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
Estimated average burden
hours per response:		23.8

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
Access National Corp	COM	004337101	1,244	44,808	SH		SOLE		8	0	44,800
ACNB Corp	COM	000868109	938	30,008	SH		SOLE		8	0	30,000
Allegion Pub Ltd Co	COM	g0176j109	1,473	23,010	SH		SOLE		23,010	0	0
Allied Motion Technologies Inc	COM	019330109	844	39,457	SH		SOLE		10	0	39,447
Almost Family Inc	COM	020409108	984	22,306	SH		SOLE		6	0	22,300
American Software Inc Cl A	COM	029683109	927	89,758	SH		SOLE		24	0	89,734
Ametek Inc	COM	031100100	1,390	28,600	SH		SOLE		28,600	0	0
Amphenol Corp Cl A	COM	032095101	3,687	54,861	SH		SOLE		42,861	0	12,000
Ani Pharmaceuticals Inc	COM	00182c103	958	15,805	SH		SOLE		5	0	15,800
AON PLC Cl A	COM	g0408v102	2,982	26,735	SH		SOLE		21,035	0	5,700
Apple Inc	COM	037833100	1,483	12,800	SH		SOLE		12,800	0	0
Argan Inc	COM	04010e109	1,592	22,563	SH		SOLE		6	0	22,557
Ari Network Services Inc	COM	001930205	969	179,042	SH		SOLE		42	0	179,000
Armada Hoffler Properties Inc	COM	04208t108	1,186	81,374	SH		SOLE		22	0	81,352
Arrow Electronics Inc	COM	042735100	1,856	26,026	SH		SOLE		26,026	0	0
Arrow Financial Corp	COM	042744102	1,252	30,907	SH		SOLE		7	0	30,900
AT&T Inc	COM	00206r102	1,664	39,116	SH		SOLE		21,116	0	18,000
Autoliv Inc	COM	052800109	2,236	19,759	SH		SOLE		18,259	0	1,500
AutoZone Inc	COM	053332102	3,574	4,525	SH		SOLE		3,628	0	897
Avid Technology Inc	COM	05367p100	824	187,334	SH		SOLE		34	0	187,300
Ball Corp	COM	058498106	1,683	22,423	SH		SOLE		22,423	0	0
Bank of Marin Bancorp	COM	063425102	1,195	17,129	SH		SOLE		5	0	17,124
BioSpecifics Technologies Corp	COM	090931106	1,091	19,592	SH		SOLE		6	0	19,586
Blue Cap Reins Holdings Ltd	COM	g1190f107	718	38,917	SH		SOLE		8	0	38,909
Bryn Mawr Bank Corp	COM	117665109	1,181	28,022	SH		SOLE		7	0	28,015
CAE Inc	COM	124765108	2,270	162,522	SH		SOLE		162,522	0	0
Canadian Imperial Bank Comm To	COM	136069101	247	3,024	SH		SOLE		3,024	0	0
CBIZ Inc	COM	124805102	1,364	99,552	SH		SOLE		26	0	99,526
Century Communities Inc	COM	156504300	1,017	48,411	SH		SOLE		11	0	48,400
Chase Corp	COM	16150r104	1,469	17,588	SH		SOLE		5	0	17,583
Chesapeake Utilities Corp	COM	165303108	713	10,643	SH		SOLE		3	0	10,640
Cisco Systems Inc	COM	17275r102	3,332	110,245	SH		SOLE		84,795	0	25,450
City Holding Co	COM	177835105	1,059	15,659	SH		SOLE		48	0	15,611
Civista Bancshares Inc	COM	178867107	1,353	69,618	SH		SOLE		18	0	69,600
Comcast Corp Cl A	COM	20030n101	3,470	50,258	SH		SOLE		39,258	0	11,000
CPI Card Group Inc	COM	12634h101	996	240,066	SH		SOLE		57	0	240,009
