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# Ativo

Actively Investing Worldwide

## Sitemaps

- [XML Sitemap](https://ativocapital.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Rigorous Thinking](https://ativocapital.com/?page_id=9) - Financial and economic commentary reflecting Ativo’s world view:

## Pages

- [Home](https://ativocapital.com/) - Actively Investing Worldwide.
- [International Strategies](https://ativocapital.com/international-strategies/)
- [Domestic Strategies](https://ativocapital.com/domestic-strategies/)
- [Concentrated Strategies](https://ativocapital.com/concentrated-strategies/)
- [Thank You For Subscribing](https://ativocapital.com/thank-you-for-subscribing/) - Thank you for subscribing. You will receive the latest news and updates directly to your email address. Sincerely, Ativo Capital
- [What Sets Us Apart](https://ativocapital.com/what-sets-us-apart/) - Ativo capitalizes on a number of strengths and attributes as we work toward our goal of producing top quartile investment performance. These characteristics define who we are and distinguish us from other managers.
- [News & Insights](https://ativocapital.com/news-insights/)
- [Our Story](https://ativocapital.com/our-story/)
- [Contact](https://ativocapital.com/contact/)
- [Products](https://ativocapital.com/products/) - We invest globally with a focus on international markets.
- [Meet Our People](https://ativocapital.com/meet-our-people/) - The financial and research professionals at Ativo all share an unwavering commitment to serving every client with a high degree of integrity and a single-minded dedication to excellence. Our professionals are highly educated, have deep industry experience and many are leaders in their respective fields.
- [Site Map](https://ativocapital.com/site-map/) - Home About Us Our Story What Sets Us Apart Process People Philosophy Products Legal Documents Trademark Guidelines Disclosure/Terms of Use Privacy Policy FAQ Contact Contact Us
- [Process](https://ativocapital.com/process/) - We put our philosophy into action with a four-step process that is driven by our proprietary model and focused on bottom-up stock selection.
- [Disclosure/Terms of Use](https://ativocapital.com/disclosureterms-of-use/) - This site (“the Site”) is for your personal use and information. Please feel free to browse the Site; however, your access and use of all publically accessible portions of this Site is subject to the following terms and conditions (“Terms of Use”) and all applicable laws set forth in this agreement (“Agreement”). By accessing and
- [Privacy Policy](https://ativocapital.com/privacy-policy/) - Policy As a registered investment adviser, Ativo Capital Management must comply with SEC Regulation S-P (or other applicable regulations), which requires registered advisers to adopt policies and procedures to protect the "nonpublic personal information" of natural person consumers and customers and to disclose to such persons policies and procedures for protecting that information. Further, as
- [Philosophy](https://ativocapital.com/philosophy/) - We put our philosophy into action with a four-step process that is driven by our proprietary model and focused on bottom-up stock selection. As decisions arise throughout the process, we Choose Wisely®.
- [Ativo in the News](https://ativocapital.com/news-updates/)
- [Thank You](https://ativocapital.com/thank-you/) - Thank you for your request. Your inquiry is currently being reviewed and you will be contacted shortly. Sincerely, Ativo Capital
- [Request Form](https://ativocapital.com/request-form/)
- [FAQ](https://ativocapital.com/faq/) - What does “Ativo” mean? The word “Ativo” means both “active” and “assets” in Portuguese—two words that aptly describe our investment approach What is “Active Share”? Active share refers to the difference between the asset composition of the fund and the composition of the benchmark. The greater this difference, the greater the active share. A study
- [Trademark Guidelines](https://ativocapital.com/trademark-guidelines/) - Ativo Capital Management LLC maintains a copyright of the text, logos and graphics con- tained throughout this presentation, except where specifically noted. All third party content and trademarks appearing within this pre- sentation are the exclusive property of their respective owners. Unauthorized modification or extraction of any material contained in this presentation is expressly prohibited.

