SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long-Term Concentrated

Location: Toronto, Ontario, Canada

CIK: 0001234074 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 3, 2026

Total Value: $830M (100.0% shares, 0.0% debt)

Holdings (40)

RYAAY RYANAIR HLDGS PLC 39.5%

Value $328M Shares 4,537,122 Est. Cost $57.37 Unrealized —

CPA COPA HOLDINGS 27.8%

Value $230M Shares 1,911,095 Est. Cost $65.14 Unrealized +86.1%

SSNHZ SAMSUNG ELECTRONIC 13.9%

Value $115M Shares 55,656 Est. Cost $968.65 Unrealized —

SBKFF STATE BK OF INDIA 1.2%

Value $10.11M Shares 92,910 Est. Cost $75.34 Unrealized —

CHRW C H ROBINSON WLDWIDE 1.0%

Value $8.501M Shares 52,882 Est. Cost $79.43 Unrealized +85.5%

DCI DONALDSON INC 1.0%

Value $8.216M Shares 92,664 Est. Cost $56.26 Unrealized +53.6%

MKL MARKEL GROUP INC 1.0%

Value $8.207M Shares 3,818 Est. Cost $1123.01 Unrealized +80.4%

WFC WELLS FARGO & CO 0.9%

Value $7.535M Shares 80,847 Est. Cost $39.63 Unrealized +118.6%

HSIC HENRY SCHEIN INC 0.9%

Value $7.499M Shares 99,217 Est. Cost $70.01 Unrealized +0.5%

GILD GILEAD SCIENCES INC 0.9%

Value $7.348M Shares 59,870 Est. Cost $64.61 Unrealized +87.1%

DIS WALT DISNEY CO 0.8%

Value $6.486M Shares 57,011 Est. Cost $122.81 Unrealized -10.8%

BRK/B BERKSHIRE HATHAWAY 0.8%

Value $6.468M Shares 12,867 Est. Cost $214.82 Unrealized +131.6%

GOOGL ALPHABET INC 0.8%

Value $6.368M Shares 20,344 Est. Cost $158.17 Unrealized +80.6%

QCOM QUALCOMM INC 0.7%

Value $6.07M Shares 35,489 Est. Cost $134.34 Unrealized +27.1%

TROW PRICE T ROWE GROUP 0.7%

Value $5.954M Shares 58,158 Est. Cost $99.90 Unrealized +2.3%

SNA SNAP-ON INC 0.7%

Value $5.92M Shares 17,180 Est. Cost $302.38 Unrealized +12.6%

JNJ JOHNSON & JOHNSON 0.7%

Value $5.627M Shares 27,190 Est. Cost $130.38 Unrealized +51.1%

DG DOLLAR GEN CORP 0.6%

Value $5.392M Shares 40,610 Est. Cost $102.56 Unrealized +8.7%

MSM MSC INDL DIRECT INC 0.6%

Value $5.268M Shares 62,636 Est. Cost $82.67 Unrealized +4.8%

CFR CULLEN FROST BANKERS 0.6%

Value $5.197M Shares 41,038 Est. Cost $82.16 Unrealized +51.9%

GNTX GENTEX CORP 0.6%

Value $5.177M Shares 222,494 Est. Cost $31.83 Unrealized -24.3%

AXP AMERICAN EXPRESS CO 0.6%

Value $5.08M Shares 13,732 Est. Cost $113.15 Unrealized +215.5%

BF/B BROWN FORMAN CORP 0.6%

Value $5.033M Shares 193,120 Est. Cost $38.04 Unrealized -26.4%

XOM EXXON MOBIL CORP 0.6%

Value $4.7M Shares 39,059 Est. Cost $89.17 Unrealized +29.5%

META META PLATFORMS INC 0.5%

Value $4.163M Shares 6,306 Est. Cost $212.48 Unrealized +214.1%

BDX BECTON DICKINSON 0.4%

Value $3.584M Shares 18,470 Est. Cost $224.12 Unrealized -15.4%

ACN ACCENTURE PLC 0.4%

Value $3.38M Shares 12,597 Est. Cost $254.06 Unrealized 0.0%

XPEL XPEL INC 0.4%

Value $3.207M Shares 64,256 Est. Cost $34.95 Unrealized +19.6%

EXP EAGLE MATERIALS 0.3%

Value $2.563M Shares 12,400 Est. Cost $220.27 Unrealized +0.1%

TTC TORO CO 0.3%

Value $2.504M Shares 31,810 Est. Cost $73.90 Unrealized +0.0%

LFUS LITTELFUSE INC 0.0%

Value $177K Shares 700 Est. Cost $197.22 Unrealized +29.1%

AYI ACUITY INC 0.0%

Value $169K Shares 470 Est. Cost $267.35 Unrealized +35.1%

BOKF BOK FINL CORP 0.0%

Value $166K Shares 1,400 Est. Cost $93.26 Unrealized +19.4%

WAFD WAFD INC 0.0%

Value $135K Shares 4,200 Est. Cost $27.86 Unrealized +9.4%

AX AXOS FINANCIAL 0.0%

