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	1,345	44,808	SH		SOLE		8	0	44,800
ACNB Corp	COM	000868109	866	30,008	SH		SOLE		8	0	30,000
Allegion Pub Ltd Co	COM	g0176j109	1,598	21,109	SH		SOLE		21,109	0	0
Allied Motion Technologies Inc	COM	019330109	793	39,457	SH		SOLE		10	0	39,447
Almost Family Inc	COM	020409108	1,084	22,306	SH		SOLE		6	0	22,300
American Software Inc Cl A	COM	029683109	923	89,759	SH		SOLE		25	0	89,734
Ametek Inc	COM	031100100	1,422	26,300	SH		SOLE		26,300	0	0
Amphenol Corp Cl A	COM	032095101	2,735	38,424	SH		SOLE		38,424	0	0
Ani Pharmaceuticals Inc	COM	00182c103	783	15,805	SH		SOLE		5	0	15,800
Anika Therapeutics Inc	COM	035255108	521	12,002	SH		SOLE		2	0	12,000
AON PLC Cl A	COM	g0408v102	2,342	19,732	SH		SOLE		19,732	0	0
Apple Inc	COM	037833100	2,489	17,326	SH		SOLE		17,326	0	0
Argan Inc	COM	04010e109	1,495	22,604	SH		SOLE		47	0	22,557
Ari Network Services Inc	COM	001930205	993	191,042	SH		SOLE		42	0	191,000
Armada Hoffler Properties Inc	COM	04208t108	1,130	81,374	SH		SOLE		22	0	81,352
Arrow Electronics Inc	COM	042735100	1,756	23,925	SH		SOLE		23,925	0	0
AT&T Inc	COM	00206r102	811	19,514	SH		SOLE		19,514	0	0
AutoZone Inc	COM	053332102	1,464	2,025	SH		SOLE		2,025	0	0
Avid Technology Inc	COM	05367p100	985	211,355	SH		SOLE		55	0	211,300
Bank of Marin Bancorp	COM	063425102	1,102	17,129	SH		SOLE		5	0	17,124
Bard C R Inc	COM	067383109	2,504	10,075	SH		SOLE		10,075	0	0
BioSpecifics Technologies Corp	COM	090931106	1,074	19,592	SH		SOLE		6	0	19,586
Blue Cap Reins Holdings Ltd	COM	g1190f107	869	45,017	SH		SOLE		8	0	45,009
Bryn Mawr Bank Corp	COM	117665109	1,107	28,023	SH		SOLE		8	0	28,015
CAE Inc	COM	124765108	2,199	143,804	SH		SOLE		143,804	0	0
Canadian Imperial Bank Comm To	COM	136069101	2,269	26,322	SH		SOLE		26,322	0	0
CBIZ Inc	COM	124805102	1,349	99,552	SH		SOLE		26	0	99,526
Century Communities Inc	COM	156504300	1,230	48,411	SH		SOLE		11	0	48,400
Chase Corp	COM	16150r104	1,611	16,888	SH		SOLE		5	0	16,883
Chesapeake Utilities Corp	COM	165303108	737	10,643	SH		SOLE		3	0	10,640
Chimera Inv Corp	COM	16934q208	1,731	85,780	SH		SOLE		85,780	0	0
Cisco Systems Inc	COM	17275r102	2,603	77,017	SH		SOLE		77,017	0	0
City Holding Co	COM	177835105	881	13,659	SH		SOLE		48	0	13,611
Civista Bancshares Inc	COM	178867107	1,286	58,018	SH		SOLE		18	0	58,000
Comcast Corp Cl A	COM	20030n101	2,780	73,945	SH		SOLE		73,945	0	0
CPI Card Group Inc	COM	12634h101	1,008	240,067	SH		SOLE		58	0	240,009
CRH Medical Corp	COM	12626f105	1,312	160,035	SH		SOLE		35	0	160,000
Crown Crafts Inc	COM	228309100	992	120,628	SH		SOLE		28	0	120,600
