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
ACE LTD	COM	H0023R105	3,718	35,851	SH		SOLE	0	35,851	0	0
ACETO CORP	COM	004446100	476	26,227	SH		SOLE	0	26,227	0	0
ACCENTURE PLC	COM	G1151C101	5,171	63,965	SH		SOLE	0	63,965	0	0
ADAMAS PHARMACEUTICALS INC	COM	00548A106	514	28,125	SH		SOLE	0	28,125	0	0
ADDUS HOMECARE CORP	COM	006739106	405	17,999	SH		SOLE	0	17,999	0	0
AERCAP HOLDINGS NV	COM	N00985106	2,429	53,036	SH		SOLE	0	53,036	0	0
ALLIANCE FIBER OPTIC PRODUCT	COM	018680306	505	27,884	SH		SOLE	0	27,884	0	0
FEDERAL AGRICULTURE MTG CP	COM	313148306	468	15,054	SH		SOLE	0	15,054	0	0
ARMADA HOFFLER PROPERTIES	COM	04208T108	609	62,891	SH		SOLE	0	62,891	0	0
AMBARELLA INC	COM	G037AX101	548	17,579	SH		SOLE	0	17,579	0	0
AMIRA NATURE FOODS LTD	COM	G0335L102	368	26,859	SH		SOLE	0	26,859	0	0
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	416	25,257	SH		SOLE	0	25,257	0	0
BROOKFIELD ASSET MANAGEMENT	COM	112585104	1,011	22,964	SH		SOLE	0	22,964	0	0
BAIDU INC	COM	056752108	1,533	8,207	SH		SOLE	0	8,207	0	0
BANCO MACRO SA	COM	05961W105	252	7,002	SH		SOLE	0	7,002	0	0
BANK OF MONTREAL	COM	063671101	239	3,244	SH		SOLE	0	3,244	0	0
BRYN MAWR BANK CORP	COM	117665109	479	16,452	SH		SOLE	0	16,452	0	0
BOLT TECHNOLOGY CORP	COM	097698104	462	25,164	SH		SOLE	0	25,164	0	0
BP PLC	COM	055622104	5,624	106,610	SH		SOLE	0	106,610	0	0
BROADRIDGE FINANCIAL SOLUTNS	COM	11133T103	243	5,840	SH		SOLE	0	5,840	0	0
BIOSPECIFICS TECHNOLOGIES CP	COM	090931106	390	14,475	SH		SOLE	0	14,475	0	0
BT GROUP PLC	COM	05577E101	1,706	26,000	SH		SOLE	0	26,000	0	0
BRITISH AMER TOBACCO PLC	COM	110448107	1,893	15,900	SH		SOLE	0	15,900	0	0
ANHEUSER-BUSCH INBEV	COM	03524A108	2,425	21,095	SH		SOLE	0	21,095	0	0
CASS INFORMATION SYSTEMS INC	COM	14808P109	312	6,303	SH		SOLE	0	6,303	0	0
CHICAGO BRIDGE & IRON CO	COM	167250109	7,846	115,047	SH		SOLE	0	115,047	0	0
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	881	19,819	SH		SOLE	0	19,819	0	0
CBIZ INC	COM	124805102	520	57,545	SH		SOLE	0	57,545	0	0
CHASE CORP	COM	16150R104	538	15,763	SH		SOLE	0	15,763	0	0
CITY HOLDING CO	COM	177835105	495	10,963	SH		SOLE	0	10,963	0	0
CORE LABORATORIES NV	COM	N22717107	1,602	9,590	SH		SOLE	0	9,590	0	0
CANADIAN IMPERIAL BANK	COM	136069101	1,665	18,300	SH		SOLE	0	18,300	0	0
COLUMBUS MCKINNON CORP	COM	199333105	461	17,038	SH		SOLE	0	17,038	0	0
CHESAPEAKE UTILITIES CORP	COM	165303108	565	7,918	SH		SOLE	0	7,918	0	0
CHINA XD PLASTICS CO LTD	COM	16948F107	486	57,978	SH		SOLE	0	57,978	0	0
DANAHER CORP	COM	235851102	3,346	42,494	SH		SOLE	0	42,494	0	0
DICE HOLDINGS INC	COM	253017107	537	70,608	SH		SOLE	0	70,608	0	0
DISNEY (WALT) CO	COM	254687106	3,359	39,178	SH		SOLE	0	39,178	0	0
DISCOVERY COMMUNICATIONS INC	COM	25470F104	2,890	38,905	SH		SOLE	0	38,905	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	2,108	30,660	SH		SOLE	0	30,660	0	0
