SEC 13F Intelligence

Managers / Q1 2025 · view latest →

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

Reported Value
$930M
Q1 2025
Positions
32
Filings on Record
30
2019–present window
Filed
May 13, 2025
original filing

Summary

Sprucegrove Investment Management Ltd reported $930M in U.S.-listed holdings across 32 positions for Q1 2025.

The portfolio is heavily concentrated: Copa alone accounts for 20.8% of reported value.

Compared with Q4 2024, the fund opened 2 new positions and exited 2.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+71.9%
share of reported value
Largest Position
+20.8%
Copa
New / Exited
2 / 2
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: 41.1%Other: 20.8%GDR: 19.7%ADR: 18.4%
  • Common Stock · 41.1% · $382M
  • Other · 20.8% · $193M
  • GDR · 19.7% · $183M
  • ADR · 18.4% · $171M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TTCTORO CONEW+21.2K21.2K+$2M$2M
XPELXPEL INCNEW+52.0K52.0K+$2M$2M
EXMOCEXXON MOBIL CORPADDED+69.7K99.8K+$9M$12M
GOOGLALPHABET INCADDED+37.6K59.7K+$5M$9M
ABEVAMBEV SASOLD OUT−7.68M0−$14M$0
TSMTAIWAN SEMICONDUCTORSOLD OUT−18.7K0−$4M$0
SNASNAP-ON INCADDED+19.5K41.6K+$7M$14M
BWABORG WARNER INCTRIMMED−534.1K88.3K−$17M$3M

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

Holdings — Q1 2025

32 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1COPA HOLDINGSCLASS A20.79%$193M3.08M
2RYAAYRYANAIR HLDGS PLChistory →ADR EACH REPR 5 ORD18.42%$171M7.42M
3SAMSUNG ELECTRONICGDR REP 1/2 ORD REGS14.33%$133M204.7K
4CBKDCOMMERCIAL INTL BKhistory →GDR REP 1 ORD EGP104.43%$41M27.26M
5BRK/BBERKSHIRE HATHAWAYhistory →CLASS B2.78%$26M48.5K
6MKLMARKEL GROUP INChistory →COMMON2.54%$24M12.6K
7GILDGILEAD SCIENCES INChistory →COMMON2.43%$23M202.0K
8HSICHENRY SCHEIN INChistory →COM2.21%$21M299.9K
9DCIDONALDSON INChistory →COMMON1.99%$19M276.5K
10RTXRTX CORPORATIONhistory →COM USD11.97%$18M138.2K
11DISWALT DISNEY COhistory →COM1.95%$18M184.2K
12METAMETA PLATFORMS INChistory →COM USD0.000006 CL A1.87%$17M30.1K
13QCOMQUALCOMM INChistory →COMMON1.80%$17M108.8K
14TROWPRICE T ROWE GROUPhistory →COM1.77%$16M178.9K
15WFCWELLS FARGO & COhistory →COMMON1.76%$16M228.3K
16CFRCULLEN FROST BANKERShistory →COMMON1.71%$16M127.0K
17CHRWC H ROBINSON WLDWIDEhistory →COMMON1.70%$16M154.1K
18MSMMSC INDL DIRECT INChistory →CLASS A1.59%$15M190.6K
19BF/BBROWN FORMAN CORPhistory →CLASS B1.58%$15M433.3K
20SNASNAP-ON INChistory →COMMON1.51%$14M41.6K
21GNTXGENTEX CORPhistory →COMMON1.48%$14M592.4K
22JNJJOHNSON & JOHNSONhistory →COMMON1.48%$14M83.0K
23BDXBECTON DICKINSONhistory →COMMON1.32%$12M53.7K
24AXPAMERICAN EXPRESS COhistory →COMMON1.31%$12M45.4K
25EXMOCEXXON MOBIL CORPhistory →COMMON1.28%$12M99.8K
26INTCINTEL CORPhistory →COMMON1.26%$12M516.7K
27GOOGLALPHABET INCCLASS A0.99%$9M59.7K
28STATE BK OF INDIAGDR(2 INR10 REG S)0.93%$9M97.7K
29BWABORG WARNER INCCOMMON0.27%$3M88.3K
30BIIBBIOGEN INCCOMMON0.21%$2M14.1K
31TTCTORO COCOMMON0.17%$2M21.2K
32XPELXPEL INCCOMMON0.16%$2M52.0K

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 ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • VANGUARD TRUSTEES' EQUITY FUND

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 ↗.