# Ativo Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1423065. Source: https://holderbook.com/funds/1423065-ativo-capital-management-llc/

- Reported value: $130.6M
- Positions: 56
- Weight of the ten largest: 43.7%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $12.6M | 26,463 | 9.7% | 31 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $9.1M | 62,518 | 7.0% | 3 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $7.3M | 18,710 | 5.6% | 15 |
| H WORLD GROUP LTD | [HTHT](https://holderbook.com/stocks/HTHT/) | $5.7M | 135,910 | 4.3% | 1 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $4.7M | 36,800 | 3.6% | 15 |
| FRANKLIN TEMPLETON ETF TR | [FLIN](https://holderbook.com/stocks/FLIN/) | $4.6M | 130,120 | 3.5% | 8 |
| YUM CHINA HLDGS INC | [YUMC](https://holderbook.com/stocks/YUMC/) | $4.1M | 100,960 | 3.2% | 6 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $3.4M | 1,696 | 2.6% | 2 |
| ADVANTEST CORP SPON ADR NEW | [ATEYY](https://holderbook.com/stocks/ATEYY/) | $2.8M | 13,637 | 2.2% | 3 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $2.7M | 13,041 | 2.1% | 31 |
| BANCO BILBAO VIZCAYA ARGENTA | [BBVA](https://holderbook.com/stocks/BBVA/) | $2.6M | 101,890 | 2.0% | 13 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $2.5M | 68,202 | 1.9% | 5 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $2.4M | 15,609 | 1.9% | 30 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $2.3M | 19,265 | 1.8% | 4 |
| DBS Group Holdings Ltd ADR | [DBSDY](https://holderbook.com/stocks/DBSDY/) | $2.1M | 10,427 | 1.6% | 8 |
| Sompo Holdings Inc | [SMPNY](https://holderbook.com/stocks/SMPNY/) | $2.1M | 109,247 | 1.6% | 8 |
| ABB LTD | [ABBNY](https://holderbook.com/stocks/ABBNY/) | $2.0M | 18,835 | 1.6% | 6 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $2.0M | 32,322 | 1.5% | 6 |
| WH Group Ltd | [WHGLY](https://holderbook.com/stocks/WHGLY/) | $2.0M | 92,650 | 1.5% | 5 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $2.0M | 12,599 | 1.5% | 6 |
| ORIX CORP | [IX](https://holderbook.com/stocks/IX/) | $1.9M | 51,144 | 1.5% | 18 |
| ALLIANZ SE ADR UNSPONSORED | [ALIZY](https://holderbook.com/stocks/ALIZY/) | $1.9M | 41,216 | 1.5% | 12 |
| Unicredit Spa Unsponsord Adr | [UNCRY](https://holderbook.com/stocks/UNCRY/) | $1.9M | 42,441 | 1.5% | 13 |
| COMPANHIA DE SANEAMENTO BASI | [SBS](https://holderbook.com/stocks/SBS/) | $1.9M | 327,423 | 1.4% | 5 |
| Ageas NV | [AGESY](https://holderbook.com/stocks/AGESY/) | $1.9M | 23,011 | 1.4% | 7 |
| Engie American Depositary Receipts Sponsored | [ENGIY](https://holderbook.com/stocks/ENGIY/) | $1.8M | 57,337 | 1.4% | 9 |
| IPSEN S A | [IPSEY](https://holderbook.com/stocks/IPSEY/) | $1.8M | 38,753 | 1.4% | 3 |
| CIA ENERGETICA DE MINAS GERA | [CIG](https://holderbook.com/stocks/CIG/) | $1.7M | 808,007 | 1.3% | 20 |
| Nordea Bk Abp Sponsored Ads | [NRDBY](https://holderbook.com/stocks/NRDBY/) | $1.7M | 89,574 | 1.3% | 12 |
| Industria De Diseno Textil SA | [IDEXY](https://holderbook.com/stocks/IDEXY/) | $1.7M | 107,032 | 1.3% | 1 |
| TESCO PLC SPONSORED ADR | [TSCDY](https://holderbook.com/stocks/TSCDY/) | $1.6M | 88,537 | 1.2% | 5 |
