SI
Sprucegrove Investment Management LTD 13F Filing (Q2 2026) — Top Positions & Stock Picks
Sprucegrove Investment Management LTDCIK: 0001234074
Concentrated strategySector-focusedLong-term holder
Total reported value
$639.1M
Reporting period: 2026-06-30 · Number of holdings: 40
SPRUCEGROVE INVESTMENT MANAGEMENT LTD disclosed 40 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $639.1M and a quarterly turnover rate of 19.6%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 19.55
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 80
- Sizing Uniformity
- 67.33
Sprucegrove Investment Management LTD's disclosed holdings carry a Herfindahl concentration index of 0.285 — mathematically equivalent to about 4 equally-sized positions, well below its 40 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.27), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd SSNHZ
-26.9% $35.8M
Add CPA
-14.6% $32.8M
Trim RYAAY
-11.0% -$702.6K
Trim CHRW
-66.5% -$3.4M
Sold out SBKFF
Trim GILD
-50.1% -$2.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CPA | Copa Holdings, S.A. | Stock-Other | 35.33% | +4.45% | -14.56% | |
| 2 | RYAAY | Ryanair Holdings Plc-sp Adr | Stock-Industrials | 34.65% | -0.89% | -11.02% | |
| 3 | SSNHZ | Samsung Electr-gdr Reg S | Stock-Other | 19.97% | +5.28% | -26.89% | |
| 4 | DCI | Donaldson Co Inc | Stock-Industrials | 0.56% | -0.43% | -44.90% | |
| 5 | HSIC | Henry Schein Inc | Stock-Healthcare | 0.53% | -0.41% | -49.55% | |
| 6 | MKL | Markel Group Inc | Stock-Financials | 0.49% | -0.46% | -48.06% | |
| 7 | SNA | Snap-on Inc | Stock-Industrials | 0.47% | -0.37% | -48.97% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.44% | -0.31% | -51.67% | |
| 9 | EXP | Eagle Materials Inc | Stock-Materials | 0.43% | -0.08% | -26.89% | |
| 10 | QCOM | Qualcomm Inc | Stock-Tech | 0.43% | -0.22% | -52.35% | |
| 11 | DG | Dollar General CORP | Stock-Consumer Staples | 0.42% | -0.26% | -34.79% | |
| 12 | CFR | Cullen/frost Bankers Inc | Stock-Financials | 0.39% | -0.33% | -50.14% | |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.39% | -0.30% | -44.03% | |
| 14 | GNTX | Gentex CORP | Stock-Consumer Disc | 0.39% | -0.27% | -47.37% | |
| 15 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.38% | -0.37% | -47.38% | |
| 16 | GILD | Gilead Sciences Inc | Stock-Healthcare | 0.37% | -0.48% | -50.13% | |
| 17 | BF-B | Brown-forman Corp-class B | Stock-Other | 0.37% | -0.33% | -46.07% | |
| 18 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.37% | -0.44% | -55.77% | |
| 19 | XPEL | Xpel Inc | Stock-Other | 0.36% | -0.10% | -28.55% | |
| 20 | WFC | Wells Fargo & Co | Stock-Financials | 0.34% | -0.46% | -57.65% | |
| 21 | TROW | T Rowe Price Group Inc | Stock-Financials | 0.33% | -0.35% | -60.07% | |
| 22 | XOM | Exxon Mobil CORP | Stock-Energy | 0.33% | -0.44% | -46.18% | |
| 23 | CHRW | C.h. Robinson Worldwide Inc | Stock-Industrials | 0.32% | -0.55% | -66.54% | |
