SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Adviser

CIK

1234074

Location

TORONTO, A6

Portfolio Value

Small $511,490,529

Diversification

Highly concentrated

Reports for

VANGUARD TRUSTEES' EQUITY FUND

Filing Date

Global Rank

#3,659 / 8,811 ▼ 513

Top Industry

Airlines 87.4%

Period ended 4 months ago

Filed Aug 7, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Adviser

Schedule 13G, May 14, 2025

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 92.2% of the book (60%+)

Turnover

Low turnover

2.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 25.0 quarters (12+), a floor since 94.2% of the book was already held when coverage starts

Closest benchmark: the Russell 1000 as of 2026-06-30, active share 95.6%; sector active share 79.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

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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	−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	−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	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	Held (qtrs)	Est. cost/share	% of Portfolio
CPA	Copa Holdings, S.A. Industrials	Reduced	1,451,592	-247,418	$225,824,167	+17.0%	26+	before history	44.15%
RYAAY	Ryanair Holdings PLC Industrials	Reduced	3,419,717	-423,350	$221,426,675	−0.3%	26+	before history	43.29%
DCI	DONALDSON Co INC Industrials	Reduced	40,004	-32,600	$3,591,159	−41.7%	26+	before history	0.70%
HSIC	Henry Schein Inc Healthcare	Reduced	40,427	-39,700	$3,376,463	−42.8%	26+	before history	0.66%
MKL	Markel Group Inc. Financial Services	Reduced	1,604	-1,484	$3,132,628	−47.0%	26+	before history	0.61%
SNA	Snap-on Inc Industrials	Reduced	7,400	-7,100	$2,977,760	−43.5%	9	$311.16	0.58%
GOOGL	Alphabet Inc. Communication Services	Reduced	7,870	-8,414	$2,812,501	−39.9%	26+	before history	0.55%
EXP	Eagle Materials Inc Basic Materials	Reduced	12,310	-4,527	$2,769,750	−13.2%	5	$218.47	0.54%
QCOM	Qualcomm Inc Technology	Reduced	14,929	-16,400	$2,758,729	−31.6%	13	$140.55	0.54%
DG	Dollar General Corp Consumer Defensive	Reduced	23,495	-12,534	$2,704,509	−36.8%	5	$103.52	0.53%
CFR	Cullen/Frost Bankers, Inc. Financial Services	Reduced	16,308	-16,400	$2,519,912	−43.8%	26+	before history	0.49%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	5,035	-3,961	$2,519,463	−41.6%	26+	before history	0.49%
GNTX	Gentex Corp Consumer Cyclical	Reduced	99,334	-89,400	$2,510,170	−39.1%	20	$31.83	0.49%
DIS	Walt Disney Co Communication Services	Reduced	25,541	-23,000	$2,458,321	−47.5%	26+	before history	0.48%
GILD	Gilead Sciences, Inc. Healthcare	Reduced	18,900	-19,000	$2,387,826	−54.8%	24	$71.48	0.47%
BF-B	Brown Forman Corp Consumer Defensive	Reduced	89,100	-76,100	$2,374,515	−45.6%	7	$39.24	0.46%
JNJ	Johnson & Johnson Healthcare	Reduced	9,200	-11,600	$2,336,524	−54.0%	26+	before history	0.46%
XPEL	XPEL, Inc. Consumer Cyclical	Reduced	46,300	-18,500	$2,296,480	−19.9%	6	$35.06	0.45%
WFC	Wells Fargo & Company Financial Services	Reduced	26,477	-36,043	$2,188,059	−56.0%	26+	before history	0.43%
TROW	Price T Rowe Group Inc Financial Services	Reduced	18,714	-28,156	$2,127,594	−49.6%	26+	before history	0.42%
XOM	ExxonMobil Holdings Corp Energy	Reduced	15,269	-13,100	$2,087,577	−56.6%	26+	before history	0.41%
CHRW	C. H. Robinson Worldwide, Inc. Industrials	Reduced	10,912	-21,700	$2,055,166	−62.1%	26+	before history	0.40%
TTC	Toro Co Industrials	Reduced	20,810	-10,000	$2,027,310	−29.6%	6	$73.90	0.40%
AXP	American Express Co Financial Services	Reduced	5,442	-5,511	$1,840,756	−44.4%	26+	before history	0.36%
MSFT	Microsoft Corp Technology	Reduced	3,840	-320	$1,432,396	−7.0%	2	$418.44	0.28%
ACN	Accenture plc Technology	Reduced	11,183	-5,253	$1,391,612	−57.3%	3	$249.14	0.27%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	33,900	-16,300	$1,391,595	−47.5%	2	$60.64	0.27%
META	Meta Platforms, Inc. Communication Services	Reduced	2,351	-2,354	$1,324,294	−50.8%	18	$213.96	0.26%
BDX	Becton Dickinson & Co Healthcare	Reduced	8,000	-7,600	$1,210,640	−50.6%	26+	before history	0.24%
LFUS	Littelfuse Inc Technology	Reduced	570	-130	$259,538	+9.3%	5	$197.22	0.05%
CGNX	Cognex Corp Technology	Reduced	2,800	-400	$202,776	+29.3%	5	$28.65	0.04%
BOKF	Bok Financial Corp Financial Services	Held	1,400	0	$194,432	+8.4%	5	$94.99	0.04%
AYI	Acuity Inc. (De) Industrials	Held	470	0	$177,030	+34.4%	5	$267.81	0.03%
MSM	Msc Industrial Direct Co Inc Industrials	Held	1,400	0	$166,530	+28.9%	26+	before history	0.03%
LSTR	Landstar System Inc Industrials	Held	800	0	$165,448	+29.0%	5	$137.92	0.03%
WAFD	Wafd Inc Financial Services	Held	4,200	0	$161,154	+22.2%	5	$28.70	0.03%
AX	Axos Financial, Inc. Financial Services	Held	1,400	0	$136,346	+14.5%	5	$68.99	0.03%
SSD	Simpson Manufacturing Co., Inc. Basic Materials	Held	500	0	$104,675	+22.0%	5	$159.70	0.02%
GGG	Graco Inc Industrials	Held	900	0	$68,049	−10.7%	5	$83.46	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.