SPRUCEGROVE INVESTMENT MANAGEMENT LTD Long-Term Concentrated

Location: Toronto, Ontario, Canada

CIK: 0001234074 · Show all filings

Period: Q1 2026 (← Previous) (Next →)

Filing Date: May 13, 2026

Total Value: $625M (100.0% shares, 0.0% debt)

Holdings (42)

RYAAY RYANAIR HLDGS PLC 35.5%

Value $222M Shares 3,843,067 Est. Cost $57.37 Unrealized —

CPA COPA HOLDINGS 30.9%

Value $193M Shares 1,699,010 Est. Cost $65.14 Unrealized +113.2%

SSNHZ SAMSUNG ELECTRONIC 14.7%

Value $91.84M Shares 32,382 Est. Cost $968.65 Unrealized —

DCI DONALDSON INC 1.0%

Value $6.162M Shares 72,604 Est. Cost $56.26 Unrealized +81.2%

MKL MARKEL GROUP INC 0.9%

Value $5.911M Shares 3,088 Est. Cost $1123.01 Unrealized +85.0%

HSIC HENRY SCHEIN INC 0.9%

Value $5.905M Shares 80,127 Est. Cost $70.01 Unrealized +11.5%

CHRW C H ROBINSON WLDWIDE 0.9%

Value $5.416M Shares 32,612 Est. Cost $79.43 Unrealized +128.3%

GILD GILEAD SCIENCES INC 0.8%

Value $5.282M Shares 37,900 Est. Cost $64.61 Unrealized +114.2%

SNA SNAP-ON INC 0.8%

Value $5.267M Shares 14,500 Est. Cost $302.38 Unrealized +22.8%

JNJ JOHNSON & JOHNSON 0.8%

Value $5.084M Shares 20,800 Est. Cost $130.38 Unrealized +74.8%

WFC WELLS FARGO & CO 0.8%

Value $4.977M Shares 62,520 Est. Cost $39.63 Unrealized +127.2%

XOM EXXON MOBIL CORP 0.8%

Value $4.813M Shares 28,369 Est. Cost $89.17 Unrealized +55.6%

GOOGL ALPHABET INC 0.7%

Value $4.683M Shares 16,284 Est. Cost $158.17 Unrealized +104.4%

DIS WALT DISNEY CO 0.7%

Value $4.678M Shares 48,541 Est. Cost $122.81 Unrealized -10.9%

CFR CULLEN FROST BANKERS 0.7%

Value $4.484M Shares 32,708 Est. Cost $82.16 Unrealized +70.5%

BF/B BROWN FORMAN CORP 0.7%

Value $4.368M Shares 165,200 Est. Cost $38.04 Unrealized -26.5%

BRK/B BERKSHIRE HATHAWAY 0.7%

Value $4.311M Shares 8,996 Est. Cost $214.82 Unrealized +129.7%

DG DOLLAR GEN CORP 0.7%

Value $4.278M Shares 36,029 Est. Cost $102.56 Unrealized +44.0%

TROW PRICE T ROWE GROUP 0.7%

Value $4.225M Shares 46,870 Est. Cost $99.90 Unrealized +1.3%

GNTX GENTEX CORP 0.7%

Value $4.124M Shares 188,734 Est. Cost $31.83 Unrealized -24.5%

QCOM QUALCOMM INC 0.6%

Value $4.035M Shares 31,329 Est. Cost $134.34 Unrealized +14.6%

AXP AMERICAN EXPRESS CO 0.5%

Value $3.313M Shares 10,953 Est. Cost $113.15 Unrealized +214.8%

ACN ACCENTURE PLC 0.5%

Value $3.259M Shares 16,436 Est. Cost $253.86 Unrealized -0.3%