| 24 | TTC | Toro Co | Stock-Industrials | 0.32% | -0.14% | -32.46% | |
| 25 | AXP | American Express Co | Stock-Financials | 0.29% | -0.24% | -50.31% | |
| 26 | MSFT | Microsoft CORP | Stock-Tech | 0.22% | -0.03% | -7.69% | |
| 27 | ACN | Accenture plc | Stock-Tech | 0.22% | -0.30% | -31.96% | |
| 28 | NKE | Nike Inc -cl B | Stock-Consumer Disc | 0.22% | -0.20% | -32.47% | |
| 29 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.21% | -0.22% | -50.03% | |
| 30 | BDX | Becton Dickinson And Co | Stock-Healthcare | 0.19% | -0.20% | -48.72% | |
| 31 | LFUS | Littelfuse Inc | Stock-Tech | 0.04% | — | -18.57% | |
| 32 | CGNX | Cognex CORP | Stock-Tech | 0.03% | — | -12.50% | |
| 33 | BOKF | Bok Financial Corporation | Stock-Other | 0.03% | — | — | |
| 34 | AYI | Acuity Inc | Stock-Industrials | 0.03% | +0.01% | — | |
| 35 | MSM | Msc Industrial Direct Co-a | Stock-Industrials | 0.03% | +0.01% | — | |
| 36 | LSTR | Landstar System Inc | Stock-Industrials | 0.03% | +0.01% | — | |
| 37 | WAFD | Wafd Inc | Stock-Other | 0.03% | +0.01% | — | |
| 38 | AX | Axos Financial Inc | Stock-Financials | 0.02% | — | — | |
| 39 | SSD | Simpson Manufacturing Co Inc | Stock-Materials | 0.02% | +0.01% | — | |
| 40 | GGG | Graco Inc | Stock-Industrials | 0.01% | — | — |
Portfolio Performance
Performance for Q3 2026
-5.8%
Performance Last 4 Quarters
+3.3%
Based on 84% of reported portfolio value with available pricing
- Stdev
- +21.2%
- Beta
- +0.98
- Alpha
- -7.1%
- Max Drawdown
- -15.5%
- Annualized Perf
- +10.8%
- Batting Avg vs S&P
- +50%
- Sortino
- +0.98
- Stutzer
- +0.17
- Treynor
- +0.13
- Sterling
- +0.49
- Calmar
- +0.7
- Information Ratio
- -0.44
- Tracking Error
- +17%
- Stdev Down
- +12.8%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +43.9%
- Worst 12 Months
- -11%
- Efficiency Ratio
- +0.21
- Sharpe
- +0.59
- Stdev Sectors
- +25.7%
- Skewness
- +0.03
- Kurtosis
- +0.07
- Upside Potential
- +2.79
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 40 | $639.1M | 20 | ||
| 2026 Q1 | 42 | $625.0M | 30 | ||
| 2025 Q4 | 40 | $829.8M | 43 | ||
| 2025 Q3 | 41 | $1.2B | 33 | ||
| 2025 Q2 | 43 | $1.2B | 0 | ||
| 2025 Q1 | 32 | $929.9M | 100 | ||
| 2024 Q4 | 32 | $1.4B | 0 | ||
| 2024 Q3 | 32 | $1.8B | 0 | ||
| 2024 Q2 | 33 | $1.9B | 0 | ||
| 2024 Q1 | 33 | $2.5B | 0 | ||
| 2023 Q4 | 37 | $2.3B | 0 | ||
| 2023 Q3 | 36 | $1.6B | 0 | ||
| 2023 Q2 | 36 | $1.9B | 0 | ||
| 2023 Q1 | 35 | $1.8B | 0 | ||
| 2022 Q4 | 35 | $1.8B | 0 | ||
| 2022 Q3 | 35 | $1.7B | 0 | ||
| 2022 Q2 | 36 | $2.0B | 0 | ||
| 2022 Q1 | 37 | $3.1B | 0 | ||
| 2021 Q4 | 38 | $4.0B | 0 | ||
| 2021 Q3 | 38 | $4.1B | 0 | ||
| 2021 Q2 | 38 | $4.2B | 100 | ||
| 2021 Q1 | 38 | $4.1B | 16 | ||
| 2020 Q4 | 38 | $3.9B | 76 | ||
| 2020 Q3 | 39 | $1.9B | 30 | ||
| 2020 Q2 | 39 | $1.5B | 26 | ||
| 2020 Q1 | 41 | $1.3B | 47 | ||
| 2019 Q4 | 37 | $1.8B | 19 | ||
| 2019 Q3 | 40 | $1.6B | 23 | ||
| 2019 Q2 | 45 | $1.6B | 10 | ||
| 2019 Q1 | 45 | $1.5B | 13 | ||
