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
APPLE INC	COM	037833100	2,658	24,384	SH		SOLE	0	19,284	0	5,100
ABB LTD	COM	000375204	2,482	127,782	SH		SOLE	0	127,782	0	0
AMBEV SA	COM	02319V103	669	129,231	SH		SOLE	0	57,131	0	72,100
ACCENTURE PLC	COM	G1151C101	15,140	131,192	SH		SOLE	0	112,792	0	18,400
AGREE REALTY CORP	COM	008492100	562	14,609	SH		SOLE	0	9	0	14,600
ALMOST FAMILY INC	COM	020409108	499	13,406	SH		SOLE	0	6	0	13,400
ARGAN INC	COM	04010E109	593	16,865	SH		SOLE	0	8	0	16,857
ARMADA HOFFLER PROPERTIES	COM	04208T108	557	49,479	SH		SOLE	0	27	0	49,452
AMETEK INC	COM	031100100	1,431	28,631	SH		SOLE	0	28,631	0	0
ALLIED MOTION TECHNOLOGIES	COM	019330109	474	26,361	SH		SOLE	0	14	0	26,347
AMSURG CORP	COM	03232P405	1,667	22,350	SH		SOLE	0	22,350	0	0
AMERICAN SOFTWARE -CL A	COM	029683109	436	48,424	SH		SOLE	0	24	0	48,400
ACCESS NATIONAL CORP	COM	004337101	492	24,808	SH		SOLE	0	8	0	24,800
ANI PHARMACEUTICALS INC	COM	00182C103	438	13,005	SH		SOLE	0	5	0	13,000
APOLLO COMMERCIAL RE FIN INC	COM	03762U105	558	34,224	SH		SOLE	0	468	0	33,756
ARDMORE SHIPPING CORP	COM	Y0207T100	527	62,321	SH		SOLE	0	21	0	62,300
AVG TECHNOLOGIES NV	COM	N07831105	1,496	72,119	SH		SOLE	0	119	0	72,000
BROADCOM LTD	COM	Y09827109	13,971	90,427	SH		SOLE	0	80,567	0	9,860
AUTOZONE INC	COM	053332102	3,788	4,755	SH		SOLE	0	3,795	0	960
ALIBABA GROUP HLDG	COM	01609W102	3,408	43,119	SH		SOLE	0	37,919	0	5,200
BROOKFIELD ASSET MANAGEMENT	COM	112585104	3,863	111,042	SH		SOLE	0	95,042	0	16,000
BANCO DE CHILE	COM	059520106	448	6,957	SH		SOLE	0	1,657	0	5,300
BALL CORP	COM	058498106	1,599	22,423	SH		SOLE	0	22,423	0	0
BANK OF MARIN BANCORP	COM	063425102	489	9,929	SH		SOLE	0	5	0	9,924
BRYN MAWR BANK CORP	COM	117665109	448	17,424	SH		SOLE	0	9	0	17,415
BIOSPECIFICS TECHNOLOGIES CP	COM	090931106	397	11,392	SH		SOLE	0	6	0	11,386
BT GROUP PLC	COM	05577E101	2,248	70,070	SH		SOLE	0	70,070	0	0
BRITISH AMER TOBACCO PLC	COM	110448107	2,394	20,474	SH		SOLE	0	20,474	0	0
ANHEUSER-BUSCH INBEV	COM	03524A108	4,665	37,420	SH		SOLE	0	31,920	0	5,500
CHINA BIOLOGIC PRODUCTS INC	COM	16938C106	9,802	85,623	SH		SOLE	0	59,243	0	26,380
CBIZ INC	COM	124805102	611	60,558	SH		SOLE	0	32	0	60,526
CHASE CORP	COM	16150R104	675	12,835	SH		SOLE	0	8	0	12,827
CITY HOLDING CO	COM	177835105	448	9,368	SH		SOLE	0	57	0	9,311
CHECK POINT SOFTWARE TECHN	COM	M22465104	2,642	30,204	SH		SOLE	0	30,204	0	0
CHUNGHWA TELECOM LTD	COM	17133Q502	2,472	73,221	SH		SOLE	0	73,221	0	0
COLLIERS INTL GROUP INC	COM	194693107	2,129	56,238	SH		SOLE	0	56,238	0	0
COMCAST CORP	COM	20030N101	1,588	26,001	SH		SOLE	0	26,001	0	0
CHESAPEAKE UTILITIES CORP	COM	165303108	520	8,254	SH		SOLE	0	4	0	8,250
