SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long-Term Concentrated

CIK: 0001234074 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $1,245,857 (100.0% shares, 0.0% debt)

Holdings (41)

RYAAY RYANAIR HLDGS PLC 25.5%

Value ($000) $317,571 Shares 5,273,508 Est. Cost $57.37 Unrealized —

CPA COPA HOLDINGS 22.0%

Value ($000) $273,510 Shares 2,301,884 Est. Cost $65.14 Unrealized +71.8%

SSNHZ SAMSUNG ELECTRONIC 18.3%

Value ($000) $227,479 Shares 152,262 Est. Cost $968.65 Unrealized —

CMGGF COMMERCIAL INTL BK 3.1%

Value ($000) $38,523 Shares 19,070,742 Est. Cost $2.96 Unrealized —

DCI DONALDSON INC 1.7%

Value ($000) $21,180 Shares 258,761 Est. Cost $56.26 Unrealized +33.0%

MKL MARKEL GROUP INC 1.7%

Value ($000) $20,811 Shares 10,888 Est. Cost $1123.01 Unrealized +74.6%

CHRW C H ROBINSON WLDWIDE 1.6%

Value ($000) $20,083 Shares 151,682 Est. Cost $79.43 Unrealized +46.6%

BRK/B BERKSHIRE HATHAWAY 1.6%

Value ($000) $19,909 Shares 39,601 Est. Cost $214.82 Unrealized +125.5%

WFC WELLS FARGO & CO 1.6%

Value ($000) $19,363 Shares 231,004 Est. Cost $39.63 Unrealized +103.1%

META META PLATFORMS INC 1.5%

Value ($000) $18,719 Shares 25,489 Est. Cost $212.48 Unrealized +249.8%

GILD GILEAD SCIENCES INC 1.5%

Value ($000) $18,578 Shares 167,370 Est. Cost $64.61 Unrealized +73.8%

HSIC HENRY SCHEIN INC 1.5%

Value ($000) $18,483 Shares 278,490 Est. Cost $70.01 Unrealized -1.1%

DIS WALT DISNEY CO 1.4%

Value ($000) $18,065 Shares 157,770 Est. Cost $122.81 Unrealized -4.7%

GNTX GENTEX CORP 1.4%

Value ($000) $17,539 Shares 619,760 Est. Cost $31.83 Unrealized -16.5%

SNA SNAP-ON INC 1.4%

Value ($000) $16,834 Shares 48,580 Est. Cost $302.38 Unrealized +7.1%

TROW PRICE T ROWE GROUP 1.3%

Value ($000) $16,665 Shares 162,368 Est. Cost $99.90 Unrealized +2.9%

GOOGL ALPHABET INC 1.3%

Value ($000) $16,303 Shares 67,064 Est. Cost $158.17 Unrealized +32.3%

QCOM QUALCOMM INC 1.3%

Value ($000) $16,247 Shares 97,660 Est. Cost $134.34 Unrealized +17.0%

MSM MSC INDL DIRECT INC 1.3%

Value ($000) $16,098 Shares 174,710 Est. Cost $82.67 Unrealized +7.9%

CFR CULLEN FROST BANKERS 1.2%

Value ($000) $14,405 Shares 113,630 Est. Cost $82.16 Unrealized +56.1%

JNJ JOHNSON & JOHNSON 1.2%

Value ($000) $14,350 Shares 77,390 Est. Cost $130.38 Unrealized +30.0%

AXP AMERICAN EXPRESS CO 1.1%

Value ($000) $13,815 Shares 41,590 Est. Cost $113.15 Unrealized +179.8%

BF/B BROWN FORMAN CORP 1.0%

Value ($000) $12,376 Shares 457,020 Est. Cost $38.04 Unrealized -24.8%

XOM EXXON MOBIL CORP 1.0%

Value ($000) $12,277 Shares 108,890 Est. Cost $89.17 Unrealized +23.0%

RTX RTX CORPORATION 0.9%

Value ($000) $10,664 Shares 63,730 Est. Cost $67.44 Unrealized +128.7%

BDX BECTON DICKINSON 0.8%

Value ($000) $9,634 Shares 51,470 Est. Cost $224.12 Unrealized -17.9%

SBKFF STATE BK OF INDIA 0.7%

Value ($000) $9,228 Shares 93,880 Est. Cost $75.34 Unrealized —

DG DOLLAR GEN CORP 0.5%

Value ($000) $6,791 Shares 65,710 Est. Cost $102.56 Unrealized +6.2%

TTC TORO CO 0.4%

Value ($000) $5,128 Shares 67,300 Est. Cost $73.90 Unrealized +3.8%

XPEL XPEL INC 0.3%

Value ($000) $3,798 Shares 114,856 Est. Cost $34.95 Unrealized +1.5%

LFUS LITTELFUSE INC 0.0%

Value ($000) $181 Shares 700 Est. Cost $197.22 Unrealized +27.0%

CGNX COGNEX CORP 0.0%

Value ($000) $168 Shares 3,700 Est. Cost $28.50 Unrealized +41.5%

EXP EAGLE MATERIALS 0.0%

Value ($000) $163 Shares 700 Est. Cost $216.44 Unrealized +4.5%

AYI ACUITY INC 0.0%

Value ($000) $162 Shares 470 Est. Cost $267.35 Unrealized +19.1%

BOKF BOK FINL CORP 0.0%

