Sprucegrove Investment Management Ltd.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Sprucegrove Investment Management Ltd. reported 33 stock positions worth $2.5 billion. Its top holding was CRH (CRH) at 17.7% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 16.5%) and Samsung Electr-GDR Reg S (SSNHZ, 13.5%). Compared with Q4 2023, it sold out of 4, added to 28 and reduced 5. The biggest buy was Qualcomm (QCOM, shares +169%) and the biggest sale Banco Bradesco-ADR (BBD, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001234074
- Portfolio Value
- $2.5B (Q1 2024)
- SEC Filing
- 0000950123-24-004550 ↗ filed May 13, 2024
Holdings Value
Holdings 33 stocks · $2.5B
| CRH CRH PLC | 17.67% | 5,068,704 | $437.2M | Reduce -11.4% |
| RYAAY Ryanair Holdings PLC-SP ADR | 16.47% | 2,799,362 | $407.6M | Add +2.3% |
| SSNHZ Samsung Electr-GDR Reg S | 13.55% | 225,453 | $335.2M | Add +0.1% |
| CPA Copa Holdings SA Class A | 11.99% | 2,849,339 | $296.8M | Add +7.1% |
| BBD Banco Bradesco-ADR | 8.54% | 73,941,201 | $211.5M | Reduce -4.9% |
| ABEV Ambev SA-ADR | 7.06% | 70,439,572 | $174.7M | Reduce -2.3% |
| TD Toronto-Dominion Bank | 3.23% | 1,324,200 | $80.0M | Add +30.4% |
| CMGGF Commercial Intl Bank-GDR Reg | 1.96% | 30,363,382 | $48.4M | Add +0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.28% | 75,611 | $31.8M | Add +7.1% |
| HSIC Henry Schein Inc. | 1.23% | 404,591 | $30.6M | Add +83.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.19% | 241,089 | $29.5M | Add +17.6% |
| MKL Markel Group Inc. | 1.11% | 18,017 | $27.4M | Add +50.6% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.10% | 223,302 | $27.2M | Add +48.4% |
| QCOM Qualcomm Inc. | 1.06% | 154,738 | $26.2M | Add +168.9% |
| META Meta Platforms Inc. Class A | 1.01% | 51,616 | $25.1M | Reduce -14.4% |
| DCI Donaldson Co. Inc. | 0.92% | 303,731 | $22.7M | Add +109.3% |
| INTC Intel Corp. | 0.90% | 503,244 | $22.2M | Add +33.0% |
| MSM MSC Industrial Direct Co. Class A | 0.88% | 224,320 | $21.8M | Add +46.8% |
| BWA Borgwarner Inc. | 0.86% | 615,427 | $21.4M | Add +59.5% |
| RTX RTX Corp. | 0.85% | 214,923 | $21.0M | Add +21.1% |
| BIIB Biogen Inc. | 0.84% | 96,855 | $20.9M | Add +54.3% |
| CFR Cullen/Frost Bankers Inc. | 0.84% | 184,077 | $20.7M | Add +19.6% |
| WFC Wells Fargo & Co. | 0.71% | 304,127 | $17.6M | Add +65.7% |
| GNTX Gentex Corp. | 0.70% | 482,962 | $17.4M | Add +100.2% |
| JNJ Johnson & Johnson | 0.69% | 108,235 | $17.1M | Add +98.5% |
| GILD Gilead Sciences Inc. | 0.69% | 231,566 | $17.0M | Add +163.2% |
| CHRW C.H. Robinson Worldwide Inc. | 0.57% | 185,758 | $14.1M | Add +0.7% |
| AXP American Express Co. | 0.57% | 61,597 | $14.0M | Add +10.2% |
| BDX Becton Dickinson and Co. | 0.55% | 55,009 | $13.6M | Add +292.7% |
| SBKFF State Bank of Indi-GDR Reg S | 0.54% | 146,195 | $13.3M | Add +7.4% |
