AC
Ativo Capital Management LLC Investment Portfolio (Q2 2026) — 13F Stock Holdings
Ativo Capital Management LLCCIK: 0001423065
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$130.6M
Reporting period: 2026-06-30 · Number of holdings: 56
Ativo Capital Management LLC disclosed 56 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $130.6M and a quarterly turnover rate of 36.7%.
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Personality snowflake
- Concentration
- 12.73
- Portfolio Stability
- 36.68
- Momentum
- 100
- Sector conviction
- 51.81
- Diversification
- 100
- Sizing Uniformity
- 91.07
Ativo Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.032 — mathematically equivalent to about 31 equally-sized positions, well below its 56 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.89), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 50% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy HTHT
Add TSM
+37.2% $6.1M
Trim E
-77.6% -$2.5M
Add AER
+49.8% $3.4M
Sold out WF
Sold out CHKP
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 9.68% | +4.01% | +37.23% | |
| 2 | AER | AerCap Holdings N.V. | Stock-Industrials | 6.98% | +2.00% | +49.84% | |
| 3 | BAP | Credicorp Ltd. | Stock-Financials | 5.58% | +0.01% | -0.85% | |
| 4 | HTHT | H World Group Ltd-adr | Stock-Other | 4.34% | +4.34% | NEW | |
| 5 | NTES | Netease Inc-adr | Stock-Comm Services | 3.61% | +0.07% | +1.18% | |
| 6 | FLIN | Franklin Ftse India ETF | ETF-Other | 3.54% | -0.22% | — | |
| 7 | YUMC | Yum China Holdings Inc | Stock-Consumer Disc | 3.16% | -1.14% | -0.36% | |
| 8 | ASML | ASML Holding N.V. | Stock-Tech | 2.58% | +1.20% | +41.22% | |
| 9 | ATEYY | Advantest Corp- Spon Adr | Stock-Other | 2.17% | +0.76% | +14.35% | |
| 10 | RY | Royal Bank Of Canada | Stock-Financials | 2.07% | +0.23% | -0.15% | |
| 11 | BBVA | Banco Bilbao Vizcaya-sp Adr | Stock-Financials | 1.96% | +0.02% | -0.87% | |
| 12 | B | Barrick Mining CORP | Stock-Materials | 1.92% | -0.45% | +2.17% | |
| 13 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 1.87% | -0.23% | -1.40% | |
| 14 | TD | Toronto-dominion Bank | Stock-Financials | 1.79% | +0.23% | -0.07% | |
| 15 | DBSDY | Dbs Group Holdings-spon Adr | Stock-Other | 1.62% | -0.01% | -0.04% | |
| 16 | SMPNY | Sompo Japan Nipponkoa-un Adr | Stock-Other | 1.60% | -0.76% | -21.55% | |
| 17 | ABBNY | Abb Ltd-spon Adr | Stock-Industrials | 1.57% | -0.02% | -16.81% | |
| 18 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 1.53% | -0.11% | -0.02% | |
| 19 | WHGLY | Wh Group LTD - Spon Adr | Stock-Other | 1.51% | -0.60% | +0.09% | |
| 20 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 1.50% | -0.72% | +0.02% | |
| 21 | IX | Orix - Sponsored Adr | Stock-Other | 1.49% | +0.16% | -0.01% | |
| 22 | ALIZY | Allianz Se - Unsp Adr | Stock-Other | 1.49% | -0.02% | — | |
| 23 | UNCRY | Unicredit Spa-adr | Stock-Other | 1.45% | +0.12% | -0.01% | |
| 24 | SBS | Cia Saneamento Basico De-adr | Stock-Other | 1.45% | -0.29% | +399.94% | |
| 25 | AGESY | Ageas -spon Adr | Stock-Other | 1.42% | -0.05% | -0.02% | |
| 26 | ENGIY | Engie-spon Adr | Stock-Other | 1.38% | -0.56% | -15.50% | |
| 27 | IPSEY | Ipsen Sa-sponsored Adr | Stock-Other | 1.38% | -0.18% | -0.02% | |
| 28 | CIG | Cia Energetica De-spon Adr | Stock-Other | 1.30% | -0.39% | -0.56% | |