CROWN CRAFTS INC	COM	228309100	561	60,625	SH		SOLE	0	25	0	60,600
CISCO SYSTEMS INC	COM	17275R102	1,552	54,501	SH		SOLE	0	54,501	0	0
CVS HEALTH CORP	COM	126650100	2,932	28,267	SH		SOLE	0	22,367	0	5,900
DIAGEO PLC	COM	25243Q205	2,399	22,243	SH		SOLE	0	22,243	0	0
DIAMOND HILL INVESTMENT GRP	COM	25264R207	464	2,614	SH		SOLE	0	14	0	2,600
DANAHER CORP	COM	235851102	3,724	39,260	SH		SOLE	0	30,790	0	8,470
DHI GROUP INC	COM	23331S100	576	71,405	SH		SOLE	0	35	0	71,370
DISNEY (WALT) CO	COM	254687106	2,978	29,987	SH		SOLE	0	23,157	0	6,830
DELPHI AUTOMOTIVE PLC	COM	G27823106	9,610	128,095	SH		SOLE	0	112,175	0	15,920
DELUXE CORP	COM	248019101	1,578	25,246	SH		SOLE	0	25,246	0	0
DUN & BRADSTREET CORP	COM	26483E100	1,393	13,514	SH		SOLE	0	13,514	0	0
AMDOCS	COM	G02602103	3,013	49,873	SH		SOLE	0	39,373	0	10,500
DESCARTES SYSTEMS GROUP INC	COM	249906108	1,151	59,000	SH		SOLE	0	0	0	59,000
ECOLAB INC	COM	278865100	1,651	14,800	SH		SOLE	0	14,800	0	0
ENTERPRISE FINL SERVICES CP	COM	293712105	533	19,709	SH		SOLE	0	9	0	19,700
EQUIFAX INC	COM	294429105	3,732	32,650	SH		SOLE	0	25,350	0	7,300
EMC INSURANCE GROUP INC	COM	268664109	584	22,770	SH		SOLE	0	10	0	22,760
EXPRESS SCRIPTS HOLDING CO	COM	30219G108	2,607	37,951	SH		SOLE	0	28,751	0	9,200
ENTERCOM COMMUNICATIONS CORP	COM	293639100	466	44,034	SH		SOLE	0	22	0	44,012
FACTSET RESEARCH SYSTEMS INC	COM	303075105	1,702	11,230	SH		SOLE	0	11,230	0	0
FINANCIAL INSTITUTIONS INC	COM	317585404	577	19,837	SH		SOLE	0	11	0	19,826
FISERV INC	COM	337738108	3,781	36,858	SH		SOLE	0	29,336	0	7,522
FLY LEASING LTD -ADR	COM	34407D109	464	36,518	SH		SOLE	0	18	0	36,500
FEDERATED NATIONAL HLDG CO	COM	31422T101	380	19,334	SH		SOLE	0	10	0	19,324
FONAR CORP	COM	344437405	567	36,870	SH		SOLE	0	20	0	36,850
GOLUB CAPITAL BDC INC	COM	38173M102	470	27,155	SH		SOLE	0	156	0	26,999
GENERAL DYNAMICS CORP	COM	369550108	3,047	23,195	SH		SOLE	0	17,685	0	5,510
GRUPO FINANCIERO GALICIA SA	COM	399909100	816	28,839	SH		SOLE	0	17,739	0	11,100
CGI GROUP INC -CL A	COM	39945C109	4,458	93,305	SH		SOLE	0	77,505	0	15,800
GIGOPTIX INC	COM	37517Y103	554	205,018	SH		SOLE	0	118	0	204,900
GILEAD SCIENCES INC	COM	375558103	2,897	31,539	SH		SOLE	0	24,489	0	7,050
GLOBANT SA	COM	L44385109	444	14,389	SH		SOLE	0	8	0	14,381
GP STRATEGIES CORP	COM	36225V104	557	20,319	SH		SOLE	0	10	0	20,309
GREAT SOUTHERN BANCORP	COM	390905107	368	9,906	SH		SOLE	0	6	0	9,900
GSI GROUP INC	COM	36191C205	149	10,500	SH		SOLE	0	0	0	10,500
GRAY TELEVISION INC	COM	389375106	365	31,177	SH		SOLE	0	196	0	30,981
HCI GROUP INC	COM	40416E103	527	15,827	SH		SOLE	0	7	0	15,820
HACKETT GROUP INC	COM	404609109	640	42,304	SH		SOLE	0	21	0	42,283
HDFC BANK LTD	COM	40415F101	476	7,722	SH		SOLE	0	1,882	0	5,840
