SPRUCEGROVE INVESTMENT MANAGEMENT LTD
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| COPA HOLDINGS SA | CPA | $225.8M | 1,451,592 | +4.45pp | 31q | -14.6%-$38.5M | |
| RYANAIR HOLDINGS PLC | RYAAY | $221.4M | 3,419,717 | -0.89pp | 28q | -11.0%-$27.4M | |
| SAMSUNG ELECTRONICS CO LTD SPONS ADR | $127.6M | 23,676 | +5.27pp | 31q | -26.9%-$46.9M | ||
| DONALDSON INC | DCI | $3.6M | 40,004 | -0.42pp | 26q | -44.9%-$2.9M | |
| SCHEIN HENRY INC | HSIC | $3.4M | 40,427 | -0.42pp | 26q | -49.5%-$3.3M | |
| MARKEL GROUP INC | MKL | $3.1M | 1,604 | -0.46pp | 31q | -48.1%-$2.9M | |
| SNAP ON INC | SNA | $3.0M | 7,400 | -0.38pp | 9q | -49.0%-$2.9M | |
| ALPHABET INC | GOOGL | $2.8M | 7,870 | -0.31pp | 31q | -51.7%-$3.0M | |
| EAGLE MATLS INC | EXP | $2.8M | 12,310 | -0.08pp | 5q | -26.9%-$1.0M | |
| QUALCOMM INC | QCOM | $2.8M | 14,929 | -0.21pp | 13q | -52.3%-$3.0M | |
| DOLLAR GEN CORP | DG | $2.7M | 23,495 | -0.26pp | 5q | -34.8%-$1.4M | |
| CULLEN FROST BANKERS INC | CFR | $2.5M | 16,308 | -0.32pp | 31q | -50.1%-$2.5M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $2.5M | 5,035 | -0.30pp | 31q | -44.0%-$2.0M | |
| GENTEX CORP | GNTX | $2.5M | 99,334 | -0.27pp | 20q | -47.4%-$2.3M | |
| DISNEY WALT CO | DIS | $2.5M | 25,541 | -0.36pp | 31q | -47.4%-$2.2M | |
| GILEAD SCIENCES INC | GILD | $2.4M | 18,900 | -0.47pp | 24q | -50.1%-$2.4M | |
| BROWN FORMAN CORP | BFB | $2.4M | 89,100 | -0.33pp | 7q | -46.1%-$2.0M | |
| JOHNSON & JOHNSON | JNJ | $2.3M | 9,200 | -0.45pp | 31q | -55.8%-$2.9M | |
| XPEL INC | XPEL | $2.3M | 46,300 | -0.10pp | 6q | -28.5%-$917.6K | |
| WELLS FARGO & CO | WFC | $2.2M | 26,477 | -0.45pp | 31q | -57.7%-$3.0M | |
| PRICE T ROWE GROUP INC | TROW | $2.1M | 18,714 | -0.34pp | 31q | -60.1%-$3.2M | |
| EXXON MOBIL CORP | XOMXXXX | $2.1M | 15,269 | -0.44pp | 26q | -46.2%-$1.8M | |
| C H ROBINSON WORLDWIDE IN | CHRW | $2.1M | 10,912 | -0.54pp | 28q | -66.5%-$4.1M | |
| TORO CO | TTC | $2.0M | 20,810 | -0.14pp | 6q | -32.5%-$974.2K | |
| AMERICAN EXPRESS CO | AXP | $1.8M | 5,442 | -0.24pp | 31q | -50.3%-$1.9M | |
| MICROSOFT CORP | MSFT | $1.4M | 3,840 | -0.02pp | 2q | -7.7%-$119.4K | |
| ACCENTURE PLC IRELAND | ACN | $1.4M | 11,183 | -0.30pp | 3q | -32.0%-$653.7K | |
| NIKE INC | NKE | $1.4M | 33,900 | -0.21pp | 2q | -32.5%-$669.1K | |
| META PLATFORMS INC | META | $1.3M | 2,351 | -0.22pp | 18q | -50.0%-$1.3M | |
| BECTON DICKINSON & CO | BDX | $1.2M | 8,000 | -0.20pp | 31q | -48.7%-$1.2M | |
| LITTELFUSE INC | LFUS | $259.5K | 570 | flat | 5q | -18.6%-$59.2K | |
