SPRUCEGROVE INVESTMENT MANAGEMENT LTD
Sector Allocation
- Industrials72.5%$463.0M
- Other20.0%$127.6M
- Financials2.3%$14.8M
- Technology1.6%$10.4M
- Healthcare1.5%$9.3M
- Consumer Staples0.8%$5.1M
- Materials0.4%$2.8M
- Communication Services0.4%$2.5M
- Energy0.3%$2.1M
- Consumer Discretionary0.2%$1.6M
AUM History
13fpro.ai/research/fund/sprucegrove-investment-management-ltd-1234074
Conviction and streaks
Concentrating · top 10 = 93.3%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
CPA
$225.8MRYAAY
$221.4M- SAMSUNG$127.6M
DCI
$3.6MHSIC
$3.4MMKL
$3.1MSNA
$3.0MGOOGL
$2.8MEXP
$2.8MQCOM
$2.8MDG
$2.7MCFR
$2.5MBRK.B
$2.5MGNTX
$2.5MDIS
$2.5MGILD
$2.4MBF-A
$2.4MJNJ
$2.3MXPEL
$2.3MWFC
$2.2M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/sprucegrove-investment-management-ltd-1234074
SPRUCEGROVE INVESTMENT MANAGEMENT LTD 13F holdings — Q2 2026
$639.1M portfolio (+2.3% QoQ) · 40 holdings · Q2 2026 13F · top 10 are 93% of the stock portfolio
$225.8M
35.3% of stocks
-15%This quarter-8.5%Since filed10+ qtrsHeld$221.4M
34.6% of stocks
-11%This quarter-11.9%Since filed10+ qtrsHeld- 3
SAMSUNG ELECTRONIC - GDR REP 1/2 ORD REGS
$127.6M
20.0% of stocks
-27%This quarter—Since filed—HeldAIQuality—Est. buy— $3.6M
0.6% of stocks
-45%This quarter-13.3%Since filed10+ qtrsHeldAIQuality60.8#836Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$3.4M
0.5% of stocks
-50%This quarter-4.1%Since filed10+ qtrsHeldAIQuality58.9#968Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$3.1M
0.5% of stocks
-48%This quarter-0.1%Since filed10+ qtrsHeldAIQuality63.2#632Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 6 qtrs in a row$3.0M
0.5% of stocks
-49%This quarter-14.0%Since filed9 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$2.8M
0.4% of stocks
-52%This quarter-11.1%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$2.8M
0.4% of stocks
-27%This quarter-18.8%Since filed5 qtrsHeld$2.8M
0.4% of stocks
-52%This quarter+7.0%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 7 qtrs in a row
All holdings — SPRUCEGROVE INVESTMENT MANAGEMENT LTD (Q2 2026)
40 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | DOLLAR GENERAL CORP | Consumer Staples | $2.7M | 0.4% | 23K | -35% | 5 qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | CULLEN/FROST BANKERS, INC. | Financials | $2.5M | 0.4% | 16K | -50% | 10+ qtrsTrimmed 7 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | BERKSHIRE HATHAWAY INC | Financials | $2.5M | 0.4% | 5,035 | -44% | 10+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | GENTEX CORP | Industrials | $2.5M | 0.4% | 99K | -47% | 10+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Walt Disney Co | Communication Services | $2.5M | 0.4% | 26K | -47% | 10+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | GILEAD SCIENCES, INC. | Healthcare | $2.4M | 0.4% | 19K | -50% | 10+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | BROWN FORMAN CORP | Consumer Staples | $2.4M | 0.4% | 89K | -46% | 7 qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | JOHNSON & JOHNSON | Healthcare | $2.3M | 0.4% | 9,200 | -56% | 10+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | XPEL, Inc. | Industrials | $2.3M | 0.4% | 46K | -29% | 6 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | WELLS FARGO & COMPANY/MN | Financials | $2.2M | 0.3% | 26K | -58% | 10+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | PRICE T ROWE GROUP INC | Financials | $2.1M | 0.3% | 19K | -60% | 