CIK: 0001234074
Total reported value
$625.0M
Reporting period: 2026-03-31 · Number of holdings: 42
SPRUCEGROVE INVESTMENT MANAGEMENT LTD disclosed 42 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $625.0M and a quarterly turnover rate of 29.8%.
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Sprucegrove Investment Management LTD's disclosed holdings carry a Herfindahl concentration index of 0.245 — mathematically equivalent to about 4 equally-sized positions, well below its 42 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 3.08), 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 53% 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.
Trim RYAAY
-15.3% -$105.4M
Add CPA
-11.1% -$37.5M
Add SSNHZ
-41.8% -$23.1M
Trim SBKFF
-68.2% -$7.0M
Trim MSM
-97.8% -$5.1M
Add EXP
+35.8% $626.9K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RYAAY | Ryanair Holdings Plc-sp Adr | Stock-Industrials | 35.54% | -3.93% | -15.30% | |
| 2 | CPA | Copa Holdings, S.A. | Stock-Other | 30.88% | +3.10% | -11.10% | |
| 3 | SSNHZ | Samsung Electr-gdr Reg S | Stock-Other | 14.69% | +0.83% | -41.82% | |
| 4 | DCI | Donaldson Co INC | Stock-Industrials | 0.99% | — | -21.65% | |
| 5 | MKL | Markel Group INC | Stock-Financials | 0.95% | -0.04% | -19.12% | |
| 6 | HSIC | Henry Schein INC | Stock-Healthcare | 0.94% | +0.04% | -19.24% | |
| 7 | CHRW | C.h. Robinson Worldwide INC | Stock-Industrials | 0.87% | -0.15% | -38.33% | |
| 8 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.85% | -0.04% | -36.70% | |
| 9 | SNA | Snap-on INC | Stock-Industrials | 0.84% | +0.13% | -15.60% | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.81% | +0.13% | -23.50% | |
| 11 | WFC | Wells Fargo & Co | Stock-Financials | 0.80% | -0.11% | -22.67% | |
| 12 | XOM | Exxon Mobil CORP | Stock-Energy | 0.77% | +0.20% | -27.37% | |
| 13 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.75% | -0.02% | -19.96% | |
| 14 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.75% | -0.03% | -14.86% | |
| 15 | CFR | Cullen/frost Bankers INC | Stock-Financials | 0.72% | +0.09% | -20.30% | |
| 16 | BF-B | Brown-forman Corp-class B | Stock-Other | 0.70% | +0.09% | -14.46% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.69% | -0.09% | -30.08% | |
| 18 | DG | Dollar General CORP | Stock-Consumer Staples | 0.68% | +0.03% | -11.28% | |
| 19 | TROW | T Rowe Price Group INC | Stock-Financials | 0.68% | -0.04% | -19.41% | |
| 20 | GNTX | Gentex CORP | Stock-Consumer Disc | 0.66% | +0.04% | -15.17% | |
| 21 | QCOM | Qualcomm INC | Stock-Tech | 0.65% | -0.08% | -11.72% | |
| 22 | AXP | American Express Co | Stock-Financials | 0.53% | -0.08% | -20.24% | |
| 23 | ACN | Accenture plc | Stock-Tech | 0.52% | +0.11% | +30.48% | |
| 24 | EXP | Eagle Materials INC | Stock-Materials | 0.51% | +0.20% | +35.78% | |
| 25 | SBKFF | State Bank Of Indi-gdr Reg S | Stock-Other | 0.50% | -0.72% | -68.15% | |
| 26 | TTC | Toro Co | Stock-Industrials | 0.46% | +0.16% | -3.14% | |
| 27 | XPEL | Xpel INC | Stock-Other | 0.46% | +0.07% | +0.85% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.43% | -0.07% | -25.39% | |
| 29 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.42% | +0.42% | NEW | |
| 30 | BDX | Becton Dickinson And Co | Stock-Healthcare | 0.39% | -0.04% | -15.54% | |
