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
Accenture PLC Ireland Class A	COM	g1151c101	2,816	17,216	SH		SOLE		9,516	0	7,700
ACNB Corp	COM	000868109	1,090	32,009	SH		SOLE		9	0	32,000
Addus Homecare Corp	COM	006739106	1,031	18,006	SH		SOLE		6	0	18,000
Adobe Systems Inc	COM	00724f101	2,945	12,080	SH		SOLE		6,480	0	5,600
advanced emissions soluts inc	COM	00770c101	1,364	120,037	SH		SOLE		37	0	120,000
American Software Inc Cl A	COM	029683109	1,079	74,023	SH		SOLE		23	0	74,000
Ametek Inc	COM	031100100	1,523	21,100	SH		SOLE		6,100	0	15,000
Amgen Inc	COM	031162100	1,563	8,466	SH		SOLE		2,466	0	6,000
Amphenol Corp New	COM	032095101	2,737	31,403	SH		SOLE		17,903	0	13,500
Analog Devices Inc	COM	032654105	1,400	14,600	SH		SOLE		1,600	0	13,000
Ani Pharmaceuticals Inc	COM	00182c103	1,670	25,007	SH		SOLE		7	0	25,000
Ansys Inc	COM	03662q105	1,643	9,430	SH		SOLE		2,730	0	6,700
Aon Plc	COM	g0408v102	2,492	18,166	SH		SOLE		10,666	0	7,500
Apple Inc	COM	037833100	2,892	15,623	SH		SOLE		9,123	0	6,500
Aptiv PLC	COM	g6095l109	1,558	17,001	SH		SOLE		5,001	0	12,000
Ares Coml Real Estate Corp	COM	04013v108	1,243	90,030	SH		SOLE		30	0	90,000
Arrow Electronics Inc	COM	042735100	1,436	19,080	SH		SOLE		5,580	0	13,500
bankfinancial corp	COM	06643p104	1,077	61,018	SH		SOLE		18	0	61,000
Baycom Corp	COM	07272m107	544	22,000	SH		SOLE		0	0	22,000
bg staffing inc	COM	05544a109	977	42,012	SH		SOLE		12	0	42,000
Blue Bird Corp	COM	095306106	1,297	58,017	SH		SOLE		17	0	58,000
Boeing Co	COM	097023105	1,552	4,627	SH		SOLE		1,317	0	3,310
Bryn Mawr Bank Corp	COM	117665109	862	18,621	SH		SOLE		6	0	18,615
BSB Bancorp Inc MD	COM	05573h108	1,067	31,009	SH		SOLE		9	0	31,000
Cadence Design System Inc	COM	127387108	1,312	30,300	SH		SOLE		3,300	0	27,000
CAE Inc	COM	124765108	1,531	73,710	SH		SOLE		73,710	0	0
CAI International Inc	COM	12477x106	790	34,010	SH		SOLE		10	0	34,000
Caledonia Mining Corp PLC	COM	g1757e113	125	14,800	SH		SOLE		0	0	14,800
cambium learning grp inc	COM	13201a107	1,074	96,299	SH		SOLE		299	0	96,000
Canadian Imperial Bank Comm To	COM	136069101	1,444	16,611	SH		SOLE		16,611	0	0
CBIZ Inc	COM	124805102	1,373	59,687	SH		SOLE		161	0	59,526
CDW Corp	COM	12514g108	1,705	21,100	SH		SOLE		6,100	0	15,000
century bancorp inc mass	COM	156432106	627	8,202	SH		SOLE		2	0	8,200
Century Communities Inc	COM	156504300	1,105	35,011	SH		SOLE		11	0	35,000
CGI Groupe Inc Cl A	COM	39945c109	2,122	33,508	SH		SOLE		33,508	0	0
Chase Corp	COM	16150r104	998	8,511	SH		SOLE		28	0	8,483
Check Point Software Tech Ltd	COM	m22465104	10,292	105,361	SH		SOLE		47,231	0	58,130
