# EDGAR Filing Document

**Accession Number:** 0001423065
**File Stem:** 0001423065-23-000002
**Filing Date:** 2023-2
**Character Count:** 9285
**Document Hash:** 932dc3b3cb4fd29e95533f9f91e4a795
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423065-23-000002.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001423065-23-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ativo Capital Management LLC
- **CENTRAL INDEX KEY:** 0001423065
- **IRS NUMBER:** 383662028
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13337
- **FILM NUMBER:** 23626010

**BUSINESS ADDRESS:**
- **STREET 1:** 120 N LASALLE STREET
- **STREET 2:** SUITE 1045
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-263-7600

**MAIL ADDRESS:**
- **STREET 1:** 120 N LASALLE STREET
- **STREET 2:** SUITE 1045
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ativo Capital Management LLC<br>**Address:** 120 N LASALLE STREET<br>SUITE 1045<br>CHICAGO, IL 60602

**Form 13F File Number:** 028-13337

**CRD Number (if applicable):** 000125303

**SEC File Number (if applicable):** 801-65975

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Eric Pucek<br>**Title:** CCO  COO<br>**Phone:** 312-229-5205

**Signature, Place, and Date of Signing:**

Eric Pucek  Chicago, IL  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 55

**Form 13F Information Table Value Total:** $79451306

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Alimentation Couche-Tard Inc C | COM | 01626p148 |  | 1843887 | 41897 | SH |  | SOLE |  | 41897 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG NY | COM | 03938l203 |  | 1180783 | 45034 | SH |  | SOLE |  | 45034 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 1091256 | 12045 | SH |  | SOLE |  | 12045 | 0 | 0 |
| Canadian Natural Resources Ltd | COM | 136385101 |  | 1107112 | 19937 | SH |  | SOLE |  | 19937 | 0 | 0 |
| Canadian Pacific Railway Ltd | COM | 13645t100 |  | 1063912 | 14263 | SH |  | SOLE |  | 14263 | 0 | 0 |
| CGI Inc Cl A | COM | 12532h104 |  | 1479071 | 17173 | SH |  | SOLE |  | 17173 | 0 | 0 |
| Check Point Software Tech Ltd | COM | m22465104 |  | 5998387 | 47546 | SH |  | SOLE |  | 20740 | 0 | 26806 |
| Credicorp Ltd | COM | g2519y108 |  | 3084908 | 22740 | SH |  | SOLE |  | 6260 | 0 | 16480 |
| ENI SPA Sp ADR | COM | 26874r108 |  | 257815 | 8996 | SH |  | SOLE |  | 8996 | 0 | 0 |
| Icl Group Ltd | COM | m53213100 |  | 923182 | 126290 | SH |  | SOLE |  | 126290 | 0 | 0 |
| Nutrien Ltd | COM | 67077m108 |  | 959594 | 13140 | SH |  | SOLE |  | 13140 | 0 | 0 |
| Petroleo Brasileiro SA Sp ADR | COM | 71654v408 |  | 1122821 | 105429 | SH |  | SOLE |  | 105429 | 0 | 0 |
| Rio Tinto PLC Sp ADR | COM | 767204100 |  | 969549 | 13617 | SH |  | SOLE |  | 13617 | 0 | 0 |
| Royal Bank of Canada Montreal | COM | 780087102 |  | 1231362 | 13097 | SH |  | SOLE |  | 13097 | 0 | 0 |
| Stellantis NV | COM | n82405106 |  | 1150616 | 81029 | SH |  | SOLE |  | 81029 | 0 | 0 |
| Teck Resources Ltd Cl B | COM | 878742204 |  | 1302660 | 34444 | SH |  | SOLE |  | 34444 | 0 | 0 |
| Tourmaline Oil Corp | COM | 89156v106 |  | 888800 | 17600 | SH |  | SOLE |  | 17600 | 0 | 0 |
| UBS Group AG | COM | h42097107 |  | 1342111 | 71886 | SH |  | SOLE |  | 71886 | 0 | 0 |
| Yum China Holdings Inc | COM | 98850p109 |  | 3623841 | 66310 | SH |  | SOLE |  | 18240 | 0 | 48070 |
| A P Moller-Maersk AS Unsponsor | ADR | 00202f102 |  | 1050021 | 93585 | SH |  | SOLE |  | 93585 | 0 | 0 |
| Alibaba Group Holding Ltd Sp A | ADR | 01609w102 |  | 2826632 | 32088 | SH |  | SOLE |  | 8820 | 0 | 23268 |