DELUXE CORP	COM	248019101	256	4,369	SH		SOLE	0	4,369	0	0
DOVER CORP	COM	260003108	3,208	35,267	SH		SOLE	0	35,267	0	0
AMDOCS LTD	COM	G02602103	2,120	45,767	SH		SOLE	0	45,767	0	0
DIRECTV	COM	25490A309	3,184	37,455	SH		SOLE	0	37,455	0	0
ENI SPA	COM	26874R108	206	3,750	SH		SOLE	0	3,750	0	0
ECOLAB INC	COM	278865100	3,068	27,555	SH		SOLE	0	27,555	0	0
US ECOLOGY INC	COM	91732J102	550	11,228	SH		SOLE	0	11,228	0	0
EAGLE BANCORP INC/MD	COM	268948106	457	13,543	SH		SOLE	0	13,543	0	0
EMC INSURANCE GROUP INC	COM	268664109	402	13,069	SH		SOLE	0	13,069	0	0
ENERSIS SA	COM	29274F104	1,811	107,464	SH		SOLE	0	107,464	0	0
REED ELSEVIER NV	COM	758204200	2,494	54,292	SH		SOLE	0	54,292	0	0
ENSIGN GROUP INC	COM	29358P101	347	11,173	SH		SOLE	0	11,173	0	0
EPIQ SYSTEMS INC	COM	26882D109	500	35,553	SH		SOLE	0	35,553	0	0
ESCALADE INC	COM	296056104	550	34,106	SH		SOLE	0	34,106	0	0
EATON CORP PLC	COM	G29183103	1,710	22,155	SH		SOLE	0	22,155	0	0
FISERV INC	COM	337738108	3,495	57,940	SH		SOLE	0	57,940	0	0
FLY LEASING LTD -ADR	COM	34407D109	655	45,227	SH		SOLE	0	45,227	0	0
FEDERATED NATIONAL HLDG CO	COM	31422T101	632	24,779	SH		SOLE	0	24,779	0	0
FORMULA SYSTEMS (1985) LTD	COM	346414105	619	21,492	SH		SOLE	0	21,492	0	0
FOX FACTORY HOLDING CP	COM	35138V102	390	22,149	SH		SOLE	0	22,149	0	0
GOLUB CAPITAL BDC INC	COM	38173M102	411	23,246	SH		SOLE	0	23,246	0	0
GENERAL DYNAMICS CORP	COM	369550108	3,529	30,276	SH		SOLE	0	30,276	0	0
CGI GROUP INC -CL A	COM	39945C109	5,367	151,266	SH		SOLE	0	151,266	0	0
GP STRATEGIES CORP	COM	36225V104	459	17,751	SH		SOLE	0	17,751	0	0
GRAY TELEVISION INC	COM	389375106	493	37,583	SH		SOLE	0	37,583	0	0
HCI GROUP INC	COM	40416E103	808	19,906	SH		SOLE	0	19,906	0	0
HACKETT GROUP INC	COM	404609109	547	91,674	SH		SOLE	0	91,674	0	0
HILL INTERNATIONAL INC	COM	431466101	493	79,155	SH		SOLE	0	79,155	0	0
HANDY & HARMAN LTD	COM	410315105	448	16,733	SH		SOLE	0	16,733	0	0
HERCULES TECH GROWTH CAP INC	COM	427096508	254	15,702	SH		SOLE	0	15,702	0	0
INGLES MARKETS INC -CL A	COM	457030104	427	16,199	SH		SOLE	0	16,199	0	0
INTEGRATED SILICON SOLUTION	COM	45812P107	456	30,869	SH		SOLE	0	30,869	0	0
JOHNSON & JOHNSON	COM	478160104	3,413	32,623	SH		SOLE	0	32,623	0	0
KADANT INC	COM	48282T104	366	9,527	SH		SOLE	0	9,527	0	0
KFORCE INC	COM	493732101	454	20,948	SH		SOLE	0	20,948	0	0
MULTI-COLOR CORP	COM	625383104	529	13,232	SH		SOLE	0	13,232	0	0
LIBBEY INC	COM	529898108	507	19,044	SH		SOLE	0	19,044	0	0
LIONBRIDGE TECHNOLOGIES INC	COM	536252109	432	72,759	SH		SOLE	0	72,759	0	0
LAKELAND FINANCIAL CORP	COM	511656100	400	10,484	SH		SOLE	0	10,484	0	0
LYONDELLBASELL INDUSTRIES NV	COM	N53745100	1,777	18,200	SH		SOLE	0	18,200	0	0
MOODY`S CORP	COM	615369105	2,617	29,854	SH		SOLE	0	29,854	0	0
