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	037833100	292	2,900	SH		SOLE	0	2,900	0	0
ACE LTD	COM	H0023R105	3,760	35,849	SH		SOLE	0	27,949	0	7,900
ACETO CORP	COM	004446100	487	25,227	SH		SOLE	0	57	0	25,170
ACCENTURE PLC	COM	G1151C101	5,508	67,735	SH		SOLE	0	57,535	0	10,200
AERCAP HOLDINGS NV	COM	N00985106	2,169	53,036	SH		SOLE	0	26,615	0	26,421
ALLIANCE FIBER OPTIC PRODUCT	COM	018680306	347	27,884	SH		SOLE	0	64	0	27,820
FEDERAL AGRICULTURE MTG CP	COM	313148306	484	15,054	SH		SOLE	0	34	0	15,020
ARGAN INC	COM	04010E109	387	11,587	SH		SOLE	0	30	0	11,557
ARMADA HOFFLER PROPERTIES	COM	04208T108	571	62,894	SH		SOLE	0	142	0	62,752
AMBARELLA INC	COM	G037AX101	540	12,370	SH		SOLE	0	30	0	12,340
AMSURG CORP	COM	03232P405	370	7,394	SH		SOLE	0	7,394	0	0
AMIRA NATURE FOODS LTD	COM	G0335L102	486	31,043	SH		SOLE	0	2,533	0	28,510
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	420	26,758	SH		SOLE	0	58	0	26,700
ALTISOURCE PORTFOLIO SOLTNS	COM	L0175J104	267	2,645	SH		SOLE	0	2,645	0	0
ADVANCED SEMICON ENGINEERING	COM	00756M404	160	27,045	SH		SOLE	0	27,045	0	0
BROOKFIELD ASSET MANAGEMENT	COM	112585104	4,868	108,282	SH		SOLE	0	92,182	0	16,100
BAIDU INC	COM	056752108	1,627	7,456	SH		SOLE	0	6,999	0	457
BALL CORP	COM	058498106	1,350	21,332	SH		SOLE	0	17,332	0	4,000
BANK OF MONTREAL	COM	063671101	237	3,224	SH		SOLE	0	3,224	0	0
BRYN MAWR BANK CORP	COM	117665109	466	16,452	SH		SOLE	0	37	0	16,415
BP PLC	COM	055622104	2,176	49,506	SH		SOLE	0	49,506	0	0
BROADRIDGE FINANCIAL SOLUTNS	COM	11133T103	242	5,822	SH		SOLE	0	5,822	0	0
BIOSPECIFICS TECHNOLOGIES CP	COM	090931106	511	14,478	SH		SOLE	0	31	0	14,447
BT GROUP PLC	COM	05577E101	1,598	26,000	SH		SOLE	0	26,000	0	0
BRITISH AMER TOBACCO PLC	COM	110448107	1,851	16,371	SH		SOLE	0	16,371	0	0
ANHEUSER-BUSCH INBEV	COM	03524A108	2,336	21,072	SH		SOLE	0	21,072	0	0
CHICAGO BRIDGE & IRON CO	COM	167250109	7,476	129,231	SH		SOLE	0	104,465	0	24,766
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	1,138	21,093	SH		SOLE	0	19,079	0	2,014
CBIZ INC	COM	124805102	453	57,558	SH		SOLE	0	132	0	57,426
CHASE CORP	COM	16150R104	491	15,763	SH		SOLE	0	36	0	15,727
CF INDUSTRIES HOLDINGS INC	COM	125269100	307	1,100	SH		SOLE	0	1,100	0	0
CITY HOLDING CO	COM	177835105	456	10,835	SH		SOLE	0	24	0	10,811
CORE LABORATORIES NV	COM	N22717107	1,638	11,190	SH		SOLE	0	11,190	0	0
CANADIAN IMPERIAL BANK	COM	136069101	1,824	20,300	SH		SOLE	0	20,300	0	0
CONOCOPHILLIPS	COM	20825C104	352	4,600	SH		SOLE	0	4,600	0	0
CHESAPEAKE UTILITIES CORP	COM	165303108	541	12,978	SH		SOLE	0	28	0	12,950
CVS HEALTH CORP	COM	126650100	3,014	37,865	SH		SOLE	0	28,665	0	9,200