| 31 | MSFT | Microsoft CORP | Stock-Tech | 0.25% | +0.25% | NEW | |
| 32 | WAT | Waters CORP | Stock-Healthcare | 0.11% | +0.10% | NEW | |
| 33 | LFUS | Littelfuse INC | Stock-Tech | 0.04% | +0.02% | — | |
| 34 | BOKF | Bok Financial Corporation | Stock-Other | 0.03% | +0.01% | — | |
| 35 | CGNX | Cognex CORP | Stock-Tech | 0.03% | +0.02% | — | |
| 36 | WAFD | Wafd INC | Stock-Other | 0.02% | — | — | |
| 37 | AYI | Acuity INC | Stock-Industrials | 0.02% | — | — | |
| 38 | MSM | Msc Industrial Direct Co-a | Stock-Industrials | 0.02% | -0.61% | -97.76% | |
| 39 | LSTR | Landstar System INC | Stock-Industrials | 0.02% | +0.01% | — | |
| 40 | AX | Axos Financial INC | Stock-Financials | 0.02% | +0.01% | — | |
| 41 | SSD | Simpson Manufacturing Co INC | Stock-Materials | 0.01% | — | — | |
| 42 | GGG | Graco INC | Stock-Industrials | 0.01% | — | — |
Performance for Q3 2026
+15.5%
Performance Last 4 Quarters
+14.5%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 42 | $625.0M | 30 | |
| 2025-12-31 | 40 | $829.8M | 43 | |
| 2025-09-30 | 41 | $1.2B | 33 | |
| 2025-06-30 | 43 | $1.2B | 0 | |
| 2025-03-31 | 32 | $929.9M | 100 | |
| 2024-12-31 | 32 | $1.4B | 0 | |
| 2024-09-30 | 32 | $1.8B | 0 | |
| 2024-06-30 | 33 | $1.9B | 0 | |
| 2024-03-31 | 33 | $2.5B | 0 | |
| 2023-12-31 | 37 | $2.3B | 0 | |
| 2023-09-30 | 36 | $1.6B | 0 | |
| 2023-06-30 | 36 | $1.9B | 0 | |
| 2023-03-31 | 35 | $1.8B | 0 | |
| 2022-12-31 | 35 | $1.8B | 0 | |
| 2022-09-30 | 35 | $1.7B | 0 | |
| 2022-06-30 | 36 | $2.0B | 0 | |
| 2022-03-31 | 37 | $3.1B | 0 | |
| 2021-12-31 | 38 | $4.0B | 0 | |
| 2021-09-30 | 38 | $4.1B | 0 | |
| 2021-06-30 | 38 | $4.2B | 100 | |
| 2021-03-31 | 38 | $4.1B | 16 | |
| 2020-12-31 | 38 | $3.9B | 76 | |
| 2020-09-30 | 39 | $1.9B | 30 | |
| 2020-06-30 | 39 | $1.5B | 26 | |
| 2020-03-31 | 41 | $1.3B | 47 | |
| 2019-12-31 | 37 | $1.8B | 19 | |
| 2019-09-30 | 40 | $1.6B | 23 | |
| 2019-06-30 | 45 | $1.6B | 10 | |
| 2019-03-31 | 45 | $1.5B | 13 | |
| 2018-12-31 | 46 | $1.4B | 26 | |
| 2018-09-30 | 48 | $1.6B | 10 | |
| 2018-06-30 | 48 | $1.5B | 16 | |
| 2018-03-31 | 54 | $1.6B | 11 | |
| 2017-12-31 | 55 | $1.7B | 10 | |
| 2017-09-30 | 56 | $1.8B | 10 | |
| 2017-06-30 | 55 | $1.7B | 100 | |
| 2017-03-31 | 59 | $1.9B | 100 | |
| 2016-12-31 | 59 | $2.0B | 18 | |
| 2016-09-30 | 58 | $2.4B | 13 | |
| 2016-06-30 | 58 | $2.4B | 12 | |
| 2016-03-31 | 107 | $2.5B | 49 | |
| 2015-12-31 | 107 | $3.5B | 24 | |
| 2015-09-30 | 106 | $4.0B | 22 | |
| 2015-06-30 | 109 | $4.7B | 16 | |
| 2015-03-31 | 107 | $5.0B | 17 | |
| 2014-12-31 | 103 | $5.4B | 15 | |
| 2014-09-30 | 102 | $5.6B | 11 | |
| 2014-06-30 | 98 | $5.9B | 9 | |
| 2014-03-31 | 97 | $5.7B | 8 | |
| 2013-12-31 | 99 | $5.8B | 10 | |
| 2013-09-30 | 102 | $5.5B | 9 | |
| 2013-06-30 | 100 | $5.5B | — |
Sprucegrove Investment Management LTD's most significant position changes for 2026-03-31: New buy: Nike INC -cl B (NKE); New buy: Microsoft CORP (MSFT); New buy: Waters CORP (WAT); Sold out: Fmc CORP (FMC); Trim: Ryanair Holdings Plc-sp Adr (RYAAY) — shares -15.30%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CPA | Copa Holdings, S.A. | +3.1% | -11.10% | Trim |
| 2 | SSNHZ | Samsung Electr-gdr Reg S | +0.8% | -41.82% | Trim |
