SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK

1234074

Location

TORONTO, A6

Portfolio Value

Micro $4,277,723

Diversification

Highly concentrated

Filing Date

Global Rank

#2,544 / 8,586 ▼ 306

Top Industry

Airlines 79.0%

3Y Alpha vs SPY

-9.6%

Period ended 3 months ago

Filed May 13, 2026 · 34d

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

+39.0%

SPY

+78.1%

Annualised alpha

-9.6%

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

1 positions · $4,277,723 total · Consumer Defensive only · 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	History
DG	Dollar General Corp Consumer Defensive	Reduced	36,029	-4,581	$4,277,723	−20.7%	100.00%