Crown Holdings Inc	COM	228368106	2,272	42,902	SH		SOLE		42,902	0	0
Danaher Corp	COM	235851102	2,394	27,992	SH		SOLE		27,992	0	0
Deluxe Corp	COM	248019101	1,670	23,137	SH		SOLE		23,137	0	0
Diamond Hill Investment Group	COM	25264r207	837	4,301	SH		SOLE		1	0	4,300
Discover Financial Services	COM	254709108	612	8,953	SH		SOLE		8,953	0	0
Disney Walt Co Disney	COM	254687106	2,399	21,154	SH		SOLE		21,154	0	0
Donegal Group Inc Cl A	COM	257701201	952	54,013	SH		SOLE		13	0	54,000
Douglas Dynamics Inc	COM	25960r105	1,183	38,610	SH		SOLE		10	0	38,600
Ecolab Inc	COM	278865100	1,705	13,600	SH		SOLE		13,600	0	0
Elbit Systems Ltd	COM	m3760d101	1,489	13,104	SH		SOLE		13,104	0	0
Electromed Inc	COM	285409108	774	157,030	SH		SOLE		30	0	157,000
EMC Ins Group Inc	COM	268664109	931	33,171	SH		SOLE		11	0	33,160
Entercom Communications Corp C	COM	293639100	1,315	91,925	SH		SOLE		217	0	91,708
Enterprise Financial Services	COM	293712105	1,103	26,007	SH		SOLE		7	0	26,000
ePlus Inc	COM	294268107	1,310	9,703	SH		SOLE		3	0	9,700
Equifax Inc	COM	294429105	2,405	17,589	SH		SOLE		17,589	0	0
Exelon Corp	COM	30161n101	2,391	66,455	SH		SOLE		66,455	0	0
Exxon Mobile Corp	COM	30231g102	668	8,145	SH		SOLE		8,145	0	0
F5 Networks Inc	COM	315616102	1,533	10,750	SH		SOLE		10,750	0	0
FactSet Research Systems Inc	COM	303075105	1,489	9,030	SH		SOLE		9,030	0	0
FedEx Corp	COM	31428x106	1,471	7,540	SH		SOLE		7,540	0	0
Ferrari NV	COM	n3167y103	2,144	28,829	SH		SOLE		28,829	0	0
Fidus Inv Corp	COM	316500107	861	49,009	SH		SOLE		9	0	49,000
Financial Instns Inc	COM	317585404	1,016	30,835	SH		SOLE		9	0	30,826
Fiserv Inc	COM	337738108	2,529	21,932	SH		SOLE		21,932	0	0
Fonar Corp	COM	344437405	1,074	61,186	SH		SOLE		20	0	61,166
Fortive Corp	COM	34959j108	1,307	21,700	SH		SOLE		21,700	0	0
Gartner Inc	COM	366651107	1,794	16,617	SH		SOLE		16,617	0	0
General Dynamics Corp	COM	369550108	2,470	13,193	SH		SOLE		13,193	0	0
General Motors Co	COM	37045v100	1,671	47,244	SH		SOLE		47,244	0	0
Globalscape Inc Com	COM	37940g109	781	199,166	SH		SOLE		41	0	199,125
Golub Cap BDC Inc	COM	38173m102	894	44,972	SH		SOLE		173	0	44,799
GP Strategies Corp	COM	36225v104	822	32,485	SH		SOLE		10	0	32,475
Gray Television Inc	COM	389375106	1,145	78,998	SH		SOLE		17	0	78,981
Great Ajax Corp	COM	38983d300	1,133	86,823	SH		SOLE		23	0	86,800
Great Southern Bancorp Inc	COM	390905107	899	17,805	SH		SOLE		5	0	17,800
Hackett Group Inc	COM	404609109	1,635	83,904	SH		SOLE		21	0	83,883
Hennessy Advisors Inc	COM	425885100	950	56,485	SH		SOLE		14	0	56,471
Henry Jack & Assoc Inc	COM	426281101	1,594	17,119	SH		SOLE		17,119	0	0
