# SPRUCEGROVE INVESTMENT MANAGEMENT LTD

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1234074. Source: https://holderbook.com/funds/1234074-sprucegrove-investment-management-ltd/

- Reported value: $639.1M
- Positions: 40
- Weight of the ten largest: 93.3%
- Filed: 2026-08-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $225.8M | 1,451,592 | 35.3% | 31 |
| RYANAIR HOLDINGS PLC | [RYAAY](https://holderbook.com/stocks/RYAAY/) | $221.4M | 3,419,717 | 34.6% | 28 |
| SAMSUNG ELECTRONICS CO LTD SPONS ADR | - | $127.6M | 23,676 | 20.0% | 31 |
| DONALDSON INC | [DCI](https://holderbook.com/stocks/DCI/) | $3.6M | 40,004 | 0.6% | 26 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $3.4M | 40,427 | 0.5% | 26 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $3.1M | 1,604 | 0.5% | 31 |
| SNAP ON INC | [SNA](https://holderbook.com/stocks/SNA/) | $3.0M | 7,400 | 0.5% | 9 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.8M | 7,870 | 0.4% | 31 |
| EAGLE MATLS INC | [EXP](https://holderbook.com/stocks/EXP/) | $2.8M | 12,310 | 0.4% | 5 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $2.8M | 14,929 | 0.4% | 13 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $2.7M | 23,495 | 0.4% | 5 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $2.5M | 16,308 | 0.4% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.5M | 5,035 | 0.4% | 31 |
| GENTEX CORP | [GNTX](https://holderbook.com/stocks/GNTX/) | $2.5M | 99,334 | 0.4% | 20 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $2.5M | 25,541 | 0.4% | 31 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $2.4M | 18,900 | 0.4% | 24 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $2.4M | 89,100 | 0.4% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $2.3M | 9,200 | 0.4% | 31 |
| XPEL INC | [XPEL](https://holderbook.com/stocks/XPEL/) | $2.3M | 46,300 | 0.4% | 6 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $2.2M | 26,477 | 0.3% | 31 |
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $2.1M | 18,714 | 0.3% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.1M | 15,269 | 0.3% | 26 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $2.1M | 10,912 | 0.3% | 28 |
| TORO CO | [TTC](https://holderbook.com/stocks/TTC/) | $2.0M | 20,810 | 0.3% | 6 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.8M | 5,442 | 0.3% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $1.4M | 3,840 | 0.2% | 2 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $1.4M | 11,183 | 0.2% | 3 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $1.4M | 33,900 | 0.2% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.3M | 2,351 | 0.2% | 18 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $1.2M | 8,000 | 0.2% | 31 |
| LITTELFUSE INC | [LFUS](https://holderbook.com/stocks/LFUS/) | $259.5K | 570 | 0.0% | 5 |
| COGNEX CORP | [CGNX](https://holderbook.com/stocks/CGNX/) | $202.8K | 2,800 | 0.0% | 5 |
| BOK FINL CORP | [BOKF](https://holderbook.com/stocks/BOKF/) | $194.4K | 1,400 | 0.0% | 5 |
| ACUITY INC | [AYI](https://holderbook.com/stocks/AYI/) | $177.0K | 470 | 0.0% | 5 |
| MSC INDL DIRECT INC | [MSM](https://holderbook.com/stocks/MSM/) | $166.5K | 1,400 | 0.0% | 31 |
| LANDSTAR SYS INC | [LSTR](https://holderbook.com/stocks/LSTR/) | $165.4K | 800 | 0.0% | 5 |
| WAFD INC | [WAFD](https://holderbook.com/stocks/WAFD/) | $161.2K | 4,200 | 0.0% | 5 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $136.3K | 1,400 | 0.0% | 5 |
| SIMPSON MFG INC | [SSD](https://holderbook.com/stocks/SSD/) | $104.7K | 500 | 0.0% | 5 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $68.0K | 900 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +30.2% | +14.8% | +15.3% | 99% |
| Q1 2026 | -5.0% | -4.6% | -0.3% | 99% |
| Q4 2025 | +14.8% | +2.4% | +12.4% | 96% |
| Q3 2025 | +10.8% | +7.8% | +3.0% | 96% |
| Q2 2025 | +17.3% | +10.5% | +6.8% | 127% |
| Q1 2025 | +1.8% | -4.6% | +6.3% | 96% |
| Q4 2024 | -8.9% | +2.1% | -11.0% | 97% |
| Q3 2024 | +0.3% | +5.4% | -5.1% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $639.1M | 40 |
| Q1 2026 | $625.0M | 42 |
| Q4 2025 | $829.8M | 40 |
| Q3 2025 | $1.2B | 41 |
| Q2 2025 | $1.2B | 43 |
| Q1 2025 | $929.9M | 32 |
| Q4 2024 | $1.4B | 32 |
| Q3 2024 | $1.8B | 32 |
| Q2 2024 | $1.9B | 33 |
| Q1 2024 | $2.5B | 33 |
| Q4 2023 | $2.3B | 37 |
| Q3 2023 | $1.6B | 36 |