CRH Medical Corp	COM	12626f105	1,134	216,050	SH		SOLE		50	0	216,000
Crown Crafts Inc	COM	228309100	935	120,626	SH		SOLE		26	0	120,600
Crown Holdings Inc	COM	228368106	3,075	58,500	SH		SOLE		45,500	0	13,000
Danaher Corp	COM	235851102	2,987	38,367	SH		SOLE		29,897	0	8,470
Deluxe Corp	COM	248019101	1,807	25,237	SH		SOLE		25,237	0	0
Dhi Group Inc	COM	23331s100	902	144,305	SH		SOLE		35	0	144,270
Diamond Hill Investment Group	COM	25264r207	905	4,301	SH		SOLE		1	0	4,300
Discover Financial Services	COM	254709108	2,945	40,853	SH		SOLE		33,253	0	7,600
Disney Walt Co Disney	COM	254687106	3,052	29,287	SH		SOLE		22,457	0	6,830
Donegal Group Inc Cl A	COM	257701201	874	50,013	SH		SOLE		13	0	50,000
Douglas Dynamics Inc	COM	25960r105	1,299	38,610	SH		SOLE		10	0	38,600
Dun & Bradstreet Corp	COM	26483e100	1,640	13,514	SH		SOLE		13,514	0	0
Ecolab Inc	COM	278865100	1,735	14,800	SH		SOLE		14,800	0	0
Elbit Systems Ltd	COM	m3760d101	2,154	21,144	SH		SOLE		21,144	0	0
Electromed Inc	COM	285409108	609	157,030	SH		SOLE		30	0	157,000
EMC Ins Group Inc	COM	268664109	995	33,170	SH		SOLE		10	0	33,160
Entercom Communications Corp C	COM	293639100	1,406	91,917	SH		SOLE		209	0	91,708
Enterprise Financial Services	COM	293712105	1,183	27,509	SH		SOLE		9	0	27,500
ePlus Inc	COM	294268107	1,233	10,703	SH		SOLE		3	0	10,700
Equifax Inc	COM	294429105	2,810	23,766	SH		SOLE		18,606	0	5,160
Exelon Corp	COM	30161n101	3,250	91,561	SH		SOLE		70,561	0	21,000
F5 Networks Inc	COM	315616102	1,686	11,650	SH		SOLE		11,650	0	0
FactSet Research Systems Inc	COM	303075105	1,590	9,730	SH		SOLE		9,730	0	0
FedEx Corp	COM	31428x106	1,516	8,140	SH		SOLE		8,140	0	0
Financial Instns Inc	COM	317585404	1,055	30,835	SH		SOLE		9	0	30,826
Fiserv Inc	COM	337738108	3,832	36,059	SH		SOLE		28,537	0	7,522
Fonar Corp	COM	344437405	1,172	61,186	SH		SOLE		20	0	61,166
Fortive Corp	COM	34959j108	2,505	46,713	SH		SOLE		36,078	0	10,635
Gartner Inc	COM	366651107	1,922	19,017	SH		SOLE		19,017	0	0
General Dynamics Corp	COM	369550108	3,418	19,797	SH		SOLE		15,547	0	4,250
General Motors Co	COM	37045v100	338	9,700	SH		SOLE		9,700	0	0
Globalscape Inc Com	COM	37940g109	811	199,166	SH		SOLE		41	0	199,125
Golub Cap BDC Inc	COM	38173m102	827	44,969	SH		SOLE		170	0	44,799
GP Strategies Corp	COM	36225v104	929	32,485	SH		SOLE		10	0	32,475
Gray Television Inc	COM	389375106	857	78,998	SH		SOLE		17	0	78,981
Great Ajax Corp	COM	38983d300	1,152	86,823	SH		SOLE		23	0	86,800
Great Southern Bancorp Inc	COM	390905107	973	17,805	SH		SOLE		5	0	17,800
Hackett Group Inc	COM	404609109	1,552	87,904	SH		SOLE		21	0	87,883
