Ativo Capital

Our Story


Ativo’s 50-Year Legacy

Ativo officially began managing equity portfolios in 2001. However, our origins date back to 1971 with the formation of Callard, Madden & Associates(CMA), our predecessor firm.

Ricardo Bekin, our Chief Investment Officer, was a senior member of the CMA team. Driven by his competitive spirit, he decided to take the firm’s work a step further by using Discounted Cash Flow Return on Investment and other proprietary research to manage equity portfolios. Ativo Capital Management was created for this purpose, born out of sound financial theory and valuation techniques that have been proven over time.

Firm Overview

Ativo Capital Management is an investment advisor focused on delivering top quartile performance and exceptional service to institutional clients. We follow a rules-based process that combines quantitative methodologies with a fundamental overlay to build long-only equity portfolios. We invest globally, with an emphasis on international markets. Central to our approach is a proprietary model that scores stocks based on our assessment of their intrinsic value, price momentum and other important factors.

A History of Success

For half a century, we’ve been a steadfast presence in the investment world, responsibly managing a portfolio that now exceeds $1 billion. Our enduring commitment to strategic growth and excellence in investment management is reflected in our track record. Ativo’s international investment strategies not only boast competitive performance but also demonstrate significant returns since their inception. This is a clear indication of our success. Our approach to growth is both deliberate and measured. We prioritize maintaining the integrity of our investment methodologies and ensuring the exceptional level of service our clients and consultants have come to expect. Our steady growth over the years isn’t just a result of our strategies, but a testament to our unwavering dedication to prudent, sustainable expansion and client satisfaction.

Chuck Callard and Bart Madden form Callard, Madden & Associates, Inc. (CMA), to integrate “Chicago-school” academic research with systematic empirical securities analysis. CMA becomes one of the earliest subscribers of the Compustat tapes, and develops quantitative rules for decisions involving asset allocation, sector weightings, portfolio strategy, and stock selection. CMA creates database of CFROIs, Q-Ratios and Warranted Equity Values.



CMA starts publishing the “Small, Dynamic” model portfolio. This portfolio legitimizes the utilization of CMA research for portfolio construction. The portfolio is still managed today as the Ativo Small Cap.

Ricardo Bekin joins CMA, co-designs PC-based system to replace mainframe. His work sets up the foundation for the research system still utilized today in the ranking of over 25,000 securities globally.



Callard Asset Management is set up as a division of CMA, headed by Bekin. With personal funds and the support of family and friends, Bekin begins providing advisory services offering the Small Cap portfolio.

Callard Asset Management LLC becomes a separate entity, owned and managed by Bekin. This change allowed the firm to grow independently; and established a track record for the investment products.



Callard Asset Management’s name is changed to Ativo Capital Management to reflect its Hispanic (Brazilian) ownership. Ativo is a Portuguese word that means both “active” and “assets” – both of which apply in defining Ativo’s investment approach.

Ativo exceeds $1 billion in Assets Under Management. Exceeding this benchmark establishes Ativo as a leader in the industry, and provides a strong foundation for the growth of the firm.



Ativo exceeds $150 million in Assets Under Advisement. This achievement further cements Ativo as a leading provider of portfolio management and model portfolios.