Ativo Capital Management Llc Portfolio Changes: Q2 2026 Focus on Mining and Financial Services

Ativo Capital Management Llc, as reported on insider-set.com, made notable adjustments to its portfolio during the second quarter of 2026. The fund manager's holdings increased from 17 to 18 stocks, reflecting ongoing activity in various sectors.

The most significant change this quarter was a major purchase position. Ativo acquired shares in Kinross Gold Corp (KGC), boosting its portfolio allocation to Kinross Gold Corp from 0% to 1.05%. Similarly, the fund significantly increased its stake in Compania de Minas Buenaventura (BVN), raising it from 0% to 1.03%, and purchased shares of ING Groep NV Sp ADR (ING) for the first time, adding a new position worth ING Groep NV at 1.0% allocation.

In contrast to these buys, Ativo also made an exit during Q2. The fund disposed of its entire position in Komatsu Ltd Sp Adr New (KMTUY), reducing the stake from a previous allocation of Komatsu Ltd to 0%. This exit resulted in a -23.36% change for that specific stock.

The largest position, Taiwan Semiconductor Mfg Ltd S (TSM), remained unchanged from the previous quarter's allocation percentage of 9.68%, though its share count increased by 37.23%. Other significant Technology holdings like Kinross Gold Corp and Compania de Minas Buenaventura are now part of the Basic Materials category, which saw substantial growth due to the new purchases.

In Financial Services, Ativo maintained its largest sector allocation percentage at 27.47%, primarily driven by its Technology holdings (TSM). However, within this sector, there were minor adjustments: a slight decrease in Royal Bank of Canada Montreal (RY) and Toronto Dominion Bank Ont (TD), while ORIX Corp Sp ADR (IX) and Allianz SE Unsponsrd ADS (ALIZY) saw very small reductions. Royal Bank of Canada experienced a minor share decrease (-0.15%), and Toronto Dominion Bank saw an even smaller reduction (-0.07%).

The Basic Materials sector allocation increased notably to 13.9%, driven by the new purchases of Kinross Gold Corp (KGC), Compania de Minas Buenaventura (BVN), and the addition of Harmony Gold Mining Co Ltd Sp (HMY) with a very small increase (+0.03%). Utilities also saw minor activity, specifically a decrease in Cia Energetica de Minas Gerais (CIG). Consumer Cyclical experienced a slight reduction due to Gildan Activewear Inc (GIL), and Consumer Defensive allocation slightly decreased because of British American Tobacco PLC S (BTI) and Tesco Plc Sp Adr (TSCDY).