CHEVRON CORP	COM	166764100	251	2,100	SH		SOLE	0	2,100	0	0
DANAHER CORP	COM	235851102	3,305	43,503	SH		SOLE	0	32,833	0	10,670
DICE HOLDINGS INC	COM	253017107	592	70,637	SH		SOLE	0	167	0	70,470
DISNEY (WALT) CO	COM	254687106	3,436	38,589	SH		SOLE	0	29,089	0	9,500
DISCOVERY COMMUNICATIONS INC	COM	25470F104	257	6,800	SH		SOLE	0	6,800	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	1,828	29,800	SH		SOLE	0	29,800	0	0
DELUXE CORP	COM	248019101	580	10,518	SH		SOLE	0	10,518	0	0
DUN & BRADSTREET CORP	COM	26483E100	369	3,142	SH		SOLE	0	3,142	0	0
DOVER CORP	COM	260003108	2,799	34,848	SH		SOLE	0	26,348	0	8,500
AMDOCS LTD	COM	G02602103	1,994	43,463	SH		SOLE	0	43,463	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	233	3,630	SH		SOLE	0	3,630	0	0
DTE ENERGY CO	COM	233331107	979	12,874	SH		SOLE	0	9,474	0	3,400
DIRECTV	COM	25490A309	3,248	37,544	SH		SOLE	0	28,504	0	9,040
ECOLAB INC	COM	278865100	2,895	25,214	SH		SOLE	0	19,114	0	6,100
EAGLE BANCORP INC/MD	COM	268948106	431	13,543	SH		SOLE	0	31	0	13,512
EMC INSURANCE GROUP INC	COM	268664109	377	13,069	SH		SOLE	0	29	0	13,040
REED ELSEVIER NV	COM	758204200	2,453	54,280	SH		SOLE	0	54,280	0	0
ENSIGN GROUP INC	COM	29358P101	442	12,690	SH		SOLE	0	190	0	12,500
EPIQ SYSTEMS INC	COM	26882D109	533	30,354	SH		SOLE	0	79	0	30,275
ESCALADE INC	COM	296056104	394	32,707	SH		SOLE	0	78	0	32,629
FACTSET RESEARCH SYSTEMS INC	COM	303075105	316	2,601	SH		SOLE	0	2,601	0	0
FISERV INC	COM	337738108	3,531	54,636	SH		SOLE	0	41,674	0	12,962
FLY LEASING LTD -ADR	COM	34407D109	447	34,928	SH		SOLE	0	428	0	34,500
FEDERATED NATIONAL HLDG CO	COM	31422T101	696	24,779	SH		SOLE	0	55	0	24,724
FORMULA SYSTEMS (1985) LTD	COM	346414105	552	21,493	SH		SOLE	0	48	0	21,445
GOLUB CAPITAL BDC INC	COM	38173M102	371	23,247	SH		SOLE	0	47	0	23,200
GENERAL DYNAMICS CORP	COM	369550108	3,501	27,550	SH		SOLE	0	21,220	0	6,330
CGI GROUP INC -CL A	COM	39945C109	4,790	141,843	SH		SOLE	0	120,043	0	21,800
GILEAD SCIENCES INC	COM	375558103	3,054	28,687	SH		SOLE	0	21,787	0	6,900
GP STRATEGIES CORP	COM	36225V104	510	17,751	SH		SOLE	0	42	0	17,709
GRAY TELEVISION INC	COM	389375106	315	39,983	SH		SOLE	0	83	0	39,900
HCI GROUP INC	COM	40416E103	717	19,921	SH		SOLE	0	5,101	0	14,820
HACKETT GROUP INC	COM	404609109	546	91,674	SH		SOLE	0	191	0	91,483
HILL INTERNATIONAL INC	COM	431466101	360	90,055	SH		SOLE	0	175	0	89,880
HANDY & HARMAN LTD	COM	410315105	439	16,733	SH		SOLE	0	33	0	16,700
HONEYWELL INTERNATIONAL INC	COM	438516106	361	3,873	SH		SOLE	0	3,873	0	0
HARRIS CORP	COM	413875105	347	5,232	SH		SOLE	0	5,232	0	0