EXP EAGLE MATERIALS 0.5%

Value $3.19M Shares 16,837 Est. Cost $221.55 Unrealized +1.6%

SBKFF STATE BK OF INDIA 0.5%

Value $3.131M Shares 29,590 Est. Cost $75.34 Unrealized —

TTC TORO CO 0.5%

Value $2.879M Shares 30,810 Est. Cost $73.90 Unrealized +26.0%

XPEL XPEL INC 0.5%

Value $2.868M Shares 64,800 Est. Cost $34.95 Unrealized +49.9%

META META PLATFORMS INC 0.4%

Value $2.692M Shares 4,705 Est. Cost $212.48 Unrealized +208.5%

NKE NIKE INC 0.4%

Value $2.652M Shares 50,200 Est. Cost $63.98 Unrealized 0.0%

BDX BECTON DICKINSON 0.4%

Value $2.453M Shares 15,600 Est. Cost $224.12 Unrealized -25.1%

MSFT MICROSOFT CORP 0.2%

Value $1.54M Shares 4,160 Est. Cost $434.61 Unrealized 0.0%

WAT WATERS CORP 0.1%

Value $656K Shares 2,204 Est. Cost $367.10 Unrealized 0.0%

LFUS LITTELFUSE INC 0.0%

Value $238K Shares 700 Est. Cost $197.22 Unrealized +62.2%

BOKF BOK FINL CORP 0.0%

Value $179K Shares 1,400 Est. Cost $93.26 Unrealized +38.8%

CGNX COGNEX CORP 0.0%

Value $157K Shares 3,200 Est. Cost $28.50 Unrealized +56.1%

WAFD WAFD INC 0.0%

Value $132K Shares 4,200 Est. Cost $27.86 Unrealized +16.8%

AYI ACUITY INC 0.0%

Value $132K Shares 470 Est. Cost $267.35 Unrealized +20.3%

MSM MSC INDL DIRECT INC 0.0%

Value $129K Shares 1,400 Est. Cost $82.67 Unrealized +7.5%

LSTR LANDSTAR SYS INC 0.0%

Value $128K Shares 800 Est. Cost $136.96 Unrealized —

AX AXOS FINANCIAL 0.0%

Value $119K Shares 1,400 Est. Cost $68.99 Unrealized +37.2%

SSD SIMPSON MANUFACTURIN 0.0%

Value $85,810 Shares 500 Est. Cost $158.91 Unrealized +18.1%

GGG GRACO INC 0.0%

Value $76,185 Shares 900 Est. Cost $82.66 Unrealized +7.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RYAAY	RYANAIR HLDGS PLC	3,843,067	$222M	35.5%	$57.37	—	ADR EACH REPR 5 ORD	783513203
CPA	COPA HOLDINGS	1,699,010	$193M	30.9%	$65.14	+113.2%	CLASS A	P31076105
SSNHZ	SAMSUNG ELECTRONIC	32,382	$91.84M	14.7%	$968.65	—	GDR REP 1/2 ORD REGS	796050888
DCI	DONALDSON INC	72,604	$6.162M	1.0%	$56.26	+81.2%	COMMON	257651109
MKL	MARKEL GROUP INC	3,088	$5.911M	0.9%	$1123.01	+85.0%	COMMON	570535104
HSIC	HENRY SCHEIN INC	80,127	$5.905M	0.9%	$70.01	+11.5%	COM	806407102
CHRW	C H ROBINSON WLDWIDE	32,612	$5.416M	0.9%	$79.43	+128.3%	COMMON	12541W209
GILD	GILEAD SCIENCES INC	37,900	$5.282M	0.8%	$64.61	+114.2%	COMMON	375558103
SNA	SNAP-ON INC	14,500	$5.267M	0.8%	$302.38	+22.8%	COMMON	833034101
