SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK

1234074

Location

TORONTO, A6

Portfolio Value

Small $525,664,585

Diversification

Highly concentrated

Filing Date

Global Rank

#2,248 / 8,232 ▼ 204

Top Industry

Airlines 79.0%

3Y Alpha vs SPY

-9.7%

Period ended 2 months ago

Filed May 13, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+37.0%

SPY

+76.3%

Annualised alpha

-9.7%

Max drawdown

−20.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

39 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

42.3%

−4.6 pts

Top 5

82.4%

−1.0 pts

Top 10

87.3%

−1.1 pts

HHI

3,152

Highly concentrated−150

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	82.8%	$435,342,463	10
Financial Services	5.3%	$27,650,573	9
Healthcare	3.7%	$19,380,973	5
Communication Services	2.3%	$12,052,879	3
Consumer Cyclical	1.8%	$9,643,449	3
Technology	1.8%	$9,227,862	5
Energy	0.9%	$4,813,084	1
Consumer Defensive	0.8%	$4,277,723	1
Basic Materials	0.6%	$3,275,579	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
EXP	Eagle Materials Inc	+4,437	16,837	$3,189,769
ACN	Accenture plc	+3,839	16,436	$3,259,094
XPEL	XPEL, Inc.	+544	64,800	$2,868,048
No positions match the current search.

Trimmed

Positions the filer reduced

24 positions

Ticker	Company	Δ Shares	Shares	Value
RYAAY	Ryanair Holdings PLC	−694,055	3,843,067	$222,129,272
CPA	Copa Holdings, S.A.	−212,085	1,699,010	$193,024,526
MSM	Msc Industrial Direct Co Inc	−61,236	1,400	$129,178
GNTX	Gentex Corp	−33,760	188,734	$4,123,837
GILD	Gilead Sciences, Inc.	−21,970	37,900	$5,282,123
CHRW	C. H. Robinson Worldwide, Inc.	−20,270	32,612	$5,415,874
DCI	DONALDSON Co INC	−20,060	72,604	$6,161,901
HSIC	Henry Schein Inc	−19,090	80,127	$5,905,359
WFC	Wells Fargo & Company/Mn	−18,327	62,520	$4,977,217
TROW	Price T Rowe Group Inc	−11,288	46,870	$4,224,861
XOM	Exxon Mobil Corp	−10,690	28,369	$4,813,084
DIS	Walt Disney Co	−8,470	48,541	$4,678,381
CFR	Cullen/Frost Bankers, Inc.	−8,330	32,708	$4,483,612
JNJ	Johnson & Johnson	−6,390	20,800	$5,084,352
DG	Dollar General Corp	−4,581	36,029	$4,277,723
QCOM	Qualcomm Inc/De	−4,160	31,329	$4,034,548
GOOGL	Alphabet Inc.	−4,060	16,284	$4,682,627
BRK-B	Berkshire Hathaway Inc	−3,871	8,996	$4,310,883
BDX	Becton Dickinson & Co	−2,870	15,600	$2,452,788
AXP	American Express Co	−2,779	10,953	$3,313,063
SNA	Snap-on Inc	−2,680	14,500	$5,266,690
META	Meta Platforms, Inc.	−1,601	4,705	$2,691,871
TTC	Toro Co	−1,000	30,810	$2,878,886
MKL	Markel Group Inc.	−730	3,088	$5,910,647
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
NKE	NIKE, Inc.	50,200	$2,651,564
MSFT	Microsoft Corp	4,160	$1,539,907
WAT	Waters Corp /De/	2,204	$656,351
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
FMC	Fmc Corp	2,900	$40,223
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

