SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long-Term Concentrated

CIK: 0001234074 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 6, 2025

Total Value ($000): $1,237,666 (100.0% shares, 0.0% debt)

Holdings (43)

RYAAY RYANAIR HLDGS PLC 28.0%

Value ($000) $346,666 Shares 6,011,207 Est. Cost $57.37 Unrealized —

CPA COPA HOLDINGS 22.5%

Value ($000) $278,635 Shares 2,533,736 Est. Cost $65.14 Unrealized +46.2%

SSNHZ SAMSUNG ELECTRONIC 14.8%

Value ($000) $183,398 Shares 166,574 Est. Cost $968.65 Unrealized —

CMGGF COMMERCIAL INTL BK 2.9%

Value ($000) $35,637 Shares 21,212,772 Est. Cost $2.96 Unrealized —

MKL MARKEL GROUP INC 2.0%

Value ($000) $24,346 Shares 12,189 Est. Cost $1123.01 Unrealized +67.0%

DIS WALT DISNEY CO 1.8%

Value ($000) $22,082 Shares 178,070 Est. Cost $122.81 Unrealized -16.3%

HSIC HENRY SCHEIN INC 1.8%

Value ($000) $21,761 Shares 297,890 Est. Cost $70.01 Unrealized -1.7%

BRK/B BERKSHIRE HATHAWAY 1.8%

Value ($000) $21,674 Shares 44,618 Est. Cost $214.82 Unrealized +136.4%

META META PLATFORMS INC 1.7%

Value ($000) $21,477 Shares 29,098 Est. Cost $212.48 Unrealized +190.2%

GILD GILEAD SCIENCES INC 1.7%

Value ($000) $20,574 Shares 185,570 Est. Cost $64.61 Unrealized +61.6%

WFC WELLS FARGO & CO 1.7%

Value ($000) $20,479 Shares 255,604 Est. Cost $39.63 Unrealized +79.5%

DCI DONALDSON INC 1.5%

Value ($000) $19,124 Shares 275,761 Est. Cost $56.26 Unrealized +17.9%

QCOM QUALCOMM INC 1.4%

Value ($000) $17,114 Shares 107,460 Est. Cost $134.34 Unrealized +8.0%

TROW PRICE T ROWE GROUP 1.4%

Value ($000) $17,048 Shares 176,668 Est. Cost $99.90 Unrealized -11.3%

CFR CULLEN FROST BANKERS 1.3%

Value ($000) $16,148 Shares 125,630 Est. Cost $82.16 Unrealized +45.7%

MSM MSC INDL DIRECT INC 1.3%

Value ($000) $16,121 Shares 189,610 Est. Cost $82.67 Unrealized -4.4%

RTX RTX CORPORATION 1.2%

Value ($000) $14,694 Shares 100,630 Est. Cost $67.44 Unrealized +95.3%

SNA SNAP-ON INC 1.2%

Value ($000) $14,650 Shares 47,080 Est. Cost $301.69 Unrealized +3.6%

CHRW C H ROBINSON WLDWIDE 1.2%

Value ($000) $14,640 Shares 152,582 Est. Cost $79.43 Unrealized +16.4%

AXP AMERICAN EXPRESS CO 1.2%

Value ($000) $14,351 Shares 44,990 Est. Cost $113.15 Unrealized +146.9%

GNTX GENTEX CORP 1.1%

Value ($000) $13,008 Shares 591,560 Est. Cost $32.08 Unrealized -31.9%

JNJ JOHNSON & JOHNSON 1.0%

Value ($000) $12,539 Shares 82,090 Est. Cost $130.38 Unrealized +15.7%

BF/B BROWN FORMAN CORP 1.0%