Chemung Financial Corp	COM	164024101	1,053	21,006	SH		SOLE		6	0	21,000
Cisco Systems Inc	COM	17275r102	2,409	55,989	SH		SOLE		31,489	0	24,500
Cognizant Technology Solutions	COM	192446102	1,453	18,400	SH		SOLE		5,400	0	13,000
Cohu Inc	COM	192576106	1,128	46,015	SH		SOLE		15	0	46,000
computer programs & sys inc	COM	205306103	856	26,008	SH		SOLE		8	0	26,000
Consolidated Tomoka Land Co	COM	210226106	1,108	18,006	SH		SOLE		6	0	18,000
Constellation Brands Inc Cl A	COM	21036p108	926	4,230	SH		SOLE		4,230	0	0
Control4 Corp	COM	21240d107	1,167	48,014	SH		SOLE		14	0	48,000
CRA Intl Inc	COM	12618t105	967	19,006	SH		SOLE		6	0	19,000
CRH Medical Corp	COM	12626f105	868	280,077	SH		SOLE		77	0	280,000
Csw Industrials Inc	COM	126402106	952	18,005	SH		SOLE		5	0	18,000
cts corp	COM	126501105	1,152	32,010	SH		SOLE		10	0	32,000
cynergistek inc	COM	23258p105	630	160,000	SH		SOLE		0	0	160,000
Danaher Corp	COM	235851102	2,531	25,646	SH		SOLE		14,326	0	11,320
dasan zhone solutions inc	COM	23305l206	1,172	120,036	SH		SOLE		36	0	120,000
Depomed Inc	COM	249908104	734	110,033	SH		SOLE		33	0	110,000
Diamond Hill Investment Group	COM	25264r207	895	4,601	SH		SOLE		1	0	4,600
Dime Community Bancshares	COM	253922108	897	46,013	SH		SOLE		13	0	46,000
Douglas Dynamics Inc	COM	25960r105	624	13,004	SH		SOLE		4	0	13,000
Eastman Chem Co	COM	277432100	2,571	25,724	SH		SOLE		14,624	0	11,100
Ecolab Inc	COM	278865100	1,523	10,850	SH		SOLE		3,150	0	7,700
electro scientific inds	COM	285229100	883	56,016	SH		SOLE		16	0	56,000
emclaire finl corp	COM	290828102	360	10,499	SH		SOLE		0	0	10,499
Enanta Pharmaceuticals Inc	COM	29251m106	1,742	15,029	SH		SOLE		29	0	15,000
Enterprise Financial Services	COM	293712105	863	16,005	SH		SOLE		5	0	16,000
Exelon Corp	COM	30161n101	1,052	24,688	SH		SOLE		24,688	0	0
Exxon Mobile Corp	COM	30231g102	782	9,456	SH		SOLE		9,456	0	0
Facebook Inc Cl A	COM	30303m102	2,762	14,215	SH		SOLE		8,115	0	6,100
Federal Agric Mtg Corp Cl C	COM	313148306	985	11,003	SH		SOLE		3	0	11,000
FedEx Corp	COM	31428x106	2,243	9,880	SH		SOLE		5,580	0	4,300
Fiat Chrysler Automobiles NV	COM	n31738102	1,177	62,313	SH		SOLE		62,313	0	0
finjan hldgs inc	COM	31788h303	1,292	380,110	SH		SOLE		110	0	380,000
first defiance finl corp	COM	32006w106	1,207	18,005	SH		SOLE		5	0	18,000
first savings finl group inc	COM	33621e109	853	11,604	SH		SOLE		4	0	11,600
Fiserv Inc	COM	337738108	2,826	38,140	SH		SOLE		21,940	0	16,200
Fonar Corp	COM	344437405	1,412	53,182	SH		SOLE		16	0	53,166
FormFactor Inc	COM	346375108	984	74,021	SH		SOLE		21	0	74,000
Fortis Inc	COM	349553107	1,211	37,976	SH		SOLE		37,976	0	0
