SPRUCEGROVE INVESTMENT MANAGEMENT LTD
CIK 0001234074
Annualised vol
1.285656%
Beta
0.055149
HHI
2851.409357
Top-10 weight
93.299887%
VaR 95%
0.115605%
VaR 99%
0.230338%
Max drawdown
2.810377%
Matched value
8.039065%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| DCI | REDUCED | 40,004 | 72,604 | -44.9% | 3,591,159 |
| HSIC | REDUCED | 40,427 | 80,127 | -49.55% | 3,376,463 |
| MKL | REDUCED | 1,604 | 3,088 | -48.06% | 3,132,628 |
| SNA | REDUCED | 7,400 | 14,500 | -48.97% | 2,977,760 |
| GOOGL | REDUCED | 7,870 | 16,284 | -51.67% | 2,812,502 |
| EXP | REDUCED | 12,310 | 16,837 | -26.89% | 2,769,750 |
| CFR | REDUCED | 16,308 | 32,708 | -50.14% | 2,519,912 |
| BRK-B | REDUCED | 5,035 | 8,996 | -44.03% | 2,519,464 |
| GNTX | REDUCED | 99,334 | 188,734 | -47.37% | 2,510,170 |
| DIS | REDUCED | 25,541 | 48,541 | -47.38% | 2,458,321 |
| GILD | REDUCED | 18,900 | 37,900 | -50.13% | 2,387,826 |
| BF-B | REDUCED | 89,100 | 165,200 | -46.07% | 2,374,515 |
| JNJ | REDUCED | 9,200 | 20,800 | -55.77% | 2,336,524 |
| XPEL | REDUCED | 46,300 | 64,800 | -28.55% | 2,296,480 |
| TROW | REDUCED | 18,714 | 46,870 | -60.07% | 2,127,595 |
| TTC | REDUCED | 20,810 | 30,810 | -32.46% | 2,027,310 |
| AXP | REDUCED | 5,442 | 10,953 | -50.31% | 1,840,757 |
| MSFT | REDUCED | 3,840 | 4,160 | -7.69% | 1,432,397 |
| ACN | REDUCED | 11,183 | 16,436 | -31.96% | 1,391,613 |
| NKE | REDUCED | 33,900 | 50,200 | -32.47% | 1,391,595 |
| META | REDUCED | 2,351 | 4,705 | -50.03% | 1,324,295 |
| BDX | REDUCED | 8,000 | 15,600 | -48.72% | 1,210,640 |
| CGNX | REDUCED | 2,800 | 3,200 | -12.5% | 202,776 |
| WAFD | UNCHANGED | 4,200 | 4,200 | 0.0% | 161,154 |
| AX | UNCHANGED | 1,400 | 1,400 | 0.0% | 136,346 |
| GGG | UNCHANGED | 900 | 900 | 0.0% | 68,049 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| - | COPA HOLDINGS | CLASS A | P31076105 | 225,824,167 | 35.33 | 1451592.0 | |
| - | RYANAIR HLDGS PLC | ADR EACH REPR 5 ORD | 783513203 | 221,426,676 | 34.65 | 3419717.0 | |
| - | SAMSUNG ELECTRONIC | GDR REP 1/2 ORD REGS | 796050888 | 127,613,640 | 19.97 | 23676.0 | |
| DCI | REDUCED | DONALDSON INC | COMMON | 257651109 | 3,591,159 | 0.56 | 40004.0 |
| HSIC | REDUCED | HENRY SCHEIN INC | COM | 806407102 | 3,376,463 | 0.53 | 40427.0 |
| MKL | REDUCED | MARKEL GROUP INC | COMMON | 570535104 | 3,132,628 | 0.49 | 1604.0 |
| SNA | REDUCED | SNAP-ON INC | COMMON | 833034101 | 2,977,760 | 0.47 | 7400.0 |
| GOOGL | REDUCED | ALPHABET INC | CLASS A | 02079K305 | 2,812,502 | 0.44 | 7870.0 |
| EXP | REDUCED | EAGLE MATERIALS | COMMON | 26969P108 | 2,769,750 | 0.43 | 12310.0 |
| - | QUALCOMM INC | COMMON | 747525103 | 2,758,730 | 0.43 | 14929.0 | |
| - | DOLLAR GEN CORP | COMMON | 256677105 | 2,704,509 | 0.42 | 23495.0 | |
| CFR | REDUCED | CULLEN FROST BANKERS | COMMON | 229899109 | 2,519,912 | 0.39 | 16308.0 |