Value ($000) $12,277 Shares 456,220 Est. Cost $38.04 Unrealized -17.5%

GOOGL ALPHABET INC 0.9%

Value ($000) $11,186 Shares 63,474 Est. Cost $155.29 Unrealized +5.2%

XOM EXXON MOBIL CORP 0.9%

Value ($000) $11,070 Shares 102,690 Est. Cost $87.93 Unrealized +18.9%

BDX BECTON DICKINSON 0.7%

Value ($000) $9,141 Shares 53,070 Est. Cost $224.12 Unrealized -19.5%

SBKFF STATE BK OF INDIA 0.7%

Value ($000) $9,096 Shares 95,450 Est. Cost $75.34 Unrealized —

DG DOLLAR GEN CORP 0.4%

Value ($000) $4,430 Shares 38,731 Est. Cost $98.12 Unrealized 0.0%

TTC TORO CO 0.4%

Value ($000) $4,425 Shares 62,600 Est. Cost $73.69 Unrealized -3.7%

XPEL XPEL INC 0.3%

Value ($000) $4,276 Shares 119,100 Est. Cost $34.95 Unrealized -5.6%

BWA BORG WARNER INC 0.2%

Value ($000) $2,793 Shares 83,430 Est. Cost $31.68 Unrealized -4.2%

BIIB BIOGEN INC 0.1%

Value ($000) $1,672 Shares 13,310 Est. Cost $264.00 Unrealized -52.8%

LFUS LITTELFUSE INC 0.0%

Value ($000) $159 Shares 700 Est. Cost $197.22 Unrealized 0.0%

BOKF BOK FINL CORP 0.0%

Value ($000) $127 Shares 1,300 Est. Cost $92.32 Unrealized 0.0%

EXP EAGLE MATERIALS 0.0%

Value ($000) $121 Shares 600 Est. Cost $214.81 Unrealized 0.0%

AYI ACUITY INC 0.0%

Value ($000) $119 Shares 400 Est. Cost $258.41 Unrealized 0.0%

CGNX COGNEX CORP 0.0%

Value ($000) $117 Shares 3,700 Est. Cost $28.50 Unrealized 0.0%

WAFD WAFD INC 0.0%

Value ($000) $102 Shares 3,500 Est. Cost $27.44 Unrealized 0.0%

AX AXOS FINANCIAL 0.0%

Value ($000) $99 Shares 1,300 Est. Cost $67.59 Unrealized 0.0%

LSTR LANDSTAR SYS INC 0.0%

Value ($000) $97 Shares 700 Est. Cost $139.02 Unrealized —

FMC FMC CORP 0.0%

Value ($000) $67 Shares 1,600 Est. Cost $38.30 Unrealized 0.0%

SSD SIMPSON MANUFACTURIN 0.0%

Value ($000) $62 Shares 400 Est. Cost $154.06 Unrealized 0.0%

GGG GRACO INC 0.0%

Value ($000) $60 Shares 700 Est. Cost $82.01 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RYAAY	RYANAIR HLDGS PLC	6,011,207	$346,666	28.0%	$57.37	—	ADR EACH REPR 5 ORD	783513203
CPA	COPA HOLDINGS	2,533,736	$278,635	22.5%	$65.14	+46.2%	CLASS A	P31076105
SSNHZ	SAMSUNG ELECTRONIC	166,574	$183,398	14.8%	$968.65	—	GDR REP 1/2 ORD REGS	796050888
CMGGF	COMMERCIAL INTL BK	21,212,772	$35,637	2.9%	$2.96	—	GDR REP 1 ORD EGP10	201712205
MKL	MARKEL GROUP INC	12,189	$24,346	2.0%	$1123.01	+67.0%	COMMON	570535104
DIS	WALT DISNEY CO	178,070	$22,082	1.8%	$122.81	-16.3%	COM	254687106
HSIC	HENRY SCHEIN INC	297,890	$21,761	1.8%	$70.01	-1.7%	COM	806407102
