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Ativo Capital Management LLC — 13F Holdings & Portfolio

CIK 1423065 · latest 13F-HR filed 2026-10-27

Backtest portfolio

Ativo Capital Management LLC manages $129.4M in 13F-reported U.S. long-equity assets across 55 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are TSM (8.91%), AER (6.94%), BAP (5.42%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 5 new positions and exited 6; 15 existing positions rose in reported value and 18 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$129.4M

Long-equity book

Holdings
55

Distinct positions

Period
2026-09-30

Filed 2026-10-27

Q/Q Activity
+5 / −6 / ↑15 / ↓18

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
TSM8.9% · -4%AER6.9% · 0%BAP5.4% · -1%HTHT4.4% · -1%NTES3.4% · -1%FLIN3.4% · 0%YUMC3.2% · -1%ASML2.6% · +10%ADTTF2.5% · +8%BBVA2.2% · -0%B2.1% · 0%RY2.0% · -0%DBSDF1.8% · -6%AEM1.8% · 0%NHOLF1.8% · -0%TD1.8% · 0%NVS1.7% · +0%SKHY1.7% · newUNCRY1.5% · -0%ALIZY1.5% · -0%AGESY1.5% · 0%ABLZF1.4% · 0%NRDBY1.4% · 0%BTI1.4% · +0%SBS1.3% · +0%KMTUY1.3% · 0%WHGLY1.3% · newVEOEF1.3% · newTSCDY1.3% · +0%LUGDF1.3% · -0%IX1.3% · -16%IDEXF1.3% · +0%MSADF1.3% · -0%IPSEY1.3% · -0%AXAHY1.2% · -0%CRARF1.2% · 0%GSK1.2% · newMKEWF1.2% · 0%QBIEY1.1% · 0%ING1.1% · -0%GFI1.1% · newFJTSY1.1% · -0%BVN1.1% · +0%PROSF1.1% · +0%ARZGY1.1% · newKGC1.1% · 0%DNBBF1.0% · -20%CPYYF1.0% · +84%UL1.0% · -0%CIG1.0% · -27%RAIFF0.9% · -0%OVCHY0.9% · newAU0.8% · newGRKZF0.4% · newSBGOF0.4% · -32%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 42.9%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Oct 22, 2026.