Hennessy Advisors Inc	COM	425885100	1,111	34,990	SH		SOLE		9	0	34,981
Henry Jack & Assoc Inc	COM	426281101	1,662	18,719	SH		SOLE		18,719	0	0
Hingham Inst Savings MA	COM	433323102	1,290	6,556	SH		SOLE		2	0	6,554
Honeywell Intl Inc	COM	438516106	1,622	14,000	SH		SOLE		14,000	0	0
Ies Holdings Inc	COM	44951w106	1,226	64,017	SH		SOLE		17	0	64,000
IHS Markit Ltd	COM	g47567105	1,284	36,269	SH		SOLE		36,269	0	0
Illinois Tool Works Inc	COM	452308109	3,384	27,632	SH		SOLE		21,232	0	6,400
Insteel Industries Inc	COM	45774w108	1,105	31,008	SH		SOLE		8	0	31,000
Insurance Holdings Inc	COM	91359v107	1,558	54,869	SH		SOLE		344	0	54,525
International Game Technology	COM	g4863a108	1,909	74,822	SH		SOLE		74,822	0	0
Iradimed Corp	COM	46266a109	764	68,847	SH		SOLE		14	0	68,833
Johnson & Johnson	COM	478160104	3,212	27,877	SH		SOLE		21,527	0	6,350
Kadant Inc	COM	48282t104	1,451	23,712	SH		SOLE		7	0	23,705
Kforce Inc	COM	493732101	1,042	45,108	SH		SOLE		9	0	45,099
Kingstone Cos Inc	COM	496719105	1,290	93,828	SH		SOLE		25	0	93,803
Lakeland Financial Corp	COM	511656100	1,204	25,414	SH		SOLE		71	0	25,343
Lam Research Corp	COM	512807108	1,431	13,538	SH		SOLE		7,338	0	6,200
Landmark Bancorp Inc	COM	51504l107	991	35,347	SH		SOLE		9	0	35,338
Lantheus Holdings Inc	COM	516544103	652	75,819	SH		SOLE		19	0	75,800
Lear Corp	COM	521865204	3,749	28,322	SH		SOLE		21,732	0	6,590
LHC Group Inc	COM	50187a107	1,115	24,406	SH		SOLE		6	0	24,400
Lionbridge Technologies Inc	COM	536252109	1,041	179,550	SH		SOLE		50	0	179,500
MainSource Financial Group Inc	COM	56062y102	1,201	34,911	SH		SOLE		11	0	34,900
MasterCard Inc Cl A	COM	57636q104	3,509	33,981	SH		SOLE		27,111	0	6,870
Mcbc Holdings Inc	COM	55276f107	1,140	78,218	SH		SOLE		18	0	78,200
Medifast Inc	COM	58470h101	1,291	31,008	SH		SOLE		8	0	31,000
MeetMe Inc	COM	585141104	1,038	210,548	SH		SOLE		48	0	210,500
Merck & Co Inc	COM	58933y105	1,542	26,200	SH		SOLE		26,200	0	0
Mesa Laboratories Inc	COM	59064r109	984	8,020	SH		SOLE		2	0	8,018
Mobile Telesystems PJSC Sp ADR	COM	607409109	1,263	138,600	SH		SOLE		77,700	0	60,900
Moodys Corp	COM	615369105	2,628	27,875	SH		SOLE		21,975	0	5,900
Nathans Famous Inc	COM	632347100	1,674	25,787	SH		SOLE		7	0	25,780
National Presto Industries Inc	COM	637215104	1,022	9,603	SH		SOLE		3	0	9,600
Natural Health Trends Corp	COM	63888p406	1,095	44,065	SH		SOLE		11	0	44,054
Nautilus Inc	COM	63910b102	1,023	55,314	SH		SOLE		14	0	55,300
NCI Inc Cl A	COM	62886k104	1,009	72,334	SH		SOLE		18	0	72,316
New York Mtg Tr Inc	COM	649604501	865	131,136	SH		SOLE		37	0	131,099
Nv5 Global Inc	COM	62945v109	1,076	32,229	SH		SOLE		11	0	32,218
