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	1,188	44,809	SH		SOLE		9	0	44,800
ACNB Corp	COM	000868109	915	30,008	SH		SOLE		8	0	30,000
Addus Homecare Corp	COM	006739106	1,087	29,208	SH		SOLE		8	0	29,200
Adobe Systems Inc	COM	00724f101	1,419	10,030	SH		SOLE		3,330	0	6,700
Allegion Pub Ltd Co	COM	g0176j109	1,469	18,110	SH		SOLE		6,010	0	12,100
Allied Motion Technologies Inc	COM	019330109	1,074	39,457	SH		SOLE		10	0	39,447
Almost Family Inc	COM	020409108	1,375	22,306	SH		SOLE		6	0	22,300
American Software Inc Cl A	COM	029683109	924	89,759	SH		SOLE		25	0	89,734
Ametek Inc	COM	031100100	1,369	22,600	SH		SOLE		7,600	0	15,000
Amphenol Corp Cl A	COM	032095101	2,541	34,424	SH		SOLE		19,724	0	14,700
Ani Pharmaceuticals Inc	COM	00182c103	1,217	26,005	SH		SOLE		5	0	26,000
Anika Therapeutics Inc	COM	035255108	964	19,545	SH		SOLE		5	0	19,540
AON PLC Cl A	COM	g0408v102	2,358	17,732	SH		SOLE		10,232	0	7,500
Apple Inc	COM	037833100	2,455	17,046	SH		SOLE		10,146	0	6,900
Applied Genetic Technology Cor	COM	03820j100	439	86,019	SH		SOLE		19	0	86,000
Argan Inc	COM	04010e109	1,357	22,609	SH		SOLE		52	0	22,557
Ari Network Services Inc	COM	001930205	1,347	191,042	SH		SOLE		42	0	191,000
Arrow Electronics Inc	COM	042735100	1,610	20,525	SH		SOLE		7,025	0	13,500
AT&T Inc	COM	00206r102	726	19,229	SH		SOLE		19,229	0	0
AV Homes Inc	COM	00234p102	982	49,000	SH		SOLE		0	0	49,000
Avid Technology Inc	COM	05367p100	1,112	211,355	SH		SOLE		55	0	211,300
B Riley Financial Inc	COM	05580m108	1,243	67,013	SH		SOLE		13	0	67,000
Bank of Marin Bancorp	COM	063425102	1,054	17,129	SH		SOLE		5	0	17,124
BioSpecifics Technologies Corp	COM	090931106	970	19,592	SH		SOLE		6	0	19,586
Blue Cap Reins Holdings Ltd	COM	g1190f107	879	48,017	SH		SOLE		8	0	48,009
Boeing Co	COM	097023105	1,427	7,218	SH		SOLE		2,418	0	4,800
Bryn Mawr Bank Corp	COM	117665109	1,191	28,023	SH		SOLE		8	0	28,015
CAE Inc	COM	124765108	2,479	143,804	SH		SOLE		143,804	0	0
Canadian Imperial Bank Comm To	COM	136069101	2,136	26,322	SH		SOLE		26,322	0	0
CBIZ Inc	COM	124805102	1,493	99,552	SH		SOLE		26	0	99,526
Century Communities Inc	COM	156504300	1,201	48,411	SH		SOLE		11	0	48,400
Chase Corp	COM	16150r104	1,556	14,587	SH		SOLE		4	0	14,583
Cisco Systems Inc	COM	17275r102	2,173	69,420	SH		SOLE		41,020	0	28,400
City Holding Co	COM	177835105	834	12,656	SH		SOLE		45	0	12,611
Civista Bancshares Inc	COM	178867107	1,211	58,018	SH		SOLE		18	0	58,000
Comcast Corp Cl A	COM	20030n101	2,407	61,846	SH		SOLE		34,646	0	27,200
Consolidated Tomoka Land Co	COM	210226106	1,253	22,005	SH		SOLE		5	0	22,000
