SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 11/9/2022ACC: 0000950123-22-011247

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 35 equity positions with a total reported market value of $1.74M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.74M

Total AUM (reported)

219.65M

Total Shares

Allocation by class

COMMON$306.3K17.6%

ADR REP 1 COM SHS$280.0K16.1%

ADR (1 PFD)$270.5K15.5%

CLASS A$246.6K14.1%

GDR REP 1/2 ORD REGS$242.1K13.9%

ADR EACH REPR 5 ORD$150.7K8.6%

COM$70.9K4.1%

Portfolio Concentration

Top 3$792.6K45.4%

4–10$563.1K32.3%

11–25$300.5K17.2%

Rest$87.9K5.0%

Top 3 weight

45.4%

Top 10 weight

77.7%

Voting Authority Distribution

Total shares with voting rights: 219.65M

Sole

Full voting authority

162.53M

% of voting shares74.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

57.12M

% of voting shares26.0%

Investment Discretion (by position count)

Sole35

Shared0

Other0

Dominant voting typeSole · 74.0% of voting shares

Institutional Holdings35

Rows:

AMBEV SA

SOLE

ADR REP 1 COM SHS

Shares98.95M

TypeSH

Market value$280.0K

16.06%

Sole

69.61M

Shared

0.00

None

29.34M

BANCO BRADESCO S A

SOLE

ADR (1 PFD)

Shares73.50M

TypeSH

Market value$270.5K

15.51%

Sole

48.43M

Shared

0.00

None

25.07M

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares262.54K

TypeSH

Market value$242.1K

13.88%

Sole

172.08K

Shared

0.00

None

90.46K

COPA HOLDINGS

SOLE

CLASS A

Shares3.39M

TypeSH

Market value$227.2K

13.03%

Sole

2.27M

Shared

0.00

None

1.12M

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares2.58M

TypeSH

Market value$150.7K

8.64%

Sole

1.43M

Shared

0.00

None

1.15M

CHECK POINT SOFTWARE

SOLE

ORDINARY

Shares478.30K

TypeSH

Market value$53.6K

3.07%

Sole

296.70K

Shared

0.00

None

181.60K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares34M

TypeSH

Market value$37.9K

2.17%

Sole

34M

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares346K

TypeSH

Market value$33.3K

1.91%

Sole

346K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares123.34K

TypeSH

Market value$32.9K

1.89%

Sole

123.34K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares291.60K

TypeSH

Market value$27.5K

1.58%

Sole

291.60K

Shared

0.00

None

0.00

BIOGEN INC

SOLE

COMMON

Shares96.50K

TypeSH

Market value$25.8K

1.48%

Sole

96.50K

Shared

0.00

None

0.00

RAYTHEON TECHNOLOGIE

SOLE

COM USD1

Shares302.30K

TypeSH

Market value$24.7K

1.42%

Sole

302.30K

Shared

0.00

None

0.00

WALGREENS BOOTS ALNC

SOLE

COMMON

Shares739.35K

TypeSH

Market value$23.2K

1.33%

Sole

739.35K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares216.86K

TypeSH

Market value$22.8K

1.31%

Sole

216.86K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares170.71K

TypeSH

Market value$22.6K

1.29%

Sole

170.71K

Shared

0.00

None

0.00

MARKEL CORP

SOLE

COMMON

Shares20.05K

TypeSH

Market value$21.7K

1.25%

Sole

20.05K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares314.14K

TypeSH

Market value$20.7K

1.18%

Sole

314.14K

Shared

0.00

None

0.00

3M COMPANY

SOLE

COMMON

Shares181.78K

TypeSH

Market value$20.1K

1.15%

Sole

181.78K

Shared

0.00

None

0.00

BORG WARNER INC

SOLE

COMMON

Shares618.90K

TypeSH

Market value$19.4K

1.11%

Sole

618.90K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares216.60K

TypeSH

Market value$18.9K

1.08%

Sole

216.60K

Shared

0.00

None

0.00

STATE BK OF INDIA

SOLE

GDR(2 INR10 REG S)

Shares277.96K

TypeSH

Market value$18.1K

1.04%

Sole

111.68K

Shared

0.00

None

166.28K

MSC INDL DIRECT INC

SOLE

CLASS A

Shares227.21K

TypeSH

Market value$16.5K

0.95%

Sole

227.21K

Shared

0.00

None

0.00

IPG PHOTONICS CORP

SOLE

COMMON

Shares189.62K

TypeSH

Market value$16.0K

0.92%

Sole

189.62K

Shared

0.00

None

0.00

INTEL CORP

SOLE

COMMON

Shares603.24K

TypeSH

Market value$15.5K

0.89%

Sole

603.24K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares357.56K

TypeSH

Market value$14.4K

0.82%

Sole

357.56K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
AMBEV SASOLE	ADR REP 1 COM SHS	98.95M	SH	$280.0K 16.06%	69.61M	29.34M
BANCO BRADESCO S ASOLE	ADR (1 PFD)	73.50M	SH	$270.5K 15.51%	48.43M	25.07M
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	262.54K	SH	$242.1K 13.88%	172.08K	90.46K
COPA HOLDINGSSOLE	CLASS A	3.39M	SH	$227.2K 13.03%	2.27M	1.12M
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	2.58M	SH	$150.7K 8.64%	1.43M	1.15M
CHECK POINT SOFTWARESOLE	ORDINARY	478.30K	SH	$53.6K 3.07%	296.70K	181.60K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	34M	SH	$37.9K 2.17%	34M	0.00
C H ROBINSON WLDWIDESOLE	COMMON	346K	SH	$33.3K 1.91%	346K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	123.34K	SH	$32.9K 1.89%	123.34K	0.00
WALT DISNEY COSOLE	COM	291.60K	SH	$27.5K 1.58%	291.60K	0.00
BIOGEN INCSOLE	COMMON	96.50K	SH	$25.8K 1.48%	96.50K	0.00
RAYTHEON TECHNOLOGIESOLE	COM USD1	302.30K	SH	$24.7K 1.42%	302.30K	0.00
WALGREENS BOOTS ALNCSOLE	COMMON	739.35K	SH	$23.2K 1.33%	739.35K	0.00
PRICE T ROWE GROUPSOLE	COM	216.86K	SH	$22.8K 1.31%	216.86K	0.00
CULLEN FROST BANKERSSOLE	COMMON	170.71K	SH	$22.6K 1.29%	170.71K	0.00
MARKEL CORPSOLE	COMMON	20.05K	SH	$21.7K 1.25%	20.05K	0.00
HENRY SCHEIN INCSOLE	COM	314.14K	SH	$20.7K 1.18%	314.14K	0.00
3M COMPANYSOLE	COMMON	181.78K	SH	$20.1K 1.15%	181.78K	0.00
BORG WARNER INCSOLE	COMMON	618.90K	SH	$19.4K 1.11%	618.90K	0.00
EXXON MOBIL CORPSOLE	COMMON	216.60K	SH	$18.9K 1.08%	216.60K	0.00
STATE BK OF INDIASOLE	GDR(2 INR10 REG S)	277.96K	SH	$18.1K 1.04%	111.68K	166.28K
MSC INDL DIRECT INCSOLE	CLASS A	227.21K	SH	$16.5K 0.95%	227.21K	0.00
IPG PHOTONICS CORPSOLE	COMMON	189.62K	SH	$16.0K 0.92%	189.62K	0.00
INTEL CORPSOLE	COMMON	603.24K	SH	$15.5K 0.89%	603.24K	0.00
WELLS FARGO & COSOLE	COMMON	357.56K	SH	$14.4K 0.82%	357.56K	0.00

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