Value $121K Shares 1,400 Est. Cost $68.99 Unrealized +19.4%

CGNX COGNEX CORP 0.0%

Value $115K Shares 3,200 Est. Cost $28.50 Unrealized +41.9%

LSTR LANDSTAR SYS INC 0.0%

Value $115K Shares 800 Est. Cost $136.96 Unrealized —

SSD SIMPSON MANUFACTURIN 0.0%

Value $80,735 Shares 500 Est. Cost $158.91 Unrealized +6.2%

GGG GRACO INC 0.0%

Value $73,773 Shares 900 Est. Cost $82.66 Unrealized -0.9%

FMC FMC CORP 0.0%

Value $40,223 Shares 2,900 Est. Cost $38.22 Unrealized -50.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RYAAY	RYANAIR HLDGS PLC	4,537,122	$328M	39.5%	$57.37	—	ADR EACH REPR 5 ORD	783513203
CPA	COPA HOLDINGS	1,911,095	$230M	27.8%	$65.14	+86.1%	CLASS A	P31076105
SSNHZ	SAMSUNG ELECTRONIC	55,656	$115M	13.9%	$968.65	—	GDR REP 1/2 ORD REGS	796050888
SBKFF	STATE BK OF INDIA	92,910	$10.11M	1.2%	$75.34	—	GDR(2 INR10 REG S)	856552203
CHRW	C H ROBINSON WLDWIDE	52,882	$8.501M	1.0%	$79.43	+85.5%	COMMON	12541W209
DCI	DONALDSON INC	92,664	$8.216M	1.0%	$56.26	+53.6%	COMMON	257651109
MKL	MARKEL GROUP INC	3,818	$8.207M	1.0%	$1123.01	+80.4%	COMMON	570535104
WFC	WELLS FARGO & CO	80,847	$7.535M	0.9%	$39.63	+118.6%	COMMON	949746101
HSIC	HENRY SCHEIN INC	99,217	$7.499M	0.9%	$70.01	+0.5%	COM	806407102
GILD	GILEAD SCIENCES INC	59,870	$7.348M	0.9%	$64.61	+87.1%	COMMON	375558103
DIS	WALT DISNEY CO	57,011	$6.486M	0.8%	$122.81	-10.8%	COM	254687106
BRK/B	BERKSHIRE HATHAWAY	12,867	$6.468M	0.8%	$214.82	+131.6%	CLASS B	084670702
GOOGL	ALPHABET INC	20,344	$6.368M	0.8%	$158.17	+80.6%	CLASS A	02079K305
QCOM	QUALCOMM INC	35,489	$6.07M	0.7%	$134.34	+27.1%	COMMON	747525103
TROW	PRICE T ROWE GROUP	58,158	$5.954M	0.7%	$99.90	+2.3%	COM	74144T108
SNA	SNAP-ON INC	17,180	$5.92M	0.7%	$302.38	+12.6%	COMMON	833034101
JNJ	JOHNSON & JOHNSON	27,190	$5.627M	0.7%	$130.38	+51.1%	COMMON	478160104
DG	DOLLAR GEN CORP	40,610	$5.392M	0.6%	$102.56	+8.7%	COMMON	256677105
MSM	MSC INDL DIRECT INC	62,636	$5.268M	0.6%	$82.67	+4.8%	CLASS A	553530106
CFR	CULLEN FROST BANKERS	41,038	$5.197M	0.6%	$82.16	+51.9%	COMMON	229899109
GNTX	GENTEX CORP	222,494	$5.177M	0.6%	$31.83	-24.3%	COMMON	371901109
AXP	AMERICAN EXPRESS CO	13,732	$5.08M	0.6%	$113.15	+215.5%	COMMON	025816109
BF/B	BROWN FORMAN CORP	193,120	$5.033M	0.6%	$38.04	-26.4%	CLASS B	115637209
XOM	EXXON MOBIL CORP	39,059	$4.7M	0.6%	$89.17	+29.5%	COMMON	30231G102
META	META PLATFORMS INC	6,306	$4.163M	0.5%	$212.48	+214.1%	COM USD0.000006 CL A	30303M102
BDX	BECTON DICKINSON	18,470	$3.584M	0.4%	$224.12	-15.4%	COMMON	075887109
ACN	ACCENTURE PLC	12,597	$3.38M	0.4%	$254.06	0.0%	CLASS A	G1151C101
XPEL	XPEL INC	64,256	$3.207M	0.4%	$34.95	+19.6%	COMMON	98379L100
EXP	EAGLE MATERIALS	12,400	$2.563M	0.3%	$220.27	+0.1%	COMMON	26969P108
TTC	TORO CO	31,810	$2.504M	0.3%	$73.90	+0.0%	COMMON	891092108
LFUS	LITTELFUSE INC	700	$177K	0.0%	$197.22	+29.1%	COM USD0.01	537008104
AYI	ACUITY INC	470	$169K	0.0%	$267.35	+35.1%	COMMON	00508Y102
BOKF	BOK FINL CORP	1,400	$166K	0.0%	$93.26	+19.4%	COMMON	05561Q201
WAFD	WAFD INC	4,200	$135K	0.0%	$27.86	+9.4%	COMMON	938824109
AX	AXOS FINANCIAL	1,400	$121K	0.0%	$68.99	+19.4%	COMMON	05465C100
CGNX	COGNEX CORP	3,200	$115K	0.0%	$28.50	+41.9%	COMMON	192422103
LSTR	LANDSTAR SYS INC	800	$115K	0.0%	$136.96	—	COMMON	515098101
SSD	SIMPSON MANUFACTURIN	500	$80,735	0.0%	$158.91	+6.2%	COMMON	829073105
GGG	GRACO INC	900	$73,773	0.0%	$82.66	-0.9%	COMMON	384109104
FMC	FMC CORP	2,900	$40,223	0.0%	$38.22	-50.4%	COMMON	302491303