Foundation Building Materials	COM	350392106	800	52,000	SH		SOLE		0	0	52,000
FS Bancorp Inc	COM	30263y104	1,265	20,006	SH		SOLE		6	0	20,000
General Dynamics Corp	COM	369550108	2,022	10,847	SH		SOLE		6,247	0	4,600
Globalscape Inc Com	COM	37940g109	813	210,057	SH		SOLE		57	0	210,000
Great Ajax Corp	COM	38983d300	1,136	86,827	SH		SOLE		27	0	86,800
Hackett Group Inc	COM	404609109	1,413	87,911	SH		SOLE		28	0	87,883
Hallador Energy Company	COM	40609p105	625	87,544	SH		SOLE		36	0	87,508
HCA Healthcare Inc	COM	40412c101	1,611	15,700	SH		SOLE		1,700	0	14,000
Hennessy Advisors Inc	COM	425885100	945	54,487	SH		SOLE		16	0	54,471
Hingham Inst Savings MA	COM	433323102	1,023	4,655	SH		SOLE		1	0	4,654
Home Depot Inc	COM	437076102	955	4,895	SH		SOLE		4,895	0	0
Honeywell Intl Inc	COM	438516106	1,469	10,200	SH		SOLE		3,000	0	7,200
Hurco Companies Inc	COM	447324104	627	14,004	SH		SOLE		4	0	14,000
Ichor Holdings	COM	g4740b105	1,214	57,208	SH		SOLE		208	0	57,000
Icon PLC	COM	g4705a100	9,248	69,780	SH		SOLE		36,620	0	33,160
Ihs Markit Ltd	COM	g47567105	1,371	26,570	SH		SOLE		7,570	0	19,000
Ingersoll-Rand PLC	COM	g47791101	1,427	15,901	SH		SOLE		4,401	0	11,500
Insurance Holdings Inc	COM	91359v107	1,357	38,666	SH		SOLE		141	0	38,525
Intel Corp	COM	458140100	1,471	29,585	SH		SOLE		8,585	0	21,000
intricon corp	COM	46121h109	1,048	26,008	SH		SOLE		8	0	26,000
Intuitive Surgical Inc	COM	46120e602	1,679	3,510	SH		SOLE		1,010	0	2,500
Iqvia Holdings Inc	COM	46266c105	1,433	14,361	SH		SOLE		4,161	0	10,200
issuer direct corporation	COM	46520m204	1,094	55,000	SH		SOLE		0	0	55,000
Johnson & Johnson	COM	478160104	1,250	10,300	SH		SOLE		3,000	0	7,300
johnson outdoors inc	COM	479167108	981	11,603	SH		SOLE		3	0	11,600
JPMorgan Chase & Co	COM	46625h100	751	7,205	SH		SOLE		7,205	0	0
juniper pharmaceuticals inc	COM	48203l107	1,137	130,642	SH		SOLE		42	0	130,600
Kadant Inc	COM	48282t104	936	9,732	SH		SOLE		32	0	9,700
Kemet Corp	COM	488360207	1,285	53,204	SH		SOLE		204	0	53,000
Kforce Inc	COM	493732101	1,170	34,110	SH		SOLE		11	0	34,099
KMG Chemicals Inc	COM	482564101	1,328	18,005	SH		SOLE		5	0	18,000
Koppers Holdings Inc	COM	50060p106	844	22,007	SH		SOLE		7	0	22,000
Laboratory Corp America Holdin	COM	50540r409	2,610	14,538	SH		SOLE		8,238	0	6,300
Lam Research Corp	COM	512807108	1,262	7,300	SH		SOLE		2,200	0	5,100
Landmark Bancorp Inc	COM	51504l107	1,058	37,114	SH		SOLE		11	0	37,103
Lear Corp	COM	521865204	2,995	16,117	SH		SOLE		8,817	0	7,300
Lee Enterprises Inc	COM	523768109	1,311	460,129	SH		SOLE		129	0	460,000
Lindblad Expeditions Holdings	COM	535219109	676	51,014	SH		SOLE		14	0	51,000