| 29 | NRDBY | Nordea Bank Abp - Spon Adr | Stock-Other | 1.30% | -0.05% | -0.00% | |
| 30 | IDEXY | Inditex-unspon Adr | Stock-Other | 1.29% | +1.29% | NEW | |
| 31 | TSCDY | Tesco Plc-sponsored Adr | Stock-Other | 1.25% | -0.21% | +0.06% | |
| 32 | MKTAY | Makita Corp-spons Adr | Stock-Other | 1.24% | -0.04% | -0.00% | |
| 33 | AXAHY | Axa -spons Adr | Stock-Other | 1.23% | -0.05% | -0.00% | |
| 34 | QBIEY | Qbe Insurance Group-spn Adr | Stock-Other | 1.23% | +0.05% | -0.02% | |
| 35 | CRARY | Credit Agricole Sa-unsp Adr | Stock-Other | 1.18% | -0.07% | +0.01% | |
| 36 | PROSY | Prosus NV -spon Adr | Stock-Other | 1.17% | -0.25% | +0.22% | |
| 37 | DNBBY | Dnb Bank ASA - Spn Adr | Stock-Other | 1.17% | -0.23% | +0.03% | |
| 38 | GIL | Gildan Activewear Inc | Stock-Consumer Disc | 1.12% | -0.39% | -9.29% | |
| 39 | LUGDF | Lundin Gold Inc | Stock-Other | 1.10% | -0.67% | -0.09% | |
| 40 | ARZGY | Assicurazioni Gen-unspon Adr | Stock-Other | 1.09% | -0.24% | -22.50% | |
| 41 | ASR | Grupo Aeroportuario Sur-adr | Stock-Other | 1.06% | -0.26% | +0.02% | |
| 42 | KGC | Kinross Gold CORP | Stock-Materials | 1.05% | +1.05% | NEW | |
| 43 | KMTUY | Komatsu LTD -spons Adr | Stock-Other | 1.05% | -0.51% | -23.36% | |
| 44 | MSADY | Ms&ad Insurance-unspons Adr | Stock-Other | 1.04% | -0.13% | -0.01% | |
| 45 | VLVLY | Volvo Ab-b Shs-unspon Adr | Stock-Other | 1.04% | -0.50% | -25.97% | |
| 46 | BVN | Cia De Minas Buenaventur-adr | Stock-Other | 1.03% | +1.03% | NEW | |
| 47 | HMY | Harmony Gold Mng-spon Adr | Stock-Other | 1.01% | -0.15% | -0.03% | |
| 48 | ING | Ing Groep N.v.-sponsored Adr | Stock-Financials | 1.00% | +1.00% | NEW | |
| 49 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 0.98% | -0.07% | +0.03% | |
| 50 | FJTSY | Fujitsu LTD - Unspon Adr | Stock-Other | 0.88% | -0.16% | +0.01% |
1–50 of 56
Portfolio Performance
Performance for Q3 2026
+6.4%
Performance Last 4 Quarters
+18.4%
- Stdev
- +11.8%
- Beta
- +0.51
- Alpha
- +6.6%
- Max Drawdown
- -8.4%
- Annualized Perf
- +17.5%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.38
- Stutzer
- +0.4
- Treynor
- +0.33
- Sterling
- +1.03
- Calmar
- +2.09
- Information Ratio
- -0.27
- Tracking Error
- +11.6%
- Stdev Down
- +7.1%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +32%
- Worst 12 Months
- +4.2%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.44
- Stdev Sectors
- +8.3%
- Skewness
- -0.95
- Kurtosis
- +0.76
- Upside Potential
- +3.82
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 56 | $130.6M | 37 | ||
| 2026 Q1 | 55 | $115.0M | 24 | ||
| 2025 Q4 | 55 | $114.1M | 38 | ||
| 2025 Q3 | 57 | $118.5M | 48 | ||
| 2025 Q2 | 56 | $111.9M | 0 | ||
| 2025 Q1 | 54 | $116.8M | 100 | ||
| 2024 Q4 | 51 | $100.8M | 0 | ||
| 2024 Q3 | 50 | $114.3M | 0 | ||
| 2024 Q2 | 49 | $96.6M | 0 | ||
| 2024 Q1 | 51 | $99.7M | 0 | ||
| 2023 Q4 | 54 | $93.6M | 0 | ||
| 2023 Q3 | 53 | $88.5M | 0 | ||
| 2023 Q2 | 56 | $94.8M | 0 | ||
| 2023 Q1 | 53 | $81.7M | 0 | 1m22465298850p392763w | |
| 2022 Q4 | 55 | $79.5M | 0 | 1m22465292763w398850p | |
| 2022 Q3 | 54 | $63.7M | 0 | ||
| 2022 Q2 | 117 | $148.4M | 0 | ||
| 2022 Q1 | 118 | $195.4M | 0 | ||
| 2021 Q4 | 118 | $226.0M | 0 | ||
| 2021 Q3 | 120 | $213.4M | 0 | ||
| 2021 Q2 | 130 | $235.8M | 100 | ||
| 2021 Q1 | 129 | $235.7M | 21 | 1n00985201609w3m22465 | |
