SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Filed: 8/7/2026ACC: 0001193125-26-339127

📋 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 $639.10M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$639.10M

Total AUM (reported)

5.52M

Total Shares

Allocation by class

CLASS A$230.19M36.0%

ADR EACH REPR 5 ORD$221.43M34.6%

GDR REP 1/2 ORD REGS$127.61M20.0%

COMMON$44.04M6.9%

COM$7.96M1.2%

CLASS B$6.29M1.0%

COM USD0.000006 CL A$1.32M0.2%

Portfolio Concentration

Top 3$574.86M89.9%

4–10$21.42M3.4%

11–25$34.43M5.4%

Rest$8.39M1.3%

Top 3 weight

89.9%

Top 10 weight

93.3%

Voting Authority Distribution

Total shares with voting rights: 5.52M

Sole

Full voting authority

3.71M

% of voting shares67.2%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

1.81M

% of voting shares32.8%

Investment Discretion (by position count)

Sole40

Shared0

Other0

Dominant voting typeSole · 67.2% of voting shares

Institutional Holdings40

Rows:

COPA HOLDINGS

SOLE

CLASS A

Shares1.45M

TypeSH

Market value$225.82M

35.33%

Sole

1.09M

Shared

0.00

None

362.78K

RYANAIR HLDGS PLC

SOLE

ADR EACH REPR 5 ORD

Shares3.42M

TypeSH

Market value$221.43M

34.65%

Sole

1.97M

Shared

0.00

None

1.45M

SAMSUNG ELECTRONIC

SOLE

GDR REP 1/2 ORD REGS

Shares23.68K

TypeSH

Market value$127.61M

19.97%

Sole

20.98K

Shared

0.00

None

2.70K

DONALDSON INC

SOLE

COMMON

Shares40K

TypeSH

Market value$3.59M

0.56%

Sole

40K

Shared

0.00

None

0.00

HENRY SCHEIN INC

SOLE

COM

Shares40.43K

TypeSH

Market value$3.38M

0.53%

Sole

40.43K

Shared

0.00

None

0.00

MARKEL GROUP INC

SOLE

COMMON

Shares1.60K

TypeSH

Market value$3.13M

0.49%

Sole

1.60K

Shared

0.00

None

0.00

SNAP-ON INC

SOLE

COMMON

Shares7.40K

TypeSH

Market value$2.98M

0.47%

Sole

7.40K

Shared

0.00

None

0.00

ALPHABET INC

SOLE

CLASS A

Shares7.87K

TypeSH

Market value$2.81M

0.44%

Sole

7.87K

Shared

0.00

None

0.00

EAGLE MATERIALS

SOLE

COMMON

Shares12.31K

TypeSH

Market value$2.77M

0.43%

Sole

12.31K

Shared

0.00

None

0.00

QUALCOMM INC

SOLE

COMMON

Shares14.93K

TypeSH

Market value$2.76M

0.43%

Sole

14.93K

Shared

0.00

None

0.00

DOLLAR GEN CORP

SOLE

COMMON

Shares23.50K

TypeSH

Market value$2.70M

0.42%

Sole

23.50K

Shared

0.00

None

0.00

CULLEN FROST BANKERS

SOLE

COMMON

Shares16.31K

TypeSH

Market value$2.52M

0.39%

Sole

16.31K

Shared

0.00

None

0.00

BERKSHIRE HATHAWAY

SOLE

CLASS B

Shares5.04K

TypeSH

Market value$2.52M

0.39%

Sole

5.04K

Shared

0.00

None

0.00

GENTEX CORP

SOLE

COMMON

Shares99.33K

TypeSH

Market value$2.51M

0.39%

Sole

99.33K

Shared

0.00

None

0.00

WALT DISNEY CO

SOLE

COM

Shares25.54K

TypeSH

Market value$2.46M

0.38%

Sole

25.54K

Shared

0.00

None

0.00

GILEAD SCIENCES INC

SOLE