LyondellBasell Industries NV A	COM	n53745100	2,494	22,704	SH		SOLE		12,804	0	9,900
mackinac finl corp	COM	554571109	1,058	63,817	SH		SOLE		17	0	63,800
Magna Intl Inc	COM	559222401	1,357	23,341	SH		SOLE		23,341	0	0
Malibu Boats Inc Cl A	COM	56117j100	1,426	34,010	SH		SOLE		10	0	34,000
Mastech Digital Inc	COM	57633b100	757	47,014	SH		SOLE		14	0	47,000
Mastercard Incorporated	COM	57636q104	3,314	16,865	SH		SOLE		9,465	0	7,400
Mcbc Holdings Inc	COM	55276f107	1,306	45,117	SH		SOLE		117	0	45,000
Medifast Inc	COM	58470h101	1,218	7,602	SH		SOLE		2	0	7,600
Meet Group Inc	COM	58513u101	560	125,000	SH		SOLE		0	0	125,000
Micron Technology Inc	COM	595112103	1,369	26,100	SH		SOLE		7,500	0	18,600
Monster Beverage Corp	COM	61174x109	1,536	26,800	SH		SOLE		7,800	0	19,000
Moodys Corp	COM	615369105	3,041	17,832	SH		SOLE		10,032	0	7,800
MSCI Inc	COM	55354g100	1,687	10,200	SH		SOLE		2,900	0	7,300
Nanometrics Inc	COM	630077105	1,063	30,009	SH		SOLE		9	0	30,000
national cinemedia inc	COM	635309107	1,344	160,048	SH		SOLE		48	0	160,000
National Presto Industries Inc	COM	637215104	657	5,302	SH		SOLE		2	0	5,300
Natural Health Trends Corp	COM	63888p406	1,326	53,017	SH		SOLE		17	0	53,000
Norbord Inc	COM	65548p403	1,807	43,934	SH		SOLE		43,934	0	0
Northern Oil & Gas Inc Nev	COM	665531109	945	300,084	SH		SOLE		84	0	300,000
Norwood Financial Corp	COM	669549107	1,225	34,011	SH		SOLE		11	0	34,000
Nova Measuring Instruments Ltd	COM	m7516k103	1,025	37,631	SH		SOLE		114	0	37,517
Nv5 Global Inc	COM	62945v109	1,043	15,048	SH		SOLE		48	0	15,000
Nvr Inc	COM	62944t105	2,368	797	SH		SOLE		447	0	350
One Liberty Properties Inc	COM	682406103	1,215	46,014	SH		SOLE		14	0	46,000
Oracle Corp	COM	68389x105	2,179	49,445	SH		SOLE		28,245	0	21,200
orrstown finl svcs inc	COM	687380105	650	25,008	SH		SOLE		8	0	25,000
pacific mercantile bancorp	COM	694552100	634	65,020	SH		SOLE		20	0	65,000
Palatin Technologies Inc $ .01	COM	696077403	1,067	1,100,338	SH		SOLE		338	0	1,100,000
Perficient Inc	COM	71375u101	1,718	65,132	SH		SOLE		132	0	65,000
Pfizer Inc	COM	717081103	2,421	66,739	SH		SOLE		37,039	0	29,700
pgt innovations inc	COM	69336v101	959	46,013	SH		SOLE		13	0	46,000
PPG Industries Inc	COM	693506107	1,338	12,900	SH		SOLE		3,700	0	9,200
Profire Energy Inc	COM	74316x101	406	120,000	SH		SOLE		0	0	120,000
Public Service Enterprise Grou	COM	744573106	1,597	29,491	SH		SOLE		8,491	0	21,000
Raytheon Co	COM	755111507	912	4,721	SH		SOLE		4,721	0	0
Roper Technologies Inc	COM	776696106	2,634	9,548	SH		SOLE		5,248	0	4,300