Omega Flex Inc	COM	682095104	1,268	22,740	SH		SOLE		6	0	22,734
Omega Protein Corp	COM	68210p107	1,326	52,914	SH		SOLE		14	0	52,900
Omnicom Group Inc	COM	681919106	3,683	43,275	SH		SOLE		33,555	0	9,720
Oracle Corp	COM	68389x105	1,560	40,561	SH		SOLE		40,561	0	0
Orbotech Ltd	COM	m75253100	1,961	58,700	SH		SOLE		58,700	0	0
Penns Woods Bancorp Inc	COM	708430103	863	17,085	SH		SOLE		5	0	17,080
PepsiCo Inc	COM	713448108	1,732	16,551	SH		SOLE		16,551	0	0
Perficient Inc	COM	71375u101	1,016	58,116	SH		SOLE		16	0	58,100
PetMed Express Inc	COM	716382106	1,072	46,461	SH		SOLE		16	0	46,445
Pfizer Inc	COM	717081103	2,993	92,155	SH		SOLE		70,465	0	21,690
Public Service Enterprise Grou	COM	744573106	1,624	37,001	SH		SOLE		37,001	0	0
Pzena Investment Mgmt Inc Clas	COM	74731q103	1,340	120,590	SH		SOLE		30	0	120,560
Quintiles Transnatio Holdings	COM	74876y101	1,644	21,623	SH		SOLE		21,623	0	0
Raytheon Co	COM	755111507	3,142	22,128	SH		SOLE		16,828	0	5,300
Reata Pharmaceuticals Inc Cl A	COM	75615p103	1,092	50,012	SH		SOLE		12	0	50,000
Reis Inc	COM	75936p105	1,010	45,387	SH		SOLE		12	0	45,375
Resources Connection Inc	COM	76122q105	1,082	56,211	SH		SOLE		11	0	56,200
Roper Technologies Inc	COM	776696106	1,739	9,500	SH		SOLE		9,500	0	0
RPX Corp	COM	74972g103	961	89,018	SH		SOLE		18	0	89,000
S&P Global Inc	COM	78409v104	1,570	14,600	SH		SOLE		14,600	0	0
Schein Henry Inc	COM	806407102	1,382	9,111	SH		SOLE		9,111	0	0
SciClone Pharmaceuticals Inc	COM	80862k104	1,333	123,428	SH		SOLE		28	0	123,400
Sequential Brnds Group Inc	COM	81734p107	609	130,031	SH		SOLE		31	0	130,000
Silicom Ltd	COM	m84116108	608	14,804	SH		SOLE		4	0	14,800
Simon Property Group Inc	COM	828806109	2,944	16,569	SH		SOLE		12,859	0	3,710
Span America Med Systems Inc	COM	846396109	879	48,201	SH		SOLE		10	0	48,191
Spark Energy Inc Cl A	COM	846511103	1,227	40,510	SH		SOLE		10	0	40,500
Spectrum Brands Holdings Inc	COM	84763r101	3,028	24,753	SH		SOLE		19,153	0	5,600
Stanley Black & Decker Inc	COM	854502101	3,066	26,731	SH		SOLE		20,571	0	6,160
Stock Yds Bancorp Inc	COM	861025104	1,176	25,057	SH		SOLE		7	0	25,050
Stonegate Bank Ft Lauderdale F	COM	861811107	1,185	28,409	SH		SOLE		9	0	28,400
Stoneridge Inc	COM	86183p102	576	32,553	SH		SOLE		7	0	32,546
Stryker Corp	COM	863667101	2,947	24,594	SH		SOLE		20,054	0	4,540
Sucampo Pharmaceuticals Inc Cl	COM	864909106	1,477	109,023	SH		SOLE		23	0	109,000
Synopsys Inc	COM	871607107	3,308	56,194	SH		SOLE		43,194	0	13,000
Texas Instruments Inc	COM	882508104	1,897	26,000	SH		SOLE		26,000	0	0
Transcat Inc	COM	893529107	850	78,685	SH		SOLE		21	0	78,664
