SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 11/14/2025ACC: 0001193125-25-281856

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 41 equity positions with a total reported market value of $1.25B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$1.25B

Total AUM (reported)

30.56M

Total Shares

Allocation by class

ADR EACH REPR 5 ORD$317.57M25.5%

CLASS A$305.91M24.6%

COMMON$232.08M18.6%

GDR REP 1/2 ORD REGS$227.48M18.3%

COM$53.21M4.3%

GDR REP 1 ORD EGP10$38.52M3.1%

CLASS B$32.29M2.6%

Portfolio Concentration

Top 3$818.56M65.7%

4–10$158.59M12.7%

11–25$232.70M18.7%

Rest$36.01M2.9%

Top 3 weight

65.7%

Top 10 weight

78.4%

Voting Authority Distribution

Total shares with voting rights: 30.56M

Sole

Full voting authority

27.44M

% of voting shares89.8%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

3.12M

% of voting shares10.2%

Investment Discretion (by position count)

Sole41

Shared0

Other0

Dominant voting typeSole · 89.8% of voting shares

Institutional Holdings41

Rows:

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares5.27M

TypeSH

Market value$317.57M

25.49%

Sole

2.91M

Shared

0.00

None

2.36M

COPA HOLDINGS

SOLE

CLASS A

Shares2.30M

TypeSH

Market value$273.51M

21.95%

Sole

1.68M

Shared

0.00

None

625.62K

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares152.26K

TypeSH

Market value$227.48M

18.26%

Sole

109.73K

Shared

0.00

None

42.53K

COMMERCIAL INTL BK

SOLE

GDR REP 1 ORD EGP10

Shares19.07M

TypeSH

Market value$38.52M

3.09%

Sole

19.07M

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares258.76K

TypeSH

Market value$21.18M

1.70%

Sole

258.76K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares10.89K

TypeSH

Market value$20.81M

1.67%

Sole

10.89K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares151.68K

TypeSH

Market value$20.08M

1.61%

Sole

151.68K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares39.60K

TypeSH

Market value$19.91M

1.60%

Sole

39.60K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares231K

TypeSH

Market value$19.36M

1.55%

Sole

231K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares25.49K

TypeSH

Market value$18.72M

1.50%

Sole

25.49K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares167.37K

TypeSH

Market value$18.58M

1.49%

Sole

167.37K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares278.49K

TypeSH

Market value$18.48M

1.48%

Sole

278.49K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares157.77K

TypeSH

Market value$18.06M

1.45%

Sole

157.77K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares619.76K

TypeSH

Market value$17.54M

1.41%

Sole

619.76K

Shared

0.00

None

0.00

SNAP-ON INC

SOLE

COMMON

Shares48.58K

TypeSH

Market value$16.83M

1.35%

Sole

48.58K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares162.37K

TypeSH

Market value$16.67M

1.34%

Sole

162.37K

Shared

0.00

None

0.00

ALPHABET INC

SOLE

CLASS A

Shares67.06K

TypeSH

Market value$16.30M

1.31%

Sole

67.06K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares97.66K

TypeSH

Market value$16.25M

1.30%

Sole

97.66K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares174.71K

TypeSH

Market value$16.10M

1.29%

Sole

174.71K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares113.63K

TypeSH

Market value$14.40M

1.16%

Sole

113.63K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares77.39K

TypeSH

Market value$14.35M

1.15%

Sole

77.39K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares41.59K

TypeSH

Market value$13.81M

1.11%

Sole

41.59K

Shared

0.00

None

0.00

BROWN FORMAN CORP

SOLE

CLASS B

Shares457.02K

TypeSH

Market value$12.38M

0.99%

Sole

457.02K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares108.89K

TypeSH

Market value$12.28M

0.99%

Sole

108.89K

Shared

0.00

None

0.00

RTX CORPORATION

SOLE

COM USD1

Shares63.73K

TypeSH

Market value$10.66M

0.86%

Sole

63.73K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	5.27M	SH	$317.57M 25.49%	2.91M	2.36M
COPA HOLDINGSSOLE	CLASS A	2.30M	SH	$273.51M 21.95%	1.68M	625.62K
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	152.26K	SH	$227.48M 18.26%	109.73K	42.53K
COMMERCIAL INTL BKSOLE	GDR REP 1 ORD EGP10	19.07M	SH	$38.52M 3.09%	19.07M	0.00
DONALDSON INCSOLE	COMMON	258.76K	SH	$21.18M 1.70%	258.76K	0.00
MARKEL GROUP INCSOLE	COMMON	10.89K	SH	$20.81M 1.67%	10.89K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	151.68K	SH	$20.08M 1.61%	151.68K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	39.60K	SH	$19.91M 1.60%	39.60K	0.00
WELLS FARGO & COSOLE	COMMON	231K	SH	$19.36M 1.55%	231K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	25.49K	SH	$18.72M 1.50%	25.49K	0.00
GILEAD SCIENCES INCSOLE	COMMON	167.37K	SH	$18.58M 1.49%	167.37K	0.00
HENRY SCHEIN INCSOLE	COM	278.49K	SH	$18.48M 1.48%	278.49K	0.00
WALT DISNEY COSOLE	COM	157.77K	SH	$18.06M 1.45%	157.77K	0.00
GENTEX CORPSOLE	COMMON	619.76K	SH	$17.54M 1.41%	619.76K	0.00
SNAP-ON INCSOLE	COMMON	48.58K	SH	$16.83M 1.35%	48.58K	0.00
PRICE T ROWE GROUPSOLE	COM	162.37K	SH	$16.67M 1.34%	162.37K	0.00
ALPHABET INCSOLE	CLASS A	67.06K	SH	$16.30M 1.31%	67.06K	0.00
QUALCOMM INCSOLE	COMMON	97.66K	SH	$16.25M 1.30%	97.66K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	174.71K	SH	$16.10M 1.29%	174.71K	0.00
CULLEN FROST BANKERSSOLE	COMMON	113.63K	SH	$14.40M 1.16%	113.63K	0.00
JOHNSON & JOHNSONSOLE	COMMON	77.39K	SH	$14.35M 1.15%	77.39K	0.00
AMERICAN EXPRESS COSOLE	COMMON	41.59K	SH	$13.81M 1.11%	41.59K	0.00
BROWN FORMAN CORPSOLE	CLASS B	457.02K	SH	$12.38M 0.99%	457.02K	0.00
EXXON MOBIL CORPSOLE	COMMON	108.89K	SH	$12.28M 0.99%	108.89K	0.00
RTX CORPORATIONSOLE	COM USD1	63.73K	SH	$10.66M 0.86%	63.73K	0.00

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