CRH Medical Corp	COM	12626f105	872	153,035	SH		SOLE		35	0	153,000
Crown Crafts Inc	COM	228309100	838	120,628	SH		SOLE		28	0	120,600
Crown Holdings Inc	COM	228368106	2,315	38,802	SH		SOLE		23,102	0	15,700
Danaher Corp	COM	235851102	2,134	25,292	SH		SOLE		14,892	0	10,400
Diamond Hill Investment Group	COM	25264r207	858	4,301	SH		SOLE		1	0	4,300
Discover Financial Services	COM	254709108	551	8,863	SH		SOLE		8,863	0	0
Disney Walt Co Disney	COM	254687106	1,911	17,984	SH		SOLE		10,484	0	7,500
Donegal Group Inc Cl A	COM	257701201	859	54,013	SH		SOLE		13	0	54,000
Douglas Dynamics Inc	COM	25960r105	1,270	38,610	SH		SOLE		10	0	38,600
Eastman Chem Co	COM	277432100	1,050	12,501	SH		SOLE		1,401	0	11,100
Ecolab Inc	COM	278865100	1,540	11,600	SH		SOLE		3,900	0	7,700
Ellington Residential Mtg REIT	COM	288578107	1,202	82,019	SH		SOLE		19	0	82,000
EMC Ins Group Inc	COM	268664109	921	33,171	SH		SOLE		11	0	33,160
Entercom Communications Corp C	COM	293639100	1,022	98,730	SH		SOLE		22	0	98,708
Enterprise Financial Services	COM	293712105	1,061	26,007	SH		SOLE		7	0	26,000
ePlus Inc	COM	294268107	1,290	17,405	SH		SOLE		5	0	17,400
Equifax Inc	COM	294429105	2,170	15,789	SH		SOLE		9,189	0	6,600
Exelon Corp	COM	30161n101	2,166	60,058	SH		SOLE		36,258	0	23,800
Exxon Mobile Corp	COM	30231g102	746	9,235	SH		SOLE		9,235	0	0
F5 Networks Inc	COM	315616102	1,175	9,250	SH		SOLE		3,050	0	6,200
Facebook Inc Cl A	COM	30303m102	2,216	14,676	SH		SOLE		8,576	0	6,100
FedEx Corp	COM	31428x106	2,300	10,585	SH		SOLE		6,285	0	4,300
Fidus Inv Corp	COM	316500107	993	59,016	SH		SOLE		16	0	59,000
Financial Instns Inc	COM	317585404	919	30,835	SH		SOLE		9	0	30,826
Fiserv Inc	COM	337738108	2,414	19,732	SH		SOLE		11,632	0	8,100
Fonar Corp	COM	344437405	1,615	58,181	SH		SOLE		15	0	58,166
Fortive Corp	COM	34959j108	1,181	18,650	SH		SOLE		6,250	0	12,400
Gartner Inc	COM	366651107	1,536	12,436	SH		SOLE		4,136	0	8,300
General Dynamics Corp	COM	369550108	2,210	11,158	SH		SOLE		6,558	0	4,600
Globalscape Inc Com	COM	37940g109	1,159	219,166	SH		SOLE		41	0	219,125
Goldfield Corp	COM	381370105	1,051	191,021	SH		SOLE		21	0	191,000
GP Strategies Corp	COM	36225v104	858	32,485	SH		SOLE		10	0	32,475
Gray Television Inc	COM	389375106	1,082	78,998	SH		SOLE		17	0	78,981
Great Ajax Corp	COM	38983d300	1,214	86,824	SH		SOLE		24	0	86,800
Great Southern Bancorp Inc	COM	390905107	953	17,805	SH		SOLE		5	0	17,800
Hackett Group Inc	COM	404609109	1,301	83,904	SH		SOLE		21	0	83,883
Hawkins Inc	COM	420261109	788	17,000	SH		SOLE		0	0	17,000
