SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 5/13/2025ACC: 0000950123-25-004887

📋 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 $929.87M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$929.87M

Total AUM (reported)

42.34M

Total Shares

Allocation by class

COMMON$226.77M24.4%

CLASS A$217.38M23.4%

ADR EACH REPR 5 ORD$171.31M18.4%

GDR REP 1/2 ORD REGS$133.24M14.3%

COM$55.15M5.9%

GDR REP 1 ORD EGP10$41.16M4.4%

CLASS B$40.54M4.4%

Portfolio Concentration

Top 3$497.89M53.5%

4–10$170.62M18.3%

11–25$224.20M24.1%

Rest$37.18M4.0%

Top 3 weight

53.5%

Top 10 weight

71.9%

Voting Authority Distribution

Total shares with voting rights: 42.34M

Sole

Full voting authority

37.81M

% of voting shares89.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

4.53M

% of voting shares10.7%

Investment Discretion (by position count)

Sole32

Shared0

Other0

Dominant voting typeSole · 89.3% of voting shares

Institutional Holdings32

Rows:

COPA HOLDINGS

SOLE

CLASS A

Shares3.08M

TypeSH

Market value$193.33M

20.79%

Sole

2.09M

Shared

0.00

None

988.53K

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares7.42M

TypeSH

Market value$171.31M

18.42%

Sole

4.04M

Shared

0.00

None

3.38M

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares204.74K

TypeSH

Market value$133.24M

14.33%

Sole

136.94K

Shared

0.00

None

67.80K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares27.26M

TypeSH

Market value$41.16M

4.43%

Sole

27.26M

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares48.50K

TypeSH

Market value$25.83M

2.78%

Sole

48.50K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares12.63K

TypeSH

Market value$23.61M

2.54%

Sole

12.63K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares201.97K

TypeSH

Market value$22.63M

2.43%

Sole

201.97K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares299.89K

TypeSH

Market value$20.54M

2.21%

Sole

299.89K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares276.46K

TypeSH

Market value$18.54M

1.99%

Sole

276.46K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares138.23K

TypeSH

Market value$18.31M

1.97%

Sole

138.23K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares184.17K

TypeSH

Market value$18.18M

1.95%

Sole

184.17K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares30.10K

TypeSH

Market value$17.35M

1.87%

Sole

30.10K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares108.76K

TypeSH

Market value$16.71M

1.80%

Sole

108.76K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares178.87K

TypeSH

Market value$16.43M

1.77%

Sole

178.87K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares228.26K

TypeSH

Market value$16.39M

1.76%

Sole

228.26K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares127.03K

TypeSH

Market value$15.90M

1.71%

Sole

127.03K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares154.08K

TypeSH

Market value$15.78M

1.70%

Sole

154.08K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares190.61K

TypeSH

Market value$14.80M

1.59%

Sole

190.61K

Shared

0.00

None

0.00

BROWN FORMAN CORP

SOLE

CLASS B

Shares433.32K

TypeSH

Market value$14.71M

1.58%

Sole

433.32K

Shared

0.00

None

0.00

SNAP-ON INC

SOLE

COMMON

Shares41.58K

TypeSH

Market value$14.01M

1.51%

Sole

41.58K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares592.36K

TypeSH

Market value$13.80M

1.48%

Sole

592.36K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares82.99K

TypeSH

Market value$13.76M

1.48%

Sole

82.99K

Shared

0.00

None

0.00

BECTON DICKINSON

SOLE

COMMON

Shares53.67K

TypeSH

Market value$12.29M

1.32%

Sole

53.67K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares45.39K

TypeSH

Market value$12.21M

1.31%

Sole

45.39K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares99.79K

TypeSH

Market value$11.87M

1.28%

Sole

99.79K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
COPA HOLDINGSSOLE	CLASS A	3.08M	SH	$193.33M 20.79%	2.09M	988.53K
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	7.42M	SH	$171.31M 18.42%	4.04M	3.38M
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	204.74K	SH	$133.24M 14.33%	136.94K	67.80K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	27.26M	SH	$41.16M 4.43%	27.26M	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	48.50K	SH	$25.83M 2.78%	48.50K	0.00
MARKEL GROUP INCSOLE	COMMON	12.63K	SH	$23.61M 2.54%	12.63K	0.00
GILEAD SCIENCES INCSOLE	COMMON	201.97K	SH	$22.63M 2.43%	201.97K	0.00
HENRY SCHEIN INCSOLE	COM	299.89K	SH	$20.54M 2.21%	299.89K	0.00
DONALDSON INCSOLE	COMMON	276.46K	SH	$18.54M 1.99%	276.46K	0.00
RTX CORPORATIONSOLE	COM USD1	138.23K	SH	$18.31M 1.97%	138.23K	0.00
WALT DISNEY COSOLE	COM	184.17K	SH	$18.18M 1.95%	184.17K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	30.10K	SH	$17.35M 1.87%	30.10K	0.00
QUALCOMM INCSOLE	COMMON	108.76K	SH	$16.71M 1.80%	108.76K	0.00
PRICE T ROWE GROUPSOLE	COM	178.87K	SH	$16.43M 1.77%	178.87K	0.00
WELLS FARGO & COSOLE	COMMON	228.26K	SH	$16.39M 1.76%	228.26K	0.00
CULLEN FROST BANKERSSOLE	COMMON	127.03K	SH	$15.90M 1.71%	127.03K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	154.08K	SH	$15.78M 1.70%	154.08K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	190.61K	SH	$14.80M 1.59%	190.61K	0.00
BROWN FORMAN CORPSOLE	CLASS B	433.32K	SH	$14.71M 1.58%	433.32K	0.00
SNAP-ON INCSOLE	COMMON	41.58K	SH	$14.01M 1.51%	41.58K	0.00
GENTEX CORPSOLE	COMMON	592.36K	SH	$13.80M 1.48%	592.36K	0.00
JOHNSON & JOHNSONSOLE	COMMON	82.99K	SH	$13.76M 1.48%	82.99K	0.00
BECTON DICKINSONSOLE	COMMON	53.67K	SH	$12.29M 1.32%	53.67K	0.00
AMERICAN EXPRESS COSOLE	COMMON	45.39K	SH	$12.21M 1.31%	45.39K	0.00
EXXON MOBIL CORPSOLE	COMMON	99.79K	SH	$11.87M 1.28%	99.79K	0.00

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