| 2020 Q4 | 122 | $232.3M | 30 | ||
| 2020 Q3 | 114 | $208.1M | 33 | ||
| 2020 Q2 | 104 | $185.0M | 34 | ||
| 2020 Q1 | 101 | $160.1M | 47 | ||
| 2019 Q4 | 103 | $218.1M | 21 | ||
| 2019 Q3 | 106 | $205.1M | 24 | ||
| 2019 Q2 | 106 | $221.8M | 23 | ||
| 2019 Q1 | 114 | $237.8M | 32 | ||
| 2018 Q4 | 117 | $213.7M | 66 | ||
| 2018 Q3 | 206 | $374.0M | 32 | ||
| 2018 Q2 | 223 | $359.2M | 41 | ||
| 2018 Q1 | 217 | $352.1M | 44 | ||
| 2017 Q4 | 213 | $375.7M | 47 | ||
| 2017 Q3 | 216 | $372.6M | 37 | ||
| 2017 Q2 | 218 | $366.2M | 43 | ||
| 2017 Q1 | 223 | $402.7M | 31 | ||
| 2016 Q4 | 220 | $424.3M | 29 | ||
| 2016 Q3 | 216 | $432.9M | 31 | ||
| 2016 Q2 | 208 | $410.1M | 100 | 1g1151c2y098273m8737e | |
| 2016 Q1 | 193 | $368.6M | 37 | ||
| 2015 Q4 | 196 | $399.2M | 25 | ||
| 2015 Q3 | 222 | $375.9M | 44 | ||
| 2015 Q2 | 225 | $283.9M | 51 | ||
| 2015 Q1 | 190 | $255.4M | 40 | ||
| 2014 Q4 | 224 | $243.7M | 53 | ||
| 2014 Q3 | 185 | $253.7M | 40 | ||
| 2014 Q2 | 162 | $231.0M | 52 | ||
| 2014 Q1 | 193 | $246.6M | 46 | ||
| 2013 Q4 | 190 | $228.4M | 42 | ||
| 2013 Q3 | 186 | $211.1M | 57 | ||
| 2013 Q2 | 178 | $193.4M | — |
Holding changes this quarter
Ativo Capital Management LLC's most significant position changes for 2026-06-30: New buy: H World Group Ltd-adr (HTHT); Sold out: Woori Financial-spon Adr (WF); Sold out: Check Point Software Technologies Ltd. (CHKP); New buy: Inditex-unspon Adr (IDEXY); Sold out: Kunlun Energy Co -unsp Adr (KLYCY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | HTHT | H World Group Ltd-adr | +4.3% | NEW | New buy |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +4% | +37.23% | Add |
| 3 | AER | AerCap Holdings N.V. | +2% | +49.84% | Add |
| 4 | IDEXY | Inditex-unspon Adr | +1.3% | NEW | New buy |
| 5 | ASML | ASML Holding N.V. | +1.2% | +41.22% | Add |
| 6 | KGC | Kinross Gold CORP | +1.1% | NEW | New buy |
| 7 | BVN | Cia De Minas Buenaventur-adr | +1% | NEW | New buy |
| 8 | ING | Ing Groep N.v.-sponsored Adr | +1% | NEW | New buy |
| 9 | ATEYY | Advantest Corp- Spon Adr | +0.8% | +14.35% | Add |
| 10 | RY | Royal Bank Of Canada | +0.2% | -0.15% | Trim |
| 11 | TD | Toronto-dominion Bank | +0.2% | -0.07% | Trim |
| 12 | RAIFY | Raiffeisen Bank Int-unsp Adr | +0.2% | +0.15% | Add |
| 13 | IX | Orix - Sponsored Adr | +0.2% | -0.01% | Trim |
| 14 | UNCRY | Unicredit Spa-adr | +0.1% | -0.01% | Trim |
| 15 | NTES | Netease Inc-adr | +0.1% | +1.18% | Add |
| 16 | QBIEY | Qbe Insurance Group-spn Adr | +0.1% | -0.02% | Trim |
| 17 | BBVA | Banco Bilbao Vizcaya-sp Adr | 0% | -0.87% | Trim |
| 18 | BAP | Credicorp Ltd. | 0% | -0.85% | Trim |
| 19 | OVCHY | Oversea-chinese Bank-uns Adr | — | -0.07% | Trim |
| 20 | DBSDY | Dbs Group Holdings-spon Adr | 0% | -0.04% | Trim |
| 21 | ABBNY | Abb Ltd-spon Adr | 0% | -16.81% | Trim |
| 22 | ALIZY | Allianz Se - Unsp Adr | 0% | — | Unchanged |
| 23 | SGBLY | Standard Bank Group-spon Adr | 0% | +0.07% | Add |
| 24 | GOFPY | Opap Sa-unspon Adr | 0% | -0.03% | Trim |
| 25 | MKTAY | Makita Corp-spons Adr | 0% | -0.00% | Trim |
| 26 | AGESY | Ageas -spon Adr | -0.1% | -0.02% | Trim |
| 27 | NRDBY | Nordea Bank Abp - Spon Adr | -0.1% | -0.00% | Trim |
| 28 | AXAHY | Axa -spons Adr | -0.1% | -0.00% | Trim |
| 29 | CRARY | Credit Agricole Sa-unsp Adr | -0.1% | +0.01% | Add |