Trico Bancshares	COM	896095106	1,060	31,022	SH		SOLE		10	0	31,012
UGI Corp	COM	902681105	1,611	34,959	SH		SOLE		34,959	0	0
United Parcel Service Inc Cl B	COM	911312106	1,289	11,245	SH		SOLE		11,245	0	0
UnitedHealth Group Inc	COM	91324p102	3,718	23,234	SH		SOLE		18,094	0	5,140
Unity Bancorp Inc	COM	913290102	1,219	77,654	SH		SOLE		17	0	77,637
Univest Corp PA	COM	915271100	1,178	38,113	SH		SOLE		13	0	38,100
US Physical Therapy Inc	COM	90337l108	1,281	18,253	SH		SOLE		46	0	18,207
Utah Med Prods Inc	COM	917488108	1,202	16,525	SH		SOLE		4	0	16,521
Vantiv Inc Cl A	COM	92210h105	3,351	56,199	SH		SOLE		43,699	0	12,500
Vectrus Inc	COM	92242t101	971	40,708	SH		SOLE		8	0	40,700
Verisk Analytics Inc	COM	92345y106	3,219	39,656	SH		SOLE		30,926	0	8,730
Verizon Communications Inc	COM	92343v104	1,553	29,100	SH		SOLE		29,100	0	0
Visa Inc Cl A	COM	92826c839	1,638	21,001	SH		SOLE		21,001	0	0
Washington Tr Bancorp	COM	940610108	1,175	20,960	SH		SOLE		60	0	20,900
Wayside Technology Group Inc	COM	946760105	769	41,143	SH		SOLE		10	0	41,133
West Bancorporation Inc Cap St	COM	95123p106	1,095	44,322	SH		SOLE		12	0	44,310
Western Union Co	COM	959802109	1,772	81,574	SH		SOLE		81,574	0	0
Winmark Corp	COM	974250102	1,649	13,071	SH		SOLE		4	0	13,067
Xerium Technologies Inc	COM	98416j118	689	122,532	SH		SOLE		32	0	122,500
ABB Ltd Sp ADR	ADR	000375204	2,576	122,269	SH		SOLE		122,269	0	0
Accenture PLC Ireland Class A	ADR	g1151c101	14,329	122,336	SH		SOLE		80,688	0	41,648
Advanced Semiconductor Engr Sp	ADR	00756m404	363	72,000	SH		SOLE		0	0	72,000
Alibaba Group Holding Ltd Sp A	ADR	01609w102	1,445	16,461	SH		SOLE		9,444	0	7,017
Amdocs Ltd	ADR	g02602103	1,514	26,000	SH		SOLE		26,000	0	0
Anheuser-Busch InBev SA NV Sp	ADR	03524a108	1,970	18,681	SH		SOLE		18,681	0	0
Ardmore Shipping Corp	ADR	y0207t100	1,104	149,135	SH		SOLE		35	0	149,100
Ashtead Group PLC ADR	ADR	045055100	203	2,600	SH		SOLE		2,600	0	0
Banco de Chile Sp ADR	ADR	059520106	824	11,694	SH		SOLE		2,301	0	9,393
Banco Macro SA Sp ADR B	ADR	05961w105	953	14,806	SH		SOLE		8,310	0	6,496
Banco Santander Chile Sp ADR	ADR	05965x109	507	23,200	SH		SOLE		1,200	0	22,000
British American Tobacco PLC S	ADR	110448107	2,315	20,546	SH		SOLE		20,546	0	0
Broadcom Ltd	ADR	y09827109	12,544	70,963	SH		SOLE		46,744	0	24,219
Brookfield Asset Mgmt Inc Cl A	ADR	112585104	236	7,150	SH		SOLE		7,150	0	0
China Biologic Prods Inc	ADR	16938c106	9,757	90,748	SH		SOLE		46,695	0	44,053
Chunghwa Telecom Co Ltd Sp ADR	ADR	17133q502	2,541	80,539	SH		SOLE		69,039	0	11,500
Commonwealth Bank of Australia	ADR	202712600	223	3,729	SH		SOLE		3,729	0	0