SCHEIN (HENRY) INC	COM	806407102	353	3,030	SH		SOLE	0	3,030	0	0
HERCULES TECH GROWTH CAP INC	COM	427096508	230	15,907	SH		SOLE	0	15,907	0	0
INGLES MARKETS INC -CL A	COM	457030104	384	16,199	SH		SOLE	0	34	0	16,165
INFUSYSTEM HOLDINGS INC	COM	45685K102	269	85,697	SH		SOLE	0	230	0	85,467
IRIDIUM COMMUNICATIONS INC	COM	46269C102	362	40,883	SH		SOLE	0	83	0	40,800
INTEGRATED SILICON SOLUTION	COM	45812P107	468	34,069	SH		SOLE	0	69	0	34,000
GARTNER INC	COM	366651107	332	4,521	SH		SOLE	0	4,521	0	0
JOHNSON & JOHNSON	COM	478160104	3,734	35,033	SH		SOLE	0	26,883	0	8,150
KADANT INC	COM	48282T104	486	12,433	SH		SOLE	0	28	0	12,405
KFORCE INC	COM	493732101	433	22,148	SH		SOLE	0	49	0	22,099
MULTI-COLOR CORP	COM	625383104	602	13,237	SH		SOLE	0	31	0	13,206
LAZARD LTD	COM	G54050102	294	5,800	SH		SOLE	0	5,800	0	0
LIONBRIDGE TECHNOLOGIES INC	COM	536252109	367	81,559	SH		SOLE	0	159	0	81,400
LAKELAND FINANCIAL CORP	COM	511656100	418	11,151	SH		SOLE	0	22	0	11,129
LYONDELLBASELL INDUSTRIES NV	COM	N53745100	1,706	15,700	SH		SOLE	0	8,600	0	7,100
MASTERCARD INC	COM	57636Q104	2,680	36,257	SH		SOLE	0	27,757	0	8,500
MOODY`S CORP	COM	615369105	2,650	28,037	SH		SOLE	0	21,857	0	6,180
MEDTRONIC INC	COM	585055106	3,165	51,087	SH		SOLE	0	38,587	0	12,500
MAGIC SOFTWARE ENTERPRISES	COM	559166103	433	62,503	SH		SOLE	0	148	0	62,355
MASTECH HOLDINGS INC	COM	57633B100	339	33,117	SH		SOLE	0	0	0	33,117
MESA LABORATORIES INC	COM	59064R109	327	5,651	SH		SOLE	0	13	0	5,638
3M CO	COM	88579Y101	2,980	21,035	SH		SOLE	0	16,314	0	4,721
MOTORCAR PARTS OF AMER INC	COM	620071100	507	18,636	SH		SOLE	0	49	0	18,587
MARKIT LTD	COM	G58249106	1,747	74,812	SH		SOLE	0	74,812	0	0
MICROSOFT CORP	COM	594918104	3,556	76,700	SH		SOLE	0	59,700	0	17,000
MAGNACHIP SEMICONDUCTOR CORP	COM	55933J203	386	33,026	SH		SOLE	0	72	0	32,954
NATIONAL GRID	COM	636274300	1,859	25,858	SH		SOLE	0	25,858	0	0
NEENAH PAPER INC	COM	640079109	492	9,202	SH		SOLE	0	22	0	9,180
NATIONAL RESEARCH CORP	COM	637372301	655	17,667	SH		SOLE	0	5,217	0	12,450
NATIONAL SEC GROUP INC	COM	637546102	153	12,263	SH		SOLE	0	42	0	12,221
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	2,630	84,538	SH		SOLE	0	84,538	0	0
NOVO NORDISK A/S	COM	670100205	2,211	46,434	SH		SOLE	0	46,434	0	0
NOVARTIS AG	COM	66987V109	2,398	25,473	SH		SOLE	0	25,473	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	726	100,347	SH		SOLE	0	25,348	0	74,999
OMNICOM GROUP	COM	681919106	3,493	50,727	SH		SOLE	0	39,057	0	11,670
OMEGA PROTEIN CORP	COM	68210P107	511	40,893	SH		SOLE	0	93	0	40,800
ORACLE CORP	COM	68389X105	367	9,600	SH		SOLE	0	9,600	0	0
