SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 2/8/2023ACC: 0000950123-23-000983

📋 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 $1.81B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.81B

Total AUM (reported)

220.58M

Total Shares

Allocation by class

GDR REP 1/2 ORD REGS$307.85M17.0%

CLASS A$285.41M15.8%

ADR REP 1 COM SHS$254.54M14.1%

COMMON$252.67M14.0%

ADR (1 PFD)$240.56M13.3%

ADR EACH REPR 5 ORD$231.97M12.8%

COM$58.89M3.3%

Portfolio Concentration

Top 3$830.89M46.0%

4–10$643.93M35.6%

11–25$251.23M13.9%

Rest$80.75M4.5%

Top 3 weight

46.0%

Top 10 weight

81.6%

Voting Authority Distribution

Total shares with voting rights: 220.58M

Sole

Full voting authority

159.86M

% of voting shares72.5%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

60.72M

% of voting shares27.5%

Investment Discretion (by position count)

Sole35

Shared0

Other0

Dominant voting typeSole · 72.5% of voting shares

Institutional Holdings35

Rows:

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares278.59K

TypeSH

Market value$307.85M

17.04%

Sole

184.01K

Shared

0.00

None

94.59K

COPA HOLDINGS

SOLE

CLASS A

Shares3.23M

TypeSH

Market value$268.50M

14.86%

Sole

2.12M

Shared

0.00

None

1.11M

AMBEV SA

SOLE

ADR REP 1 COM SHS

Shares93.58M

TypeSH

Market value$254.54M

14.09%

Sole

64.74M

Shared

0.00

None

28.84M

BANCO BRADESCO S A

SOLE

ADR (1 PFD)

Shares83.53M

TypeSH

Market value$240.56M

13.31%

Sole

54.56M

Shared

0.00

None

28.97M

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares3.10M

TypeSH

Market value$231.97M

12.84%

Sole

1.72M

Shared

0.00

None

1.39M

CHECK POINT SOFTWARE

SOLE

ORDINARY

Shares452.50K

TypeSH

Market value$57.09M

3.16%

Sole

270.90K

Shared

0.00

None

181.60K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares31.46M

TypeSH

Market value$37.56M

2.08%

Sole

31.46M

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares97.44K

TypeSH

Market value$30.10M

1.67%

Sole

97.44K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares266.50K

TypeSH

Market value$24.40M

1.35%

Sole

266.50K

Shared

0.00

None

0.00

RAYTHEON TECHNOLOGIE

SOLE

COM USD1

Shares220.50K

TypeSH

Market value$22.25M

1.23%

Sole

220.50K

Shared

0.00

None

0.00

WALGREENS BOOTS ALNC

SOLE

COMMON

Shares554.95K

TypeSH

Market value$20.73M

1.15%

Sole

554.95K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares256K

TypeSH

Market value$20.45M

1.13%

Sole

256K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares234.20K

TypeSH

Market value$20.35M

1.13%

Sole

234.20K

Shared

0.00

None

0.00

MARKEL CORP

SOLE

COMMON

Shares14.84K

TypeSH

Market value$19.56M

1.08%

Sole

14.84K

Shared

0.00

None

0.00

BORG WARNER INC

SOLE

COMMON

Shares475.90K

TypeSH

Market value$19.15M

1.06%

Sole

475.90K

Shared

0.00

None

0.00

BIOGEN INC

SOLE

COMMON

Shares68.70K

TypeSH

Market value$19.02M

1.05%

Sole

68.70K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares165.91K

TypeSH

Market value$18.09M

1.00%

Sole

165.91K

Shared

0.00

None

0.00

STATE BK OF INDIA

SOLE

GDR(2 INR10 REG S)

Shares222.28K

TypeSH

Market value$16.49M

0.91%

Sole

87.71K

Shared

0.00

None

134.57K

3M COMPANY

SOLE

COMMON

Shares135.58K

TypeSH

Market value$16.26M

0.90%

Sole

135.58K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares112.40K

TypeSH

Market value$15.03M

0.83%

Sole

112.40K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares180.90K

TypeSH

Market value$14.78M

0.82%

Sole

180.90K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares122.80K

TypeSH

Market value$13.54M

0.75%

Sole

122.80K

Shared

0.00

None

0.00

IPG PHOTONICS CORP

SOLE

COMMON

Shares140.70K

TypeSH

Market value$13.32M

0.74%

Sole

140.70K

Shared

0.00

None

0.00

EAGLE MATERIALS

SOLE

COMMON

Shares94K

TypeSH

Market value$12.49M

0.69%

Sole

94K

Shared

0.00

None

0.00

INTEL CORP

SOLE

COMMON

Shares452.54K

TypeSH

Market value$11.96M

0.66%

Sole

452.54K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	278.59K	SH	$307.85M 17.04%	184.01K	94.59K
COPA HOLDINGSSOLE	CLASS A	3.23M	SH	$268.50M 14.86%	2.12M	1.11M
AMBEV SASOLE	ADR REP 1 COM SHS	93.58M	SH	$254.54M 14.09%	64.74M	28.84M
BANCO BRADESCO S ASOLE	ADR (1 PFD)	83.53M	SH	$240.56M 13.31%	54.56M	28.97M
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	3.10M	SH	$231.97M 12.84%	1.72M	1.39M
CHECK POINT SOFTWARESOLE	ORDINARY	452.50K	SH	$57.09M 3.16%	270.90K	181.60K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	31.46M	SH	$37.56M 2.08%	31.46M	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	97.44K	SH	$30.10M 1.67%	97.44K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	266.50K	SH	$24.40M 1.35%	266.50K	0.00
RAYTHEON TECHNOLOGIESOLE	COM USD1	220.50K	SH	$22.25M 1.23%	220.50K	0.00
WALGREENS BOOTS ALNCSOLE	COMMON	554.95K	SH	$20.73M 1.15%	554.95K	0.00
HENRY SCHEIN INCSOLE	COM	256K	SH	$20.45M 1.13%	256K	0.00
WALT DISNEY COSOLE	COM	234.20K	SH	$20.35M 1.13%	234.20K	0.00
MARKEL CORPSOLE	COMMON	14.84K	SH	$19.56M 1.08%	14.84K	0.00
BORG WARNER INCSOLE	COMMON	475.90K	SH	$19.15M 1.06%	475.90K	0.00
BIOGEN INCSOLE	COMMON	68.70K	SH	$19.02M 1.05%	68.70K	0.00
PRICE T ROWE GROUPSOLE	COM	165.91K	SH	$18.09M 1.00%	165.91K	0.00
STATE BK OF INDIASOLE	GDR(2 INR10 REG S)	222.28K	SH	$16.49M 0.91%	87.71K	134.57K
3M COMPANYSOLE	COMMON	135.58K	SH	$16.26M 0.90%	135.58K	0.00
CULLEN FROST BANKERSSOLE	COMMON	112.40K	SH	$15.03M 0.83%	112.40K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	180.90K	SH	$14.78M 0.82%	180.90K	0.00
EXXON MOBIL CORPSOLE	COMMON	122.80K	SH	$13.54M 0.75%	122.80K	0.00
IPG PHOTONICS CORPSOLE	COMMON	140.70K	SH	$13.32M 0.74%	140.70K	0.00
EAGLE MATERIALSSOLE	COMMON	94K	SH	$12.49M 0.69%	94K	0.00
INTEL CORPSOLE	COMMON	452.54K	SH	$11.96M 0.66%	452.54K	0.00

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