Hennessy Advisors Inc	COM	425885100	918	60,485	SH		SOLE		14	0	60,471
Hingham Inst Savings MA	COM	433323102	1,193	6,556	SH		SOLE		2	0	6,554
Honeywell Intl Inc	COM	438516106	1,453	10,900	SH		SOLE		3,700	0	7,200
Ichor Holdings	COM	g4740b105	1,028	51,007	SH		SOLE		7	0	51,000
IHS Markit Ltd	COM	g47567105	1,254	28,470	SH		SOLE		9,470	0	19,000
Illinois Tool Works Inc	COM	452308109	2,306	16,098	SH		SOLE		9,248	0	6,850
Ingersoll-Rand PLC	COM	g47791101	1,554	17,001	SH		SOLE		5,501	0	11,500
Insteel Industries Inc	COM	45774w108	1,022	31,008	SH		SOLE		8	0	31,000
Insurance Holdings Inc	COM	91359v107	1,378	54,698	SH		SOLE		173	0	54,525
Itau Unibanco Holding SA Sp AD	COM	465562106	2,368	214,327	SH		SOLE		214,327	0	0
Johnson & Johnson	COM	478160104	2,358	17,821	SH		SOLE		10,521	0	7,300
Kadant Inc	COM	48282t104	1,505	20,010	SH		SOLE		5	0	20,005
Kforce Inc	COM	493732101	845	43,108	SH		SOLE		9	0	43,099
Kingstone Cos Inc	COM	496719105	1,313	85,828	SH		SOLE		25	0	85,803
Lam Research Corp	COM	512807108	2,349	16,606	SH		SOLE		9,606	0	7,000
Landmark Bancorp Inc	COM	51504l107	1,060	35,347	SH		SOLE		10	0	35,337
Lantheus Holdings Inc	COM	516544103	1,448	82,028	SH		SOLE		28	0	82,000
Lear Corp	COM	521865204	2,424	17,060	SH		SOLE		9,760	0	7,300
LHC Group Inc	COM	50187a107	1,372	20,206	SH		SOLE		6	0	20,200
Magna Intl Inc	COM	559222401	2,040	44,041	SH		SOLE		44,041	0	0
MainSource Financial Group Inc	COM	56062y102	1,106	33,011	SH		SOLE		11	0	33,000
MasterCard Inc Cl A	COM	57636q104	2,561	21,088	SH		SOLE		12,288	0	8,800
Mcbc Holdings Inc	COM	55276f107	1,617	82,718	SH		SOLE		18	0	82,700
Medifast Inc	COM	58470h101	1,286	31,008	SH		SOLE		8	0	31,000
Meet Group Inc	COM	58513u101	1,126	223,048	SH		SOLE		48	0	223,000
Merck & Co Inc	COM	58933y105	1,326	20,684	SH		SOLE		6,984	0	13,700
Mesa Laboratories Inc	COM	59064r109	1,149	8,020	SH		SOLE		2	0	8,018
Mettler Toledo International	COM	592688105	2,604	4,425	SH		SOLE		2,525	0	1,900
Monroe Cap Corp	COM	610335101	1,005	66,013	SH		SOLE		13	0	66,000
Moodys Corp	COM	615369105	2,370	19,474	SH		SOLE		11,674	0	7,800
Nanometrics Inc	COM	630077105	860	34,007	SH		SOLE		7	0	34,000
Nathans Famous Inc	COM	632347100	1,436	22,787	SH		SOLE		7	0	22,780
National Presto Industries Inc	COM	637215104	1,061	9,603	SH		SOLE		3	0	9,600
Natural Health Trends Corp	COM	63888p406	1,227	44,066	SH		SOLE		12	0	44,054
New York Mtg Tr Inc	COM	649604501	816	131,138	SH		SOLE		39	0	131,099
Nv5 Global Inc	COM	62945v109	1,234	29,026	SH		SOLE		8	0	29,018
Omega Flex Inc	COM	682095104	1,400	21,740	SH		SOLE		6	0	21,734