Value ($000) $156 Shares 1,400 Est. Cost $93.26 Unrealized +13.1%

WAFD WAFD INC 0.0%

Value ($000) $127 Shares 4,200 Est. Cost $27.86 Unrealized +7.6%

AX AXOS FINANCIAL 0.0%

Value ($000) $119 Shares 1,400 Est. Cost $68.99 Unrealized +26.3%

LSTR LANDSTAR SYS INC 0.0%

Value ($000) $98 Shares 800 Est. Cost $136.96 Unrealized —

FMC FMC CORP 0.0%

Value ($000) $98 Shares 2,900 Est. Cost $38.22 Unrealized -0.2%

SSD SIMPSON MANUFACTURIN 0.0%

Value ($000) $84 Shares 500 Est. Cost $158.91 Unrealized +12.2%

GGG GRACO INC 0.0%

Value ($000) $76 Shares 900 Est. Cost $82.66 Unrealized +2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RYAAY	RYANAIR HLDGS PLC	5,273,508	$317,571	25.5%	$57.37	—	ADR EACH REPR 5 ORD	783513203
CPA	COPA HOLDINGS	2,301,884	$273,510	22.0%	$65.14	+71.8%	CLASS A	P31076105
SSNHZ	SAMSUNG ELECTRONIC	152,262	$227,479	18.3%	$968.65	—	GDR REP 1/2 ORD REGS	796050888
CMGGF	COMMERCIAL INTL BK	19,070,742	$38,523	3.1%	$2.96	—	GDR REP 1 ORD EGP10	201712205
DCI	DONALDSON INC	258,761	$21,180	1.7%	$56.26	+33.0%	COMMON	257651109
MKL	MARKEL GROUP INC	10,888	$20,811	1.7%	$1123.01	+74.6%	COMMON	570535104
CHRW	C H ROBINSON WLDWIDE	151,682	$20,083	1.6%	$79.43	+46.6%	COMMON	12541W209
BRK/B	BERKSHIRE HATHAWAY	39,601	$19,909	1.6%	$214.82	+125.5%	CLASS B	084670702
WFC	WELLS FARGO & CO	231,004	$19,363	1.6%	$39.63	+103.1%	COMMON	949746101
META	META PLATFORMS INC	25,489	$18,719	1.5%	$212.48	+249.8%	COM USD0.000006 CL A	30303M102
GILD	GILEAD SCIENCES INC	167,370	$18,578	1.5%	$64.61	+73.8%	COMMON	375558103
HSIC	HENRY SCHEIN INC	278,490	$18,483	1.5%	$70.01	-1.1%	COM	806407102
DIS	WALT DISNEY CO	157,770	$18,065	1.4%	$122.81	-4.7%	COM	254687106
GNTX	GENTEX CORP	619,760	$17,539	1.4%	$31.83	-16.5%	COMMON	371901109
SNA	SNAP-ON INC	48,580	$16,834	1.4%	$302.38	+7.1%	COMMON	833034101
TROW	PRICE T ROWE GROUP	162,368	$16,665	1.3%	$99.90	+2.9%	COM	74144T108
GOOGL	ALPHABET INC	67,064	$16,303	1.3%	$158.17	+32.3%	CLASS A	02079K305
QCOM	QUALCOMM INC	97,660	$16,247	1.3%	$134.34	+17.0%	COMMON	747525103
MSM	MSC INDL DIRECT INC	174,710	$16,098	1.3%	$82.67	+7.9%	CLASS A	553530106
CFR	CULLEN FROST BANKERS	113,630	$14,405	1.2%	$82.16	+56.1%	COMMON	229899109
JNJ	JOHNSON & JOHNSON	77,390	$14,350	1.2%	$130.38	+30.0%	COMMON	478160104
AXP	AMERICAN EXPRESS CO	41,590	$13,815	1.1%	$113.15	+179.8%	COMMON	025816109
BF/B	BROWN FORMAN CORP	457,020	$12,376	1.0%	$38.04	-24.8%	CLASS B	115637209
XOM	EXXON MOBIL CORP	108,890	$12,277	1.0%	$89.17	+23.0%	COMMON	30231G102
RTX	RTX CORPORATION	63,730	$10,664	0.9%	$67.44	+128.7%	COM USD1	75513E101
BDX	BECTON DICKINSON	51,470	$9,634	0.8%	$224.12	-17.9%	COMMON	075887109
SBKFF	STATE BK OF INDIA	93,880	$9,228	0.7%	$75.34	—	GDR(2 INR10 REG S)	856552203
DG	DOLLAR GEN CORP	65,710	$6,791	0.5%	$102.56	+6.2%	COMMON	256677105
TTC	TORO CO	67,300	$5,128	0.4%	$73.90	+3.8%	COMMON	891092108
XPEL	XPEL INC	114,856	$3,798	0.3%	$34.95	+1.5%	COMMON	98379L100
LFUS	LITTELFUSE INC	700	$181	0.0%	$197.22	+27.0%	COM USD0.01	537008104
CGNX	COGNEX CORP	3,700	$168	0.0%	$28.50	+41.5%	COMMON	192422103
EXP	EAGLE MATERIALS	700	$163	0.0%	$216.44	+4.5%	COMMON	26969P108
AYI	ACUITY INC	470	$162	0.0%	$267.35	+19.1%	COMMON	00508Y102
BOKF	BOK FINL CORP	1,400	$156	0.0%	$93.26	+13.1%	COMMON	05561Q201
WAFD	WAFD INC	4,200	$127	0.0%	$27.86	+7.6%	COMMON	938824109
AX	AXOS FINANCIAL	1,400	$119	0.0%	$68.99	+26.3%	COMMON	05465C100
LSTR	LANDSTAR SYS INC	800	$98	0.0%	$136.96	—	COMMON	515098101
FMC	FMC CORP	2,900	$98	0.0%	$38.22	-0.2%	COMMON	302491303
SSD	SIMPSON MANUFACTURIN	500	$84	0.0%	$158.91	+12.2%	COMMON	829073105
GGG	GRACO INC	900	$76	0.0%	$82.66	+2.7%	COMMON	384109104