HINGHAM INSTN FOR SAVINGS	COM	433323102	548	4,603	SH		SOLE	0	3	0	4,600
HENNESSY ADVISORS INC	COM	425885100	532	19,909	SH		SOLE	0	9	0	19,900
HONEYWELL INTERNATIONAL INC	COM	438516106	1,905	17,000	SH		SOLE	0	17,000	0	0
HERITAGE INSURANCE HOLDINGS	COM	42727J102	483	30,215	SH		SOLE	0	15	0	30,200
SCHEIN (HENRY) INC	COM	806407102	3,285	19,031	SH		SOLE	0	14,631	0	4,400
ICON plc	COM	G4705A100	2,585	34,420	SH		SOLE	0	34,420	0	0
INFUSYSTEM HOLDINGS INC	COM	45685K102	554	157,517	SH		SOLE	0	87	0	157,430
INFOSYS LTD	COM	456788108	634	33,309	SH		SOLE	0	15,709	0	17,600
INUVO INC	COM	46122W204	334	188,592	SH		SOLE	0	92	0	188,500
IRADIMED CORP	COM	46266A109	402	21,007	SH		SOLE	0	7	0	21,000
GARTNER INC	COM	366651107	1,699	19,019	SH		SOLE	0	19,019	0	0
ORIX CORP	COM	686330101	2,079	29,125	SH		SOLE	0	29,125	0	0
HENRY (JACK) & ASSOCIATES	COM	426281101	1,820	21,519	SH		SOLE	0	21,519	0	0
JOHNSON & JOHNSON	COM	478160104	3,093	28,583	SH		SOLE	0	22,233	0	6,350
KADANT INC	COM	48282T104	678	15,012	SH		SOLE	0	7	0	15,005
KEPCO-KOREA ELEC POWER CORP	COM	500631106	2,900	112,610	SH		SOLE	0	112,610	0	0
KFORCE INC	COM	493732101	402	20,534	SH		SOLE	0	135	0	20,399
MULTI-COLOR CORP	COM	625383104	382	7,155	SH		SOLE	0	49	0	7,106
LANDMARK BANCORP INC/KS	COM	51504L107	537	21,466	SH		SOLE	0	11	0	21,455
LEAR CORP	COM	521865204	3,196	28,746	SH		SOLE	0	22,246	0	6,500
LHC GROUP INC	COM	50187A107	468	13,170	SH		SOLE	0	70	0	13,100
LIONBRIDGE TECHNOLOGIES INC	COM	536252109	549	108,550	SH		SOLE	0	50	0	108,500
LAKELAND FINANCIAL CORP	COM	511656100	485	10,589	SH		SOLE	0	60	0	10,529
LYONDELLBASELL INDUSTRIES NV	COM	N53745100	9,319	108,895	SH		SOLE	0	92,505	0	16,390
MASTERCARD INC	COM	57636Q104	3,394	35,915	SH		SOLE	0	28,515	0	7,400
MOODY`S CORP	COM	615369105	2,750	28,480	SH		SOLE	0	22,580	0	5,900
MEDTRONIC PLC	COM	G5960L103	2,812	37,498	SH		SOLE	0	29,798	0	7,700
MEETME INC	COM	585141104	424	149,158	SH		SOLE	0	58	0	149,100
MULTI-FINELINE ELECTRON INC	COM	62541B101	490	21,112	SH		SOLE	0	12	0	21,100
MCGRAW HILL FINANCIAL	COM	580645109	1,445	14,600	SH		SOLE	0	14,600	0	0
MESA LABORATORIES INC	COM	59064R109	466	4,840	SH		SOLE	0	2	0	4,838
MIND CTI LTD	COM	M70240102	349	172,599	SH		SOLE	0	99	0	172,500
MARKIT LTD	COM	G58249106	9,060	256,300	SH		SOLE	0	213,700	0	42,600
MAINSOURCE FINL GROUP INC	COM	56062Y102	555	26,313	SH		SOLE	0	13	0	26,300
MICROSOFT CORP	COM	594918104	1,563	28,301	SH		SOLE	0	28,301	0	0
NATHAN`S FAMOUS INC	COM	632347100	441	10,104	SH		SOLE	0	4	0	10,100
NATURAL HEALTH TRENDS CORP	COM	63888P406	718	21,665	SH		SOLE	0	11	0	21,654
NAUTILUS INC	COM	63910B102	561	29,014	SH		SOLE	0	14	0	29,000
NEENAH PAPER INC	COM	640079109	460	7,222	SH		SOLE	0	42	0	7,180
