# EDGAR Filing Document

**Accession Number:** 0001423065
**File Stem:** 0001423065-25-000011
**Filing Date:** 2025-11
**Character Count:** 9494
**Document Hash:** d61b45b572bf1537b7d39f165f6af7aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423065-25-000011.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001423065-25-000011

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ativo Capital Management LLC
- **CENTRAL INDEX KEY:** 0001423065

**ORGANIZATION NAME:**
- **EIN:** 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:** 251447124

**BUSINESS ADDRESS:**
- **STREET 1:** 120 N LASALLE STREET
- **STREET 2:** SUITE 1160
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-263-7600

**MAIL ADDRESS:**
- **STREET 1:** 120 N LASALLE STREET
- **STREET 2:** SUITE 1160
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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 1160<br>CHICAGO, IL 60602

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

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:** Adan Galvan<br>**Title:** COO<br>**Phone:** 312-263-7600

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

Adan Galvan  Chicago, IL  11-04-2025<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:** 57

**Form 13F Information Table Value Total:** $118478914

      (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

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 2264368 | 13434 | SH |  | SOLE |  | 13434 | 0 | 0 |
| Banco Bilbao Vizcaya Argentari | COM | 05946k101 |  | 1949268 | 101261 | SH |  | SOLE |  | 101261 | 0 | 0 |
| Barrick Mining Corporation | COM | 06849f108 |  | 2324177 | 70924 | SH |  | SOLE |  | 70924 | 0 | 0 |
| Check Point Software Tech Ltd | COM | m22465104 |  | 7772447 | 37564 | SH |  | SOLE |  | 14349 | 0 | 23215 |
| Credicorp Ltd | COM | g2519y108 |  | 5735671 | 21540 | SH |  | SOLE |  | 4460 | 0 | 17080 |
| ENI SPA Sp ADR | COM | 26874r108 |  | 1580195 | 45213 | SH |  | SOLE |  | 45213 | 0 | 0 |
| Gildan Activewear Inc | COM | 375916103 |  | 1922770 | 33266 | SH |  | SOLE |  | 33266 | 0 | 0 |
| Klepierre Sa Act | COM | f5396x102 |  | 737200 | 19000 | SH |  | SOLE |  | 14500 | 0 | 4500 |
| Lundin Gold Inc | COM | 550371108 |  | 1847669 | 28542 | SH |  | SOLE |  | 28542 | 0 | 0 |
| Royal Bank of Canada Montreal | COM | 780087102 |  | 1563411 | 10612 | SH |  | SOLE |  | 10612 | 0 | 0 |
| Toronto Dominion Bank Ont | COM | 891160509 |  | 800700 | 10015 | SH |  | SOLE |  | 10015 | 0 | 0 |
| Yum China Holdings Inc | COM | 98850p109 |  | 4421618 | 103020 | SH |  | SOLE |  | 21000 | 0 | 82020 |
| 3I Group Plc Unsponsord Adr | ADR | 88579n105 |  | 1718084 | 122808 | SH |  | SOLE |  | 122808 | 0 | 0 |
| Abb Ltd Sp Adr | ADR | 000375204 |  | 1736537 | 24135 | SH |  | SOLE |  | 24135 | 0 | 0 |
| Ageas Sp ADR Ne | ADR | 00844w208 |  | 1699322 | 24555 | SH |  | SOLE |  | 24555 | 0 | 0 |
| Allianz SE Unsponsrd ADS | ADR | 018820100 |  | 1844853 | 43956 | SH |  | SOLE |  | 43956 | 0 | 0 |
| Assicurazioni Generali Spa Uns | ADR | 04545k109 |  | 1588222 | 80702 | SH |  | SOLE |  | 80702 | 0 | 0 |
| Auto Trader Group PLC Unsponso | ADR | 05277e104 |  | 1709722 | 657585 | SH |  | SOLE |  | 657585 | 0 | 0 |
| AXA SA Sp ADR | ADR | 054536107 |  | 1641844 | 34248 | SH |  | SOLE |  | 34248 | 0 | 0 |
| British American Tobacco PLC S | ADR | 110448107 |  | 1833463 | 34542 | SH |  | SOLE |  | 34542 | 0 | 0 |
| Cia Energetica de Minas Gerais | ADR | 204409601 |  | 1305050 | 618507 | SH |  | SOLE |  | 618507 | 0 | 0 |
| Companhia de Saneamento Basico | ADR | 20441a102 |  | 1803312 | 72451 | SH |  | SOLE |  | 72451 | 0 | 0 |