## People

- [Ricardo Bekin](https://ativocapital.com/people/ricardo-bekin/) - Ricardo has over 25 years of financial and investment management experience. He led Callard, Madden & Associates through the creation of their asset management firm, which ultimately became Ativo Capital Management, LLC. He oversees all investment management activities at Ativo. Ricardo is responsible for establishing processes and procedures for stock valuation, financial modeling, and portfolio
- [Ram G. Gandikota](https://ativocapital.com/people/ram-gandikota/) - Ram is a deputy CIO at Ativo. He joined the firm in 2005. Ram is also our director of research, working to continuously enhance the firm's proprietary alpha model. Ram is involved in quantitative modeling, factor research, and overseeing our risk management framework. He holds a master's degree in Financial Markets from the Illinois Institute
- [Adan Galvan, CFA®, FRM®](https://ativocapital.com/people/adan-galvan-cfa/) - Adan is a senior portfolio manager at Ativo. He joined the firm in 2006. In addition, Adan is our head trader and, as such, has responsibility for all trading activity for the firm. Adan is a member of the CFA Society of Chicago’s Social Advisory Group. He has an undergraduate degree in Psychology from Rice
- [Shirley Huang, CPA](https://ativocapital.com/people/shirley-huang-cpa/) - Shirley has been with Ativo since 2014, she oversees all aspects of the firm's accounting operations, including accounts payable, accounts receivable, payroll, bank reconciliation, budgeting, financial statements, annual audit, and tax returns. She has more than 20 years of accounting and finance experience within the banking, investment, and education industries. Shirley earned a bachelor’s degree
- [Athang K. Mistry](https://ativocapital.com/people/athang-k-mistry/) - Athang supports the investment team by ensuring the accuracy of worldwide company financial data received from multiple data vendors. He is also responsible for creating and updating portfolio attribution reports. Athang holds a bachelor’s degree in Finance and Management, as well as an MBA from Dominican University. He was hired by Ativo as an intern
- [Jonathan Carpen](https://ativocapital.com/people/jonathan-carpen/) - Jonathan joined Ativo in 2019. He oversees all aspects of operations at Ativo, including account reconciliation, reporting and performance measurement. Prior to joining Ativo, Jonathan worked at Milliman in their financial risk management department as an Operations Analyst, where he processed daily client money movements as well as reconciling intraday trades. Prior to Milliman, he
- [Jeremy Wojcik](https://ativocapital.com/people/jeremy-wojcik/) - Jeremy is responsible for supporting and producing reports for the investment team. He also manages strategy-specific information within pitchbooks, factsheets and RFPs. Prior to joining Ativo in 2017, he worked as a Google Street View trusted account manager at LCP360. Jeremy holds a bachelor’s degree in Information and Decision Sciences with a concentration in Management
- [Michael S. Brooks](https://ativocapital.com/people/michael-brooks/) - Michael is responsible for all institutional business development and client relations for the firm. Prior to joining Ativo in September 2005, he was Assistant Vice President at Bank of Ireland Asset Management and responsible for institutional client service. From 2000 to 2003 he was a Portfolio Analyst at Concord Asset Management and responsible for AIMR
- [Kiat Tang](https://ativocapital.com/people/kiat-tang/) - Kiat joined Ativo in 2005. He develops and maintains Ativo's business applications based on the securities research methodologies developed by the investment team. He is also responsible for company-wide computer maintenance. Kiat holdsa bachelor’s degreein Computer Engineering from Illinois Institute of Technology. After graduation, he joined a process automation company as a software developer. He