BRK/B	BERKSHIRE HATHAWAY	44,618	$21,674	1.8%	$214.82	+136.4%	CLASS B	084670702
META	META PLATFORMS INC	29,098	$21,477	1.7%	$212.48	+190.2%	COM USD0.000006 CL A	30303M102
GILD	GILEAD SCIENCES INC	185,570	$20,574	1.7%	$64.61	+61.6%	COMMON	375558103
WFC	WELLS FARGO & CO	255,604	$20,479	1.7%	$39.63	+79.5%	COMMON	949746101
DCI	DONALDSON INC	275,761	$19,124	1.5%	$56.26	+17.9%	COMMON	257651109
QCOM	QUALCOMM INC	107,460	$17,114	1.4%	$134.34	+8.0%	COMMON	747525103
TROW	PRICE T ROWE GROUP	176,668	$17,048	1.4%	$99.90	-11.3%	COM	74144T108
CFR	CULLEN FROST BANKERS	125,630	$16,148	1.3%	$82.16	+45.7%	COMMON	229899109
MSM	MSC INDL DIRECT INC	189,610	$16,121	1.3%	$82.67	-4.4%	CLASS A	553530106
RTX	RTX CORPORATION	100,630	$14,694	1.2%	$67.44	+95.3%	COM USD1	75513E101
SNA	SNAP-ON INC	47,080	$14,650	1.2%	$301.69	+3.6%	COMMON	833034101
CHRW	C H ROBINSON WLDWIDE	152,582	$14,640	1.2%	$79.43	+16.4%	COMMON	12541W209
AXP	AMERICAN EXPRESS CO	44,990	$14,351	1.2%	$113.15	+146.9%	COMMON	025816109
GNTX	GENTEX CORP	591,560	$13,008	1.1%	$32.08	-31.9%	COMMON	371901109
JNJ	JOHNSON & JOHNSON	82,090	$12,539	1.0%	$130.38	+15.7%	COMMON	478160104
BF/B	BROWN FORMAN CORP	456,220	$12,277	1.0%	$38.04	-17.5%	CLASS B	115637209
GOOGL	ALPHABET INC	63,474	$11,186	0.9%	$155.29	+5.2%	CLASS A	02079K305
XOM	EXXON MOBIL CORP	102,690	$11,070	0.9%	$87.93	+18.9%	COMMON	30231G102
BDX	BECTON DICKINSON	53,070	$9,141	0.7%	$224.12	-19.5%	COMMON	075887109
SBKFF	STATE BK OF INDIA	95,450	$9,096	0.7%	$75.34	—	GDR(2 INR10 REG S)	856552203
DG	DOLLAR GEN CORP	38,731	$4,430	0.4%	$98.12	0.0%	COMMON	256677105
TTC	TORO CO	62,600	$4,425	0.4%	$73.69	-3.7%	COMMON	891092108
XPEL	XPEL INC	119,100	$4,276	0.3%	$34.95	-5.6%	COMMON	98379L100
BWA	BORG WARNER INC	83,430	$2,793	0.2%	$31.68	-4.2%	COMMON	099724106
BIIB	BIOGEN INC	13,310	$1,672	0.1%	$264.00	-52.8%	COMMON	09062X103
LFUS	LITTELFUSE INC	700	$159	0.0%	$197.22	0.0%	COM USD0.01	537008104
BOKF	BOK FINL CORP	1,300	$127	0.0%	$92.32	0.0%	COMMON	05561Q201
EXP	EAGLE MATERIALS	600	$121	0.0%	$214.81	0.0%	COMMON	26969P108
AYI	ACUITY INC	400	$119	0.0%	$258.41	0.0%	COMMON	00508Y102
CGNX	COGNEX CORP	3,700	$117	0.0%	$28.50	0.0%	COMMON	192422103
WAFD	WAFD INC	3,500	$102	0.0%	$27.44	0.0%	COMMON	938824109
AX	AXOS FINANCIAL	1,300	$99	0.0%	$67.59	0.0%	COMMON	05465C100
LSTR	LANDSTAR SYS INC	700	$97	0.0%	$139.02	—	COMMON	515098101
FMC	FMC CORP	1,600	$67	0.0%	$38.30	0.0%	COMMON	302491303
SSD	SIMPSON MANUFACTURIN	400	$62	0.0%	$154.06	0.0%	COMMON	829073105
GGG	GRACO INC	700	$60	0.0%	$82.01	0.0%	COMMON	384109104