SPRUCEGROVE INVESTMENT MANAGEMENT LTD

TORONTO, A6 · CIK 1234074 · 13F filing filed 2026-08-07

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entitySPRUCEGROVE INVESTMENT MANAGEMENT LTD. (CA)

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FamilySPRUCEGROVE INVESTMENT MANAGEMENT LTD · 2 related pages

$639.1m reported value +2.3% vs Q1 2026

40positions

93.3%in top 10

0 new 0 added 32 reduced 2 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

VANGUARD TRUSTEES' EQUITY FUND – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	COPA HOLDINGS SA CL A CPA	CPA	1,451,592	$225.8m35.33%	35.33%	Reduced -247.4k	-247,418 -14.6%
2	RYANAIR HOLDINGS PLC SPONSORED ADR RYAAY	RYAAY	3,419,717	$221.4m34.65%	34.65%	Reduced -423.4k	-423,350 -11.0%
3	SAMSUNG ELECTRONICS CO LTD COM SSNHZ	SSNHZ	23,676	$127.6m19.97%	19.97%	Reduced -8.7k	-8,706 -26.9%
4	DONALDSON INC COM DCI	DCI	40,004	$3.6m0.56%	0.56%	Reduced -32.6k	-32,600 -44.9%
5	HENRY SCHEIN INC COM HSIC	HSIC	40,427	$3.4m0.53%	0.53%	Reduced -39.7k	-39,700 -49.5%
6	MARKEL GROUP INC COM MKL	MKL	1,604	$3.1m0.49%	0.49%	Reduced -1.5k	-1,484 -48.1%
7	SNAP ON INC COM SNA	SNA	7,400	$3.0m0.47%	0.47%	Reduced -7.1k	-7,100 -49.0%
8	ALPHABET INC CAP STK CL A GOOGL	GOOGL	7,870	$2.8m0.44%	0.44%	Reduced -8.4k	-8,414 -51.7%
9	EAGLE MATLS INC COM EXP	EXP	12,310	$2.8m0.43%	0.43%	Reduced -4.5k	-4,527 -26.9%
10	QUALCOMM INC COM QCOM	QCOM	14,929	$2.8m0.43%	0.43%	Reduced -16.4k	-16,400 -52.4%
11	DOLLAR GEN CORP NEW COM DG	DG	23,495	$2.7m0.42%	0.42%	Reduced -12.5k	-12,534 -34.8%
12	CULLEN FROST BANKERS INC COM CFR	CFR	16,308	$2.5m0.39%	0.39%	Reduced -16.4k	-16,400 -50.1%
13	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	5,035	$2.5m0.39%	0.39%	Reduced -4.0k	-3,961 -44.0%
14	GENTEX CORP COM GNTX	GNTX	99,334	$2.5m0.39%	0.39%	Reduced -89.4k	-89,400 -47.4%
15	DISNEY WALT CO COM DIS	DIS	25,541	$2.5m0.38%	0.38%	Reduced -23.0k	-23,000 -47.4%
16	GILEAD SCIENCES INC COM GILD	GILD	18,900	$2.4m0.37%	0.37%	Reduced -19.0k	-19,000 -50.1%
17	BROWN FORMAN CORP CL B BF.B	BF.B	89,100	$2.4m0.37%	0.37%	Reduced -76.1k	-76,100 -46.1%
18	JOHNSON & JOHNSON COM JNJ	JNJ	9,200	$2.3m0.37%	0.37%	Reduced -11.6k	-11,600 -55.8%
19	XPEL INC COM XPEL	XPEL	46,300	$2.3m0.36%	0.36%	Reduced -18.5k	-18,500 -28.6%
20	WELLS FARGO CO NEW COM WFC	WFC	26,477	$2.2m0.34%	0.34%	Reduced -36.0k	-36,043 -57.6%
21	PRICE T ROWE GROUP INC COM TROW	TROW	18,714	$2.1m0.33%	0.33%	Reduced -28.2k	-28,156 -60.1%
22	EXXON MOBIL CORP COM XOM	XOM	15,269	$2.1m0.33%	0.33%	Reduced -13.1k	-13,100 -46.2%
23	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	10,912	$2.1m0.32%	0.32%	Reduced -21.7k	-21,700 -66.5%
24	TORO CO COM TTC	TTC	20,810	$2.0m0.32%	0.32%	Reduced -10.0k	-10,000 -32.5%
25	AMERICAN EXPRESS CO COM AXP	AXP	5,442	$1.8m0.29%	0.29%	Reduced -5.5k	-5,511 -50.3%
26	MICROSOFT CORP COM MSFT	MSFT	3,840	$1.4m0.22%	0.22%	Reduced -320	-320 -7.7%
27	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	11,183	$1.4m0.22%	0.22%	Reduced -5.3k	-5,253 -32.0%
28	NIKE INC CL B NKE	NKE	33,900	$1.4m0.22%	0.22%	Reduced -16.3k	-16,300 -32.5%
29	META PLATFORMS INC CL A META	META	2,351	$1.3m0.21%	0.21%	Reduced -2.4k	-2,354 -50.0%
30	BECTON DICKINSON & CO COM BDX	BDX	8,000	$1.2m0.19%	0.19%	Reduced -7.6k	-7,600 -48.7%
31	LITTELFUSE INC COM LFUS	LFUS	570	$259.5k0.04%	0.04%	Reduced -130	-130 -18.6%
32	COGNEX CORP COM CGNX	CGNX	2,800	$202.8k0.03%	0.03%	Reduced -400	-400 -12.5%
33	BOK FINL CORP COM NEW BOKF	BOKF	1,400	$194.4k0.03%	0.03%	Unchanged
34	ACUITY INC COM AYI	AYI	470	$177.0k0.03%	0.03%	Unchanged
35	MSC INDL DIRECT INC CL A MSM	MSM	1,400	$166.5k0.03%	0.03%	Unchanged
36	LANDSTAR SYS INC COM LSTR	LSTR	800	$165.4k0.03%	0.03%	Unchanged
37	WAFD INC COM WAFD	WAFD	4,200	$161.2k0.03%	0.03%	Unchanged
38	AXOS FINANCIAL INC COM AX	AX	1,400	$136.3k0.02%	0.02%	Unchanged
39	SIMPSON MFG INC COM SSD	SSD	500	$104.7k0.02%	0.02%	Unchanged
40	GRACO INC COM GGG	GGG	900	$68.0k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
STATE BK OF INDIA SBKFF	SBKFF	29,590	$3.1m29.6k shares
WATERS CORP WAT	WAT	2,204	$656.4k2.2k shares