Assets Under Management
$862.7M
Discretionary
$862.7M
Employees
8
Accounts
21
Address
120 N LASALLE STREET
SUITE 1160
CHICAGO, IL 60602-2493
Phone
(312) 263-7600
Website
Name Title / Status Ownership Type
ATIVO HOLDINGS, LLC ControlLIMITED LIABILITY COMPANY
since May 2014
50–75%Domestic Entity
BEKIN, RICARDO ControlCHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER
since Aug 2002
Less than 5%Individual
BROOKS, MICHAEL, STANLEYMEMBER/DIRECTOR OF MARKETING & INVESTOR RELATIONS
since Sep 2005
Less than 5%Individual
GALVAN, ADANMEMBER/CHIEF OPERATING OFFICER
since Jan 2010
Less than 5%Individual
GANDIKOTA, RAM GOPALMEMBER/DEPUTY CHIEF INVESTMENT OFFICER/DIRECTOR OF RESEARCH
since May 2014
Less than 5%Individual
HUANG, SHIQINGMEMBER/DIRECTOR OF FINANCE/CHIEF COMPLIANCE OFFICER
since Apr 2014
Less than 5%Individual
TANG, HUAN KIATMEMBER/DIRECTOR OF IT
since May 2014
Less than 5%Individual
THE PINECLIFF TRUSTMEMBER/TRUST
since Dec 2012
10–25%Domestic Entity
BEKIN, RICARDO Control
Indirect owner via THE PINECLIFF TRUST
TRUSTEE
since Dec 2012
75% or moreIndividual
BEKIN, RICARDO Control
Indirect owner via ATIVO HOLDINGS, LLC
SOLE MEMBER
since May 2014
75% or moreIndividual
Ownership & leadership changes · 13 filings with changes since Feb 1, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 7, 2024 filing
  • ChangedGALVAN, ADAN · title MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF TRADING/CHIEF OPERATING OFFICER → MEMBER/CHIEF OPERATING OFFICER
  • ChangedGANDIKOTA, RAM GOPAL · title MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF RESEARCH → MEMBER/DEPUTY CHIEF INVESTMENT OFFICER/DIRECTOR OF RESEARCH
Jul 26, 2023 filing
  • No longer listedBURDA, BRIAN, LEO · MEMBER/QUANTITATIVE ANALYST · Less than 5% · listed since Aug 2019
  • No longer listedO'MALLEY, KELLY, ANN · MEMBER/RELATIONSHIP MANAGER/INSTITUTIONAL SALES · Less than 5% · listed since Jun 2015
  • No longer listedPUCEK, ERIC, T · MEMBER/CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · Less than 5% · listed since May 2014
  • ChangedGALVAN, ADAN · title MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF TRADING → MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF TRADING/CHIEF OPERATING OFFICER
  • ChangedHUANG, SHIQING · title MEMBER/DIRECTOR OF FINANCE → MEMBER/DIRECTOR OF FINANCE/CHIEF COMPLIANCE OFFICER
Mar 30, 2022 filing
  • No longer listedCUNNINGHAM, PATRICK, JOSEPH · OPERATIONS MANAGER · Less than 5% · listed since Dec 2015
  • AddedBURDA, BRIAN, LEO · MEMBER/QUANTITATIVE ANALYST · Less than 5%
  • ChangedGANDIKOTA, RAM GOPAL · title MEMBER/SENIOR PORTFOLIO MANAGER/ASSOCIATE DIRECTOR OF RESEARCH → MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF RESEARCH
  • ChangedHUANG, SHIQING · title DIRECTOR OF FINANCE → MEMBER/DIRECTOR OF FINANCE
  • ChangedO'MALLEY, KELLY, ANN · title RELATIONSHIP MANAGER/INSTITUTIONAL SALES → MEMBER/RELATIONSHIP MANAGER/INSTITUTIONAL SALES
  • ChangedTANG, HUAN KIAT · title MEMBER/SENIOR IT MANAGER → MEMBER/DIRECTOR OF IT
Mar 30, 2021 filing
  • ChangedGALVAN, ADAN · title MEMBER/SENIOR PORTFOLIO MANAGER/HEAD TRADER → MEMBER/SENIOR PORTFOLIO MANAGER/DIRECTOR OF TRADING
Mar 27, 2020 filing
  • No longer listedAUST, DENNIS · MEMBER/DEPUTY CHIEF INVESTMENT OFFICER/DIRECTOR OF RESEARCH · Less than 5% · listed since May 2014
  • AddedCUNNINGHAM, PATRICK, JOSEPH · OPERATIONS MANAGER · Less than 5%
  • AddedHUANG, SHIQING · DIRECTOR OF FINANCE · Less than 5%
  • AddedO'MALLEY, KELLY, ANN · RELATIONSHIP MANAGER/INSTITUTIONAL SALES · Less than 5%