Hingham Inst Savings MA	COM	433323102	1,159	6,556	SH		SOLE		2	0	6,554
Honeywell Intl Inc	COM	438516106	1,611	12,900	SH		SOLE		12,900	0	0
Ies Holdings Inc	COM	44951w106	1,159	64,017	SH		SOLE		17	0	64,000
IHS Markit Ltd	COM	g47567105	1,400	33,369	SH		SOLE		33,369	0	0
Illinois Tool Works Inc	COM	452308109	2,458	18,558	SH		SOLE		18,558	0	0
Ingersoll-Rand PLC	COM	g47791101	1,529	18,800	SH		SOLE		18,800	0	0
Insteel Industries Inc	COM	45774w108	1,121	31,008	SH		SOLE		8	0	31,000
Insurance Holdings Inc	COM	91359v107	1,340	54,694	SH		SOLE		169	0	54,525
Itau Unibanco Holding SA Sp AD	COM	465562106	2,172	179,917	SH		SOLE		179,917	0	0
Johnson & Johnson	COM	478160104	2,532	20,326	SH		SOLE		20,326	0	0
Kadant Inc	COM	48282t104	1,407	23,712	SH		SOLE		7	0	23,705
Kforce Inc	COM	493732101	1,024	43,108	SH		SOLE		9	0	43,099
Kingstone Cos Inc	COM	496719105	1,369	85,828	SH		SOLE		25	0	85,803
Lam Research Corp	COM	512807108	2,171	16,912	SH		SOLE		16,912	0	0
Landmark Bancorp Inc	COM	51504l107	1,048	35,346	SH		SOLE		9	0	35,337
Lantheus Holdings Inc	COM	516544103	1,368	109,428	SH		SOLE		28	0	109,400
Lear Corp	COM	521865204	2,698	19,060	SH		SOLE		19,060	0	0
LHC Group Inc	COM	50187a107	1,315	24,406	SH		SOLE		6	0	24,400
Magna Intl Inc	COM	559222401	1,901	44,040	SH		SOLE		44,040	0	0
MainSource Financial Group Inc	COM	56062y102	1,087	33,011	SH		SOLE		11	0	33,000
MasterCard Inc Cl A	COM	57636q104	2,858	25,408	SH		SOLE		25,408	0	0
Mcbc Holdings Inc	COM	55276f107	1,338	82,718	SH		SOLE		18	0	82,700
Medifast Inc	COM	58470h101	1,376	31,008	SH		SOLE		8	0	31,000
Meet Group Inc	COM	58513u101	1,314	223,048	SH		SOLE		48	0	223,000
Merck & Co Inc	COM	58933y105	1,537	24,183	SH		SOLE		24,183	0	0
Mesa Laboratories Inc	COM	59064r109	984	8,020	SH		SOLE		2	0	8,018
Mettler Toledo International	COM	592688105	1,611	3,364	SH		SOLE		3,364	0	0
Mobile Telesystems PJSC Sp ADR	COM	607409109	1,646	149,200	SH		SOLE		88,300	0	60,900
Monroe Cap Corp	COM	610335101	913	58,013	SH		SOLE		13	0	58,000
Moodys Corp	COM	615369105	2,316	20,674	SH		SOLE		20,674	0	0
Nanometrics Inc	COM	630077105	792	26,000	SH		SOLE		0	0	26,000
Nathans Famous Inc	COM	632347100	1,553	24,787	SH		SOLE		7	0	24,780
National Presto Industries Inc	COM	637215104	981	9,603	SH		SOLE		3	0	9,600
Natural Health Trends Corp	COM	63888p406	1,273	44,065	SH		SOLE		11	0	44,054
Nautilus Inc	COM	63910b102	1,077	59,014	SH		SOLE		14	0	59,000
NCI Inc Cl A	COM	62886k104	1,089	72,334	SH		SOLE		18	0	72,316
New York Mtg Tr Inc	COM	649604501	809	131,137	SH		SOLE		38	0	131,099
Nv5 Global Inc	COM	62945v109	1,091	29,026	SH		SOLE		8	0	29,018