Omega Protein Corp	COM	68210p107	947	52,914	SH		SOLE		14	0	52,900
Omnicom Group Inc	COM	681919106	2,130	25,696	SH		SOLE		14,296	0	11,400
One Liberty Properties Inc	COM	682406103	1,078	46,012	SH		SOLE		12	0	46,000
Oracle Corp	COM	68389x105	1,598	31,861	SH		SOLE		10,661	0	21,200
Penns Woods Bancorp Inc	COM	708430103	704	17,085	SH		SOLE		5	0	17,080
PepsiCo Inc	COM	713448108	2,319	20,080	SH		SOLE		11,580	0	8,500
Perficient Inc	COM	71375u101	1,083	58,116	SH		SOLE		16	0	58,100
PetMed Express Inc	COM	716382106	1,460	35,957	SH		SOLE		12	0	35,945
Pfizer Inc	COM	717081103	2,061	61,370	SH		SOLE		36,870	0	24,500
PPG Industries Inc	COM	693506107	1,440	13,100	SH		SOLE		4,300	0	8,800
Priceline Group Inc	COM	741503403	1,425	762	SH		SOLE		252	0	510
Psychemedics Corp	COM	744375205	1,423	57,015	SH		SOLE		15	0	57,000
Quanex Building Products Corp	COM	747619104	1,058	50,011	SH		SOLE		11	0	50,000
Quintiles Transnatio Holdings	COM	74876y101	2,296	25,649	SH		SOLE		14,349	0	11,300
RadNet Inc	COM	750491102	961	124,014	SH		SOLE		14	0	124,000
Raytheon Co	COM	755111507	2,181	13,505	SH		SOLE		8,005	0	5,500
Roper Technologies Inc	COM	776696106	1,498	6,470	SH		SOLE		2,170	0	4,300
RPX Corp	COM	74972g103	1,242	89,018	SH		SOLE		18	0	89,000
S&P Global Inc	COM	78409v104	1,752	12,000	SH		SOLE		3,900	0	8,100
Schein Henry Inc	COM	806407102	1,320	7,210	SH		SOLE		2,410	0	4,800
Scripps Networks Interact Inc	COM	811065101	822	12,027	SH		SOLE		1,427	0	10,600
Silicom Ltd	COM	m84116108	657	14,804	SH		SOLE		4	0	14,800
Sirius XM Holdings Inc	COM	82968b103	2,351	429,884	SH		SOLE		253,884	0	176,000
Spark Energy Inc Cl A	COM	846511103	1,429	76,021	SH		SOLE		21	0	76,000
Spectrum Brands Holdings Inc	COM	84763r101	805	6,442	SH		SOLE		6,442	0	0
Stanley Black & Decker Inc	COM	854502101	2,356	16,740	SH		SOLE		9,840	0	6,900
State Natl Cos Inc	COM	85711t305	1,287	70,018	SH		SOLE		18	0	70,000
Stock Yds Bancorp Inc	COM	861025104	916	23,557	SH		SOLE		7	0	23,550
Stonegate Bank Ft Lauderdale F	COM	861811107	1,201	26,007	SH		SOLE		7	0	26,000
Stoneridge Inc	COM	86183p102	969	62,859	SH		SOLE		13	0	62,846
Stryker Corp	COM	863667101	2,248	16,199	SH		SOLE		8,599	0	7,600
Sucampo Pharmaceuticals Inc Cl	COM	864909106	1,449	138,032	SH		SOLE		32	0	138,000
Supreme Industries Inc Cl A	COM	868607102	823	50,010	SH		SOLE		10	0	50,000
Synopsys Inc	COM	871607107	2,540	34,828	SH		SOLE		20,428	0	14,400
Texas Instruments Inc	COM	882508104	1,428	18,567	SH		SOLE		6,267	0	12,300
Thermo Fisher Scientific Inc	COM	883556102	1,464	8,390	SH		SOLE		2,790	0	5,600