| Anglo American PLC Sp ADR | ADR | 03485p300 |  | 1431217 | 72984 | SH |  | SOLE |  | 72984 | 0 | 0 |
| Auto Trader Group PLC Unsponso | ADR | 05277e104 |  | 906900 | 604600 | SH |  | SOLE |  | 604600 | 0 | 0 |
| BHP GROUP LTD | ADR | 088606108 |  | 1245116 | 20066 | SH |  | SOLE |  | 20066 | 0 | 0 |
| Cia Energetica de Minas Gerais | ADR | 204409601 |  | 1186076 | 584274 | SH |  | SOLE |  | 584274 | 0 | 0 |
| Daqo New Energy Corp Sp ADR | ADR | 23703q203 |  | 1449833 | 37551 | SH |  | SOLE |  | 10341 | 0 | 27210 |
| E On SE Sp ADR | ADR | 268780103 |  | 995518 | 100659 | SH |  | SOLE |  | 100659 | 0 | 0 |
| Equinor ASA Sp ADR | ADR | 29446m102 |  | 234187 | 6540 | SH |  | SOLE |  | 6540 | 0 | 0 |
| Gsk PLC Sp ADR | ADR | 37733w204 |  | 793480 | 22581 | SH |  | SOLE |  | 22581 | 0 | 0 |
| Heineken Holding NV Sp ADR | ADR | 423008101 |  | 1201512 | 31200 | SH |  | SOLE |  | 31200 | 0 | 0 |
| Infosys Ltd Sp ADR | ADR | 456788108 |  | 3201374 | 177755 | SH |  | SOLE |  | 43765 | 0 | 133990 |
| Japan Tobacco Inc Unsponsord A | ADR | 471105205 |  | 1298885 | 129500 | SH |  | SOLE |  | 129500 | 0 | 0 |
| LVMH Moet Hennessy Louis Vuitt | ADR | 502441306 |  | 1390783 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| Netease Inc Sp ADR | ADR | 64110w102 |  | 3346044 | 46070 | SH |  | SOLE |  | 12680 | 0 | 33390 |
| Nintendo Ltd ADR | ADR | 654445303 |  | 1038853 | 99698 | SH |  | SOLE |  | 99698 | 0 | 0 |
| NN Group NV Unsponsod ADR | ADR | 629334103 |  | 1049055 | 51500 | SH |  | SOLE |  | 51500 | 0 | 0 |
| Novartis AG Sp ADR | ADR | 66987v109 |  | 1038514 | 11447 | SH |  | SOLE |  | 11447 | 0 | 0 |
| Novo-Nordisk AS ADR | ADR | 670100205 |  | 1910226 | 14114 | SH |  | SOLE |  | 14114 | 0 | 0 |
| ORIX Corp Sp ADR | ADR | 686330101 |  | 426756 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| Prosus NV Sp ADR | ADR | 74365p108 |  | 466820 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| Pt Bank Central Asia Tbk Unspo | ADR | 69368g105 |  | 775501 | 58090 | SH |  | SOLE |  | 58090 | 0 | 0 |
| Relx PLC Sp ADR | ADR | 759530108 |  | 1593009 | 57468 | SH |  | SOLE |  | 57468 | 0 | 0 |
| Sap SE Sp ADR | ADR | 803054204 |  | 2293088 | 22222 | SH |  | SOLE |  | 11400 | 0 | 10822 |
| Shin Etsu Chem Co Ltd ADR | ADR | 824551105 |  | 1098668 | 36008 | SH |  | SOLE |  | 36008 | 0 | 0 |
| Shionogi  Co Ltd Unsponsored | ADR | 824667109 |  | 948456 | 76612 | SH |  | SOLE |  | 76612 | 0 | 0 |
| Sociedad Quimica Minera de Chi | ADR | 833635105 |  | 916074 | 11474 | SH |  | SOLE |  | 11474 | 0 | 0 |
| Sonic Healthcare Ltd Sp ADR | ADR | 83546a203 |  | 965896 | 47368 | SH |  | SOLE |  | 47368 | 0 | 0 |
| Standard Bank Group Ltd Sp ADR | ADR | 853118206 |  | 1038800 | 106000 | SH |  | SOLE |  | 106000 | 0 | 0 |
| Taiwan Semiconductor Mfg Ltd S | ADR | 874039100 |  | 1826188 | 24516 | SH |  | SOLE |  | 20045 | 0 | 4471 |
| Tesco Plc Sp Adr | ADR | 881575401 |  | 1024019 | 126657 | SH |  | SOLE |  | 126657 | 0 | 0 |
| Tokyo Electron Ltd ADR | ADR | 889110102 |  | 779578 | 10660 | SH |  | SOLE |  | 10660 | 0 | 0 |
| Toyota Motor Corp Sp ADR 2 | ADR | 892331307 |  | 1197159 | 8765 | SH |  | SOLE |  | 8765 | 0 | 0 |
| Vale SA ADR | ADR | 91912e105 |  | 1105031 | 65117 | SH |  | SOLE |  | 65117 | 0 | 0 |
| Vipshop Holdings Limited Spons | ADR | 92763w103 |  | 3737716 | 274026 | SH |  | SOLE |  | 127276 | 0 | 146750 |
| Woori Financial Group Inc Sp A | ADR | 981064108 |  | 1042654 | 37873 | SH |  | SOLE |  | 37873 | 0 | 0 |

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