| COGNEX CORP | CGNX | $202.8K | 2,800 | +0.01pp | 5q | -12.5%-$29.0K | |
| BOK FINL CORP | BOKF | $194.4K | 1,400 | flat | 5q | HELD | |
| ACUITY INC | AYI | $177.0K | 470 | +0.01pp | 5q | HELD | |
| MSC INDL DIRECT INC | MSM | $166.5K | 1,400 | +0.01pp | 31q | HELD | |
| LANDSTAR SYS INC | LSTR | $165.4K | 800 | +0.01pp | 5q | HELD | |
| WAFD INC | WAFD | $161.2K | 4,200 | flat | 5q | HELD | |
| AXOS FINANCIAL INC | AX | $136.3K | 1,400 | flat | 5q | HELD | |
| SIMPSON MFG INC | SSD | $104.7K | 500 | flat | 5q | HELD | |
| GRACO INC | GGG | $68.0K | 900 | flat | 5q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Transport & Logistics | $449.5M | 70.3% |
| Industrials | $11.1M | 1.7% |
| Other sectors | $48.9M | 7.6% |
| Not classified | $129.7M | 20.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $639.1M | 40 | 0 | 0 | 32 | 2 | 93.3% | 38 |
| Q1 2026 | $625.0M | 42 | 3 | 3 | 27 | 1 | 87.4% | 43 |
| Q4 2025 | $829.8M | 40 | 1 | 1 | 29 | 2 | 88.0% | 34 |
| Q3 2025 | $1.2B | 41 | 0 | 15 | 23 | 2 | 78.4% | 45 |
| Q2 2025 | $1.2B | 43 | 12 | 7 | 22 | 1 | 78.9% | 37 |
| Q1 2025 | $929.9M | 32 | 2 | 6 | 24 | 2 | 71.9% | 43 |
| Q4 2024 | $1.4B | 32 | 1 | 2 | 7 | 1 | 76.1% | 41 |
| Q3 2024 | $1.8B | 32 | 0 | 5 | 9 | 1 | 79.4% | 24 |
| Q2 2024 | $1.9B | 33 | 1 | 24 | 5 | 1 | 80.2% | 43 |
| Q1 2024 | $2.5B | 33 | 0 | 26 | 5 | 4 | 83.0% | 43 |
| Q4 2023 | $2.3B | 37 | 1 | 20 | 14 | 0 | 87.0% | 29 |
| Q3 2023 | $1.6B | 36 | 2 | 5 | 28 | 2 | 84.0% | 44 |
| Q2 2023 | $1.9B | 36 | 1 | 1 | 34 | 0 | 84.8% | 42 |
| Q1 2023 | $1.8B | 35 | 0 | 3 | 32 | 0 | 82.3% | 40 |
| Q4 2022 | $1.8B | 35 | 1 | 4 | 30 | 1 | 81.6% | 39 |
| Q3 2022 | $1.7B | 35 | 1 | 4 | 30 | 2 | 77.7% | 40 |
| Q2 2022 | $2.0B | 36 | 0 | 3 | 32 | 1 | 69.4% | 42 |
| Q1 2022 | $3.1B | 37 | 2 | 3 | 32 | 3 | 63.8% | 46 |
| Q4 2021 | $4.0B | 38 | 1 | 6 | 29 | 1 | 58.1% | 41 |
| Q3 2021 | $4.1B | 38 | 2 | 28 | 7 | 1 | 57.5% | 39 |
| Q2 2021 | $4.2B | 37 | 0 | 9 | 24 | 1 | 59.5% | 41 |
| Q1 2021 | $4.1B | 38 | 1 | 13 | 24 | 1 | 59.7% | 42 |
| Q4 2020 | $3.9B | 38 | 1 | 32 | 5 | 1 | 60.2% | 36 |
| Q3 2020 | $1.9B | 38 | 1 | 31 | 6 | 2 | 63.7% | 43 |
| Q2 2020 | $1.5B | 39 | 1 | 10 | 28 | 3 | 67.9% | 44 |
| Q1 2020 | $1.3B | 41 | 5 | 27 | 8 | 1 | 60.1% | 45 |
| Q4 2019 | $1.8B | 37 | 1 | 21 | 12 | 4 | 64.5% | 45 |
| Q3 2019 | $1.6B | 40 | 2 | 22 | 13 | 7 | 65.8% | 43 |
| Q2 2019 | $1.6B | 45 | 1 | 12 | 18 | 1 | 68.8% | 43 |
| Q1 2019 | $1.5B | 45 | 2 | 10 | 25 | 3 | 68.7% | 37 |
| Q4 2018 | $1.4B | 46 | 0 | 0 | 0 | 0 | 70.2% | 39 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.