SEC 13F Intelligence

Managers / Q1 2026

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

Reported Value
$625M
Q1 2026
Positions
42
Filings on Record
30
2019–present window
Filed
May 13, 2026
original filing

Summary

Sprucegrove Investment Management Ltd reported $625M in U.S.-listed holdings across 42 positions for Q1 2026.

The portfolio is heavily concentrated: RYAAY alone accounts for 35.5% of reported value.

Compared with Q4 2025, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+0.8%
vs prior filed quarter
Top-10 Concentration
+87.4%
share of reported value
Largest Position
+35.5%
Ryanair
New / Exited
3 / 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
ADR: 35.5%Other: 31.4%Common Stock: 17.9%GDR: 15.2%
  • ADR · 35.5% · $222M
  • Other · 31.4% · $196M
  • Common Stock · 17.9% · $112M
  • GDR · 15.2% · $95M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NKENIKE INCNEW+50.2K50.2K+$3M$3M
MSFTMICROSOFT CORPNEW+4.2K4.2K+$2M$2M
WATWATERS CORPNEW+2.2K2.2K+$656,351$656,351
FMCFMC CORPSOLD OUT−2.9K0−$40,223$0
MSMMSC INDL DIRECT INCTRIMMED−61.2K1.4K−$5M$129,178
STATE BK OF INDIATRIMMED−63.3K29.6K−$7M$3M
SAMSUNG ELECTRONICTRIMMED−23.3K32.4K−$23M$92M
CHRWC H ROBINSON WLDWIDETRIMMED−20.3K32.6K−$3M$5M

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

Holdings — Q1 2026

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYAAYRYANAIR HLDGS PLChistory →ADR EACH REPR 5 ORD35.54%$222M3.84M
2COPA HOLDINGSCLASS A30.88%$193M1.70M
3SAMSUNG ELECTRONICGDR REP 1/2 ORD REGS14.69%$92M32.4K
4DCIDONALDSON INCCOMMON0.99%$6M72.6K
5MKLMARKEL GROUP INCCOMMON0.95%$6M3.1K
6HSICHENRY SCHEIN INCCOM0.94%$6M80.1K
7CHRWC H ROBINSON WLDWIDECOMMON0.87%$5M32.6K
8GILDGILEAD SCIENCES INCCOMMON0.85%$5M37.9K
9SNASNAP-ON INCCOMMON0.84%$5M14.5K
10JNJJOHNSON & JOHNSONCOMMON0.81%$5M20.8K
11WFCWELLS FARGO & COCOMMON0.80%$5M62.5K
12EXMOCEXXON MOBIL CORPCOMMON0.77%$5M28.4K
13GOOGLALPHABET INCCLASS A0.75%$5M16.3K
14DISWALT DISNEY COCOM0.75%$5M48.5K
15CFRCULLEN FROST BANKERSCOMMON0.72%$4M32.7K
16BF/BBROWN FORMAN CORPCLASS B0.70%$4M165.2K
17BRK/BBERKSHIRE HATHAWAYCLASS B0.69%$4M9.0K
18DGDOLLAR GEN CORPCOMMON0.68%$4M36.0K
19TROWPRICE T ROWE GROUPCOM0.68%$4M46.9K
20GNTXGENTEX CORPCOMMON0.66%$4M188.7K
21QCOMQUALCOMM INCCOMMON0.65%$4M31.3K
22AXPAMERICAN EXPRESS COCOMMON0.53%$3M11.0K
23ACCENTURE PLCCLASS A0.52%$3M16.4K
24EXPEAGLE MATERIALSCOMMON0.51%$3M16.8K
25STATE BK OF INDIAGDR(2 INR10 REG S)0.50%$3M29.6K
26TTCTORO COCOMMON0.46%$3M30.8K
27XPELXPEL INCCOMMON0.46%$3M64.8K
28METAMETA PLATFORMS INCCOM USD0.000006 CL A0.43%$3M4.7K
29NKENIKE INCCLASS B0.42%$3M50.2K
30BDXBECTON DICKINSONCOMMON0.39%$2M15.6K
31MSFTMICROSOFT CORPCOMMON0.25%$2M4.2K
32WATWATERS CORPCOMMON0.11%$656,3512.2K
33LFUSLITTELFUSE INCCOM USD0.010.04%$237,545700
34BOKFBOK FINL CORPCOMMON0.03%$179,2841.4K
35CGNXCOGNEX CORPCOMMON0.03%$156,7683.2K
36WAFDWAFD INCCOMMON0.02%$131,8804.2K
37AYIACUITY INCCOMMON0.02%$131,703470
38MSMMSC INDL DIRECT INCCLASS A0.02%$129,1781.4K
39LSTRLANDSTAR SYS INCCOMMON0.02%$128,248800
40BB4AXOS FINANCIALCOMMON0.02%$119,1261.4K
41SSDSIMPSON MANUFACTURINCOMMON0.01%$85,810500
42GGGGRACO INCCOMMON0.01%$76,185900

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 ↗.