SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 8/6/2025ACC: 0000950123-25-007072

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 43 equity positions with a total reported market value of $1.24B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.24B

Total AUM (reported)

33.92M

Total Shares

Allocation by class

ADR EACH REPR 5 ORD$346.67M28.0%

CLASS A$305.94M24.7%

COMMON$225.75M18.2%

GDR REP 1/2 ORD REGS$183.40M14.8%

COM$60.89M4.9%

GDR REP 1 ORD EGP10$35.64M2.9%

CLASS B$33.95M2.7%

Portfolio Concentration

Top 3$808.70M65.3%

4–10$167.55M13.5%

11–25$224.45M18.1%

Rest$36.96M3.0%

Top 3 weight

65.3%

Top 10 weight

78.9%

Voting Authority Distribution

Total shares with voting rights: 33.92M

Sole

Full voting authority

30.41M

% of voting shares89.7%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

3.51M

% of voting shares10.3%

Investment Discretion (by position count)

Sole43

Shared0

Other0

Dominant voting typeSole · 89.7% of voting shares

Institutional Holdings43

Rows:

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares6.01M

TypeSH

Market value$346.67M

28.01%

Sole

3.34M

Shared

0.00

None

2.67M

COPA HOLDINGS

SOLE

CLASS A

Shares2.53M

TypeSH

Market value$278.63M

22.51%

Sole

1.84M

Shared

0.00

None

695.02K

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares166.57K

TypeSH

Market value$183.40M

14.82%

Sole

119.93K

Shared

0.00

None

46.65K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares21.21M

TypeSH

Market value$35.64M

2.88%

Sole

21.21M

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares12.19K

TypeSH

Market value$24.35M

1.97%

Sole

12.19K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares178.07K

TypeSH

Market value$22.08M

1.78%

Sole

178.07K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares297.89K

TypeSH

Market value$21.76M

1.76%

Sole

297.89K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares44.62K

TypeSH

Market value$21.67M

1.75%

Sole

44.62K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares29.10K

TypeSH

Market value$21.48M

1.74%

Sole

29.10K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares185.57K

TypeSH

Market value$20.57M

1.66%

Sole

185.57K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares255.60K

TypeSH

Market value$20.48M

1.65%

Sole

255.60K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares275.76K

TypeSH

Market value$19.12M

1.55%

Sole

275.76K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares107.46K

TypeSH

Market value$17.11M

1.38%

Sole

107.46K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares176.67K

TypeSH

Market value$17.05M

1.38%

Sole

176.67K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares125.63K

TypeSH

Market value$16.15M

1.30%

Sole

125.63K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares189.61K

TypeSH

Market value$16.12M

1.30%

Sole

189.61K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares100.63K

TypeSH

Market value$14.69M

1.19%

Sole

100.63K

Shared

0.00

None

0.00

SNAP-ON INC

SOLE

COMMON

Shares47.08K

TypeSH

Market value$14.65M

1.18%

Sole

47.08K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares152.58K

TypeSH

Market value$14.64M

1.18%

Sole

152.58K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares44.99K

TypeSH

Market value$14.35M

1.16%

Sole

44.99K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares591.56K

TypeSH

Market value$13.01M

1.05%

Sole

591.56K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares82.09K

TypeSH

Market value$12.54M

1.01%

Sole

82.09K

Shared

0.00

None

0.00

BROWN FORMAN CORP

SOLE

CLASS B

Shares456.22K

TypeSH

Market value$12.28M

0.99%

Sole

456.22K

Shared

0.00

None

0.00

ALPHABET INC

SOLE

CLASS A

Shares63.47K

TypeSH

Market value$11.19M

0.90%

Sole

63.47K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares102.69K

TypeSH

Market value$11.07M

0.89%

Sole

102.69K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	6.01M	SH	$346.67M 28.01%	3.34M	2.67M
COPA HOLDINGSSOLE	CLASS A	2.53M	SH	$278.63M 22.51%	1.84M	695.02K
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	166.57K	SH	$183.40M 14.82%	119.93K	46.65K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	21.21M	SH	$35.64M 2.88%	21.21M	0.00
MARKEL GROUP INCSOLE	COMMON	12.19K	SH	$24.35M 1.97%	12.19K	0.00
WALT DISNEY COSOLE	COM	178.07K	SH	$22.08M 1.78%	178.07K	0.00
HENRY SCHEIN INCSOLE	COM	297.89K	SH	$21.76M 1.76%	297.89K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	44.62K	SH	$21.67M 1.75%	44.62K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	29.10K	SH	$21.48M 1.74%	29.10K	0.00
GILEAD SCIENCES INCSOLE	COMMON	185.57K	SH	$20.57M 1.66%	185.57K	0.00
WELLS FARGO & COSOLE	COMMON	255.60K	SH	$20.48M 1.65%	255.60K	0.00
DONALDSON INCSOLE	COMMON	275.76K	SH	$19.12M 1.55%	275.76K	0.00
QUALCOMM INCSOLE	COMMON	107.46K	SH	$17.11M 1.38%	107.46K	0.00
PRICE T ROWE GROUPSOLE	COM	176.67K	SH	$17.05M 1.38%	176.67K	0.00
CULLEN FROST BANKERSSOLE	COMMON	125.63K	SH	$16.15M 1.30%	125.63K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	189.61K	SH	$16.12M 1.30%	189.61K	0.00
RTX CORPORATIONSOLE	COM USD1	100.63K	SH	$14.69M 1.19%	100.63K	0.00
SNAP-ON INCSOLE	COMMON	47.08K	SH	$14.65M 1.18%	47.08K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	152.58K	SH	$14.64M 1.18%	152.58K	0.00
AMERICAN EXPRESS COSOLE	COMMON	44.99K	SH	$14.35M 1.16%	44.99K	0.00
GENTEX CORPSOLE	COMMON	591.56K	SH	$13.01M 1.05%	591.56K	0.00
JOHNSON & JOHNSONSOLE	COMMON	82.09K	SH	$12.54M 1.01%	82.09K	0.00
BROWN FORMAN CORPSOLE	CLASS B	456.22K	SH	$12.28M 0.99%	456.22K	0.00
ALPHABET INCSOLE	CLASS A	63.47K	SH	$11.19M 0.90%	63.47K	0.00
EXXON MOBIL CORPSOLE	COMMON	102.69K	SH	$11.07M 0.89%	102.69K	0.00

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