SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 10/24/2024ACC: 0000950123-24-009884

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 32 equity positions with a total reported market value of $1.79B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.79B

Total AUM (reported)

117.28M

Total Shares

Allocation by class

COMMON$424.07M23.7%

ADR EACH REPR 5 ORD$388.46M21.7%

CLASS A$323.64M18.1%

GDR REP 1/2 ORD REGS$257.56M14.4%

ADR REP 1 COM SHS$166.16M9.3%

COM$77.77M4.3%

GDR REP 1 ORD EGP10$50.71M2.8%

Portfolio Concentration

Top 3$945.34M52.8%

4–10$474.62M26.5%

11–25$314.48M17.6%

Rest$54.91M3.1%

Top 3 weight

52.8%

Top 10 weight

79.4%

Voting Authority Distribution

Total shares with voting rights: 117.28M

Sole

Full voting authority

88.87M

% of voting shares75.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

28.42M

% of voting shares24.2%

Investment Discretion (by position count)

Sole32

Shared0

Other0

Dominant voting typeSole · 75.8% of voting shares

Institutional Holdings32

Rows:

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares8.60M

TypeSH

Market value$388.46M

21.71%

Sole

4.84M

Shared

0.00

None

3.76M

COPA HOLDINGS

SOLE

CLASS A

Shares3.19M

TypeSH

Market value$299.31M

16.73%

Sole

2.15M

Shared

0.00

None

1.04M

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares220.33K

TypeSH

Market value$257.56M

14.39%

Sole

144.45K

Shared

0.00

None

75.88K

AMBEV SA

SOLE

ADR REP 1 COM SHS

Shares68.10M

TypeSH

Market value$166.16M

9.29%

Sole

45.60M

Shared

0.00

None

22.50M

TORONTO DOMINION BK

SOLE

COMMON

Shares2.16M

TypeSH

Market value$136.92M

7.65%

Sole

1.13M

Shared

0.00

None

1.04M

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares29.86M

TypeSH

Market value$50.71M

2.83%

Sole

29.86M

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares75.83K

TypeSH

Market value$34.90M

1.95%

Sole

75.83K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares409.44K

TypeSH

Market value$29.85M

1.67%

Sole

409.44K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares18.09K

TypeSH

Market value$28.38M

1.59%

Sole

18.09K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares48.40K

TypeSH

Market value$27.70M

1.55%

Sole

48.40K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares156.54K

TypeSH

Market value$26.62M

1.49%

Sole

156.54K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares226.10K

TypeSH

Market value$24.63M

1.38%

Sole

226.10K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares199.52K

TypeSH

Market value$24.17M

1.35%

Sole

199.52K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares242.19K

TypeSH

Market value$23.30M

1.30%

Sole

242.19K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares307.43K

TypeSH

Market value$22.66M

1.27%

Sole

307.43K

Shared

0.00

None

0.00

BORG WARNER INC

SOLE

COMMON

Shares622.43K

TypeSH

Market value$22.59M

1.26%

Sole

622.43K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares268.97K

TypeSH

Market value$22.55M

1.26%

Sole

268.97K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares186.58K

TypeSH

Market value$20.87M

1.17%

Sole

186.58K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares187.86K

TypeSH

Market value$20.73M

1.16%

Sole

187.86K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares240.02K

TypeSH

Market value$20.66M

1.15%

Sole

240.02K

Shared

0.00

None

0.00

BIOGEN INC

SOLE

COMMON

Shares97.86K

TypeSH

Market value$18.97M

1.06%

Sole

97.86K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares109.14K

TypeSH

Market value$17.69M

0.99%

Sole

109.14K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares307.63K

TypeSH

Market value$17.38M

0.97%

Sole

307.63K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares62.20K

TypeSH

Market value$16.87M

0.94%

Sole

62.20K

Shared

0.00

None

0.00

INTEL CORP

SOLE

COMMON

Shares631.24K

TypeSH

Market value$14.81M

0.83%

Sole

631.24K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	8.60M	SH	$388.46M 21.71%	4.84M	3.76M
COPA HOLDINGSSOLE	CLASS A	3.19M	SH	$299.31M 16.73%	2.15M	1.04M
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	220.33K	SH	$257.56M 14.39%	144.45K	75.88K
AMBEV SASOLE	ADR REP 1 COM SHS	68.10M	SH	$166.16M 9.29%	45.60M	22.50M
TORONTO DOMINION BKSOLE	COMMON	2.16M	SH	$136.92M 7.65%	1.13M	1.04M
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	29.86M	SH	$50.71M 2.83%	29.86M	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	75.83K	SH	$34.90M 1.95%	75.83K	0.00
HENRY SCHEIN INCSOLE	COM	409.44K	SH	$29.85M 1.67%	409.44K	0.00
MARKEL GROUP INCSOLE	COMMON	18.09K	SH	$28.38M 1.59%	18.09K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	48.40K	SH	$27.70M 1.55%	48.40K	0.00
QUALCOMM INCSOLE	COMMON	156.54K	SH	$26.62M 1.49%	156.54K	0.00
PRICE T ROWE GROUPSOLE	COM	226.10K	SH	$24.63M 1.38%	226.10K	0.00
RTX CORPORATIONSOLE	COM USD1	199.52K	SH	$24.17M 1.35%	199.52K	0.00
WALT DISNEY COSOLE	COM	242.19K	SH	$23.30M 1.30%	242.19K	0.00
DONALDSON INCSOLE	COMMON	307.43K	SH	$22.66M 1.27%	307.43K	0.00
BORG WARNER INCSOLE	COMMON	622.43K	SH	$22.59M 1.26%	622.43K	0.00
GILEAD SCIENCES INCSOLE	COMMON	268.97K	SH	$22.55M 1.26%	268.97K	0.00
CULLEN FROST BANKERSSOLE	COMMON	186.58K	SH	$20.87M 1.17%	186.58K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	187.86K	SH	$20.73M 1.16%	187.86K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	240.02K	SH	$20.66M 1.15%	240.02K	0.00
BIOGEN INCSOLE	COMMON	97.86K	SH	$18.97M 1.06%	97.86K	0.00
JOHNSON & JOHNSONSOLE	COMMON	109.14K	SH	$17.69M 0.99%	109.14K	0.00
WELLS FARGO & COSOLE	COMMON	307.63K	SH	$17.38M 0.97%	307.63K	0.00
AMERICAN EXPRESS COSOLE	COMMON	62.20K	SH	$16.87M 0.94%	62.20K	0.00
INTEL CORPSOLE	COMMON	631.24K	SH	$14.81M 0.83%	631.24K	0.00

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