Royal Bank of Canada Montreal	COM	780087102	2,120	28,160	SH		SOLE		28,160	0	0
ruths hospitality group inc	COM	783332109	561	20,000	SH		SOLE		0	0	20,000
S&P Global Inc	COM	78409v104	2,888	14,165	SH		SOLE		7,565	0	6,600
Sachem Cap Corp	COM	78590a109	943	230,000	SH		SOLE		0	0	230,000
Schnitzer Steel Industries Cl	COM	806882106	640	19,006	SH		SOLE		6	0	19,000
silvercrest asset mgmt group i	COM	828359109	1,125	69,021	SH		SOLE		21	0	69,000
Sirius XM Holdings Inc	COM	82968b103	2,680	395,897	SH		SOLE		219,897	0	176,000
Smart Global Holdings Inc	COM	g8232y101	924	29,008	SH		SOLE		8	0	29,000
Solaris Oilfield Infrast Inc C	COM	83418m103	858	60,018	SH		SOLE		18	0	60,000
Sterling Construction Co Inc	COM	859241101	534	41,000	SH		SOLE		0	0	41,000
Stoneridge Inc	COM	86183p102	1,267	36,057	SH		SOLE		11	0	36,046
Stryker Corp	COM	863667101	2,438	14,435	SH		SOLE		7,535	0	6,900
Superior Uniform Group Inc	COM	868358102	787	38,011	SH		SOLE		11	0	38,000
Synopsys Inc	COM	871607107	1,731	20,226	SH		SOLE		5,826	0	14,400
TE Connectivity Ltd Reg	COM	h84989104	1,549	17,201	SH		SOLE		4,901	0	12,300
Texas Instruments Inc	COM	882508104	2,431	22,053	SH		SOLE		12,553	0	9,500
Thermo Fisher Scientific Inc	COM	883556102	2,608	12,589	SH		SOLE		6,989	0	5,600
TheStreet Inc	COM	88368q103	173	79,368	SH		SOLE		0	0	79,368
Timberland Bancorp Inc	COM	887098101	1,307	35,011	SH		SOLE		11	0	35,000
Toronto Dominion Bank Ont	COM	891160509	1,906	32,944	SH		SOLE		32,944	0	0
Tpi Composites Inc	COM	87266j104	1,345	46,014	SH		SOLE		14	0	46,000
Transcat Inc	COM	893529107	1,247	65,984	SH		SOLE		20	0	65,964
Trico Bancshares	COM	896095106	1,015	27,095	SH		SOLE		83	0	27,012
Tucows Inc	COM	898697206	971	16,005	SH		SOLE		5	0	16,000
Turning Pt Brands Inc	COM	90041l105	1,117	35,012	SH		SOLE		12	0	35,000
Unitedhealth Group Inc	COM	91324p102	3,056	12,454	SH		SOLE		7,104	0	5,350
Unity Bancorp Inc	COM	913290102	1,116	49,052	SH		SOLE		15	0	49,037
Utah Med Prods Inc	COM	917488108	1,325	12,025	SH		SOLE		4	0	12,021
Valero Energy Corp	COM	91913y100	746	6,729	SH		SOLE		6,729	0	0
Vectrus Inc	COM	92242t101	1,378	44,713	SH		SOLE		13	0	44,700
Verisk Analytics Inc	COM	92345y106	2,702	25,100	SH		SOLE		14,400	0	10,700
Visa Inc Cl A	COM	92826c839	2,886	21,788	SH		SOLE		11,588	0	10,200
VSE Corp	COM	918284100	1,004	21,007	SH		SOLE		7	0	21,000
Washington Tr Bancorp	COM	940610108	982	16,905	SH		SOLE		5	0	16,900
West Bancorporation Inc Cap St	COM	95123p106	1,115	44,323	SH		SOLE		13	0	44,310
Western Asset Mtg Cap Corp	COM	95790d105	1,255	120,478	SH		SOLE		478	0	120,000
Whitehorse Fin Inc	COM	96524v106	1,132	78,023	SH		SOLE		23	0	78,000
