SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 11/13/2023ACC: 0000950123-23-010142

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 36 equity positions with a total reported market value of $1.59B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.59B

Total AUM (reported)

197.63M

Total Shares

Allocation by class

GDR REP 1/2 ORD REGS$294.97M18.6%

CLASS A$248.23M15.7%

ADR EACH REPR 5 ORD$242.15M15.3%

ADR (1 PFD)$232.77M14.7%

COMMON$218.24M13.8%

ADR REP 1 COM SHS$196.50M12.4%

COM$45.95M2.9%

Portfolio Concentration

Top 3$769.89M48.5%

4–10$562.18M35.5%

11–25$194.08M12.2%

Rest$59.62M3.8%

Top 3 weight

48.5%

Top 10 weight

84.0%

Voting Authority Distribution

Total shares with voting rights: 197.63M

Sole

Full voting authority

137.31M

% of voting shares69.5%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

60.32M

% of voting shares30.5%

Investment Discretion (by position count)

Sole36

Shared0

Other0

Dominant voting typeSole · 69.5% of voting shares

Institutional Holdings36

Rows:

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares234.10K

TypeSH

Market value$294.97M

18.60%

Sole

147.07K

Shared

0.00

None

87.03K

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares2.49M

TypeSH

Market value$242.15M

15.27%

Sole

1.30M

Shared

0.00

None

1.19M

BANCO BRADESCO S A

SOLE

ADR (1 PFD)

Shares81.67M

TypeSH

Market value$232.77M

14.68%

Sole

50.56M

Shared

0.00

None

31.11M

COPA HOLDINGS

SOLE

CLASS A

Shares2.59M

TypeSH

Market value$230.93M

14.56%

Sole

1.61M

Shared

0.00

None

979.43K

AMBEV SA

SOLE

ADR REP 1 COM SHS

Shares76.16M

TypeSH

Market value$196.50M

12.39%

Sole

49.50M

Shared

0.00

None

26.67M

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares30.15M

TypeSH

Market value$39.74M

2.51%

Sole

30.15M

Shared

0.00

None

0.00

TORONTO DOMINION BK

SOLE

COMMON

Shares569.70K

TypeSH

Market value$34.33M

2.16%

Sole

282.10K

Shared

0.00

None

287.60K

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares71.21K

TypeSH

Market value$24.95M

1.57%

Sole

71.21K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares60.72K

TypeSH

Market value$18.23M

1.15%

Sole

60.72K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares11.89K

TypeSH

Market value$17.50M

1.10%

Sole

11.89K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares199.39K

TypeSH

Market value$16.16M

1.02%

Sole

199.39K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares185.71K

TypeSH

Market value$16.00M

1.01%

Sole

185.71K

Shared

0.00

None

0.00

BIOGEN INC

SOLE

COMMON

Shares61.95K

TypeSH

Market value$15.92M

1.00%

Sole

61.95K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares147.38K

TypeSH

Market value$15.46M

0.97%

Sole

147.38K

Shared

0.00

None

0.00

BORG WARNER INC

SOLE

COMMON

Shares365.63K

TypeSH

Market value$14.76M

0.93%

Sole

365.63K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares149.62K

TypeSH

Market value$14.69M

0.93%

Sole

149.62K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares192.99K

TypeSH

Market value$14.33M

0.90%

Sole

192.99K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares150.78K

TypeSH

Market value$13.75M

0.87%

Sole

150.78K

Shared

0.00

None

0.00

INTEL CORP

SOLE

COMMON

Shares372.84K

TypeSH

Market value$13.25M

0.84%

Sole

372.84K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares173.82K

TypeSH

Market value$12.51M

0.79%

Sole

173.82K

Shared

0.00

None

0.00

IPG PHOTONICS CORP

SOLE

COMMON

Shares111.40K

TypeSH

Market value$11.31M

0.71%

Sole

111.40K

Shared

0.00

None

0.00

STATE BK OF INDIA

SOLE

GDR(2 INR10 REG S)

Shares143.62K

TypeSH

Market value$10.37M

0.65%

Sole

143.62K

Shared

0.00

None

0.00

WALGREENS BOOTS ALNC

SOLE

COMMON

Shares393.66K

TypeSH

Market value$8.75M

0.55%

Sole

393.66K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares143.03K

TypeSH

Market value$8.53M

0.54%

Sole

143.03K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares53.23K

TypeSH

Market value$8.29M

0.52%

Sole

53.23K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	234.10K	SH	$294.97M 18.60%	147.07K	87.03K
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	2.49M	SH	$242.15M 15.27%	1.30M	1.19M
BANCO BRADESCO S ASOLE	ADR (1 PFD)	81.67M	SH	$232.77M 14.68%	50.56M	31.11M
COPA HOLDINGSSOLE	CLASS A	2.59M	SH	$230.93M 14.56%	1.61M	979.43K
AMBEV SASOLE	ADR REP 1 COM SHS	76.16M	SH	$196.50M 12.39%	49.50M	26.67M
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	30.15M	SH	$39.74M 2.51%	30.15M	0.00
TORONTO DOMINION BKSOLE	COMMON	569.70K	SH	$34.33M 2.16%	282.10K	287.60K
BERKSHIRE HATHAWAYSOLE	CLASS B	71.21K	SH	$24.95M 1.57%	71.21K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	60.72K	SH	$18.23M 1.15%	60.72K	0.00
MARKEL GROUP INCSOLE	COMMON	11.89K	SH	$17.50M 1.10%	11.89K	0.00
WALT DISNEY COSOLE	COM	199.39K	SH	$16.16M 1.02%	199.39K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	185.71K	SH	$16.00M 1.01%	185.71K	0.00
BIOGEN INCSOLE	COMMON	61.95K	SH	$15.92M 1.00%	61.95K	0.00
PRICE T ROWE GROUPSOLE	COM	147.38K	SH	$15.46M 0.97%	147.38K	0.00
BORG WARNER INCSOLE	COMMON	365.63K	SH	$14.76M 0.93%	365.63K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	149.62K	SH	$14.69M 0.93%	149.62K	0.00
HENRY SCHEIN INCSOLE	COM	192.99K	SH	$14.33M 0.90%	192.99K	0.00
CULLEN FROST BANKERSSOLE	COMMON	150.78K	SH	$13.75M 0.87%	150.78K	0.00
INTEL CORPSOLE	COMMON	372.84K	SH	$13.25M 0.84%	372.84K	0.00
RTX CORPORATIONSOLE	COM USD1	173.82K	SH	$12.51M 0.79%	173.82K	0.00
IPG PHOTONICS CORPSOLE	COMMON	111.40K	SH	$11.31M 0.71%	111.40K	0.00
STATE BK OF INDIASOLE	GDR(2 INR10 REG S)	143.62K	SH	$10.37M 0.65%	143.62K	0.00
WALGREENS BOOTS ALNCSOLE	COMMON	393.66K	SH	$8.75M 0.55%	393.66K	0.00
DONALDSON INCSOLE	COMMON	143.03K	SH	$8.53M 0.54%	143.03K	0.00
JOHNSON & JOHNSONSOLE	COMMON	53.23K	SH	$8.29M 0.52%	53.23K	0.00

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