Companhia de Saneamento Basico	ADR	20441a102	2,785	320,868	SH		SOLE		254,868	0	66,000
Credicorp Ltd	ADR	g2519y108	1,317	8,343	SH		SOLE		4,630	0	3,713
Delphi Automotive PLC	ADR	g27823106	9,448	140,284	SH		SOLE		88,358	0	51,926
Descartes Systems Group Inc	ADR	249906108	1,263	59,000	SH		SOLE		0	0	59,000
Diageo PLC Sp ADR	ADR	25243q205	2,345	22,558	SH		SOLE		22,558	0	0
Fly Leasing Ltd Sp ADR	ADR	34407d109	1,062	79,818	SH		SOLE		18	0	79,800
Fortescue Metals Group Ltd Sp	ADR	34959a206	194	22,800	SH		SOLE		22,800	0	0
Fresenius Med Care AG & Co KGA	ADR	358029106	231	5,470	SH		SOLE		5,470	0	0
Globant SA	ADR	l44385109	870	26,089	SH		SOLE		8	0	26,081
Groupe CGI Inc Cl A	ADR	39945c109	4,440	92,438	SH		SOLE		76,638	0	15,800
Grupo Financiero Galicia SA Sp	ADR	399909100	1,093	40,603	SH		SOLE		21,635	0	18,968
HDFC Bank Ltd ADR Reps 3	ADR	40415f101	661	10,892	SH		SOLE		2,412	0	8,480
Hollysys Automation Technologi	ADR	g45667105	404	22,048	SH		SOLE		5,678	0	16,370
Icon PLC	ADR	g4705a100	2,379	31,637	SH		SOLE		31,637	0	0
LyondellBasell Industries NV A	ADR	n53745100	1,983	23,120	SH		SOLE		23,120	0	0
Medtronic PLC	ADR	g5960l103	1,324	18,593	SH		SOLE		10,063	0	8,530
Netease Inc Sp ADR	ADR	64110w102	8,315	38,614	SH		SOLE		24,192	0	14,422
Nippon Telegraph & Telephone C	ADR	654624105	2,353	55,929	SH		SOLE		55,929	0	0
Nova Measuring Instruments Ltd	ADR	m7516k103	1,098	83,436	SH		SOLE		19	0	83,417
Novanta Inc	ADR	67000b104	1,494	71,158	SH		SOLE		158	0	71,000
NTT Docomo Inc Sp ADR	ADR	62942m201	2,105	92,529	SH		SOLE		92,529	0	0
ORIX Corp Sp ADR	ADR	686330101	1,909	24,523	SH		SOLE		24,523	0	0
P T Telekomunikasi Indonesia S	ADR	715684106	934	32,027	SH		SOLE		14,233	0	17,794
Relx NV Sp ADR	ADR	75955b102	2,731	162,935	SH		SOLE		162,935	0	0
Royal Bank of Canada Montreal	ADR	780087102	2,649	39,127	SH		SOLE		39,127	0	0
Sap SE Sp ADR	ADR	803054204	15,185	175,691	SH		SOLE		97,968	0	77,723
Sensata Technologies Holding N	ADR	n7902x106	8,529	218,981	SH		SOLE		130,387	0	88,594
Silicon Motion Technology Corp	ADR	82706c108	2,708	63,754	SH		SOLE		17,036	0	46,718
Svenska Handelsbanken ABM ADR	ADR	86959c103	226	32,500	SH		SOLE		32,500	0	0
Taiwan Semiconductor Mfg Ltd S	ADR	874039100	5,925	206,101	SH		SOLE		182,256	0	23,845
TE Connectivity Ltd Reg	ADR	h84989104	10,370	149,677	SH		SOLE		125,207	0	24,470
Toyota Motor Corp Sp ADR 2	ADR	892331307	3,274	27,935	SH		SOLE		27,935	0	0
WNS Holdings Ltd Sp ADR	ADR	92932m101	1,087	39,443	SH		SOLE		21,443	0	18,000
Xinyuan Real Estate Co Ltd Sp	ADR	98417p105	785	158,208	SH		SOLE		208	0	158,000
One Liberty Properties Inc	COM	682406103	1,030	41,007	SH		SOLE		7	0	41,000