Transcat Inc	COM	893529107	956	78,685	SH		SOLE		21	0	78,664
Trico Bancshares	COM	896095106	1,090	31,022	SH		SOLE		10	0	31,012
UGI Corp	COM	902681105	1,334	27,557	SH		SOLE		9,257	0	18,300
UnitedHealth Group Inc	COM	91324p102	2,632	14,193	SH		SOLE		7,893	0	6,300
Unitil Corp	COM	913259107	1,111	23,004	SH		SOLE		4	0	23,000
Unity Bancorp Inc	COM	913290102	1,205	70,054	SH		SOLE		17	0	70,037
Univest Corp PA	COM	915271100	1,141	38,113	SH		SOLE		13	0	38,100
US Bancorp Del	COM	902973304	606	11,668	SH		SOLE		11,668	0	0
US Physical Therapy Inc	COM	90337l108	1,041	17,227	SH		SOLE		20	0	17,207
Utah Med Prods Inc	COM	917488108	1,196	16,525	SH		SOLE		4	0	16,521
Vantiv Inc Cl A	COM	92210h105	1,433	22,629	SH		SOLE		7,629	0	15,000
Vectrus Inc	COM	92242t101	1,316	40,708	SH		SOLE		8	0	40,700
Verisk Analytics Inc	COM	92345y106	2,204	26,127	SH		SOLE		15,427	0	10,700
Visa Inc Cl A	COM	92826c839	1,496	15,951	SH		SOLE		5,051	0	10,900
VSE Corp	COM	918284100	855	19,000	SH		SOLE		0	0	19,000
Washington Tr Bancorp	COM	940610108	1,078	20,905	SH		SOLE		5	0	20,900
Wayside Technology Group Inc	COM	946760105	1,266	65,449	SH		SOLE		16	0	65,433
Wells Fargo & Co	COM	949746101	647	11,675	SH		SOLE		11,675	0	0
West Bancorporation Inc Cap St	COM	95123p106	1,048	44,322	SH		SOLE		12	0	44,310
Whitehorse Fin Inc	COM	96524v106	1,097	82,021	SH		SOLE		21	0	82,000
Willdan Group Inc	COM	96924n100	947	31,005	SH		SOLE		5	0	31,000
Winmark Corp	COM	974250102	1,685	13,071	SH		SOLE		4	0	13,067
Wyndham Worldwide Corp	COM	98310w108	1,607	16,000	SH		SOLE		5,300	0	10,700
Xerium Technologies Inc	COM	98416j118	956	133,032	SH		SOLE		32	0	133,000
ABB Ltd Sp ADR	ADR	000375204	2,192	88,025	SH		SOLE		88,025	0	0
Accenture PLC Ireland Class A	ADR	g1151c101	4,460	36,058	SH		SOLE		28,358	0	7,700
Advanced Semiconductor Engr Sp	ADR	00756m404	676	107,182	SH		SOLE		59,952	0	47,230
Alibaba Group Holding Ltd Sp A	ADR	01609w102	10,219	72,526	SH		SOLE		57,479	0	15,047
AstraZeneca PLC Sp ADR	ADR	046353108	269	7,900	SH		SOLE		7,900	0	0
Banco de Chile Sp ADR	ADR	059520106	556	7,129	SH		SOLE		3,141	0	3,988
Banco Macro SA Sp ADR B	ADR	05961w105	1,261	13,676	SH		SOLE		10,410	0	3,266
Banco Santander Chile Sp ADR	ADR	05965x109	317	12,480	SH		SOLE		40	0	12,440
British American Tobacco PLC S	ADR	110448107	2,064	30,118	SH		SOLE		30,118	0	0
Broadcom Ltd	ADR	y09827109	3,322	14,253	SH		SOLE		10,253	0	4,000
Brookfield Asset Mgmt Inc Cl A	ADR	112585104	280	7,150	SH		SOLE		7,150	0	0
Check Point Software Tech Ltd	ADR	m22465104	2,234	20,478	SH		SOLE		20,478	0	0
China Biologic Prods Inc	ADR	16938c106	7,682	67,922	SH		SOLE		36,039	0	31,883