OPEN TEXT CORP	COM	683715106	2,087	37,653	SH		SOLE	0	37,653	0	0
PEPSICO INC	COM	713448108	1,285	13,805	SH		SOLE	0	11,005	0	2,800
PFIZER INC	COM	717081103	2,835	95,878	SH		SOLE	0	72,428	0	23,450
PROFIRE ENERGY INC	COM	74316X101	529	127,516	SH		SOLE	0	300	0	127,216
PERFORMANT FINANCIAL CORP	COM	71377E105	386	47,780	SH		SOLE	0	111	0	47,669
PHI INC	COM	69336T205	490	11,912	SH		SOLE	0	28	0	11,884
POPEYES LOUISIANA KITCHEN	COM	732872106	406	10,023	SH		SOLE	0	23	0	10,000
DOUGLAS DYNAMICS INC	COM	25960R105	594	30,468	SH		SOLE	0	68	0	30,400
EPLUS INC	COM	294268107	421	7,518	SH		SOLE	0	18	0	7,500
PENNANTPARK INVESTMENT CORP	COM	708062104	502	46,039	SH		SOLE	0	46,039	0	0
PENTAIR PLC	COM	G7S00T104	5,990	91,462	SH		SOLE	0	75,048	0	16,414
POINTER TELOCATION LTD	COM	M7946T104	463	56,335	SH		SOLE	0	121	0	56,214
PETROQUEST ENERGY INC	COM	716748108	437	77,773	SH		SOLE	0	173	0	77,600
PARTNERRE LTD	COM	G6852T105	297	2,700	SH		SOLE	0	2,700	0	0
PERFICIENT INC	COM	71375U101	485	32,339	SH		SOLE	0	439	0	31,900
PENNS WOODS BANCORP INC	COM	708430103	363	8,591	SH		SOLE	0	21	0	8,570
QUALCOMM INC	COM	747525103	3,382	45,227	SH		SOLE	0	34,027	0	11,200
RCM TECHNOLOGIES INC	COM	749360400	543	71,709	SH		SOLE	0	159	0	71,550
ROYAL DUTCH SHELL PLC	COM	780259206	2,349	30,859	SH		SOLE	0	30,859	0	0
DR REDDY`S LABORATORIES LTD	COM	256135203	3,505	66,694	SH		SOLE	0	66,694	0	0
REIS INC	COM	75936P105	532	22,569	SH		SOLE	0	57	0	22,512
REX AMERICAN RESOURCES CORP	COM	761624105	473	6,487	SH		SOLE	0	87	0	6,400
REPLIGEN CORP	COM	759916109	473	23,772	SH		SOLE	0	61	0	23,711
RIVER VALLEY BANCORP	COM	768475105	395	18,425	SH		SOLE	0	44	0	18,381
RADIANT LOGISTICS INC	COM	75025X100	529	143,794	SH		SOLE	0	350	0	143,444
RPX CORP	COM	74972G103	428	31,156	SH		SOLE	0	456	0	30,700
RAYTHEON CO	COM	755111507	386	3,800	SH		SOLE	0	3,800	0	0
ROYAL BANK OF CANADA	COM	780087102	1,866	26,120	SH		SOLE	0	26,120	0	0
SAP SE	COM	803054204	6,548	90,736	SH		SOLE	0	75,965	0	14,771
SOUTHSIDE BANCSHARES INC	COM	84470P109	582	17,503	SH		SOLE	0	38	0	17,465
SCICLONE PHARMACEUTICALS INC	COM	80862K104	493	71,569	SH		SOLE	0	169	0	71,400
SUPERIOR UNIFORM GROUP INC	COM	868358102	486	22,457	SH		SOLE	0	53	0	22,404
SK TELECOM CO LTD	COM	78440P108	238	7,839	SH		SOLE	0	7,839	0	0
SL INDUSTRIES INC	COM	784413106	614	12,584	SH		SOLE	0	32	0	12,552
SPECTRUM BRANDS HOLDINGS INC	COM	84763R101	326	3,600	SH		SOLE	0	3,600	0	0
SIMON PROPERTY GROUP INC	COM	828806109	2,927	17,805	SH		SOLE	0	13,005	0	4,800
SAPIENS INTERNATIONAL CORP	COM	N7716A151	455	61,431	SH		SOLE	0	134	0	61,297
SASOL LTD	COM	803866300	2,192	40,221	SH		SOLE	0	40,221	0	0