## News

- [Tobin's Q and Net ROI](https://ativocapital.com/news-updates/tobins-q-and-net-roi/) - Record-high Q ratios are not a sign of excess. Ativo's analysis shows they rise in step with Net ROI, both now near postwar highs. Investors are rewarding real economic returns, not speculation. In short, today’s valuations are being earned, not imagined.
- [Gold’s New highs: Separating Gold Strength from Dollar Weakness](https://ativocapital.com/news-updates/golds-new-highs-separating-gold-strength-from-dollar-weakness/) - Gold has reached record highs in 2024–2025, but what’s driving the rally? Ativo Capital’s latest analysis shows that the rise is largely global in nature, reflecting genuine demand rather than a weaker U.S. dollar. Using a USD-neutral framework and statistical modeling, we find that “gold strength” outweighs “dollar weakness,” supported by factors such as central-bank
- [Ativo Q3 2025 Commentary](https://ativocapital.com/news-updates/ativo-q3-2025-commentary/) - The third quarter of 2025 was characterized by a complex interplay of geopolitical tensions, policy easing, and sustained AI-driven technological optimism. Global markets posted positive gains, with equities generally benefiting from resilient corporate earnings and anticipation of continued central bank accommodation. The MSCI All Country World (ACWI) index delivered a robust return of 7.62%.
- [Ativo Q2 2025 Commentary](https://ativocapital.com/news-updates/ativo-q2-2025-commentary/) - Global markets rebounded sharply in the second quarter of 2025 amid easing trade tensions, renewed interest in AI, and accommodative central banks. Ativo Capital’s strategies delivered solid results, supported by our disciplined, rules-based investment process. Our proprietary multi-factor model continued to inform portfolio positioning across regions and sectors. Read the full commentary to explore the
- [Ativo Q4 2024 Zephyr Awards](https://ativocapital.com/news-updates/ativo-q4-2025-zephyr-awards/) - We’re proud to announce that for the fourth quarter of 2024, the Ativo Small Cap Core earned a "Manager of the Decade" rating from Zephyr PSN Top Guns, ranking among the top ten performers in the category.
- [Ativo Q1 2025 Zephyr Awards](https://ativocapital.com/news-updates/ativo-q1-2025-zephyr-awards/) - We’re proud to announce that for the first quarter of 2025, the Ativo Small Cap Core and Ativo Mid Cap Core portfolios each earned a six-star rating from Zephyr PSN Top Guns, ranking among the top performers in their respective categories.
- [The Case for SMID Caps](https://ativocapital.com/news-updates/the-case-for-smid-caps/) - In this research piece, we highlight why small-to-mid cap (SMID) equities represent a compelling opportunity for investors seeking a balanced approach to growth, diversification, and risk management. We explore the structural advantages of the SMID space—including historical outperformance, market inefficiencies, and exposure to long-term growth themes—and explain how our disciplined investment process is designed to
- [Ativo Q1 2025 Commentary](https://ativocapital.com/news-updates/ativo-q1-2025-commentary/) - The commentary below pertains to events that occurred during the first quarter of 2025, before President Trump’s April 2nd announcement of “Liberation Day” tariffs, which triggered a period of extreme market volatility. We will discuss his announcement and the ensuing volatility in our second quarter report.
- [The Role of Quantitative Models in Building Smarter SMAs](https://ativocapital.com/news-updates/the-role-of-quantitative-models-in-building-smarter-smas/) - We’re honored to be featured in the newly released Zephyr PSN Outlook for 2025! Our article, “The Role of Quantitative Models in Building Smarter SMAs,” explores how data-driven strategies can enhance portfolio customization, improve risk management, and deliver smarter outcomes for clients in separately managed accounts. Thank you to Zephyr and Informa for including Ativo
- [Ativo Q4 2024 Commentary](https://ativocapital.com/news-updates/ativo-q4-2024-commentary/) - The fourth quarter of 2024 was volatile for stocks. Mixed signals regarding the election, Chinese stimulus, and Fed signals resulted in uneven returns. Read on to learn more about how this macro environment impacted Ativo's strategies.
