Ativo Research LLC, a Chicago based, award winning securities research firm has been producing independent equity research since 1971. Ativo Research is an industry pioneer in the practical application of quantitative finance theory (Chicago School) to real-world analysis of securities. We adhere to the principles of Miller and Modigliani's (1961) investment opportunities equation: The value of a firm is the sum of the economic value of existing assets plus the value of future growth. Our process seeks to consistently drive three outcomes: * Identify firms that earn significantly more than their cost of capital. * Deliver above benchmark returns while keeping volatility at or below benchmark levels. * Minimize portfolio risk and behavioral biases by using a rules-based approach.