| 2018 Q4 | 46 | $1.4B | 26 | ||
| 2018 Q3 | 48 | $1.6B | 10 | ||
| 2018 Q2 | 48 | $1.5B | 16 | ||
| 2018 Q1 | 54 | $1.6B | 11 | ||
| 2017 Q4 | 55 | $1.7B | 10 | ||
| 2017 Q3 | 56 | $1.8B | 10 | ||
| 2017 Q2 | 55 | $1.7B | 100 | ||
| 2017 Q1 | 59 | $1.9B | 100 | ||
| 2016 Q4 | 59 | $2.0B | 18 | ||
| 2016 Q3 | 58 | $2.4B | 13 | ||
| 2016 Q2 | 58 | $2.4B | 12 | ||
| 2016 Q1 | 107 | $2.5B | 49 | ||
| 2015 Q4 | 107 | $3.5B | 24 | ||
| 2015 Q3 | 106 | $4.0B | 22 | ||
| 2015 Q2 | 109 | $4.7B | 16 | ||
| 2015 Q1 | 107 | $5.0B | 17 | ||
| 2014 Q4 | 103 | $5.4B | 15 | ||
| 2014 Q3 | 102 | $5.6B | 11 | ||
| 2014 Q2 | 98 | $5.9B | 9 | ||
| 2014 Q1 | 97 | $5.7B | 8 | ||
| 2013 Q4 | 99 | $5.8B | 10 | ||
| 2013 Q3 | 102 | $5.5B | 9 | ||
| 2013 Q2 | 100 | $5.5B | — |
Holding changes this quarter
Sprucegrove Investment Management LTD's most significant position changes for 2026-06-30: Sold out: State Bank Of Indi-gdr Reg S (SBKFF); Sold out: Waters CORP (WAT); Trim: Samsung Electr-gdr Reg S (SSNHZ) — shares -26.89%; Trim: Copa Holdings, S.A. (CPA) — shares -14.56%; Trim: Ryanair Holdings Plc-sp Adr (RYAAY) — shares -11.02%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SSNHZ | Samsung Electr-gdr Reg S | +5.3% | -26.89% | Trim |
| 2 | CPA | Copa Holdings, S.A. | +4.5% | -14.56% | Trim |
| 3 | AYI | Acuity Inc | 0% | — | Unchanged |
| 4 | MSM | Msc Industrial Direct Co-a | 0% | — | Unchanged |
| 5 | LSTR | Landstar System Inc | 0% | — | Unchanged |
| 6 | WAFD | Wafd Inc | 0% | — | Unchanged |
| 7 | SSD | Simpson Manufacturing Co Inc | 0% | — | Unchanged |
| 8 | CGNX | Cognex CORP | — | -12.50% | Trim |
| 9 | LFUS | Littelfuse Inc | — | -18.57% | Trim |
| 10 | AX | Axos Financial Inc | — | — | Unchanged |
| 11 | BOKF | Bok Financial Corporation | — | — | Unchanged |
| 12 | GGG | Graco Inc | — | — | Unchanged |
| 13 | MSFT | Microsoft CORP | 0% | -7.69% | Trim |
| 14 | EXP | Eagle Materials Inc | -0.1% | -26.89% | Trim |
| 15 | WAT | Waters CORP | -0.1% | EXIT | Sold out |
| 16 | XPEL | Xpel Inc | -0.1% | -28.55% | Trim |
| 17 | TTC | Toro Co | -0.1% | -32.46% | Trim |
| 18 | NKE | Nike Inc -cl B | -0.2% | -32.47% | Trim |
| 19 | BDX | Becton Dickinson And Co | -0.2% | -48.72% | Trim |
| 20 | META | Meta Platforms Inc-class A | -0.2% | -50.03% | Trim |
| 21 | QCOM | Qualcomm Inc | -0.2% | -52.35% | Trim |
| 22 | AXP | American Express Co | -0.2% | -50.31% | Trim |
| 23 | DG | Dollar General CORP | -0.3% | -34.79% | Trim |
| 24 | GNTX | Gentex CORP | -0.3% | -47.37% | Trim |
| 25 | ACN | Accenture plc | -0.3% | -31.96% | Trim |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | -0.3% | -44.03% | Trim |
| 27 | GOOGL | Alphabet Inc-cl A | -0.3% | -51.67% | Trim |
| 28 | BF-B | Brown-forman Corp-class B | -0.3% | -46.07% | Trim |
| 29 | CFR | Cullen/frost Bankers Inc | -0.3% | -50.14% | Trim |
| 30 | TROW | T Rowe Price Group Inc | -0.4% | -60.07% | Trim |
| 31 | SNA | Snap-on Inc | -0.4% | -48.97% | Trim |
