLE	0	8,591	0	0
QUALCOMM INC	COM	747525103	3,678	46,640	SH		SOLE	0	46,640	0	0
RECKITT BENCKISER GROUP PLC	COM	756255204	196	12,000	SH		SOLE	0	12,000	0	0
ROYAL DUTCH SHELL PLC	COM	780259206	2,329	31,878	SH		SOLE	0	31,390	0	488
REIS INC	COM	75936P105	559	30,971	SH		SOLE	0	30,971	0	0
R F INDUSTRIES LTD	COM	749552105	394	60,445	SH		SOLE	0	60,445	0	0
REPLIGEN CORP	COM	759916109	445	34,589	SH		SOLE	0	34,589	0	0
ROCHE HOLDING AG	COM	771195104	310	8,258	SH		SOLE	0	7,788	0	470
RIVER VALLEY BANCORP	COM	768475105	497	18,424	SH		SOLE	0	18,424	0	0
RADIANT LOGISTICS INC	COM	75025X100	368	119,136	SH		SOLE	0	119,136	0	0
RE/MAX HOLDINGS INC	COM	75524W108	517	17,940	SH		SOLE	0	17,940	0	0
RPX CORP	COM	74972G103	435	26,713	SH		SOLE	0	26,713	0	0
RAYTHEON CO	COM	755111507	3,318	33,591	SH		SOLE	0	33,267	0	324
ROYAL BANK OF CANADA	COM	780087102	1,724	26,120	SH		SOLE	0	26,120	0	0
SAFRAN SA	COM	786584102	215	12,400	SH		SOLE	0	12,400	0	0
SAP AG	COM	803054204	6,125	75,332	SH		SOLE	0	75,175	0	157
SARATOGA INVESTMENT CORP	COM	80349A208	391	25,457	SH		SOLE	0	25,457	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	544	17,336	SH		SOLE	0	17,336	0	0
SWISSCOM AG	COM	871013108	215	3,500	SH		SOLE	0	3,500	0	0
SOUFUN HLDGS LTD	COM	836034108	531	7,763	SH		SOLE	0	7,763	0	0
SAGE GROUP PLC	COM	78663S201	204	7,319	SH		SOLE	0	7,319	0	0
SKYSTAR BIO-PHARMACEUTICAL	COM	830884300	397	60,495	SH		SOLE	0	60,495	0	0
SK TELECOM CO LTD	COM	78440P108	1,700	75,321	SH		SOLE	0	75,321	0	0
SL INDUSTRIES INC	COM	784413106	427	17,377	SH		SOLE	0	17,377	0	0
SUMITOMO MITSUI FINANCIAL GR	COM	86562M209	170	19,624	SH		SOLE	0	19,624	0	0
SANOFI	COM	80105N105	1,887	36,091	SH		SOLE	0	35,839	0	252
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	475	20,726	SH		SOLE	0	20,726	0	0
SAPIENS INTERNATIONAL CORP	COM	N7716A151	523	64,477	SH		SOLE	0	64,477	0	0
SASOL LTD	COM	803866300	2,266	40,558	SH		SOLE	0	40,278	0	280
STRATTEC SECURITY CORP	COM	863111100	542	7,506	SH		SOLE	0	7,506	0	0
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	2,541	22,891	SH		SOLE	0	22,694	0	197
TRIANGLE CAPITAL CORP	COM	895848109	374	14,428	SH		SOLE	0	14,428	0	0
TRICO BANCSHARES	COM	896095106	476	18,351	SH		SOLE	0	18,351	0	0
THL CREDIT INC	COM	872438106	448	32,438	SH		SOLE	0	32,438	0	0
TE CONNECTIVITY LTD	COM	H84989104	6,873	114,153	SH		SOLE	0	113,882	0	271
TELENOR ASA	COM	87944W105	218	3,285	SH		SOLE	0	3,103	0	182
TEVA PHARMACEUTICALS	COM	881624209	5,254	99,440	SH		SOLE	0	99,440	0	0
TICC CAPITAL CORP	COM	87244T109	496	50,677	SH		SOLE	0	50,677	0	0
TELIASONERA AB	COM	87960M205	163	10,800	SH		SOLE	0	10,800	0	0
TOYOTA MOTOR CORP	COM	892331307	2,069	18,326	SH		SOLE	0	18,208	0	118
TENAGA NASIONAL BHD	COM	880277108	205	14,000	SH		SOLE	0	14,000	0	0
TOTAL SA	COM	89151E109	1,578	24,053	SH		SOLE	0	23,340	0	713
TYCO INTERNATIONAL LTD	COM	H89128104	1,771	41,770	SH		SOLE	0	41,383	0	387
MONOTYPE IMAGING HOLDINGS	COM	61022P100	504	16,738	SH		SOLE	0	16,738	0	0
UGI CORP	COM	902681105	245	5,380	SH		SOLE	0	4,650	0	730
UNITEDHEALTH GROUP INC	COM	91324P102	3,362	41,009	SH		SOLE	0	41,009	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	492	14,242	SH		SOLE	0	14,242	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	409	7,072	SH		SOLE	0	7,072	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	847	66,694	SH		SOLE	0	63,694	0	3,000
VINCI SA	COM	927320101	223	12,000	SH		SOLE	0	12,000	0	0
VOLKSWAGEN AG	COM	928662303	1,861	36,684	SH		SOLE	0	36,379	0	305
VODAFONE GROUP PLC	COM	92857W308	1,795	48,755	SH		SOLE	0	48,427	0	328
VERISK ANALYTICS INC	COM	92345Y106	2,726	45,466	SH		SOLE	0	45,466	0	0
VSE CORP	COM	918284100	537	10,198	SH		SOLE	0	10,198	0	0
WESTWOOD HOLDINGS GROUP INC	COM	961765104	486	7,757	SH		SOLE	0	7,757	0	0
WILSHIRE BANCORP INC	COM	97186T108	329	29,651	SH		SOLE	0	29,651	0	0
WINMARK CORP	COM	974250102	508	6,711	SH		SOLE	0	6,711	0	0
WPP PLC	COM	92937A102	499	4,844	SH		SOLE	0	4,375	0	469
WAYSIDE TECHNOLOGY GROUP INC	COM	946760105	645	32,493	SH		SOLE	0	30,708	0	1,785
WOLTERS KLUWER NV	COM	977874205	593	21,005	SH		SOLE	0	19,253	0	1,752
XINYUAN REAL ESTATE CO -ADR	COM	98417P105	2,265	448,539	SH		SOLE	0	440,269	0	8,270
XERIUM TECHNOLOGIES INC	COM	98416J118	533	33,217	SH		SOLE	0	33,217	0	0
YAHOO JAPAN CORP	COM	98433V102	149	15,166	SH		SOLE	0	15,166	0	0