| BRK-B | REDUCED | BERKSHIRE HATHAWAY | CLASS B | 084670702 | 2,519,464 | 0.39 | 5035.0 |
| GNTX | REDUCED | GENTEX CORP | COMMON | 371901109 | 2,510,170 | 0.39 | 99334.0 |
| DIS | REDUCED | WALT DISNEY CO | COM | 254687106 | 2,458,321 | 0.38 | 25541.0 |
| GILD | REDUCED | GILEAD SCIENCES INC | COMMON | 375558103 | 2,387,826 | 0.37 | 18900.0 |
| BF-B | REDUCED | BROWN FORMAN CORP | CLASS B | 115637209 | 2,374,515 | 0.37 | 89100.0 |
| JNJ | REDUCED | JOHNSON & JOHNSON | COMMON | 478160104 | 2,336,524 | 0.37 | 9200.0 |
| XPEL | REDUCED | XPEL INC | COMMON | 98379L100 | 2,296,480 | 0.36 | 46300.0 |
| - | WELLS FARGO & CO | COMMON | 949746101 | 2,188,059 | 0.34 | 26477.0 | |
| TROW | REDUCED | PRICE T ROWE GROUP | COM | 74144T108 | 2,127,595 | 0.33 | 18714.0 |
| - | EXXON MOBIL CORP | COMMON | 30231G102 | 2,087,578 | 0.33 | 15269.0 | |
| - | C H ROBINSON WLDWIDE | COMMON | 12541W209 | 2,055,166 | 0.32 | 10912.0 | |
| TTC | REDUCED | TORO CO | COMMON | 891092108 | 2,027,310 | 0.32 | 20810.0 |
| AXP | REDUCED | AMERICAN EXPRESS CO | COMMON | 025816109 | 1,840,757 | 0.29 | 5442.0 |
| MSFT | REDUCED | MICROSOFT CORP | COMMON | 594918104 | 1,432,397 | 0.22 | 3840.0 |
| ACN | REDUCED | ACCENTURE PLC | CLASS A | G1151C101 | 1,391,613 | 0.22 | 11183.0 |
| NKE | REDUCED | NIKE INC | CLASS B | 654106103 | 1,391,595 | 0.22 | 33900.0 |
| META | REDUCED | META PLATFORMS INC | COM USD0.000006 CL A | 30303M102 | 1,324,295 | 0.21 | 2351.0 |
| BDX | REDUCED | BECTON DICKINSON | COMMON | 075887109 | 1,210,640 | 0.19 | 8000.0 |
| - | LITTELFUSE INC | COM USD0.01 | 537008104 | 259,538 | 0.04 | 570.0 | |
| CGNX | REDUCED | COGNEX CORP | COMMON | 192422103 | 202,776 | 0.03 | 2800.0 |
| - | BOK FINL CORP | COMMON | 05561Q201 | 194,432 | 0.03 | 1400.0 | |
| - | ACUITY INC | COMMON | 00508Y102 | 177,030 | 0.03 | 470.0 | |
| - | MSC INDL DIRECT INC | CLASS A | 553530106 | 166,530 | 0.03 | 1400.0 | |
| - | LANDSTAR SYS INC | COMMON | 515098101 | 165,448 | 0.03 | 800.0 | |
| WAFD | UNCHANGED | WAFD INC | COMMON | 938824109 | 161,154 | 0.03 | 4200.0 |
| AX | UNCHANGED | AXOS FINANCIAL | COMMON | 05465C100 | 136,346 | 0.02 | 1400.0 |
| - | SIMPSON MANUFACTURIN | COMMON | 829073105 | 104,675 | 0.02 | 500.0 | |
| GGG | UNCHANGED | GRACO INC | COMMON | 384109104 | 68,049 | 0.01 | 900.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-07 | 639,104,179 | 40 | 1.285656 | 0.055149 | 2.810377 |
| 2026-03-31 | 2026-05-13 | 624,998,459 | 42 | 2.284982 | 0.098099 | 4.93117 |
| 2025-12-31 | 2026-02-03 | 829,765,163 | 40 | 2.071387 | 0.08849 | 4.408064 |
| 2025-09-30 | 2025-11-14 | 1,245,856,937 | 41 | 3.724222 | 0.160619 | 7.921593 |
| 2025-03-31 | 2025-05-13 | 929,874,466 | 32 | 5.192869 | 0.222806 | 10.728929 |
| 2024-12-31 | 2025-02-10 | 1,396,302,623 | 32 | 4.398872 | 0.189177 | 9.146862 |