NATIONAL PRESTO INDS INC	COM	637215104	561	6,704	SH		SOLE	0	4	0	6,700
NEOPHOTONICS CORP	COM	64051T100	705	50,227	SH		SOLE	0	27	0	50,200
NATIONAL SEC GROUP INC	COM	637546102	493	32,774	SH		SOLE	0	19	0	32,755
NETEASE INC	COM	64110W102	7,062	49,184	SH		SOLE	0	47,134	0	2,050
NIPPON TELEGRAPH & TELEPHONE	COM	654624105	2,290	52,956	SH		SOLE	0	52,956	0	0
NV5 GLOBAL INC	COM	62945V109	679	25,313	SH		SOLE	0	13	0	25,300
NOVA MEASURING INSTRUMENTS	COM	M7516K103	385	37,019	SH		SOLE	0	19	0	37,000
NOVO NORDISK A/S	COM	670100205	2,735	50,473	SH		SOLE	0	50,473	0	0
NEW YORK MORTGAGE TRUST INC	COM	649604501	475	100,145	SH		SOLE	0	46	0	100,099
OMEGA FLEX INC	COM	682095104	494	14,206	SH		SOLE	0	6	0	14,200
OMNICOM GROUP	COM	681919106	3,685	44,280	SH		SOLE	0	34,560	0	9,720
ORACLE CORP	COM	68389X105	1,395	34,111	SH		SOLE	0	34,111	0	0
PUBLIC SERVICE ENTRP GRP INC	COM	744573106	3,446	73,100	SH		SOLE	0	57,300	0	15,800
PEPSICO INC	COM	713448108	1,696	16,552	SH		SOLE	0	16,552	0	0
PETMED EXPRESS INC	COM	716382106	607	33,915	SH		SOLE	0	15	0	33,900
PFIZER INC	COM	717081103	3,038	102,513	SH		SOLE	0	77,223	0	25,290
DOUGLAS DYNAMICS INC	COM	25960R105	702	30,657	SH		SOLE	0	257	0	30,400
EPLUS INC	COM	294268107	483	6,004	SH		SOLE	0	4	0	6,000
CPI CARD GROUP INC	COM	12634H101	491	59,628	SH		SOLE	0	19	0	59,609
PERFICIENT INC	COM	71375U101	702	32,316	SH		SOLE	0	16	0	32,300
PRUDENTIAL PLC	COM	74435K204	212	5,700	SH		SOLE	0	5,700	0	0
PENNS WOODS BANCORP INC	COM	708430103	400	10,375	SH		SOLE	0	5	0	10,370
PZENA INVESTMENT MANAGEMENT	COM	74731Q103	529	70,130	SH		SOLE	0	30	0	70,100
EVEREST RE GROUP LTD	COM	G3223R108	1,672	8,468	SH		SOLE	0	8,468	0	0
REIS INC	COM	75936P105	530	22,524	SH		SOLE	0	12	0	22,512
RELX NV	COM	75955B102	3,006	171,456	SH		SOLE	0	171,456	0	0
ROPER TECHNOLOGIES INC	COM	776696106	3,471	18,989	SH		SOLE	0	14,789	0	4,200
RPX CORP	COM	74972G103	460	40,818	SH		SOLE	0	18	0	40,800
ROYAL BANK OF CANADA	COM	780087102	2,217	38,515	SH		SOLE	0	38,515	0	0
SAP SE	COM	803054204	11,014	136,953	SH		SOLE	0	122,192	0	14,761
SCICLONE PHARMACEUTICALS INC	COM	80862K104	773	70,238	SH		SOLE	0	38	0	70,200
STONEGATE BANK/FL	COM	861811107	513	17,109	SH		SOLE	0	9	0	17,100
SUPERIOR UNIFORM GROUP INC	COM	868358102	482	27,022	SH		SOLE	0	16	0	27,006
SILICON MOTION TECH -ADR	COM	82706C108	2,947	75,939	SH		SOLE	0	21,369	0	54,570
SL INDUSTRIES INC	COM	784413106	424	12,458	SH		SOLE	0	6	0	12,452
SYNOPSYS INC	COM	871607107	1,697	35,034	SH		SOLE	0	35,034	0	0
SPAN-AMERICA MEDICAL SYS INC	COM	846396109	363	19,107	SH		SOLE	0	7	0	19,100
SIMON PROPERTY GROUP INC	COM	828806109	3,661	17,626	SH		SOLE	0	13,626	0	4,000
SENSATA TECHNOLOGIES HLDG NV	COM	N7902X106	7,683	197,806	SH		SOLE	0	170,756	0	27,050