  • ChangedBROOKS, MICHAEL, STANLEY · ownership 5–10% → Less than 5%
Mar 29, 2019 filing
  • ChangedTANG, HUAN KIAT · title MEMBER/SENIOR SECURITIES SYSTEMS ANALYST → MEMBER/SENIOR IT MANAGER
Mar 30, 2017 filing
  • ChangedBROOKS, MICHAEL, STANLEY · ownership Less than 5% → 5–10%
  • ChangedTHE PINECLIFF TRUST · ownership 25–50% → 10–25%; no longer a control person
Sep 28, 2016 filing
  • ChangedPUCEK, ERIC, T · title MEMBER/CHIEF COMPLIANCE OFFICER → MEMBER/CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER
Mar 25, 2016 filing
  • ChangedBROOKS, MICHAEL, STANLEY · title MEMBER/DIRECTOR OF CLIENT RELATIONS → MEMBER/DIRECTOR OF MARKETING & INVESTOR RELATIONS; ownership 5–10% → Less than 5%
  • ChangedGALVAN, ADAN · title MEMBER/SENIOR PORTFOLIO MANAGER → MEMBER/SENIOR PORTFOLIO MANAGER/HEAD TRADER
  • ChangedPUCEK, ERIC, T · title CHIEF COMPLIANCE OFFICER/OPERATIONS MANAGER → MEMBER/CHIEF COMPLIANCE OFFICER
Jun 25, 2014 filing
  • No longer listedWIGFALL, SIDNEY, GREGORY · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Sep 2013
  • AddedATIVO HOLDINGS, LLC · LIMITED LIABILITY COMPANY · 50–75% · control person
  • AddedAUST, DENNIS · MEMBER/DEPUTY CHIEF INVESTMENT OFFICER/DIRECTOR OF RESEARCH · Less than 5%
  • AddedBEKIN, RICARDO · SOLE MEMBER · 75% or more · indirect via ATIVO HOLDINGS, LLC · control person
  • AddedGANDIKOTA, RAM GOPAL · MEMBER/SENIOR PORTFOLIO MANAGER/ASSOCIATE DIRECTOR OF RESEARCH · Less than 5%
  • AddedPUCEK, ERIC, T · CHIEF COMPLIANCE OFFICER/OPERATIONS MANAGER · Less than 5%
  • AddedTANG, HUAN KIAT · MEMBER/SENIOR SECURITIES SYSTEMS ANALYST · Less than 5%
  • ChangedBEKIN, RICARDO · title MEMBER/MANAGER/CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER → CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER; ownership 50–75% → Less than 5%
  • ChangedBEKIN, RICARDO · indirect via THE PINECLIFF TRUST: ownership 50–75% → 75% or more
  • ChangedBROOKS, MICHAEL, STANLEY · ownership Less than 5% → 5–10%
  • ChangedTHE PINECLIFF TRUST · title TRUST → MEMBER/TRUST; ownership 10–25% → 25–50%; now a control person
Older changes (4 more filings)
Sep 30, 2013 filing
  • No longer listedSTUART, JAMES, EDWARD · MEMBER/CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · 10–25% · control person · listed since Feb 2005
  • AddedWIGFALL, SIDNEY, GREGORY · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedBEKIN, RICARDO · title MANAGER/CHIEF INVESTMENT OFFICER → MEMBER/MANAGER/CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER
Feb 1, 2013 filing
  • AddedBEKIN, RICARDO · TRUSTEE · 50–75% · indirect via THE PINECLIFF TRUST · control person
  • AddedTHE PINECLIFF TRUST · TRUST · 10–25%
Nov 27, 2012 filing
  • No longer listedALLEN, DANIEL, THOMAS · MEMBER/DIRECTOR OF BUSINESS DEVELOPMENT · Less than 5% · listed since Apr 2011
Feb 1, 2012 filing (earliest on record)
  • ListedALLEN, DANIEL, THOMAS · MEMBER/DIRECTOR OF BUSINESS DEVELOPMENT · Less than 5%
  • ListedBEKIN, RICARDO · MANAGER/CHIEF INVESTMENT OFFICER · 50–75% · control person
  • ListedBROOKS, MICHAEL, STANLEY · MEMBER/DIRECTOR OF CLIENT RELATIONS · Less than 5%
  • ListedGALVAN, ADAN · MEMBER/SENIOR PORTFOLIO MANAGER · Less than 5%
  • ListedSTUART, JAMES, EDWARD · MEMBER/CHIEF COMPLIANCE OFFICER/CHIEF OPERATING OFFICER · 10–25% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Ativo Capital Management LLC Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Taiwan Semiconductor Mfg Ltd S TSM 874039100 $11.5M 8.91% 25,265 SH
2 AerCap Holdings NV AER N00985106 $9.0M 6.94% 62,523 SH