39 positions · $525,664,585 total · as of Mar 31, 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
RYAAY	Ryanair Holdings PLC Industrials	Reduced	3,843,067	-694,055	$222,129,272	−32.2%	42.26%
CPA	Copa Holdings, S.A. Industrials	Reduced	1,699,010	-212,085	$193,024,526	−16.3%	36.72%
DCI	DONALDSON Co INC Industrials	Reduced	72,604	-20,060	$6,161,901	−25.0%	1.17%
MKL	Markel Group Inc. Financial Services	Reduced	3,088	-730	$5,910,647	−28.0%	1.12%
HSIC	Henry Schein Inc Healthcare	Reduced	80,127	-19,090	$5,905,359	−21.2%	1.12%
CHRW	C. H. Robinson Worldwide, Inc. Industrials	Reduced	32,612	-20,270	$5,415,874	−36.3%	1.03%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	37,900	-21,970	$5,282,123	−28.1%	1.00%
SNA	Snap-on Inc Industrials	Reduced	14,500	-2,680	$5,266,690	−11.0%	1.00%
JNJ	Johnson & Johnson Healthcare	Reduced	20,800	-6,390	$5,084,352	−9.6%	0.97%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	62,520	-18,327	$4,977,217	−33.9%	0.95%
XOM	Exxon Mobil Corp Energy	Reduced	28,369	-10,690	$4,813,084	+2.4%	0.92%
GOOGL	Alphabet Inc. Communication Services	Reduced	16,284	-4,060	$4,682,627	−26.5%	0.89%
DIS	Walt Disney Co Communication Services	Reduced	48,541	-8,470	$4,678,381	−27.9%	0.89%
CFR	Cullen/Frost Bankers, Inc. Financial Services	Reduced	32,708	-8,330	$4,483,612	−13.7%	0.85%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	8,996	-3,871	$4,310,883	−33.3%	0.82%
DG	Dollar General Corp Consumer Defensive	Reduced	36,029	-4,581	$4,277,723	−20.7%	0.81%
TROW	Price T Rowe Group Inc Financial Services	Reduced	46,870	-11,288	$4,224,861	−29.0%	0.80%
GNTX	Gentex Corp Consumer Cyclical	Reduced	188,734	-33,760	$4,123,837	−20.3%	0.78%
QCOM	Qualcomm Inc/De Technology	Reduced	31,329	-4,160	$4,034,548	−33.5%	0.77%
AXP	American Express Co Financial Services	Reduced	10,953	-2,779	$3,313,063	−34.8%	0.63%
ACN	Accenture plc Technology	Added	16,436	+3,839	$3,259,094	−3.6%	0.62%
EXP	Eagle Materials Inc Basic Materials	Added	16,837	+4,437	$3,189,769	+24.5%	0.61%
TTC	Toro Co Industrials	Reduced	30,810	-1,000	$2,878,886	+15.0%	0.55%
XPEL	XPEL, Inc. Consumer Cyclical	Added	64,800	+544	$2,868,048	−10.6%	0.55%
META	Meta Platforms, Inc. Communication Services	Reduced	4,705	-1,601	$2,691,871	−35.3%	0.51%
NKE	NIKE, Inc. Consumer Cyclical	NEW	50,200	NEW	$2,651,564	NEW	0.50%
BDX	Becton Dickinson & Co Healthcare	Reduced	15,600	-2,870	$2,452,788	−13.0%	0.47%
MSFT	Microsoft Corp Technology	NEW	4,160	NEW	$1,539,907	NEW	0.29%
WAT	Waters Corp /De/ Healthcare	NEW	2,204	NEW	$656,351	NEW	0.12%
LFUS	Littelfuse Inc /De Technology	Held	700	0	$237,545	+34.2%	0.05%
BOKF	Bok Financial Corp Financial Services	Held	1,400	0	$179,284	+8.1%	0.03%
CGNX	Cognex Corp Technology	Held	3,200	0	$156,768	+36.2%	0.03%
WAFD	Wafd Inc Financial Services	Held	4,200	0	$131,880	−2.0%	0.03%
AYI	Acuity Inc. (De) Industrials	Held	470	0	$131,703	−22.2%	0.03%
MSM	Msc Industrial Direct Co Inc Industrials	Reduced	1,400	-61,236	$129,178	−97.5%	0.02%
LSTR	Landstar System Inc Industrials	Held	800	0	$128,248	+11.6%	0.02%
AX	Axos Financial, Inc. Financial Services	Held	1,400	0	$119,126	−1.2%	0.02%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Held	500	0	$85,810	+6.3%	0.02%
GGG	Graco Inc Industrials	Held	900	0	$76,185	+3.3%	0.01%