SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK

1234074

Location

TORONTO, A6

Portfolio Value

Small $511,490,529

Diversification

Highly concentrated

Reports for

VANGUARD TRUSTEES' EQUITY FUND

Filing Date

Global Rank

#2,799 / 8,618 ▼ 184

Top Industry

Airlines 87.4%

3Y Alpha vs SPY

+1.1%

Period ended 50 days ago

Filed Aug 7, 2026 · 12d

26 quarters · since Mar 2020

Clone Performance

Aug 2023–Aug 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+76.6%

SPY

+75.8%

Annualised alpha

+0.2%

Max drawdown

−20.7%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

39 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

44.2%

+2.2 pts

Top 5

89.4%

+7.7 pts

Top 10

92.2%

+5.5 pts

HHI

3,829

Highly concentrated+729

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Industrials	89.6%	$458,479,294	10
Financial Services	2.9%	$14,820,344	9
Healthcare	1.8%	$9,311,453	4
Communication Services	1.3%	$6,595,116	3
Consumer Cyclical	1.2%	$6,198,245	3
Technology	1.2%	$6,045,051	5
Consumer Defensive	1.0%	$5,079,024	2
Basic Materials	0.6%	$2,874,425	2
Energy	0.4%	$2,087,577	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

No qualifying positions this quarter.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
RYAAY	Ryanair Holdings PLC	−423,350	3,419,717	$221,426,675
CPA	Copa Holdings, S.A.	−247,418	1,451,592	$225,824,167
GNTX	Gentex Corp	−89,400	99,334	$2,510,170
BF-B	Brown Forman Corp	−76,100	89,100	$2,374,515
HSIC	Henry Schein Inc	−39,700	40,427	$3,376,463
WFC	Wells Fargo & Company/Mn	−36,043	26,477	$2,188,059
DCI	DONALDSON Co INC	−32,600	40,004	$3,591,159
TROW	Price T Rowe Group Inc	−28,156	18,714	$2,127,594
DIS	Walt Disney Co	−23,000	25,541	$2,458,321
CHRW	C. H. Robinson Worldwide, Inc.	−21,700	10,912	$2,055,166
GILD	Gilead Sciences, Inc.	−19,000	18,900	$2,387,826
XPEL	XPEL, Inc.	−18,500	46,300	$2,296,480
QCOM	Qualcomm Inc/De	−16,400	14,929	$2,758,729
CFR	Cullen/Frost Bankers, Inc.	−16,400	16,308	$2,519,912
NKE	NIKE, Inc.	−16,300	33,900	$1,391,595
XOM	ExxonMobil Holdings Corp	−13,100	15,269	$2,087,577
DG	Dollar General Corp	−12,534	23,495	$2,704,509
JNJ	Johnson & Johnson	−11,600	9,200	$2,336,524
TTC	Toro Co	−10,000	20,810	$2,027,310
GOOGL	Alphabet Inc.	−8,414	7,870	$2,812,501
BDX	Becton Dickinson & Co	−7,600	8,000	$1,210,640
SNA	Snap-on Inc	−7,100	7,400	$2,977,760
AXP	American Express Co	−5,511	5,442	$1,840,756
ACN	Accenture plc	−5,253	11,183	$1,391,612
EXP	Eagle Materials Inc	−4,527	12,310	$2,769,750
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
WAT	Waters Corp /De/	2,204	$656,351
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

