SEC 13F Intelligence

Managers / Q2 2019 · view latest →

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK 0001234074 · 181 UNIVERSITY AVE, STE 1300, TORONTO, A6, M5H 3M7 · 416-363-5854

Reported Value
$1.6B
Q2 2019
Positions
45
Filings on Record
30
2019–present window
Filed
Aug 12, 2019
original filing

Summary

Sprucegrove Investment Management Ltd reported $1.6B in U.S.-listed holdings across 45 positions for Q2 2019.

Its largest position, BBD, represents 16.4% of the portfolio.

Compared with Q1 2019, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+2.1%
vs prior filed quarter
Top-10 Concentration
+68.8%
share of reported value
Largest Position
+16.4%
Banco Bradesco S A
New / Exited
1 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.4BQ4 ’18Q1 ’19: $1.5BQ2 ’19: $1.6BQ3 ’19: $1.6BQ4 ’19: $1.8BQ4 ’19Q1 ’20: $1.3BQ2 ’20: $1.5BQ3 ’20: $1.9BQ4 ’20: $3.9BQ4 ’20Q1 ’21: $4.1BQ2 ’21: $4.2BQ3 ’21: $4.1BQ4 ’21: $4.0BQ4 ’21Q1 ’22: $3.1BQ2 ’22: $2.0BQ3 ’22: $1.7BQ4 ’22: $1.8BQ4 ’22Q1 ’23: $1.8BQ2 ’23: $1.9BQ3 ’23: $1.6BQ4 ’23: $2.3BQ4 ’23Q1 ’24: $2.5BQ2 ’24: $1.9BQ3 ’24: $1.8BQ4 ’24: $1.4BQ4 ’24Q1 ’25: $930MQ2 ’25: $1.2BQ3 ’25: $1.2BQ4 ’25: $830MQ4 ’25Q1 ’26: $625Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 38.5%ADR: 36.2%GDR: 18.2%Other: 7.2%
  • Common Stock · 38.5% · $608M
  • ADR · 36.2% · $572M
  • GDR · 18.2% · $287M
  • Other · 7.2% · $114M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IPGPIPG PHOTONICS CORPNEW+33.0K33.0K+$5M$5M
HOGHARLEY DAVIDSON INCSOLD OUT−81.5K0−$3M$0
BWABORG WARNER INCADDED+86.6K310.6K+$4M$13M
MSFTMICROSOFT CORPTRIMMED−21.9K39.4K−$2M$5M
MSMMSC INDL DIRECT INCADDED+44.0K174.9K+$2M$13M
WBAWALGREENS BOOTS ALNCADDED+97.4K428.2K+$2M$23M
BKEBUCKLE INCADDED+140.5K655.9K+$2M$11M
TDYTELEDYNE TECH INCTRIMMED−9.4K28.4K−$1M$8M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2019

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BBDBANCO BRADESCO S Ahistory →ADR (1 PFD)16.44%$260M26.47M
2SAMSUNG ELECTRS LTDGDR 144A / REG S15.56%$246M241.8K
3PKXPOSCOhistory →ADR (0.25 ORD)10.12%$160M3.02M
4INFYINFOSYS LIMITEDhistory →ADR9.59%$152M14.18M
5COPA HOLDINGSCLASS A6.54%$103M1.06M
6STATE BK OF INDIAGDR(2 INR10 REG S)2.61%$41M795.4K
7DISWALT DISNEY COhistory →COMMON2.35%$37M265.8K
8UTXZUNITED TECHNOLOGIEShistory →COMMON1.96%$31M238.4K
9MKLMARKEL CORPhistory →COMMON1.81%$29M26.3K
10TROWT ROWE PRICE GRPhistory →COMMON1.77%$28M254.8K
11BRK/BBERKSHIRE HATHAWAYhistory →CLASS B1.68%$27M125.0K
12WFCWELLS FARGO & COhistory →COMMON1.67%$26M559.4K
13CSLCARLISLE COS INChistory →COMMON1.57%$25M177.3K
14INTCINTEL CORPhistory →COMMON1.55%$24M511.2K
15WBAWALGREENS BOOTS ALNChistory →COMMON1.48%$23M428.2K
16GNTXGENTEX CORPhistory →COMMON1.47%$23M946.6K
17QCOMQUALCOMM INChistory →COMMON1.44%$23M299.6K
18OIIOCEANEERING INTL INChistory →COMMON1.43%$23M1.11M
19SLBSCHLUMBERGER LTDhistory →COMMON1.42%$22M565.3K
20EXPEAGLE MATERIALShistory →COMMON1.41%$22M240.9K
21MLMMARTIN MARIETTA MATLhistory →COMMON1.25%$20M85.9K
22GOOGLALPHABET INChistory →CLASS A1.16%$18M17.0K
23XRAYDENTSPLY SIRONA INChistory →COM1.02%$16M276.1K
24JNJJOHNSON & JOHNSONhistory →COMMON1.00%$16M113.8K
25AXPAMERICAN EXPRESS COhistory →COMMON0.97%$15M124.8K
26BWABORG WARNER INChistory →COMMON0.82%$13M310.6K
27MSMMSC INDL DIRECT INChistory →CLASS A0.82%$13M174.9K
28PGPROCTER & GAMBLE COhistory →COMMON0.79%$12M113.5K
29CFRCULLEN FROST BANKERShistory →COMMON0.78%$12M131.8K
30BKEBUCKLE INChistory →COMMON0.72%$11M655.9K
31MEDTRONIC PLCSHS0.66%$10M107.7K
32WAFDWASHINGTON FEDERALhistory →COMMON0.63%$10M286.4K
33AAPLAPPLE INCCOMMON0.63%$10M50.1K
34FLIRFLIR SYS INCCOMMON0.52%$8M152.6K
35TIFEURTIFFANY & COCOMMON0.52%$8M87.5K
36CCL1EURCARNIVAL CORPCOMMON0.50%$8M171.1K
37TDYTELEDYNE TECH INCCOMMON0.49%$8M28.4K
38VMIVALMONT INDS INCCOMMON0.44%$7M54.3K
39BDXBECTON DICKINSONCOMMON0.43%$7M26.9K
40WABCWESTAMERICA BANCORPCOMMON0.42%$7M108.4K
41MMM3M COMPANYCOMMON0.40%$6M36.0K
42GDGENERAL DYNAMICSCOMMON0.35%$6M30.9K
43MSFTMICROSOFT CORPCOMMON0.33%$5M39.4K
44IPGPIPG PHOTONICS CORPCOMMON0.32%$5M33.0K
45HTLDHEARTLAND EXPRESS INCOMMON0.12%$2M101.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$625M42May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$830M40Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.2B41Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.2B43Aug 6, 202513F-HRchanges · EDGAR ↗
Q1 2025$930M32May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.4B32Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.8B32Oct 24, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.9B33Aug 12, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.5B33May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.3B37Jan 29, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.6B36Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.9B36Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.8B35May 10, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.8B35Feb 8, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.7B35Nov 9, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.0B36Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$3.1B37May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$4.0B38Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$4.1B38Nov 8, 202113F-HRchanges · EDGAR ↗
Q2 2021$4.2B38Aug 10, 202113F-HRchanges · EDGAR ↗
Q1 2021$4.1B38May 12, 202113F-HRchanges · EDGAR ↗
Q4 2020$3.9B38Feb 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.9B39Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.5B39Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.3B41May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.8B37Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.6B40Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.6B45Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.5B45May 7, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.4B46Feb 8, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.