| 3 | EXP | Eagle Materials INC | +0.2% | +35.78% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.2% | -27.37% | Trim |
| 5 | TTC | Toro Co | +0.2% | -3.14% | Trim |
| 6 | SNA | Snap-on INC | +0.1% | -15.60% | Trim |
| 7 | JNJ | Johnson & Johnson | +0.1% | -23.50% | Trim |
| 8 | ACN | Accenture plc | +0.1% | +30.48% | Add |
| 9 | CFR | Cullen/frost Bankers INC | +0.1% | -20.30% | Trim |
| 10 | BF-B | Brown-forman Corp-class B | +0.1% | -14.46% | Trim |
| 11 | XPEL | Xpel INC | +0.1% | +0.85% | Add |
| 12 | HSIC | Henry Schein INC | 0% | -19.24% | Trim |
| 13 | GNTX | Gentex CORP | 0% | -15.17% | Trim |
| 14 | DG | Dollar General CORP | 0% | -11.28% | Trim |
| 15 | LFUS | Littelfuse INC | 0% | — | Unchanged |
| 16 | CGNX | Cognex CORP | 0% | — | Unchanged |
| 17 | BOKF | Bok Financial Corporation | 0% | — | Unchanged |
| 18 | LSTR | Landstar System INC | 0% | — | Unchanged |
| 19 | AX | Axos Financial INC | 0% | — | Unchanged |
| 20 | DCI | Donaldson Co INC | — | -21.65% | Trim |
| 21 | AYI | Acuity INC | — | — | Unchanged |
| 22 | SSD | Simpson Manufacturing Co INC | — | — | Unchanged |
| 23 | WAFD | Wafd INC | — | — | Unchanged |
| 24 | GGG | Graco INC | — | — | Unchanged |
| 25 | GOOGL | Alphabet Inc-cl A | 0% | -19.96% | Trim |
| 26 | DIS | Walt Disney Co/the | 0% | -14.86% | Trim |
| 27 | MKL | Markel Group INC | 0% | -19.12% | Trim |
| 28 | GILD | Gilead Sciences INC | 0% | -36.70% | Trim |
| 29 | TROW | T Rowe Price Group INC | 0% | -19.41% | Trim |
| 30 | BDX | Becton Dickinson And Co | 0% | -15.54% | Trim |
| 31 | META | Meta Platforms Inc-class A | -0.1% | -25.39% | Trim |
| 32 | QCOM | Qualcomm INC | -0.1% | -11.72% | Trim |
| 33 | AXP | American Express Co | -0.1% | -20.24% | Trim |
| 34 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -30.08% | Trim |
| 35 | WFC | Wells Fargo & Co | -0.1% | -22.67% | Trim |
| 36 | CHRW | C.h. Robinson Worldwide INC | -0.2% | -38.33% | Trim |
| 37 | MSM | Msc Industrial Direct Co-a | -0.6% | -97.76% | Trim |
| 38 | SBKFF | State Bank Of Indi-gdr Reg S | -0.7% | -68.15% | Trim |
| 39 | RYAAY | Ryanair Holdings Plc-sp Adr | -3.9% | -15.30% | Trim |
| 40 | NKE | Nike INC -cl B | — | NEW | New buy |
| 41 | MSFT | Microsoft CORP | — | NEW | New buy |
| 42 | WAT | Waters CORP | — | NEW | New buy |
| 43 | FMC | Fmc CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-03 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-06 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-24 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-29 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-08 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-05 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-08 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-19 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-08 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-25 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-17 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-17 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-27 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-02 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-29 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-30 | 13F-HR | View on EDGAR |
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