Omega Flex Inc	COM	682095104	1,087	22,740	SH		SOLE		6	0	22,734
Omega Protein Corp	COM	68210p107	1,061	52,914	SH		SOLE		14	0	52,900
Omnicom Group Inc	COM	681919106	2,617	30,356	SH		SOLE		30,356	0	0
One Liberty Properties Inc	COM	682406103	1,075	46,011	SH		SOLE		11	0	46,000
Oracle Corp	COM	68389x105	1,662	37,261	SH		SOLE		37,261	0	0
Orbotech Ltd	COM	m75253100	1,956	60,652	SH		SOLE		60,652	0	0
Penns Woods Bancorp Inc	COM	708430103	742	17,085	SH		SOLE		5	0	17,080
PepsiCo Inc	COM	713448108	1,695	15,151	SH		SOLE		15,151	0	0
Perficient Inc	COM	71375u101	1,009	58,116	SH		SOLE		16	0	58,100
PetMed Express Inc	COM	716382106	936	46,461	SH		SOLE		16	0	46,445
Pfizer Inc	COM	717081103	2,274	66,467	SH		SOLE		66,467	0	0
Planet Payment Inc	COM	u72603118	796	200,039	SH		SOLE		39	0	200,000
Power Financial Corp	COM	73927c100	225	8,500	SH		SOLE		8,500	0	0
Public Service Enterprise Grou	COM	744573106	1,512	34,101	SH		SOLE		34,101	0	0
Pzena Investment Mgmt Inc Clas	COM	74731q103	1,137	115,591	SH		SOLE		31	0	115,560
Quanex Building Products Corp	COM	747619104	1,013	50,011	SH		SOLE		11	0	50,000
Quintiles Transnatio Holdings	COM	74876y101	2,299	28,549	SH		SOLE		28,549	0	0
Raytheon Co	COM	755111507	2,303	15,105	SH		SOLE		15,105	0	0
Reata Pharmaceuticals Inc Cl A	COM	75615p103	1,133	50,012	SH		SOLE		12	0	50,000
Resources Connection Inc	COM	76122q105	942	56,211	SH		SOLE		11	0	56,200
Roper Technologies Inc	COM	776696106	1,576	7,630	SH		SOLE		7,630	0	0
RPX Corp	COM	74972g103	1,068	89,018	SH		SOLE		18	0	89,000
S&P Global Inc	COM	78409v104	1,752	13,400	SH		SOLE		13,400	0	0
Schein Henry Inc	COM	806407102	1,430	8,411	SH		SOLE		8,411	0	0
SciClone Pharmaceuticals Inc	COM	80862k104	1,210	123,428	SH		SOLE		28	0	123,400
Scripps Networks Interact Inc	COM	811065101	1,154	14,722	SH		SOLE		14,722	0	0
Silicom Ltd	COM	m84116108	735	14,804	SH		SOLE		4	0	14,800
Simon Property Group Inc	COM	828806109	735	4,271	SH		SOLE		4,271	0	0
Span America Med Systems Inc	COM	846396109	1,016	48,201	SH		SOLE		10	0	48,191
Spark Energy Inc Cl A	COM	846511103	1,294	40,510	SH		SOLE		10	0	40,500
Spectrum Brands Holdings Inc	COM	84763r101	2,523	18,151	SH		SOLE		18,151	0	0
Stanley Black & Decker Inc	COM	854502101	2,477	18,639	SH		SOLE		18,639	0	0
State Natl Cos Inc	COM	85711t305	1,008	70,018	SH		SOLE		18	0	70,000
Stock Yds Bancorp Inc	COM	861025104	1,019	25,057	SH		SOLE		7	0	25,050
Stonegate Bank Ft Lauderdale F	COM	861811107	1,225	26,007	SH		SOLE		7	0	26,000
Stoneridge Inc	COM	86183p102	777	42,853	SH		SOLE		7	0	42,846
Stryker Corp	COM	863667101	2,468	18,749	SH		SOLE		18,749	0	0