| XOM Exxon Mobil Corp. | 0.19% | 40,500 | $4.7M | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 0.13% | 21,745 | $3.3M | Add +9.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 21,900 | $3.0M | Add +6.3% |
Portfolio Sells Q4 2023 → Q1 2024
| BBD Banco Bradesco-ADR | Reduce -4.9% | 8.54% | −3.26 |
| ABEV Ambev SA-ADR | Reduce -2.3% | 7.06% | −1.70 |
| IPGP Ipg Photonics Corp. | Sold out | 0.00% | −0.52 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.45 |
| EXP Eagle Materials Inc. | Sold out | 0.00% | −0.33 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -0.7% | 0.19% | +0.01 |
| META Meta Platforms Inc. Class A | Reduce -14.4% | 1.01% | +0.09 |
| CRH CRH PLC | Reduce -11.4% | 17.67% | +0.50 |
Portfolio Buys Q4 2023 → Q1 2024
| QCOM Qualcomm Inc. | Add +168.9% | 1.06% | +0.70 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +2.3% | 16.47% | +0.63 |
| HSIC Henry Schein Inc. | Add +83.5% | 1.23% | +0.51 |
| DCI Donaldson Co. Inc. | Add +109.3% | 0.92% | +0.51 |
| BDX Becton Dickinson and Co. | Add +292.7% | 0.55% | +0.40 |
| TROW T Rowe Price Group Inc. | Add +48.4% | 1.10% | +0.40 |
| DIS The Walt Disney Co. | Add +17.6% | 1.19% | +0.39 |
| TD Toronto-Dominion Bank | Add +30.4% | 3.23% | +0.38 |
| GILD Gilead Sciences Inc. | Add +163.2% | 0.69% | +0.38 |
| MKL Markel Group Inc. | Add +50.6% | 1.11% | +0.37 |
| GNTX Gentex Corp. | Add +100.2% | 0.70% | +0.36 |
| JNJ Johnson & Johnson | Add +98.5% | 0.69% | +0.32 |
| WFC Wells Fargo & Co. | Add +65.7% | 0.71% | +0.32 |
| CMGGF Commercial Intl Bank-GDR Reg | Add +0.3% | 1.96% | +0.27 |
| BWA Borgwarner Inc. | Add +59.5% | 0.86% | +0.26 |
| MSM MSC Industrial Direct Co. Class A | Add +46.8% | 0.88% | +0.21 |
| RTX RTX Corp. | Add +21.1% | 0.85% | +0.20 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +7.1% | 1.28% | +0.19 |
| BIIB Biogen Inc. | Add +54.3% | 0.84% | +0.14 |
| CFR Cullen/Frost Bankers Inc. | Add +19.6% | 0.84% | +0.11 |
| AXP American Express Co. | Add +10.2% | 0.57% | +0.11 |
| SBKFF State Bank of Indi-GDR Reg S | Add +7.4% | 0.54% | +0.08 |
| INTC Intel Corp. | Add +33.0% | 0.90% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.3% | 0.12% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +9.6% | 0.13% | +0.01 |
| CHRW C.H. Robinson Worldwide Inc. | Add +0.7% | 0.57% | −0.12 |
| CPA Copa Holdings SA Class A | Add +7.1% | 11.99% | −0.28 |
| SSNHZ Samsung Electr-GDR Reg S | Add +0.1% | 13.55% | −1.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $639.1M | CPA, RYAAY, SSNHZ, DCI, HSIC |
| Q1 2026 | 42 | $625.0M | RYAAY, CPA, SSNHZ, DCI, MKL |
| Q4 2025 | 40 | $829.8M | RYAAY, CPA, SSNHZ, SBKFF, CHRW |
| Q3 2025 | 41 | $1.2B | RYAAY, CPA, SSNHZ, CMGGF, DCI |
| Q2 2025 | 43 | $1.2B | RYAAY, CPA, SSNHZ, CMGGF, MKL |
| Q1 2025 | 32 | $929.9M | CPA, RYAAY, SSNHZ, CMGGF, BRK.B |
| Q4 2024 | 32 | $1.4B | RYAAY, CPA, SSNHZ, CMGGF, BRK.B |
| Q3 2024 | 32 | $1.8B | RYAAY, CPA, SSNHZ, ABEV, TD |
| Q2 2024 | 33 | $1.9B | RYAAY, SSNHZ, CPA, BBD, ABEV |
| Q1 2024 | 33 | $2.5B | CRH, RYAAY, SSNHZ, CPA, BBD |