SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK 1234074 · View on SEC EDGAR ↗

Portfolio value QoQ: +2.3% 13F does not disclose cash

Top 10 holdings weight93.30%

Top 25 holdings weight98.69%

Positions above 1%3

Effective number of positions3.5

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 0.0% Est. buys $0 · sells $173,295,039

Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 83.3% still held

New positions0

Increased0

Decreased32

Closed2

Portfolio value $639.1M #3,348 of 9,339 by 13F value · top 35.8%

Positions 40

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Industrials 72.3%

Financials 2.3%

Health Care 1.5%

Communication Services 1.0%

Consumer Discretionary 1.0%

Technology 0.9%

Retail 0.4%

Consumer Staples 0.4%

Energy 0.3%

Other/Unmapped 20.0%

Full portfolio 40 positions

					Streak
CPA Copa Holdings, S.A. Class A Common Stock	$225,824,167	35.33%	1,451,592	$32,799,641	Down ×6
RYAAY Ryanair Holdings plc - American Depositary Shares, each representing five Ordinary Shares	$221,426,676	34.65%	3,419,717	$-702,597	Down ×6
Unknown issuer (CUSIP: 796050888)	$127,613,640	19.97%	23,676	$35,778,288	Down ×5
DCI Donaldson Company, Inc. Common Stock	$3,591,159	0.56%	40,004	$-2,570,742	Down ×6
HSIC Henry Schein, Inc. - Common Stock	$3,376,463	0.53%	40,427	$-2,528,897	Down ×6
MKL Markel Group Inc. Common Stock	$3,132,628	0.49%	1,604	$-2,778,020	Down ×6
SNA Snap-On Incorporated Common Stock	$2,977,760	0.47%	7,400	$-2,288,930	Down ×3
GOOGL Alphabet Inc. - Class A Common Stock	$2,812,502	0.44%	7,870	$-1,870,125	Down ×3
EXP Eagle Materials Inc Common Stock	$2,769,750	0.43%	12,310	$-420,020	Down ×1
QCOM QUALCOMM Incorporated - Common Stock	$2,758,730	0.43%	14,929	$-1,275,819	Down ×6
DG Dollar General Corporation Common Stock	$2,704,509	0.42%	23,495	$-1,573,214	Down ×3
CFR Cullen/Frost Bankers, Inc. Common Stock	$2,519,912	0.39%	16,308	$-1,963,701	Down ×6
BRK-B (filed as BRKB) Berkshire Hathaway Inc. Class B	$2,519,464	0.39%	5,035	$-1,791,419	Down ×6
GNTX Gentex Corporation - Common Stock	$2,510,170	0.39%	99,334	$-1,613,668	Down ×3
DIS Walt Disney Company (The) Common Stock	$2,458,321	0.38%	25,541	$-2,220,061	Down ×6
GILD Gilead Sciences, Inc. - Common Stock	$2,387,826	0.37%	18,900	$-2,894,297	Down ×6
BF-B (filed as BFB) Brown-Forman Corporation Class B	$2,374,515	0.37%	89,100	$-1,993,373	Down ×3
JNJ Johnson & Johnson Common Stock	$2,336,524	0.37%	9,200	$-2,747,828	Down ×6
XPEL XPEL, Inc. - Common Stock	$2,296,480	0.36%	46,300	$-571,568	Down ×1
WFC Wells Fargo & Company Common Stock	$2,188,059	0.34%	26,477	$-2,789,158	Down ×4
TROW T. Rowe Price Group, Inc. - Common Stock	$2,127,595	0.33%	18,714	$-2,097,267	Down ×6
XOM Exxon Mobil Corporation Common Stock	$2,087,578	0.33%	15,269	$-2,725,507	Down ×3
CHRW C.H. Robinson Worldwide, Inc. - Common Stock	$2,055,166	0.32%	10,912	$-3,360,709	Down ×6
TTC Toro Company (The) Common Stock	$2,027,310	0.32%	20,810	$-851,576	Down ×3
AXP American Express Company Common Stock	$1,840,757	0.29%	5,442	$-1,472,306	Down ×6
MSFT Microsoft Corporation - Common Stock	$1,432,397	0.22%	3,840	$-107,510	Down ×1
ACN Accenture plc Class A Ordinary Shares (Ireland)	$1,391,613	0.22%	11,183	$-1,867,481	Down ×1
NKE Nike, Inc. Common Stock	$1,391,595	0.22%	33,900	$-1,259,969	Down ×1
META Meta Platforms, Inc. - Class A Common Stock	$1,324,295	0.21%	2,351	$-1,367,577	Down ×6
BDX Becton, Dickinson and Company Common Stock	$1,210,640	0.19%	8,000	$-1,242,148	Down ×6
LFUS Littelfuse, Inc. - Common Stock	$259,538	0.04%	570	$21,993	Down ×1
CGNX Cognex Corporation - Common Stock	$202,776	0.03%	2,800	$46,008	Down ×1
BOKF BOK Financial Corporation - Common Stock	$194,432	0.03%	1,400	$15,148
AYI Acuity Inc. Common Stock	$177,030	0.03%	470	$45,327
MSM MSC Industrial Direct Company, Inc. Common Stock	$166,530	0.03%	1,400	$37,352
LSTR Landstar System, Inc. - Common Stock	$165,448	0.03%	800	$37,200
WAFD WaFd, Inc. - Common Stock	$161,154	0.03%	4,200	$29,274
AX Axos Financial, Inc. Common Stock	$136,346	0.02%	1,400	$17,220
SSD Simpson Manufacturing Company, Inc. Common Stock	$104,675	0.02%	500	$18,865
GGG Graco Inc. Common Stock	$68,049	0.01%	900	$-8,136
No matches

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
·	Trimmed	-9K	+$35.8M
CPA	Trimmed	-247K	+$32.8M
CHRW	Trimmed	-22K	-$3.4M
GILD	Trimmed	-19K	-$2.9M
WFC	Trimmed	-36K	-$2.8M
MKL	Trimmed	-1K	-$2.8M
JNJ	Trimmed	-12K	-$2.7M
XOM	Trimmed	-13K	-$2.7M
DCI	Trimmed	-33K	-$2.6M
HSIC	Trimmed	-40K	-$2.5M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
INTC	June 30, 2025	516,720	$11,734,711	288.2%
RTX	Dec. 31, 2025	63,730	$10,663,941	4.1%
SBKFF	June 30, 2026	29,590	$3,130,622	No longer tracked
BWA	Sept. 30, 2025	83,430	$2,793,236	25.0%
BIIB	Sept. 30, 2025	13,310	$1,671,603	79.0%
WAT	June 30, 2026	2,204	$656,351	21.0%
FMC	March 31, 2026	2,900	$40,223	-70.7%