Sucampo Pharmaceuticals Inc Cl	COM	864909106	1,199	109,023	SH		SOLE		23	0	109,000
Supreme Industries Inc Cl A	COM	868607102	1,013	50,010	SH		SOLE		10	0	50,000
Synopsys Inc	COM	871607107	2,793	38,728	SH		SOLE		38,728	0	0
Texas Instruments Inc	COM	882508104	1,754	21,767	SH		SOLE		21,767	0	0
Toronto Dominion Bank Ont	COM	891160509	217	4,337	SH		SOLE		4,337	0	0
Transcat Inc	COM	893529107	999	78,685	SH		SOLE		21	0	78,664
Trico Bancshares	COM	896095106	1,102	31,022	SH		SOLE		10	0	31,012
UGI Corp	COM	902681105	1,589	32,157	SH		SOLE		32,157	0	0
UnitedHealth Group Inc	COM	91324p102	2,689	16,393	SH		SOLE		16,393	0	0
Unitil Corp	COM	913259107	1,036	23,004	SH		SOLE		4	0	23,000
Unity Bancorp Inc	COM	913290102	1,187	70,054	SH		SOLE		17	0	70,037
Univest Corp PA	COM	915271100	987	38,113	SH		SOLE		13	0	38,100
US Bancorp Del	COM	902973304	611	11,867	SH		SOLE		11,867	0	0
US Physical Therapy Inc	COM	90337l108	1,127	17,253	SH		SOLE		46	0	17,207
Utah Med Prods Inc	COM	917488108	1,030	16,525	SH		SOLE		4	0	16,521
Vantiv Inc Cl A	COM	92210h105	2,481	38,686	SH		SOLE		38,686	0	0
Vectrus Inc	COM	92242t101	910	40,708	SH		SOLE		8	0	40,700
Verisk Analytics Inc	COM	92345y106	2,355	29,027	SH		SOLE		29,027	0	0
Visa Inc Cl A	COM	92826c839	1,706	19,201	SH		SOLE		19,201	0	0
Washington Tr Bancorp	COM	940610108	1,031	20,905	SH		SOLE		5	0	20,900
Wayside Technology Group Inc	COM	946760105	886	47,143	SH		SOLE		10	0	47,133
Wells Fargo & Co	COM	949746101	660	11,863	SH		SOLE		11,863	0	0
West Bancorporation Inc Cap St	COM	95123p106	1,017	44,322	SH		SOLE		12	0	44,310
Winmark Corp	COM	974250102	1,477	13,071	SH		SOLE		4	0	13,067
Xerium Technologies Inc	COM	98416j118	851	133,032	SH		SOLE		32	0	133,000
Tripod Technology TWD	COM	y8974x105	1,296	460,000	SH		SOLE		0	0	460,000
ABB Ltd Sp ADR	ADR	000375204	2,222	94,959	SH		SOLE		94,959	0	0
Accenture PLC Ireland Class A	ADR	g1151c101	12,655	105,562	SH		SOLE		73,832	0	31,730
Advanced Semiconductor Engr Sp	ADR	00756m404	855	131,952	SH		SOLE		59,952	0	72,000
Alibaba Group Holding Ltd Sp A	ADR	01609w102	1,828	16,952	SH		SOLE		9,935	0	7,017
Ambev SA Sp ADR	ADR	02319v103	2,037	353,622	SH		SOLE		353,622	0	0
Amdocs Ltd	ADR	g02602103	1,458	23,900	SH		SOLE		23,900	0	0
Banco de Chile Sp ADR	ADR	059520106	787	10,908	SH		SOLE		1,515	0	9,393
Banco Macro SA Sp ADR B	ADR	05961w105	1,361	15,696	SH		SOLE		9,200	0	6,496
Banco Santander Chile Sp ADR	ADR	05965x109	553	22,042	SH		SOLE		42	0	22,000
British American Tobacco PLC S	ADR	110448107	1,998	30,122	SH		SOLE		30,122	0	0
Broadcom Ltd	ADR	y09827109	12,119	55,348	SH		SOLE		37,658	0	17,690