10+ qtrsTrimmed 6 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | EXXON MOBIL CORP | Energy | $2.1M | 0.3% | 15K | -46% | 10+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | C. H. ROBINSON WORLDWIDE, INC. | Industrials | $2.1M | 0.3% | 11K | -67% | 10+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | TORO CO | Industrials | $2.0M | 0.3% | 21K | -32% | 6 qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | AMERICAN EXPRESS CO | Financials | $1.8M | 0.3% | 5,442 | -50% | 10+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $MSFT | MICROSOFT CORP | Technology | $1.4M | 0.2% | 3,840 | -8% | |||
| 27 | $ACN | Accenture plc | Technology | $1.4M | 0.2% | 11K | -32% | |||
| 28 | $NKE | NIKE, Inc. | Consumer Discretionary | $1.4M | 0.2% | 34K | -32% | |||
| 29 | $META | Meta Platforms, Inc. | Technology | $1.3M | 0.2% | 2,351 | -50% | |||
| 30 | $BDX | BECTON DICKINSON & CO | Healthcare | $1.2M | 0.2% | 8,000 | -49% | |||
| 31 | $LFUS | LITTELFUSE INC /DE | Technology | $260K | 0.0% | 570 | -19% | |||
| 32 | $CGNX | COGNEX CORP | Technology | $203K | 0.0% | 2,800 | -13% | |||
| 33 | $BOKF | BOK FINANCIAL CORP | Financials | $194K | 0.0% | 1,400 | — | |||
| 34 | $AYI | ACUITY INC. (DE) | Technology | $177K | 0.0% | 470 | — | |||
| 35 | $MSM | MSC INDUSTRIAL DIRECT CO INC | Consumer Discretionary | $167K | 0.0% | 1,400 | — | |||
| 36 | $LSTR | LANDSTAR SYSTEM INC | Industrials | $165K | 0.0% | 800 | — | |||
| 37 | $WAFD | WAFD INC | Financials | $161K | 0.0% | 4,200 | — | |||
| 38 | $AX | Axos Financial, Inc. | Financials | $136K | 0.0% | 1,400 | — | |||
| 39 | $SSD | Simpson Manufacturing Co., Inc. | Industrials | $105K | 0.0% | 500 | — | |||
| 40 | $GGG | GRACO INC | Industrials | $68K | 0.0% | 900 | — |
What changed in Q2 2026
Against the previous quarter's 13F: 0 new, 0 added to, 32 trimmed, 2 sold out. Share-count changes; largest moves by dollar size first.
New positions (0)
No new positions this quarter.
Added to (0)
No positions added to this quarter.
Trimmed (32)
- SAMSUNG ELECTRONIC - GDR REP 1/2 ORD REGS-27%
now $127.6M
now $225.8M · held 10+ qtrs, 6 trims in a row
now $221.4M · held 10+ qtrs, 7 trims in a row
$CHRWC. H. ROBINSON WORLDWIDE, INC.-67%
now $2.1M · held 10+ qtrs, 3 trims in a row
now $3.4M · held 10+ qtrs, 4 trims in a row
$TROWPRICE T ROWE GROUP INC-60%
now $2.1M · held 10+ qtrs, 6 trims in a row
+26 more in the Excel export
Sold out (2)
- STATE BK OF INDIAwas $3.1M
$WATWATERS CORP /DE/was $656K
held 1 qtr
Holdings by quarter
Every 13F SPRUCEGROVE INVESTMENT MANAGEMENT LTD has filed, 41 earlier quarters. Pick one to see what it held then.
Is it too late to follow SPRUCEGROVE INVESTMENT MANAGEMENT LTD?
Q2 2026 13F filed with the SEC on Aug 7, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of SPRUCEGROVE INVESTMENT MANAGEMENT LTD's top 20 holdings: 63/100 (our AI quality score, weighted by position size; 18 of the 20 are scored)
Top 10 since filing
-10.0%
Value-weighted move of the 10 largest stock positions
Turnover
0%
Last quarter; 2% over the last 4
Top 10 weight
93%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
99%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
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 (72.5% of disclosed assets). All figures are sourced directly from SPRUCEGROVE INVESTMENT MANAGEMENT LTD’s Form 13F-HR filing with the SEC under CIK 1234074.
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