3 Credicorp Ltd BAP G2519Y108 $7.0M 5.42% 18,447 SH
4 Huazhu Group Ltd Sponsored Ads HTHT 44332N106 $5.7M 4.43% 133,980 SH
5 Netease Inc Sp ADR NTES 64110W102 $4.4M 3.40% 36,311 SH
6 Franklin Templeton ETF Tr Fran FLIN 35473P769 $4.4M 3.37% 130,120 SH
7 Yum China Holdings Inc YUMC 98850P109 $4.1M 3.16% 99,610 SH
8 ASML Holding NV NY Registry ASML N07059210 $3.4M 2.60% 1,857 SH
9 Advantest Corp Sp ADR ADTTF 00762U200 $3.2M 2.51% 14,711 SH
10 Banco Bilbao Vizcaya Argentari BBVA 05946K101 $2.8M 2.19% 101,847 SH
11 Barrick Mining Corporation B 06849F108 $2.8M 2.14% 68,203 SH
12 Royal Bank of Canada Montreal RY 780087102 $2.6M 1.98% 13,040 SH
13 DBS Group Holdings Ltd Sp ADR DBSDF 23304Y100 $2.4M 1.84% 9,825 SH
14 Agnico Eagle Mines Ltd AEM 008474108 $2.3M 1.78% 12,599 SH
15 Sompo Holdings Inc ADR NHOLF 83540J101 $2.3M 1.77% 109,216 SH
16 Toronto Dominion Bank Ont TD 891160509 $2.3M 1.75% 19,268 SH
17 Novartis AG Sp ADR NVS 66987V109 $2.2M 1.72% 15,618 SH
18 Sk Hynix Inc American Deposit SKHY 78392B206 $2.2M 1.69% 11,850 SH
19 UniCredit SpA Unsponsord ADR UNCRY 904678406 $2.0M 1.53% 42,437 SH
20 Allianz SE Unsponsrd ADS ALIZY 018820100 $1.9M 1.50% 41,214 SH
21 Ageas Sp ADR Ne AGESY 00844W208 $1.9M 1.49% 23,012 SH
22 Abb Ltd Sp Adr ABLZF 000375204 $1.8M 1.38% 18,838 SH
23 Nordea Bank Abp MTN Sp ADS NRDBY 65558R109 $1.8M 1.37% 89,574 SH
24 British American Tobacco PLC S BTI 110448107 $1.8M 1.36% 32,339 SH
25 Companhia de Saneamento Basico SBS 20441A102 $1.7M 1.34% 327,656 SH
26 Komatsu Ltd Sp Adr New KMTUY 500458401 $1.7M 1.30% 35,080 SH
27 Wh Group Ltd Sp Adr WHGLY 92890T205 $1.7M 1.29% 98,420 SH
28 Veolia Environnement Sp ADR VEOEF 92334N103 $1.7M 1.28% 95,850 SH
29 Tesco Plc Sp Adr TSCDY 881575401 $1.7M 1.28% 88,757 SH
30 Lundin Gold Inc LUGDF 550371108 $1.6M 1.26% 26,720 SH
31 ORIX Corp Sp ADR IX 686330101 $1.6M 1.26% 43,180 SH
32 Industrial De Diseno Textil In IDEXF 455793109 $1.6M 1.26% 107,174 SH
33 MS&AD Ins Group Holdings ADR MSADF 553491101 $1.6M 1.25% 52,127 SH
34 Ipsen Sa Sp Adr IPSEY 462629205 $1.6M 1.25% 38,700 SH
35 AXA SA Sp ADR AXAHY 054536107 $1.5M 1.19% 32,075 SH
36 Credit Agricole SA ADR CRARF 225313105 $1.5M 1.18% 154,451 SH
37 Gsk PLC Sp ADR GSK 37733W204 $1.5M 1.18% 31,556 SH
38 Makita Corp Sp ADR MKEWF 560877300 $1.5M 1.17% 45,012 SH
39 QBE INS GROUP LTD QBIEY 74728G605 $1.5M 1.15% 91,510 SH
40 ING Groep NV Sp ADR ING 456837103 $1.5M 1.15% 41,753 SH
41 Gold Fields Ltd Sp ADR GFI 38059T106 $1.5M 1.14% 40,840 SH
42 Fujitsu Ltd Unsponsored Adr FJTSY 359590304 $1.5M 1.13% 58,013 SH
43 Compania de Minas Buenaventura BVN 204448104 $1.5M 1.13% 46,118 SH
44 Prosus NV Sp ADR PROSF 74365P108 $1.4M 1.10% 176,629 SH
45 Assicurazioni Generali Spa Uns ARZGY 04545K109 $1.4M 1.09% 58,655 SH
46 Kinross Gold Corp KGC 496902404 $1.4M 1.09% 58,297 SH
47 Dnb Bank Asa Sponsored DNBBF 23341C103 $1.4M 1.04% 41,222 SH
48 Centrica Plc Sp Adr New CPYYY 15639K300 $1.3M 1.02% 166,593 SH
49 Unilever PLC Sp ADR UL 904767803 $1.3M 1.00% 21,206 SH
50 Cia Energetica de Minas Gerais CIG 204409601 $1.2M 0.96% 593,446 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-27 $129.4M 55 0001423065-26-000010
2026-06-30 2026-08-10 $130.6M 56 0001423065-26-000006
2026-03-31 2026-05-01 $115.0M 55 0001423065-26-000005
2025-12-31 2026-02-02 $114.1M 55 0001423065-26-000004
Filer Information
Address
120 N LASALLE STREET
SUITE 1160
CHICAGO, IL 60602
Phone
(312) 263-7600
Filing Manager
Ativo Capital Management LLC
CHICAGO, IL
Signatory
Adan Galvan
Chief Operating Officer