Willdan Group Inc	COM	96924n100	1,084	35,010	SH		SOLE		10	0	35,000
Winmark Corp	COM	974250102	1,797	12,102	SH		SOLE		35	0	12,067
xcerra corp	COM	98400j108	1,090	78,023	SH		SOLE		23	0	78,000
Yum Brands Inc	COM	988498101	896	11,454	SH		SOLE		11,454	0	0
Zagg Inc	COM	98884u108	1,145	66,186	SH		SOLE		186	0	66,000
AerCap Holdings NV	ADR	n00985106	15,956	294,666	SH		SOLE		142,406	0	152,260
Alibaba Group Holding Ltd Sp A	ADR	01609w102	11,559	62,304	SH		SOLE		46,804	0	15,500
Ase Industrial Holding Co Ltd	ADR	00215w100	436	94,725	SH		SOLE		94,725	0	0
ASML Holding NV NY Registry	ADR	n07059210	1,261	6,372	SH		SOLE		6,372	0	0
AstraZeneca PLC Sp ADR	ADR	046353108	277	7,900	SH		SOLE		7,900	0	0
Baidu Inc Sp ADR A	ADR	056752108	1,141	4,695	SH		SOLE		4,695	0	0
China Mobile Limited Sp ADR	ADR	16941m109	1,251	28,178	SH		SOLE		28,178	0	0
Chunghwa Telecom Co Ltd Sp ADR	ADR	17133q502	400	11,137	SH		SOLE		11,137	0	0
Diageo PLC Sp ADR	ADR	25243q205	1,769	12,284	SH		SOLE		12,284	0	0
Enel Americas SA Sp ADR	ADR	29274f104	964	109,374	SH		SOLE		109,374	0	0
Fresenius Med Care AG & Co KGA	ADR	358029106	1,420	28,201	SH		SOLE		28,201	0	0
HDFC Bank Ltd ADR Reps 3	ADR	40415f101	260	2,480	SH		SOLE		2,480	0	0
Honda Motor Ltd American	ADR	438128308	1,224	41,801	SH		SOLE		41,801	0	0
Huami Corp Sp ADS	ADR	44331k103	788	80,024	SH		SOLE		24	0	80,000
Infosys Ltd Sp ADR	ADR	456788108	956	49,204	SH		SOLE		49,204	0	0
KB Financial Group Inc Sp ADR	ADR	48241a105	214	4,597	SH		SOLE		4,597	0	0
Koninklijke Philips NV NY Reg	ADR	500472303	1,478	34,958	SH		SOLE		34,958	0	0
KT Corp Sp ADR	ADR	48268k101	883	66,525	SH		SOLE		66,525	0	0
Momo Inc ADR	ADR	60879b107	1,417	32,578	SH		SOLE		32,578	0	0
Orange Sp ADR	ADR	684060106	1,407	84,423	SH		SOLE		84,423	0	0
ORIX Corp Sp ADR	ADR	686330101	1,215	15,382	SH		SOLE		15,382	0	0
Relx NV Sp ADR	ADR	75955b102	1,821	85,383	SH		SOLE		85,383	0	0
Royal Dutch Shell PLC Sp ADR A	ADR	780259206	1,512	21,840	SH		SOLE		21,840	0	0
Sap SE Sp ADR	ADR	803054204	17,006	147,038	SH		SOLE		71,181	0	75,857
Shire PLC Sp ADR	ADR	82481r106	1,417	8,395	SH		SOLE		8,395	0	0
Sinopec Shanghai Petrochemical	ADR	82935m109	1,203	20,050	SH		SOLE		20,050	0	0
SK Telecom Ltd Sp ADR	ADR	78440p108	1,132	48,531	SH		SOLE		48,531	0	0
Taiwan Semiconductor Mfg Ltd S	ADR	874039100	3,498	95,676	SH		SOLE		95,676	0	0
Ternium SA Sp ADR	ADR	880890108	864	24,815	SH		SOLE		24,815	0	0
Total SA Sp ADR	ADR	89151e109	588	9,710	SH		SOLE		9,710	0	0
Toyota Motor Corp Sp ADR 2	ADR	892331307	4,051	31,446	SH		SOLE		31,446	0	0
WNS Holdings Ltd Sp ADR	ADR	92932m101	2,088	40,008	SH		SOLE		40,008	0	0