SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 2/3/2026ACC: 0001193125-26-034374

📋 What this filing means

SPRUCEGROVE INVESTMENT MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 40 equity positions with a total reported market value of $829.77M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$829.77M

Total AUM (reported)

7.99M

Total Shares

Allocation by class

ADR EACH REPR 5 ORD$327.53M39.5%

CLASS A$245.51M29.6%

GDR REP 1/2 ORD REGS$114.99M13.9%

COMMON$95.85M11.6%

COM$19.94M2.4%

CLASS B$11.50M1.4%

GDR(2 INR10 REG S)$10.11M1.2%

Portfolio Concentration

Top 3$673.02M81.1%

4–10$57.42M6.9%

11–25$82.90M10.0%

Rest$16.43M2.0%

Top 3 weight

81.1%

Top 10 weight

88.0%

Voting Authority Distribution

Total shares with voting rights: 7.99M

Sole

Full voting authority

5.24M

% of voting shares65.5%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

2.75M

% of voting shares34.5%

Investment Discretion (by position count)

Sole40

Shared0

Other0

Dominant voting typeSole · 65.5% of voting shares

Institutional Holdings40

Rows:

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares4.54M

TypeSH

Market value$327.53M

39.47%

Sole

2.41M

Shared

0.00

None

2.13M

COPA HOLDINGS

SOLE

CLASS A

Shares1.91M

TypeSH

Market value$230.50M

27.78%

Sole

1.39M

Shared

0.00

None

524.28K

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares55.66K

TypeSH

Market value$114.99M

13.86%

Sole

44.27K

Shared

0.00

None

11.38K

STATE BK OF INDIA

SOLE

GDR(2 INR10 REG S)

Shares92.91K

TypeSH

Market value$10.11M

1.22%

Sole

0.00

Shared

0.00

None

92.91K

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares52.88K

TypeSH

Market value$8.50M

1.02%

Sole

52.88K

Shared

0.00

None

0.00

DONALDSON INC

SOLE

COMMON

Shares92.66K

TypeSH

Market value$8.22M

0.99%

Sole

92.66K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares3.82K

TypeSH

Market value$8.21M

0.99%

Sole

3.82K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares80.85K

TypeSH

Market value$7.53M

0.91%

Sole

80.85K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares99.22K

TypeSH

Market value$7.50M

0.90%

Sole

99.22K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares59.87K

TypeSH

Market value$7.35M

0.89%

Sole

59.87K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares57.01K

TypeSH

Market value$6.49M

0.78%

Sole

57.01K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares12.87K

TypeSH

Market value$6.47M

0.78%

Sole

12.87K

Shared

0.00

None

0.00

ALPHABET INC

SOLE

CLASS A

Shares20.34K

TypeSH

Market value$6.37M

0.77%

Sole

20.34K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares35.49K

TypeSH

Market value$6.07M

0.73%

Sole

35.49K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares58.16K

TypeSH

Market value$5.95M

0.72%

Sole

58.16K

Shared

0.00

None

0.00

SNAP-ON INC

SOLE

COMMON

Shares17.18K

TypeSH

Market value$5.92M

0.71%

Sole

17.18K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares27.19K

TypeSH

Market value$5.63M

0.68%

Sole

27.19K

Shared

0.00

None

0.00

DOLLAR GEN CORP

SOLE

COMMON

Shares40.61K

TypeSH

Market value$5.39M

0.65%

Sole

40.61K

Shared

0.00

None

0.00

MSC INDL DIRECT INC

SOLE

CLASS A

Shares62.64K

TypeSH

Market value$5.27M

0.63%

Sole

62.64K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares41.04K

TypeSH

Market value$5.20M

0.63%

Sole

41.04K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares222.49K

TypeSH

Market value$5.18M

0.62%

Sole

222.49K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares13.73K

TypeSH

Market value$5.08M

0.61%

Sole

13.73K

Shared

0.00

None

0.00

BROWN FORMAN CORP

SOLE

CLASS B

Shares193.12K

TypeSH

Market value$5.03M

0.61%

Sole

193.12K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares39.06K

TypeSH

Market value$4.70M

0.57%

Sole

39.06K

Shared

0.00

None

0.00

META PLATFORMS INC

SOLE

COM USD0.000006 CL A

Shares6.31K

TypeSH

Market value$4.16M

0.50%

Sole

6.31K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	4.54M	SH	$327.53M 39.47%	2.41M	2.13M
COPA HOLDINGSSOLE	CLASS A	1.91M	SH	$230.50M 27.78%	1.39M	524.28K
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	55.66K	SH	$114.99M 13.86%	44.27K	11.38K
STATE BK OF INDIASOLE	GDR(2 INR10 REG S)	92.91K	SH	$10.11M 1.22%	0.00	92.91K
C H ROBINSON WLDWIDESOLE	COMMON	52.88K	SH	$8.50M 1.02%	52.88K	0.00
DONALDSON INCSOLE	COMMON	92.66K	SH	$8.22M 0.99%	92.66K	0.00
MARKEL GROUP INCSOLE	COMMON	3.82K	SH	$8.21M 0.99%	3.82K	0.00
WELLS FARGO & COSOLE	COMMON	80.85K	SH	$7.53M 0.91%	80.85K	0.00
HENRY SCHEIN INCSOLE	COM	99.22K	SH	$7.50M 0.90%	99.22K	0.00
GILEAD SCIENCES INCSOLE	COMMON	59.87K	SH	$7.35M 0.89%	59.87K	0.00
WALT DISNEY COSOLE	COM	57.01K	SH	$6.49M 0.78%	57.01K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	12.87K	SH	$6.47M 0.78%	12.87K	0.00
ALPHABET INCSOLE	CLASS A	20.34K	SH	$6.37M 0.77%	20.34K	0.00
QUALCOMM INCSOLE	COMMON	35.49K	SH	$6.07M 0.73%	35.49K	0.00
PRICE T ROWE GROUPSOLE	COM	58.16K	SH	$5.95M 0.72%	58.16K	0.00
SNAP-ON INCSOLE	COMMON	17.18K	SH	$5.92M 0.71%	17.18K	0.00
JOHNSON & JOHNSONSOLE	COMMON	27.19K	SH	$5.63M 0.68%	27.19K	0.00
DOLLAR GEN CORPSOLE	COMMON	40.61K	SH	$5.39M 0.65%	40.61K	0.00
MSC INDL DIRECT INCSOLE	CLASS A	62.64K	SH	$5.27M 0.63%	62.64K	0.00
CULLEN FROST BANKERSSOLE	COMMON	41.04K	SH	$5.20M 0.63%	41.04K	0.00
GENTEX CORPSOLE	COMMON	222.49K	SH	$5.18M 0.62%	222.49K	0.00
AMERICAN EXPRESS COSOLE	COMMON	13.73K	SH	$5.08M 0.61%	13.73K	0.00
BROWN FORMAN CORPSOLE	CLASS B	193.12K	SH	$5.03M 0.61%	193.12K	0.00
EXXON MOBIL CORPSOLE	COMMON	39.06K	SH	$4.70M 0.57%	39.06K	0.00
META PLATFORMS INCSOLE	COM USD0.000006 CL A	6.31K	SH	$4.16M 0.50%	6.31K	0.00

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