- [Ativo Capital AI Podcast Episode #1](https://ativocapital.com/news-updates/ativo-capital-ai-podcast-episode-1/) - Our recently published whitepaper on Small Cap investing has been generating quite a bit of buzz. At the same time we've noticed the increased popularity of investment advice podcasts, so as a fun exercise we experimented with an AI tool to convert our whitepaper into an simulated podcast. We think it is pretty engaging and
- [Ativo Q3 2024 Commentary](https://ativocapital.com/news-updates/ativo-q3-2024-commentary/) - The global equity market had a very strong third quarter, with the MSCI ACWI Net returning 6.61% in US dollar (USD) terms. During the quarter, there were shifts in market leadership and significant spikes in volatility. Despite these moves, stock markets in most countries finished the quarter with sizeable gains, lifted by solid global growth,
- [U.S Small Cap Stocks: Primed for a Recovery](https://ativocapital.com/news-updates/u-s-small-cap-stocks-primed-for-a-recovery/) - Ativo's latest research piece explores the small cap universe and the outlook for performance. Considerations include the small cap factor performance, performance by industry, and style factors.
- [Ativo Q2 2024 Commentary](https://ativocapital.com/news-updates/ativo-q2-2024-commentary/) - Global equities continued to rally in the second quarter, with the MSCI ACWI Net returning 2.87% in US dollar (USD) terms. Several factors contributed to the gains, including signs that inflation was under control in the US and Europe and expectations of Federal Reserve rate cuts. In addition, markets remained confident that the US economy
- [Ativo Q4 2023 Commentary](https://ativocapital.com/news-updates/ativo-q4-2023-commentary/) - Explore the highlights of global equities' strong performance in the fourth quarter and throughout 2023. Despite challenges, markets showed resilience and posted impressive gains. Dive into the nuances of sector performance and regional dynamics in our comprehensive market overview.
- [Ativo Q3 2023 Commentary](https://ativocapital.com/news-updates/ativo-q3-2023-commentary/) - Discover what drove the pullback in global equities during the third quarter of 2023 and its impact on US and international markets. From central bank policies to regional performance, our attached PDF provides a detailed analysis of the key factors influencing market movements.
- [Ativo Q-ESG](https://ativocapital.com/news-updates/ativo-q-esg/) - Ativo has been exploring ways to incorporate ESG values into our investment process since 2011. Improvements in ESG data quality over the past several years have now made this possible, and we recently implemented “Q-ESG” in all Ativo strategies. Q-ESG is an enhanced version of our process that integrates new, proprietary ESG components into our
- [Ativo Q1 2024 Commentary](https://ativocapital.com/news-updates/ativo-q1-2024-commentary/) - Q1 2024 is in the books and inflation is still the headlining macro economic factor. Read on to discover the latest commentary regarding Ativo's domestic and international portfolios.
- [International Small Caps](https://ativocapital.com/news-updates/international-small-caps/) - In the July 2016 Pensions and Investments article, Ativo deputy CIO Ram Gandikota makes the case for investing in international small cap securities. In the article he argues for active management of the asset class to take advantage of the idiosyncratic alpha opprortunity.
- [Japan’s Market Awakening: New Dawn for Investors](https://ativocapital.com/news-updates/japans-market-awakening-new-dawn-for-investors/) - Ativo Capital, a global equity manager focused on investing in undervalued, high-quality companies, identifies Japan as a potentially generational investment opportunity. This perspective stems from Japan's departure from a prolonged deflationary period, wage growth, and positive shifts in monetary policy. Despite historical underperformance, factors such as increased shareholder value initiatives, technological advancements, and favorable government

## Type

- [Staff](https://ativocapital.com/people_type/staff/)

## Department

- [Principals](https://ativocapital.com/people_dept/1-principals/)
- [Investments](https://ativocapital.com/people_dept/2-investments-research/)
- [Marketing](https://ativocapital.com/people_dept/3-marketing/)
- [Operations & Compliance](https://ativocapital.com/people_dept/4-firm-operations/)
- [Research & Technology](https://ativocapital.com/people_dept/5-research-technology/)

## News Category

- [Research](https://ativocapital.com/news_category/research/)
- [News](https://ativocapital.com/news_category/news/)
- [Commentary](https://ativocapital.com/news_category/commentary/)