MEDTRONIC INC	COM	585055106	3,301	51,780	SH		SOLE	0	51,780	0	0
MULTIMEDIA GAMES HOLDING CO	COM	625453105	400	13,492	SH		SOLE	0	13,492	0	0
MAGIC SOFTWARE ENTERPRISES	COM	559166103	468	62,487	SH		SOLE	0	62,487	0	0
MASTECH HOLDINGS INC	COM	57633B100	496	32,605	SH		SOLE	0	32,605	0	0
MESA LABORATORIES INC	COM	59064R109	474	5,651	SH		SOLE	0	5,651	0	0
3M CO	COM	88579Y101	2,716	18,964	SH		SOLE	0	18,964	0	0
MOTORCAR PARTS OF AMER INC	COM	620071100	515	21,136	SH		SOLE	0	21,136	0	0
MICROSOFT CORP	COM	594918104	3,531	84,682	SH		SOLE	0	84,682	0	0
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	466	33,017	SH		SOLE	0	33,017	0	0
NEENAH PAPER INC	COM	640079109	489	9,202	SH		SOLE	0	9,202	0	0
NATIONAL RESEARCH CORP	COM	637372301	698	17,853	SH		SOLE	0	17,853	0	0
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	5,888	188,656	SH		SOLE	0	188,656	0	0
NOVO NORDISK A/S	COM	670100205	1,956	42,338	SH		SOLE	0	42,338	0	0
NOVARTIS AG	COM	66987V109	2,307	25,488	SH		SOLE	0	25,488	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	587	75,167	SH		SOLE	0	75,167	0	0
OMNICOM GROUP	COM	681919106	3,523	49,463	SH		SOLE	0	49,463	0	0
OMEGA PROTEIN CORP	COM	68210P107	483	35,276	SH		SOLE	0	35,276	0	0
OPEN TEXT CORP	COM	683715106	2,022	42,173	SH		SOLE	0	42,173	0	0
PDL BIOPHARMA INC	COM	69329Y104	259	26,713	SH		SOLE	0	26,713	0	0
PFIZER INC	COM	717081103	3,298	111,114	SH		SOLE	0	111,114	0	0
PROFIRE ENERGY INC	COM	74316X101	510	113,058	SH		SOLE	0	113,058	0	0
PHI INC	COM	69336T205	531	11,908	SH		SOLE	0	11,908	0	0
POPEYES LOUISIANA KITCHEN	COM	732872106	438	10,023	SH		SOLE	0	10,023	0	0
EPLUS INC	COM	294268107	438	7,518	SH		SOLE	0	7,518	0	0
PENTAIR PLC	COM	G7S00T104	6,594	91,430	SH		SOLE	0	91,430	0	0
POINTER TELOCATION LTD	COM	M7946T104	436	47,842	SH		SOLE	0	47,842	0	0
PERFICIENT INC	COM	71375U101	599	30,790	SH		SOLE	0	30,790	0	0
PENNS WOODS BANCORP INC	COM	708430103	405	8,591	SH		SOLE	0	8,591	0	0
QUALCOMM INC	COM	747525103	3,675	46,406	SH		SOLE	0	46,406	0	0
ROYAL DUTCH SHELL PLC	COM	780259206	2,294	27,852	SH		SOLE	0	27,852	0	0
DR REDDY`S LABORATORIES LTD	COM	256135203	1,888	43,752	SH		SOLE	0	43,752	0	0
REIS INC	COM	75936P105	522	24,773	SH		SOLE	0	24,773	0	0
REX AMERICAN RESOURCES CORP	COM	761624105	448	6,113	SH		SOLE	0	6,113	0	0
REPLIGEN CORP	COM	759916109	592	25,972	SH		SOLE	0	25,972	0	0
RIVER VALLEY BANCORP	COM	768475105	412	18,425	SH		SOLE	0	18,425	0	0
RADIANT LOGISTICS INC	COM	75025X100	449	145,426	SH		SOLE	0	145,426	0	0
RPX CORP	COM	74972G103	552	31,116	SH		SOLE	0	31,116	0	0
RAYTHEON CO	COM	755111507	3,283	35,583	SH		SOLE	0	35,583	0	0
ROYAL BANK OF CANADA	COM	780087102	1,866	26,120	SH		SOLE	0	26,120	0	0
SAP AG	COM	803054204	6,733	87,437	SH		SOLE	0	87,437	0	0
SARATOGA INVESTMENT CORP	COM	80349A208	400	25,457	SH		SOLE	0	25,457	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	527	18,203	SH		SOLE	0	18,203	0	0