Brookfield Asset Mgmt Inc Cl A	ADR	112585104	261	7,150	SH		SOLE		7,150	0	0
China Biologic Prods Inc	ADR	16938c106	7,012	70,032	SH		SOLE		36,059	0	33,973
Chunghwa Telecom Co Ltd Sp ADR	ADR	17133q502	3,282	96,599	SH		SOLE		85,099	0	11,500
Colliers Intl Group Inc	ADR	194693107	236	5,000	SH		SOLE		5,000	0	0
Companhia de Saneamento Basico	ADR	20441a102	2,854	274,127	SH		SOLE		208,127	0	66,000
Credicorp Ltd	ADR	g2519y108	1,464	8,963	SH		SOLE		5,250	0	3,713
Delphi Automotive PLC	ADR	g27823106	9,606	119,346	SH		SOLE		75,006	0	44,340
Descartes Systems Group Inc	ADR	249906108	2,194	95,789	SH		SOLE		11,399	0	84,390
Diageo PLC Sp ADR	ADR	25243q205	2,101	18,178	SH		SOLE		18,178	0	0
Fly Leasing Ltd Sp ADR	ADR	34407d109	1,047	79,818	SH		SOLE		18	0	79,800
Fresenius Med Care AG & Co KGA	ADR	358029106	230	5,470	SH		SOLE		5,470	0	0
Globant SA	ADR	l44385109	950	26,089	SH		SOLE		8	0	26,081
Groupe CGI Inc Cl A	ADR	39945c109	3,137	65,451	SH		SOLE		65,451	0	0
HDFC Bank Ltd ADR Reps 3	ADR	40415f101	761	10,120	SH		SOLE		1,640	0	8,480
Icon PLC	ADR	g4705a100	2,205	27,657	SH		SOLE		27,657	0	0
KB Financial Group Inc Sp ADR	ADR	48241a105	245	5,569	SH		SOLE		5,569	0	0
LyondellBasell Industries NV A	ADR	n53745100	2,108	23,120	SH		SOLE		23,120	0	0
Netease Inc Sp ADR	ADR	64110w102	10,960	38,592	SH		SOLE		25,670	0	12,922
Nova Measuring Instruments Ltd	ADR	m7516k103	2,606	140,189	SH		SOLE		17,818	0	122,371
Novanta Inc	ADR	67000b104	1,517	57,138	SH		SOLE		138	0	57,000
NTT Docomo Inc Sp ADR	ADR	62942m201	1,813	77,629	SH		SOLE		77,629	0	0
ORIX Corp Sp ADR	ADR	686330101	1,456	19,583	SH		SOLE		19,583	0	0
P T Telekomunikasi Indonesia S	ADR	715684106	1,412	45,289	SH		SOLE		27,495	0	17,794
Relx NV Sp ADR	ADR	75955b102	2,457	132,375	SH		SOLE		132,375	0	0
Royal Bank of Canada Montreal	ADR	780087102	1,990	27,296	SH		SOLE		27,296	0	0
Sap SE Sp ADR	ADR	803054204	15,357	156,433	SH		SOLE		84,626	0	71,807
Sensata Technologies Holding N	ADR	n7902x106	8,504	194,737	SH		SOLE		118,437	0	76,300
Silicon Motion Technology Corp	ADR	82706c108	4,034	86,286	SH		SOLE		44,968	0	41,318
Taiwan Semiconductor Mfg Ltd S	ADR	874039100	6,629	201,852	SH		SOLE		178,007	0	23,845
Tata Motors Ltd Sp ADR	ADR	876568502	1,125	31,552	SH		SOLE		14,762	0	16,790
TE Connectivity Ltd Reg	ADR	h84989104	8,923	119,688	SH		SOLE		101,418	0	18,270
Toyota Motor Corp Sp ADR 2	ADR	892331307	2,857	26,305	SH		SOLE		26,305	0	0
WNS Holdings Ltd Sp ADR	ADR	92932m101	1,574	55,003	SH		SOLE		37,003	0	18,000
Xinyuan Real Estate Co Ltd Sp	ADR	98417p105	751	170,239	SH		SOLE		239	0	170,000