| Credit Agricole SA ADR | ADR | 225313105 |  | 1620366 | 164839 | SH |  | SOLE |  | 164839 | 0 | 0 |
| DBS Group Holdings Ltd Sp ADR | ADR | 23304y100 |  | 1761787 | 11132 | SH |  | SOLE |  | 11132 | 0 | 0 |
| Descartes Systems Group Inc | ADR | 249906108 |  | 1491685 | 15830 | SH |  | SOLE |  | 15830 | 0 | 0 |
| Dnb Bank Asa Sponsored | ADR | 23341c103 |  | 1489464 | 54800 | SH |  | SOLE |  | 54800 | 0 | 0 |
| Engie SA Sp ADR | ADR | 29286d105 |  | 1559884 | 72418 | SH |  | SOLE |  | 72418 | 0 | 0 |
| Finvolution Group Sp ADS | ADR | 31810t101 |  | 4000362 | 542790 | SH |  | SOLE |  | 107150 | 0 | 435640 |
| Greek Org Of Football Unsponso | ADR | 392483103 |  | 860250 | 72290 | SH |  | SOLE |  | 72290 | 0 | 0 |
| Grupo Aeroportuario Del Surest | ADR | 40051e202 |  | 1555512 | 4811 | SH |  | SOLE |  | 4811 | 0 | 0 |
| Harmony Gold Mining Co Ltd Sp | ADR | 413216300 |  | 1673650 | 92212 | SH |  | SOLE |  | 92212 | 0 | 0 |
| HSBC Holdings PLC Sp ADR | ADR | 404280406 |  | 1876540 | 26438 | SH |  | SOLE |  | 26438 | 0 | 0 |
| Komatsu Ltd Sp Adr New | ADR | 500458401 |  | 1686528 | 48800 | SH |  | SOLE |  | 48800 | 0 | 0 |
| Kunlun Energy Company Ltd Unsp | ADR | 50126a101 |  | 1195830 | 134363 | SH |  | SOLE |  | 134363 | 0 | 0 |
| Lenovo Group Ltd Sp ADR | ADR | 526250105 |  | 778398 | 26121 | SH |  | SOLE |  | 26121 | 0 | 0 |
| MS Ins Group Holdings ADR | ADR | 553491101 |  | 1252075 | 55598 | SH |  | SOLE |  | 55598 | 0 | 0 |
| Netease Inc Sp ADR | ADR | 64110w102 |  | 6282681 | 41336 | SH |  | SOLE |  | 8806 | 0 | 32530 |
| Nippon Yusen Kabushiki Kaisha | ADR | 654633304 |  | 1468898 | 216332 | SH |  | SOLE |  | 216332 | 0 | 0 |
| Nordea Bank Abp MTN Sp ADS | ADR | 65558r109 |  | 1576620 | 95553 | SH |  | SOLE |  | 95553 | 0 | 0 |
| Novartis AG Sp ADR | ADR | 66987v109 |  | 1724202 | 13445 | SH |  | SOLE |  | 13445 | 0 | 0 |
| ORIX Corp Sp ADR | ADR | 686330101 |  | 1424866 | 54551 | SH |  | SOLE |  | 54551 | 0 | 0 |
| Oversea Chinese Bank Unsponsor | ADR | 690333109 |  | 650236 | 25590 | SH |  | SOLE |  | 25590 | 0 | 0 |
| Prosus NV Sp ADR | ADR | 74365p108 |  | 1860016 | 131729 | SH |  | SOLE |  | 131729 | 0 | 0 |
| QBE INS GROUP LTD | ADR | 74728g605 |  | 1338997 | 97595 | SH |  | SOLE |  | 97595 | 0 | 0 |
| Relx PLC Sp ADR | ADR | 759530108 |  | 2043844 | 42794 | SH |  | SOLE |  | 42794 | 0 | 0 |
| SoftBank Corp Unsponsred ADS | ADR | 83405k102 |  | 1356728 | 92546 | SH |  | SOLE |  | 92546 | 0 | 0 |
| Sompo Holdings Inc ADR | ADR | 83540j101 |  | 1819789 | 118863 | SH |  | SOLE |  | 118863 | 0 | 0 |
| Standard Bank Group Ltd Sp ADR | ADR | 853118206 |  | 594260 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| Taiwan Semiconductor Mfg Ltd S | ADR | 874039100 |  | 5905623 | 21145 | SH |  | SOLE |  | 14514 | 0 | 6631 |
| Tesco Plc Sp Adr | ADR | 881575401 |  | 1720394 | 94372 | SH |  | SOLE |  | 94372 | 0 | 0 |
| Toyota Motor Corp Sp ADR 2 | ADR | 892331307 |  | 1170436 | 6125 | SH |  | SOLE |  | 6125 | 0 | 0 |
| UniCredit SpA Unsponsord ADR | ADR | 904678406 |  | 1717229 | 45262 | SH |  | SOLE |  | 45262 | 0 | 0 |
| Unilever PLC Sp ADR | ADR | 904767704 |  | 1508024 | 25439 | SH |  | SOLE |  | 25439 | 0 | 0 |
| Volvo Ab Unsponsord ADR | ADR | 928854108 |  | 1227253 | 42776 | SH |  | SOLE |  | 42776 | 0 | 0 |
| Wh Group Ltd Sp Adr | ADR | 92890t205 |  | 1660784 | 76569 | SH |  | SOLE |  | 76569 | 0 | 0 |
| Woori Financial Group Inc Sp A | ADR | 981064108 |  | 1654560 | 29467 | SH |  | SOLE |  | 29467 | 0 | 0 |
| Franklin Templeton ETF Tr Fran | ETF | 35473p769 |  | 7171240 | 192310 | SH |  | SOLE |  | 0 | 0 | 192310 |

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