SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 8/12/2024ACC: 0000950123-24-007878

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 33 equity positions with a total reported market value of $1.93B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.93B

Total AUM (reported)

186.86M

Total Shares

Allocation by class

COMMON$387.82M20.1%

ADR EACH REPR 5 ORD$368.90M19.1%

GDR REP 1/2 ORD REGS$334.03M17.3%

CLASS A$316.83M16.4%

ADR (1 PFD)$162.94M8.4%

ADR REP 1 COM SHS$144.09M7.5%

COM$76.57M4.0%

Portfolio Concentration

Top 3$996.68M51.7%

4–10$549.87M28.5%

11–25$314.52M16.3%

Rest$68.40M3.5%

Top 3 weight

51.7%

Top 10 weight

80.2%

Voting Authority Distribution

Total shares with voting rights: 186.86M

Sole

Full voting authority

133.16M

% of voting shares71.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

53.70M

% of voting shares28.7%

Investment Discretion (by position count)

Sole33

Shared0

Other0

Dominant voting typeSole · 71.3% of voting shares

Institutional Holdings33

Rows:

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares3.17M

TypeSH

Market value$368.90M

19.12%

Sole

1.77M

Shared

0.00

None

1.40M

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares225.70K

TypeSH

Market value$334.03M

17.31%

Sole

147.04K

Shared

0.00

None

78.66K

COPA HOLDINGS

SOLE

CLASS A

Shares3.09M

TypeSH

Market value$293.74M

15.22%

Sole

2.07M

Shared

0.00

None

1.02M

BANCO BRADESCO S A

SOLE

ADR (1 PFD)

Shares72.74M

TypeSH

Market value$162.94M

8.44%

Sole

46.05M

Shared

0.00

None

26.69M

AMBEV SA

SOLE

ADR REP 1 COM SHS

Shares70.29M

TypeSH

Market value$144.09M

7.47%

Sole

46.84M

Shared

0.00

None

23.45M

TORONTO DOMINION BK

SOLE

COMMON

Shares1.95M

TypeSH

Market value$106.96M

5.54%

Sole

Shared

0.00

None

944.50K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares30.28M

TypeSH

Market value$45.00M

2.33%

Sole

30.28M

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares156.74K

TypeSH

Market value$31.22M

1.62%

Sole

156.74K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares76.22K

TypeSH

Market value$31.01M

1.61%

Sole

76.22K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares18.18K

TypeSH

Market value$28.65M

1.48%

Sole

18.18K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares409.99K

TypeSH

Market value$26.28M

1.36%

Sole

409.99K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares226.60K

TypeSH

Market value$26.13M

1.35%

Sole

226.60K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares49.84K

TypeSH

Market value$25.13M

1.30%

Sole

49.84K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares243.29K

TypeSH

Market value$24.16M

1.25%

Sole

243.29K

Shared

0.00

None

0.00

BIOGEN INC

SOLE

COMMON

Shares98.06K

TypeSH

Market value$22.73M

1.18%

Sole

98.06K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares307.73K

TypeSH

Market value$22.02M

1.14%

Sole

307.73K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares218.02K

TypeSH

Market value$21.89M

1.13%

Sole

218.02K

Shared

0.00

None

0.00

BORG WARNER INC

SOLE

COMMON

Shares623.63K

TypeSH

Market value$20.11M

1.04%

Sole

623.63K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares240.22K

TypeSH

Market value$19.05M

0.99%

Sole

240.22K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares187.28K

TypeSH

Market value$19.03M

0.99%

Sole

187.28K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares270.27K

TypeSH

Market value$18.54M

0.96%

Sole

270.27K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares308.13K

TypeSH

Market value$18.30M

0.95%

Sole

308.13K

Shared

0.00

None

0.00

INTEL CORP

SOLE

COMMON

Shares583.94K

TypeSH

Market value$18.08M

0.94%

Sole

583.94K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares188.06K

TypeSH

Market value$16.57M

0.86%

Sole

188.06K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares489.36K

TypeSH

Market value$16.50M

0.85%

Sole

489.36K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	3.17M	SH	$368.90M 19.12%	1.77M	1.40M
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	225.70K	SH	$334.03M 17.31%	147.04K	78.66K
COPA HOLDINGSSOLE	CLASS A	3.09M	SH	$293.74M 15.22%	2.07M	1.02M
BANCO BRADESCO S ASOLE	ADR (1 PFD)	72.74M	SH	$162.94M 8.44%	46.05M	26.69M
AMBEV SASOLE	ADR REP 1 COM SHS	70.29M	SH	$144.09M 7.47%	46.84M	23.45M
TORONTO DOMINION BKSOLE	COMMON	1.95M	SH	$106.96M 5.54%	1M	944.50K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	30.28M	SH	$45.00M 2.33%	30.28M	0.00
QUALCOMM INCSOLE	COMMON	156.74K	SH	$31.22M 1.62%	156.74K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	76.22K	SH	$31.01M 1.61%	76.22K	0.00
MARKEL GROUP INCSOLE	COMMON	18.18K	SH	$28.65M 1.48%	18.18K	0.00
HENRY SCHEIN INCSOLE	COM	409.99K	SH	$26.28M 1.36%	409.99K	0.00
PRICE T ROWE GROUPSOLE	COM	226.60K	SH	$26.13M 1.35%	226.60K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	49.84K	SH	$25.13M 1.30%	49.84K	0.00
WALT DISNEY COSOLE	COM	243.29K	SH	$24.16M 1.25%	243.29K	0.00
BIOGEN INCSOLE	COMMON	98.06K	SH	$22.73M 1.18%	98.06K	0.00
DONALDSON INCSOLE	COMMON	307.73K	SH	$22.02M 1.14%	307.73K	0.00
RTX CORPORATIONSOLE	COM USD1	218.02K	SH	$21.89M 1.13%	218.02K	0.00
BORG WARNER INCSOLE	COMMON	623.63K	SH	$20.11M 1.04%	623.63K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	240.22K	SH	$19.05M 0.99%	240.22K	0.00
CULLEN FROST BANKERSSOLE	COMMON	187.28K	SH	$19.03M 0.99%	187.28K	0.00
GILEAD SCIENCES INCSOLE	COMMON	270.27K	SH	$18.54M 0.96%	270.27K	0.00
WELLS FARGO & COSOLE	COMMON	308.13K	SH	$18.30M 0.95%	308.13K	0.00
INTEL CORPSOLE	COMMON	583.94K	SH	$18.08M 0.94%	583.94K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	188.06K	SH	$16.57M 0.86%	188.06K	0.00
GENTEX CORPSOLE	COMMON	489.36K	SH	$16.50M 0.85%	489.36K	0.00

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