JNJ	JOHNSON & JOHNSON	20,800	$5.084M	0.8%	$130.38	+74.8%	COMMON	478160104
WFC	WELLS FARGO & CO	62,520	$4.977M	0.8%	$39.63	+127.2%	COMMON	949746101
XOM	EXXON MOBIL CORP	28,369	$4.813M	0.8%	$89.17	+55.6%	COMMON	30231G102
GOOGL	ALPHABET INC	16,284	$4.683M	0.7%	$158.17	+104.4%	CLASS A	02079K305
DIS	WALT DISNEY CO	48,541	$4.678M	0.7%	$122.81	-10.9%	COM	254687106
CFR	CULLEN FROST BANKERS	32,708	$4.484M	0.7%	$82.16	+70.5%	COMMON	229899109
BF/B	BROWN FORMAN CORP	165,200	$4.368M	0.7%	$38.04	-26.5%	CLASS B	115637209
BRK/B	BERKSHIRE HATHAWAY	8,996	$4.311M	0.7%	$214.82	+129.7%	CLASS B	084670702
DG	DOLLAR GEN CORP	36,029	$4.278M	0.7%	$102.56	+44.0%	COMMON	256677105
TROW	PRICE T ROWE GROUP	46,870	$4.225M	0.7%	$99.90	+1.3%	COM	74144T108
GNTX	GENTEX CORP	188,734	$4.124M	0.7%	$31.83	-24.5%	COMMON	371901109
QCOM	QUALCOMM INC	31,329	$4.035M	0.6%	$134.34	+14.6%	COMMON	747525103
AXP	AMERICAN EXPRESS CO	10,953	$3.313M	0.5%	$113.15	+214.8%	COMMON	025816109
ACN	ACCENTURE PLC	16,436	$3.259M	0.5%	$253.86	-0.3%	CLASS A	G1151C101
EXP	EAGLE MATERIALS	16,837	$3.19M	0.5%	$221.55	+1.6%	COMMON	26969P108
SBKFF	STATE BK OF INDIA	29,590	$3.131M	0.5%	$75.34	—	GDR(2 INR10 REG S)	856552203
TTC	TORO CO	30,810	$2.879M	0.5%	$73.90	+26.0%	COMMON	891092108
XPEL	XPEL INC	64,800	$2.868M	0.5%	$34.95	+49.9%	COMMON	98379L100
META	META PLATFORMS INC	4,705	$2.692M	0.4%	$212.48	+208.5%	COM USD0.000006 CL A	30303M102
NKE	NIKE INC	50,200	$2.652M	0.4%	$63.98	0.0%	CLASS B	654106103
BDX	BECTON DICKINSON	15,600	$2.453M	0.4%	$224.12	-25.1%	COMMON	075887109
MSFT	MICROSOFT CORP	4,160	$1.54M	0.2%	$434.61	0.0%	COMMON	594918104
WAT	WATERS CORP	2,204	$656K	0.1%	$367.10	0.0%	COMMON	941848103
LFUS	LITTELFUSE INC	700	$238K	0.0%	$197.22	+62.2%	COM USD0.01	537008104
BOKF	BOK FINL CORP	1,400	$179K	0.0%	$93.26	+38.8%	COMMON	05561Q201
CGNX	COGNEX CORP	3,200	$157K	0.0%	$28.50	+56.1%	COMMON	192422103
WAFD	WAFD INC	4,200	$132K	0.0%	$27.86	+16.8%	COMMON	938824109
AYI	ACUITY INC	470	$132K	0.0%	$267.35	+20.3%	COMMON	00508Y102
MSM	MSC INDL DIRECT INC	1,400	$129K	0.0%	$82.67	+7.5%	CLASS A	553530106
LSTR	LANDSTAR SYS INC	800	$128K	0.0%	$136.96	—	COMMON	515098101
AX	AXOS FINANCIAL	1,400	$119K	0.0%	$68.99	+37.2%	COMMON	05465C100
SSD	SIMPSON MANUFACTURIN	500	$85,810	0.0%	$158.91	+18.1%	COMMON	829073105
GGG	GRACO INC	900	$76,185	0.0%	$82.66	+7.9%	COMMON	384109104