SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Portfolio Overview

SPRUCEGROVE INVESTMENT MANAGEMENT LTD disclosed 40 positions worth $639.1M in its Form 13F-HR for Q2 2026, led by $CPA (Copa Holdings, S.A.) at 35.3% of the equity portfolio, followed by $RYAAY. During the quarter the fund opened 0 new positions and exited 2. The portfolio is most concentrated in Industrials (72.7% of disclosed assets). All figures are sourced directly from SPRUCEGROVE INVESTMENT MANAGEMENT LTD’s Form 13F-HR filing with the SEC under CIK 1234074.

• 

  Copa Holdings, S.A.

  $CPA

  —

  Quality

  $225.8M1,451,592 sh
• 

  RYANAIR HOLDINGS PLC

  $RYAAY

  —

  Quality

  $221.4M3,419,717 sh

• SAMSUNG ELECTRONIC - GDR REP 1/2 ORD REGS

  —

  Quality

  $127.6M23,676 sh
• 

  DONALDSON Co INC

  $DCI

  60.5

  Quality

  $3.6M40,004 sh
• 

  HENRY SCHEIN INC

  $HSIC

  58.8

  Quality

  $3.4M40,427 sh
• 

  MARKEL GROUP INC.

  $MKL

  60.2

  Quality

  $3.1M1,604 sh
• 

  Snap-on Inc

  $SNA

  63.0

  Quality

  $3.0M7,400 sh
• 

  Alphabet Inc.

  $GOOG

  78.2

  Quality

  $2.8M7,870 sh
• 

  EAGLE MATERIALS INC

  $EXP

  57.0

  Quality

  $2.8M12,310 sh
• 

  QUALCOMM INC/DE

  $QCOM

  70.5

  Quality

  $2.8M14,929 sh

Company	Quality	Value	Shares
Copa Holdings, S.A.$CPA	—	$225.8M	1,451,592
RYANAIR HOLDINGS PLC$RYAAY	—	$221.4M	3,419,717
SAMSUNG ELECTRONIC - GDR REP 1/2 ORD REGS	—	$127.6M	23,676
DONALDSON Co INC$DCI	60.5	$3.6M	40,004
HENRY SCHEIN INC$HSIC	58.8	$3.4M	40,427
MARKEL GROUP INC.$MKL	60.2	$3.1M	1,604
Snap-on Inc$SNA	63.0	$3.0M	7,400
Alphabet Inc.$GOOG	78.2	$2.8M	7,870
EAGLE MATERIALS INC$EXP	57.0	$2.8M	12,310
QUALCOMM INC/DE$QCOM	70.5	$2.8M	14,929

Showing top 10 of 40 holdings.

Full Holdings — SPRUCEGROVE INVESTMENT MANAGEMENT LTD (Q2 2026)

All 40 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$CPA	Copa Holdings, S.A.	$225.8M	35.3%	-15%	—
2	$RYAAY	RYANAIR HOLDINGS PLC	$221.4M	34.6%	-11%	—
3	—	SAMSUNG ELECTRONIC - GDR REP 1/2 ORD REGS	$127.6M	20.0%	-27%	—
4	$DCI	DONALDSON Co INC	$3.6M	0.6%	-45%	60.5
5	$HSIC	HENRY SCHEIN INC	$3.4M	0.5%	-50%	58.8
6	$MKL	MARKEL GROUP INC.	$3.1M	0.5%	-48%	60.2
7	$SNA	Snap-on Inc	$3.0M	0.5%	-49%	63
8	$GOOG	Alphabet Inc.	$2.8M	0.4%	-52%	78.2
9	$EXP	EAGLE MATERIALS INC	$2.8M	0.4%	-27%	57
10	$QCOM	QUALCOMM INC/DE	$2.8M	0.4%	-52%	70.5
11	$DG	DOLLAR GENERAL CORP	$2.7M	0.4%	-35%	59.5
12	$CFR	CULLEN/FROST BANKERS, INC.	$2.5M	0.4%	-50%	63.4
13	$BRK.B	BERKSHIRE HATHAWAY INC	$2.5M	0.4%	-44%	73.8
14	$GNTX	GENTEX CORP	$2.5M	0.4%	-47%	64.7
15	$DIS	Walt Disney Co	$2.5M	0.4%	-47%	60.1
16	$GILD	GILEAD SCIENCES, INC.	$2.4M	0.4%	-50%	57.4
17	$BF-A	BROWN FORMAN CORP	$2.4M	0.4%	-46%	56.6
18	$JNJ	JOHNSON & JOHNSON	$2.3M	0.4%	-56%	69
19	$XPEL	XPEL, Inc.	$2.3M	0.4%	-29%	55.7
20	$WFC	WELLS FARGO & COMPANY/MN	$2.2M	0.3%	-58%	61.8
21	$TROW	PRICE T ROWE GROUP INC	$2.1M	0.3%	-60%	69
22	$XOM.R34088	EXXON MOBIL CORP	$2.1M	0.3%	-46%	57.9
23	$CHRW	C. H. ROBINSON WORLDWIDE, INC.	$2.1M	0.3%	-67%	52.1
24	$TTC	TORO CO	$2.0M	0.3%	-32%	60.6
25	$AXP	AMERICAN EXPRESS CO	$1.8M	0.3%	-50%	69.4
26	$MSFT	MICROSOFT CORP	$1.4M	0.2%	-8%	79.8
27	$ACN	Accenture plc	$1.4M	0.2%	-32%	—
28	$NKE	NIKE, Inc.	$1.4M	0.2%	-32%	49.3
29	$META	Meta Platforms, Inc.	$1.3M	0.2%	-50%	79.6
30	$BDX	BECTON DICKINSON & CO	$1.2M	0.2%	-49%	59
31	$LFUS	LITTELFUSE INC /DE	$259,538	0.0%	-19%	51.6
32	$CGNX	COGNEX CORP	$202,776	0.0%	-13%	66.9
33	$BOKF	BOK FINANCIAL CORP	$194,432	0.0%	+0%	61
34	$AYI	ACUITY INC. (DE)	$177,030	0.0%	+0%	66.9
35	$MSM	MSC INDUSTRIAL DIRECT CO INC	$166,530	0.0%	+0%	50.2
36	$LSTR	LANDSTAR SYSTEM INC	$165,448	0.0%	+0%	47.6
37	$WAFD	WAFD INC	$161,154	0.0%	+0%	51.9
38	$AX	Axos Financial, Inc.	$136,346	0.0%	+0%	60.3
39	$SSD	Simpson Manufacturing Co., Inc.	$104,675	0.0%	+0%	59.9
40	$GGG	GRACO INC	$68,049	0.0%	+0%	63.4