39 tracked positions · $511,490,529 total · filing declares 40 positions · $639,104,179 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CPA	Copa Holdings, S.A. Industrials	Reduced	1,451,592	-247,418	$225,824,167	+17.0%	44.15%
RYAAY	Ryanair Holdings PLC Industrials	Reduced	3,419,717	-423,350	$221,426,675	−0.3%	43.29%
DCI	DONALDSON Co INC Industrials	Reduced	40,004	-32,600	$3,591,159	−41.7%	0.70%
HSIC	Henry Schein Inc Healthcare	Reduced	40,427	-39,700	$3,376,463	−42.8%	0.66%
MKL	Markel Group Inc. Financial Services	Reduced	1,604	-1,484	$3,132,628	−47.0%	0.61%
SNA	Snap-on Inc Industrials	Reduced	7,400	-7,100	$2,977,760	−43.5%	0.58%
GOOGL	Alphabet Inc. Communication Services	Reduced	7,870	-8,414	$2,812,501	−39.9%	0.55%
EXP	Eagle Materials Inc Basic Materials	Reduced	12,310	-4,527	$2,769,750	−13.2%	0.54%
QCOM	Qualcomm Inc/De Technology	Reduced	14,929	-16,400	$2,758,729	−31.6%	0.54%
DG	Dollar General Corp Consumer Defensive	Reduced	23,495	-12,534	$2,704,509	−36.8%	0.53%
CFR	Cullen/Frost Bankers, Inc. Financial Services	Reduced	16,308	-16,400	$2,519,912	−43.8%	0.49%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	5,035	-3,961	$2,519,463	−41.6%	0.49%
GNTX	Gentex Corp Consumer Cyclical	Reduced	99,334	-89,400	$2,510,170	−39.1%	0.49%
DIS	Walt Disney Co Communication Services	Reduced	25,541	-23,000	$2,458,321	−47.5%	0.48%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	18,900	-19,000	$2,387,826	−54.8%	0.47%
BF-B	Brown Forman Corp Consumer Defensive	Reduced	89,100	-76,100	$2,374,515	−45.6%	0.46%
JNJ	Johnson & Johnson Healthcare	Reduced	9,200	-11,600	$2,336,524	−54.0%	0.46%
XPEL	XPEL, Inc. Consumer Cyclical	Reduced	46,300	-18,500	$2,296,480	−19.9%	0.45%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	26,477	-36,043	$2,188,059	−56.0%	0.43%
TROW	Price T Rowe Group Inc Financial Services	Reduced	18,714	-28,156	$2,127,594	−49.6%	0.42%
XOM	ExxonMobil Holdings Corp Energy	Reduced	15,269	-13,100	$2,087,577	−56.6%	0.41%
CHRW	C. H. Robinson Worldwide, Inc. Industrials	Reduced	10,912	-21,700	$2,055,166	−62.1%	0.40%
TTC	Toro Co Industrials	Reduced	20,810	-10,000	$2,027,310	−29.6%	0.40%
AXP	American Express Co Financial Services	Reduced	5,442	-5,511	$1,840,756	−44.4%	0.36%
MSFT	Microsoft Corp Technology	Reduced	3,840	-320	$1,432,396	−7.0%	0.28%
ACN	Accenture plc Technology	Reduced	11,183	-5,253	$1,391,612	−57.3%	0.27%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	33,900	-16,300	$1,391,595	−47.5%	0.27%
META	Meta Platforms, Inc. Communication Services	Reduced	2,351	-2,354	$1,324,294	−50.8%	0.26%
BDX	Becton Dickinson & Co Healthcare	Reduced	8,000	-7,600	$1,210,640	−50.6%	0.24%
LFUS	Littelfuse Inc /De Technology	Reduced	570	-130	$259,538	+9.3%	0.05%
CGNX	Cognex Corp Technology	Reduced	2,800	-400	$202,776	+29.3%	0.04%
BOKF	Bok Financial Corp Financial Services	Held	1,400	0	$194,432	+8.4%	0.04%
AYI	Acuity Inc. (De) Industrials	Held	470	0	$177,030	+34.4%	0.03%
MSM	Msc Industrial Direct Co Inc Industrials	Held	1,400	0	$166,530	+28.9%	0.03%
LSTR	Landstar System Inc Industrials	Held	800	0	$165,448	+29.0%	0.03%
WAFD	Wafd Inc Financial Services	Held	4,200	0	$161,154	+22.2%	0.03%
AX	Axos Financial, Inc. Financial Services	Held	1,400	0	$136,346	+14.5%	0.03%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Held	500	0	$104,675	+22.0%	0.02%
GGG	Graco Inc Industrials	Held	900	0	$68,049	−10.7%	0.01%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.