| 32 | DIS | Walt Disney Co/the | -0.4% | -47.38% | Trim |
| 33 | HSIC | Henry Schein Inc | -0.4% | -49.55% | Trim |
| 34 | DCI | Donaldson Co Inc | -0.4% | -44.90% | Trim |
| 35 | JNJ | Johnson & Johnson | -0.4% | -55.77% | Trim |
| 36 | XOM | Exxon Mobil CORP | -0.4% | -46.18% | Trim |
| 37 | WFC | Wells Fargo & Co | -0.5% | -57.65% | Trim |
| 38 | MKL | Markel Group Inc | -0.5% | -48.06% | Trim |
| 39 | GILD | Gilead Sciences Inc | -0.5% | -50.13% | Trim |
| 40 | SBKFF | State Bank Of Indi-gdr Reg S | -0.5% | EXIT | Sold out |
| 41 | CHRW | C.h. Robinson Worldwide Inc | -0.6% | -66.54% | Trim |
| 42 | RYAAY | Ryanair Holdings Plc-sp Adr | -0.9% | -11.02% | Trim |
Filing History
FAQ
What is Sprucegrove Investment Management LTD and what type of investor is it?
Sprucegrove Investment Management LTD is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $639.1M, spread across 40 disclosed positions.
What are Sprucegrove Investment Management LTD's largest equity positions?
Based on the latest 13F filing, Sprucegrove Investment Management LTD's top holdings by market value are:
1. Copa Holdings, S.A. (CPA) — $225.8M (35.3%)
2. Ryanair Holdings Plc-sp Adr (RYAAY) — $221.4M (34.6%)
3. Samsung Electr-gdr Reg S (SSNHZ) — $127.6M (20.0%)
4. Donaldson Co Inc (DCI) — $3.6M (0.6%)
5. Henry Schein Inc (HSIC) — $3.4M (0.5%)
What changes did Sprucegrove Investment Management LTD make in its most recent portfolio filing?
In the latest quarter, Sprucegrove Investment Management LTD took a more defensive posture — trimming 32 positions and completely exiting 2 holdings. The largest of these moves: Sold out: State Bank Of Indi-gdr Reg S (SBKFF); Sold out: Waters CORP (WAT); Trim: Samsung Electr-gdr Reg S (SSNHZ) — shares -26.89%; Trim: Copa Holdings, S.A. (CPA) — shares -14.56%; Trim: Ryanair Holdings Plc-sp Adr (RYAAY) — shares -11.02%
What sectors does Sprucegrove Investment Management LTD focus on?
Sprucegrove Investment Management LTD is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 83.7%
• Financials: 4.3%
• Health Care: 3.4%
• Communication Services: 2.4%
• Information Technology: 2.2%
• Consumer Discretionary: 1.4%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
Sprucegrove Investment Management LTD returned an annualized 10.8% over the trailing 36 months — underperforming the S&P 500 by 7.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.98 (roughly in line with the market) and a 50% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 83.7% of the portfolio concentrated in Industrials.
Its concentration score has risen from 63 to 100 over the past 4 quarters — a shift toward higher-conviction positions.
It has added to its CGNX position over the past two quarters (+$87.6K, now $202.8K), while trimming RYAAY over the same stretch (-$106.1M, still holding $221.4M).
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Developer Access
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