STANLEY BLACK & DECKER INC	COM	854502101	3,318	31,534	SH		SOLE	0	24,534	0	7,000
STOCK YARDS BANCORP INC	COM	861025104	598	15,508	SH		SOLE	0	8	0	15,500
STRYKER CORP	COM	863667101	3,072	28,634	SH		SOLE	0	22,534	0	6,100
TARO PHARMACEUTICL INDS LTD	COM	M8737E108	10,590	73,926	SH		SOLE	0	64,196	0	9,730
TRICO BANCSHARES	COM	896095106	416	16,421	SH		SOLE	0	9	0	16,412
TEVA PHARMACEUTICALS	COM	881624209	2,208	41,267	SH		SOLE	0	41,267	0	0
TELEKOMUNIKASI INDONESIA	COM	715684106	352	6,922	SH		SOLE	0	1,722	0	5,200
TOYOTA MOTOR CORP	COM	892331307	3,181	29,919	SH		SOLE	0	29,919	0	0
TRANSCAT INC	COM	893529107	253	24,913	SH		SOLE	0	13	0	24,900
TRAVELERS COS INC	COM	89417E109	1,416	12,133	SH		SOLE	0	6,833	0	5,300
TAIWAN SEMICONDUCTOR MFG CO	COM	874039100	6,992	266,889	SH		SOLE	0	226,229	0	40,660
TEXAS INSTRUMENTS INC	COM	882508104	1,550	27,000	SH		SOLE	0	27,000	0	0
NET 1 UEPS TECHNOLOGIES INC	COM	64107N206	445	48,419	SH		SOLE	0	129	0	48,290
UGI CORP	COM	902681105	1,727	42,861	SH		SOLE	0	42,861	0	0
UNILEVER PLC	COM	904767704	2,807	62,133	SH		SOLE	0	62,133	0	0
UNITED MICROELECTRONICS CORP	COM	910873405	28	13,600	SH		SOLE	0	13,600	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,676	28,521	SH		SOLE	0	22,631	0	5,890
UNITY BANCORP INC	COM	913290102	394	34,615	SH		SOLE	0	15	0	34,600
U S PHYSICAL THERAPY INC	COM	90337L108	555	11,159	SH		SOLE	0	52	0	11,107
UTAH MEDICAL PRODUCTS INC	COM	917488108	533	8,525	SH		SOLE	0	4	0	8,521
UNIVERSAL INSURANCE HLDGS	COM	91359V107	398	22,375	SH		SOLE	0	450	0	21,925
UNIVEST CORP OF PENNSYLVANIA	COM	915271100	474	24,312	SH		SOLE	0	12	0	24,300
VISA INC	COM	92826C839	1,606	21,001	SH		SOLE	0	21,001	0	0
VANTIV INC	COM	92210H105	3,265	60,599	SH		SOLE	0	46,699	0	13,900
VERISK ANALYTICS INC	COM	92345Y106	3,405	42,609	SH		SOLE	0	32,979	0	9,630
VERISIGN INC	COM	92343E102	1,643	18,562	SH		SOLE	0	10,462	0	8,100
VERIZON COMMUNICATIONS INC	COM	92343V104	1,574	29,100	SH		SOLE	0	29,100	0	0
WASHINGTON TR BANCORP INC	COM	940610108	495	13,268	SH		SOLE	0	68	0	13,200
WABCO HOLDINGS INC	COM	92927K102	9,518	89,019	SH		SOLE	0	77,599	0	11,420
WESTWOOD HOLDINGS GROUP INC	COM	961765104	536	9,147	SH		SOLE	0	5	0	9,142
WINMARK CORP	COM	974250102	656	6,700	SH		SOLE	0	4	0	6,696
WIPRO LTD	COM	97651M109	831	66,089	SH		SOLE	0	40,589	0	25,500
WNS (HOLDINGS) LTD -ADR	COM	92932M101	828	27,035	SH		SOLE	0	16,565	0	10,470
WPP PLC	COM	92937A102	4,689	40,276	SH		SOLE	0	34,276	0	6,000
WSFS FINANCIAL CORP	COM	929328102	465	14,308	SH		SOLE	0	8	0	14,300
WAYSIDE TECHNOLOGY GROUP INC	COM	946760105	457	26,724	SH		SOLE	0	16	0	26,708
WEST BANCORPORATION INC	COM	95123P106	509	27,924	SH		SOLE	0	14	0	27,910
ZAGG INC	COM	98884U108	590	65,435	SH		SOLE	0	35	0	65,400