Chunghwa Telecom Co Ltd Sp ADR	ADR	17133q502	1,747	49,589	SH		SOLE		41,009	0	8,580
Colliers Intl Group Inc	ADR	194693107	282	5,000	SH		SOLE		5,000	0	0
Companhia de Saneamento Basico	ADR	20441a102	2,126	223,296	SH		SOLE		192,146	0	31,150
Credicorp Ltd	ADR	g2519y108	1,430	7,973	SH		SOLE		6,170	0	1,803
Delphi Automotive PLC	ADR	g27823106	3,404	38,841	SH		SOLE		27,841	0	11,000
Descartes Systems Group Inc	ADR	249906108	2,332	95,789	SH		SOLE		11,399	0	84,390
Diageo PLC Sp ADR	ADR	25243q205	2,178	18,176	SH		SOLE		18,176	0	0
Everest Reinsurance Group Ltd	ADR	g3223r108	1,469	5,770	SH		SOLE		1,870	0	3,900
Fresenius Med Care AG & Co KGA	ADR	358029106	2,238	46,315	SH		SOLE		46,315	0	0
Globant SA	ADR	l44385109	1,133	26,089	SH		SOLE		8	0	26,081
Groupe CGI Inc Cl A	ADR	39945c109	2,639	51,683	SH		SOLE		51,683	0	0
HDFC Bank Ltd ADR Reps 3	ADR	40415f101	765	8,800	SH		SOLE		2,780	0	6,020
Icon PLC	ADR	g4705a100	2,275	23,264	SH		SOLE		23,264	0	0
Infosys Ltd Sp ADR	ADR	456788108	530	35,284	SH		SOLE		15,924	0	19,360
ING Groep NV Sp ADR	ADR	456837103	249	14,300	SH		SOLE		14,300	0	0
KB Financial Group Inc Sp ADR	ADR	48241a105	281	5,561	SH		SOLE		5,561	0	0
KT Corp Sp ADR	ADR	48268k101	1,958	117,675	SH		SOLE		87,515	0	30,160
LyondellBasell Industries NV A	ADR	n53745100	1,951	23,120	SH		SOLE		23,120	0	0
Netease Inc Sp ADR	ADR	64110w102	11,376	37,842	SH		SOLE		26,290	0	11,552
Nova Measuring Instruments Ltd	ADR	m7516k103	2,076	93,989	SH		SOLE		11,818	0	82,171
Novanta Inc	ADR	67000b104	1,551	43,089	SH		SOLE		89	0	43,000
NTT Docomo Inc Sp ADR	ADR	62942m201	1,836	77,629	SH		SOLE		77,629	0	0
P T Telekomunikasi Indonesia S	ADR	715684106	1,407	41,779	SH		SOLE		32,725	0	9,054
Relx NV Sp ADR	ADR	75955b102	2,737	132,331	SH		SOLE		132,331	0	0
Royal Bank of Canada Montreal	ADR	780087102	1,980	27,297	SH		SOLE		27,297	0	0
Sap SE Sp ADR	ADR	803054204	17,272	165,011	SH		SOLE		75,124	0	89,887
Silicon Motion Technology Corp	ADR	82706c108	2,628	54,480	SH		SOLE		30,180	0	24,300
Taiwan Semiconductor Mfg Ltd S	ADR	874039100	8,604	246,111	SH		SOLE		154,656	0	91,455
Tata Motors Ltd Sp ADR	ADR	876568502	1,007	30,505	SH		SOLE		18,305	0	12,200
TE Connectivity Ltd Reg	ADR	h84989104	3,638	46,235	SH		SOLE		33,935	0	12,300
Toyota Motor Corp Sp ADR 2	ADR	892331307	2,758	26,261	SH		SOLE		26,261	0	0
WNS Holdings Ltd Sp ADR	ADR	92932m101	1,460	42,501	SH		SOLE		33,421	0	9,080
Xinyuan Real Estate Co Ltd Sp	ADR	98417p105	881	170,045	SH		SOLE		45	0	170,000
Jernigan Cap Inc	COM	476405105	1,276	58,011	SH		SOLE		11	0	58,000