| MAKITA CORP | [MKTAY](https://holderbook.com/stocks/MKTAY/) | $1.6M | 45,002 | 1.2% | 3 |
| AXA SA | [AXAHY](https://holderbook.com/stocks/AXAHY/) | $1.6M | 32,076 | 1.2% | 10 |
| QBE Insurance Group Ltd | [QBIEY](https://holderbook.com/stocks/QBIEY/) | $1.6M | 91,497 | 1.2% | 7 |
| Credit Agricole Sa Unsponsored Adr | [CRARY](https://holderbook.com/stocks/CRARY/) | $1.5M | 154,438 | 1.2% | 11 |
| PROSUS N V SPONSORED ADR | [PROSY](https://holderbook.com/stocks/PROSY/) | $1.5M | 176,339 | 1.2% | 4 |
| DNB BANK ASA SPONSORED | [DNBBY](https://holderbook.com/stocks/DNBBY/) | $1.5M | 51,397 | 1.2% | 6 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $1.5M | 28,312 | 1.1% | 9 |
| LUNDIN GOLD INC        F | [LUGDF](https://holderbook.com/stocks/LUGDF/) | $1.4M | 26,729 | 1.1% | 5 |
| ASSICURAZIONI GENERALI S.P.A. | [ARZGY](https://holderbook.com/stocks/ARZGY/) | $1.4M | 58,651 | 1.1% | 10 |
| GRUPO AEROPORTUARIO DEL SURE | [ASR](https://holderbook.com/stocks/ASR/) | $1.4M | 4,522 | 1.1% | 7 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $1.4M | 58,295 | 1.1% | 1 |
| Komatsu Ltd | [KMTUY](https://holderbook.com/stocks/KMTUY/) | $1.4M | 35,063 | 1.0% | 5 |
| MS&AD Insurance Group Holdings Inc | [MSADY](https://holderbook.com/stocks/MSADY/) | $1.4M | 52,137 | 1.0% | 10 |
| Volvo AB | [VLVLY](https://holderbook.com/stocks/VLVLY/) | $1.4M | 40,025 | 1.0% | 10 |
| COMPANIA DE MINAS BUENAVENTU | [BVN](https://holderbook.com/stocks/BVN/) | $1.3M | 46,082 | 1.0% | 1 |
| HARMONY GOLD MNG LTD | [HMY](https://holderbook.com/stocks/HMY/) | $1.3M | 86,460 | 1.0% | 6 |
| ING GROEP N.V. | [ING](https://holderbook.com/stocks/ING/) | $1.3M | 41,776 | 1.0% | 1 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $1.3M | 21,207 | 1.0% | 3 |
| Fujitsu Ltd | [FJTSY](https://holderbook.com/stocks/FJTSY/) | $1.2M | 58,025 | 0.9% | 3 |
| RAIFFEISEN BANK INT-UNSP ADR | [RAIFY](https://holderbook.com/stocks/RAIFY/) | $1.0M | 65,099 | 0.8% | 3 |
| Oversea-Chinese Banking Corp Ltd | [OVCHY](https://holderbook.com/stocks/OVCHY/) | $856.7K | 22,298 | 0.7% | 7 |
| Centrica PLC ADR | [CPYYY](https://holderbook.com/stocks/CPYYY/) | $827.4K | 90,329 | 0.6% | 2 |
| Standard Bank Group Ltd | [SGBLY](https://holderbook.com/stocks/SGBLY/) | $744.3K | 37,516 | 0.6% | 18 |
| GREEK ORGANISATION OF FOOTBALL | [GOFPY](https://holderbook.com/stocks/GOFPY/) | $573.7K | 72,380 | 0.4% | 4 |
| ENI S P A | [E](https://holderbook.com/stocks/E/) | $572.3K | 12,212 | 0.4% | 13 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.7% | +14.8% | -8.1% | 93% |
| Q1 2026 | -0.4% | -4.6% | +4.2% | 95% |
| Q4 2025 | +2.7% | +2.4% | +0.3% | 93% |
| Q3 2025 | +4.2% | +7.8% | -3.6% | 92% |
| Q2 2025 | +6.9% | +10.5% | -3.5% | 92% |
| Q1 2025 | +10.1% | -4.6% | +14.7% | 87% |
| Q4 2024 | -7.9% | +2.1% | -10.0% | 91% |
| Q3 2024 | +6.9% | +5.4% | +1.5% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $130.6M | 56 |
| Q1 2026 | $115.0M | 55 |
| Q4 2025 | $114.1M | 55 |
| Q3 2025 | $118.5M | 57 |
| Q2 2025 | $111.9M | 56 |
| Q1 2025 | $116.8M | 54 |
| Q4 2024 | $100.8M | 51 |
| Q3 2024 | $114.3M | 50 |
| Q2 2024 | $96.6M | 49 |
| Q1 2024 | $99.7M | 51 |
| Q4 2023 | $93.6M | 54 |
| Q3 2023 | $88.5M | 53 |