COMMON

Shares18.90K

TypeSH

Market value$2.39M

0.37%

Sole

18.90K

Shared

0.00

None

0.00

BROWN FORMAN CORP

SOLE

CLASS B

Shares89.10K

TypeSH

Market value$2.37M

0.37%

Sole

89.10K

Shared

0.00

None

0.00

JOHNSON & JOHNSON

SOLE

COMMON

Shares9.20K

TypeSH

Market value$2.34M

0.37%

Sole

9.20K

Shared

0.00

None

0.00

XPEL INC

SOLE

COMMON

Shares46.30K

TypeSH

Market value$2.30M

0.36%

Sole

46.30K

Shared

0.00

None

0.00

WELLS FARGO & CO

SOLE

COMMON

Shares26.48K

TypeSH

Market value$2.19M

0.34%

Sole

26.48K

Shared

0.00

None

0.00

PRICE T ROWE GROUP

SOLE

COM

Shares18.71K

TypeSH

Market value$2.13M

0.33%

Sole

18.71K

Shared

0.00

None

0.00

EXXON MOBIL CORP

SOLE

COMMON

Shares15.27K

TypeSH

Market value$2.09M

0.33%

Sole

15.27K

Shared

0.00

None

0.00

C H ROBINSON WLDWIDE

SOLE

COMMON

Shares10.91K

TypeSH

Market value$2.06M

0.32%

Sole

10.91K

Shared

0.00

None

0.00

TORO CO

SOLE

COMMON

Shares20.81K

TypeSH

Market value$2.03M

0.32%

Sole

20.81K

Shared

0.00

None

0.00

AMERICAN EXPRESS CO

SOLE

COMMON

Shares5.44K

TypeSH

Market value$1.84M

0.29%

Sole

5.44K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
COPA HOLDINGSSOLE	CLASS A	1.45M	SH	$225.82M 35.33%	1.09M	362.78K
RYANAIR HLDGS PLCSOLE	ADR EACH REPR 5 ORD	3.42M	SH	$221.43M 34.65%	1.97M	1.45M
SAMSUNG ELECTRONICSOLE	GDR REP 1/2 ORD REGS	23.68K	SH	$127.61M 19.97%	20.98K	2.70K
DONALDSON INCSOLE	COMMON	40K	SH	$3.59M 0.56%	40K	0.00
HENRY SCHEIN INCSOLE	COM	40.43K	SH	$3.38M 0.53%	40.43K	0.00
MARKEL GROUP INCSOLE	COMMON	1.60K	SH	$3.13M 0.49%	1.60K	0.00
SNAP-ON INCSOLE	COMMON	7.40K	SH	$2.98M 0.47%	7.40K	0.00
ALPHABET INCSOLE	CLASS A	7.87K	SH	$2.81M 0.44%	7.87K	0.00
EAGLE MATERIALSSOLE	COMMON	12.31K	SH	$2.77M 0.43%	12.31K	0.00
QUALCOMM INCSOLE	COMMON	14.93K	SH	$2.76M 0.43%	14.93K	0.00
DOLLAR GEN CORPSOLE	COMMON	23.50K	SH	$2.70M 0.42%	23.50K	0.00
CULLEN FROST BANKERSSOLE	COMMON	16.31K	SH	$2.52M 0.39%	16.31K	0.00
BERKSHIRE HATHAWAYSOLE	CLASS B	5.04K	SH	$2.52M 0.39%	5.04K	0.00
GENTEX CORPSOLE	COMMON	99.33K	SH	$2.51M 0.39%	99.33K	0.00
WALT DISNEY COSOLE	COM	25.54K	SH	$2.46M 0.38%	25.54K	0.00
GILEAD SCIENCES INCSOLE	COMMON	18.90K	SH	$2.39M 0.37%	18.90K	0.00
BROWN FORMAN CORPSOLE	CLASS B	89.10K	SH	$2.37M 0.37%	89.10K	0.00
JOHNSON & JOHNSONSOLE	COMMON	9.20K	SH	$2.34M 0.37%	9.20K	0.00
XPEL INCSOLE	COMMON	46.30K	SH	$2.30M 0.36%	46.30K	0.00
WELLS FARGO & COSOLE	COMMON	26.48K	SH	$2.19M 0.34%	26.48K	0.00
PRICE T ROWE GROUPSOLE	COM	18.71K	SH	$2.13M 0.33%	18.71K	0.00
EXXON MOBIL CORPSOLE	COMMON	15.27K	SH	$2.09M 0.33%	15.27K	0.00
C H ROBINSON WLDWIDESOLE	COMMON	10.91K	SH	$2.06M 0.32%	10.91K	0.00
TORO COSOLE	COMMON	20.81K	SH	$2.03M 0.32%	20.81K	0.00
AMERICAN EXPRESS COSOLE	COMMON	5.44K	SH	$1.84M 0.29%	5.44K	0.00

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