SKYSTAR BIO-PHARMACEUTICAL	COM	830884300	454	61,837	SH		SOLE	0	61,837	0	0
SK TELECOM CO LTD	COM	78440P108	203	7,843	SH		SOLE	0	7,843	0	0
SL INDUSTRIES INC	COM	784413106	513	17,377	SH		SOLE	0	17,377	0	0
SMITH & NEPHEW PLC	COM	83175M205	205	2,300	SH		SOLE	0	2,300	0	0
SANOFI	COM	80105N105	1,905	35,826	SH		SOLE	0	35,826	0	0
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	440	20,726	SH		SOLE	0	20,726	0	0
SAPIENS INTERNATIONAL CORP	COM	N7716A151	491	61,431	SH		SOLE	0	61,431	0	0
SASOL LTD	COM	803866300	2,378	40,224	SH		SOLE	0	40,224	0	0
STATOIL ASA	COM	85771P102	1,153	37,400	SH		SOLE	0	37,400	0	0
STRATTEC SECURITY CORP	COM	863111100	484	7,506	SH		SOLE	0	7,506	0	0
SUNCOR ENERGY INC	COM	867224107	878	20,600	SH		SOLE	0	20,600	0	0
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	2,532	18,058	SH		SOLE	0	18,058	0	0
TRIANGLE CAPITAL CORP	COM	895848109	409	14,428	SH		SOLE	0	14,428	0	0
TRICO BANCSHARES	COM	896095106	425	18,351	SH		SOLE	0	18,351	0	0
THL CREDIT INC	COM	872438106	454	32,439	SH		SOLE	0	32,439	0	0
TE CONNECTIVITY LTD	COM	H84989104	7,589	122,717	SH		SOLE	0	122,717	0	0
TEVA PHARMACEUTICALS	COM	881624209	7,594	144,873	SH		SOLE	0	144,873	0	0
TICC CAPITAL CORP	COM	87244T109	502	50,680	SH		SOLE	0	50,680	0	0
TOYOTA MOTOR CORP	COM	892331307	2,477	20,700	SH		SOLE	0	20,700	0	0
TOTAL SA	COM	89151E109	1,651	22,863	SH		SOLE	0	22,863	0	0
TYCO INTERNATIONAL LTD	COM	H89128104	1,883	41,296	SH		SOLE	0	41,296	0	0
MONOTYPE IMAGING HOLDINGS	COM	61022P100	472	16,738	SH		SOLE	0	16,738	0	0
UGI CORP	COM	902681105	250	4,953	SH		SOLE	0	4,953	0	0
UNITED INSURANCE HOLDINGS CO	COM	910710102	503	29,162	SH		SOLE	0	29,162	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,572	43,699	SH		SOLE	0	43,699	0	0
U S PHYSICAL THERAPY INC	COM	90337L108	487	14,242	SH		SOLE	0	14,242	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	364	7,072	SH		SOLE	0	7,072	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	868	66,942	SH		SOLE	0	66,942	0	0
VODAFONE GROUP PLC	COM	92857W308	1,725	51,667	SH		SOLE	0	51,667	0	0
VERISK ANALYTICS INC	COM	92345Y106	2,640	43,977	SH		SOLE	0	43,977	0	0
VSE CORP	COM	918284100	612	8,697	SH		SOLE	0	8,697	0	0
VANTAGE DRILLING CO	COM	G93205113	572	298,125	SH		SOLE	0	298,125	0	0
WESTWOOD HOLDINGS GROUP INC	COM	961765104	466	7,757	SH		SOLE	0	7,757	0	0
WINMARK CORP	COM	974250102	509	7,311	SH		SOLE	0	7,311	0	0
WPP PLC	COM	92937A102	473	4,339	SH		SOLE	0	4,339	0	0
WAYSIDE TECHNOLOGY GROUP INC	COM	946760105	667	43,423	SH		SOLE	0	43,423	0	0
XINYUAN REAL ESTATE CO -ADR	COM	98417P105	408	96,601	SH		SOLE	0	96,601	0	0
EXXON MOBIL CORP	COM	30231G102	3,534	35,099	SH		SOLE	0	35,099	0	0
XERIUM TECHNOLOGIES INC	COM	98416J118	464	33,217	SH		SOLE	0	33,217	0	0