SENSATA TECHNOLOGIES HLDG NV	COM	N7902X106	7,106	159,575	SH		SOLE	0	132,575	0	27,000
STATOIL ASA	COM	85771P102	1,016	37,400	SH		SOLE	0	37,400	0	0
STRATTEC SECURITY CORP	COM	863111100	562	6,906	SH		SOLE	0	17	0	6,889
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	7,561	49,142	SH		SOLE	0	40,242	0	8,900
LIBERTY TAX INC	COM	53128T102	495	15,313	SH		SOLE	0	35	0	15,278
TRIANGLE CAPITAL CORP	COM	895848109	365	14,433	SH		SOLE	0	33	0	14,400
TRICO BANCSHARES	COM	896095106	415	18,351	SH		SOLE	0	39	0	18,312
THL CREDIT INC	COM	872438106	418	32,441	SH		SOLE	0	77	0	32,364
TE CONNECTIVITY LTD	COM	H84989104	6,784	122,692	SH		SOLE	0	101,448	0	21,244
TEVA PHARMACEUTICALS	COM	881624209	11,195	208,284	SH		SOLE	0	168,402	0	39,882
TICC CAPITAL CORP	COM	87244T109	470	53,284	SH		SOLE	0	118	0	53,166
TOYOTA MOTOR CORP	COM	892331307	2,433	20,701	SH		SOLE	0	20,701	0	0
TOTAL SA	COM	89151E109	1,499	23,264	SH		SOLE	0	23,264	0	0
TYCO INTERNATIONAL LTD	COM	H89128104	1,840	41,286	SH		SOLE	0	41,286	0	0
NET 1 UEPS TECHNOLOGIES INC	COM	64107N206	171	14,214	SH		SOLE	0	3,214	0	11,000
UGI CORP	COM	902681105	562	16,494	SH		SOLE	0	16,494	0	0
UNITED INSURANCE HOLDINGS CO	COM	910710102	482	32,163	SH		SOLE	0	63	0	32,100
UNITEDHEALTH GROUP INC	COM	91324P102	3,211	37,235	SH		SOLE	0	28,405	0	8,830
U S PHYSICAL THERAPY INC	COM	90337L108	504	14,242	SH		SOLE	0	35	0	14,207
UNITED THERAPEUTICS CORP	COM	91307C102	370	2,874	SH		SOLE	0	2,874	0	0
UTAH MEDICAL PRODUCTS INC	COM	917488108	359	7,372	SH		SOLE	0	16	0	7,356
UNITED TECHNOLOGIES CORP	COM	913017109	264	2,500	SH		SOLE	0	2,500	0	0
UNIVERSAL INSURANCE HLDGS	COM	91359V107	843	65,200	SH		SOLE	0	14,375	0	50,825
VERISK ANALYTICS INC	COM	92345Y106	2,466	40,494	SH		SOLE	0	30,654	0	9,840
VSE CORP	COM	918284100	392	7,997	SH		SOLE	0	21	0	7,976
VANTAGE DRILLING CO	COM	G93205113	398	313,286	SH		SOLE	0	686	0	312,600
VERIZON COMMUNICATIONS INC	COM	92343V104	367	7,337	SH		SOLE	0	7,337	0	0
WESTERN DIGITAL CORP	COM	958102105	2,250	23,122	SH		SOLE	0	16,922	0	6,200
WESTWOOD HOLDINGS GROUP INC	COM	961765104	468	8,260	SH		SOLE	0	18	0	8,242
WINMARK CORP	COM	974250102	537	7,312	SH		SOLE	0	16	0	7,296
WPP PLC	COM	92937A102	1,232	12,263	SH		SOLE	0	12,263	0	0
WORLD ACCEPTANCE CORP/DE	COM	981419104	440	6,515	SH		SOLE	0	15	0	6,500
WSFS FINANCIAL CORP	COM	929328102	445	6,213	SH		SOLE	0	13	0	6,200
WAYSIDE TECHNOLOGY GROUP INC	COM	946760105	482	30,474	SH		SOLE	0	66	0	30,408
EXXON MOBIL CORP	COM	30231G102	3,400	36,146	SH		SOLE	0	27,946	0	8,200
XERIUM TECHNOLOGIES INC	COM	98416J118	485	33,217	SH		SOLE	0	77	0	33,140