| 30 | UL | Unilever Plc-sponsored Adr | -0.1% | +0.03% | Add |
| 31 | BTI | British American Tob-sp Adr | -0.1% | -0.02% | Trim |
| 32 | MSADY | Ms&ad Insurance-unspons Adr | -0.1% | -0.01% | Trim |
| 33 | HMY | Harmony Gold Mng-spon Adr | -0.2% | -0.03% | Trim |
| 34 | FJTSY | Fujitsu LTD - Unspon Adr | -0.2% | +0.01% | Add |
| 35 | IPSEY | Ipsen Sa-sponsored Adr | -0.2% | -0.02% | Trim |
| 36 | TSCDY | Tesco Plc-sponsored Adr | -0.2% | +0.06% | Add |
| 37 | FLIN | Franklin Ftse India ETF | -0.2% | — | Unchanged |
| 38 | DNBBY | Dnb Bank ASA - Spn Adr | -0.2% | +0.03% | Add |
| 39 | NVS | Novartis Ag-sponsored Adr | -0.2% | -1.40% | Trim |
| 40 | ARZGY | Assicurazioni Gen-unspon Adr | -0.2% | -22.50% | Trim |
| 41 | PROSY | Prosus NV -spon Adr | -0.3% | +0.22% | Add |
| 42 | ASR | Grupo Aeroportuario Sur-adr | -0.3% | +0.02% | Add |
| 43 | CPYYY | Centrica Plc-sp Adr | -0.3% | +0.00% | Add |
| 44 | SBS | Cia Saneamento Basico De-adr | -0.3% | +399.94% | Add |
| 45 | GIL | Gildan Activewear Inc | -0.4% | -9.29% | Trim |
| 46 | CIG | Cia Energetica De-spon Adr | -0.4% | -0.56% | Trim |
| 47 | B | Barrick Mining CORP | -0.5% | +2.17% | Add |
| 48 | VLVLY | Volvo Ab-b Shs-unspon Adr | -0.5% | -25.97% | Trim |
| 49 | KMTUY | Komatsu LTD -spons Adr | -0.5% | -23.36% | Trim |
| 50 | ENGIY | Engie-spon Adr | -0.6% | -15.50% | Trim |
1–50 of 60
Filing History
FAQ
What is Ativo Capital Management LLC and what type of investor is it?
Ativo Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $130.6M, spread across 56 disclosed positions.
What are Ativo Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Ativo Capital Management LLC's top holdings by market value are:
1. Taiwan Semiconductor-sp Adr (TSM) — $12.6M (9.7%)
2. AerCap Holdings N.V. (AER) — $9.1M (7.0%)
3. Credicorp Ltd. (BAP) — $7.3M (5.6%)
4. H World Group Ltd-adr (HTHT) — $5.7M (4.3%)
5. Netease Inc-adr (NTES) — $4.7M (3.6%)
What changes did Ativo Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Ativo Capital Management LLC made 58 notable position adjustments: 5 new positions were initiated, 19 existing holdings were added to, 30 positions were partially reduced, and 4 were completely exited. The largest of these moves: New buy: H World Group Ltd-adr (HTHT); Sold out: Woori Financial-spon Adr (WF); Sold out: Check Point Software Technologies Ltd. (CHKP); New buy: Inditex-unspon Adr (IDEXY); Sold out: Kunlun Energy Co -unsp Adr (KLYCY)
What sectors does Ativo Capital Management LLC focus on?
Ativo Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 24.6%
• Information Technology: 24.3%
• Industrials: 17.0%
• Materials: 8.9%
• Consumer Discretionary: 8.5%
• Communication Services: 7.2%
Investment Profile
Ativo Capital Management LLC returned an annualized 17.5% over the trailing 36 months — outperforming the S&P 500 by 6.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.51 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 37 over the past 4 quarters — a shift toward more active trading.
It has added to its TSM position over the past two quarters (+$6.3M, now $12.6M), while trimming LUGDF over the same stretch (-$778.9K, still holding $1.4M).
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Developer Access
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