Sprucegrove Investment Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Sprucegrove Investment Management Ltd. reported 32 stock positions worth $929.9 million. Its top holding was Copa Class A (CPA) at 20.8% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 18.4%) and Samsung Electr-GDR Reg S (SSNHZ, 14.3%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 6 and reduced 24. The biggest buy was Samsung Electr-GDR Reg S (SSNHZ, shares +1%) and the biggest sale Ryanair Holdings PLC-SP ADR (RYAAY, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001234074
- Portfolio Value
- $929.9M (Q1 2025)
- SEC Filing
- 0000950123-25-004887 ↗ filed May 13, 2025
Holdings Value
Holdings 32 stocks · $929.9M
| CPA Copa Holdings SA Class A | 20.79% | 3,079,532 | $193.3M | Reduce -7.8% |
| RYAAY Ryanair Holdings PLC-SP ADR | 18.42% | 7,423,000 | $171.3M | Reduce -12.2% |
| SSNHZ Samsung Electr-GDR Reg S | 14.33% | 204,738 | $133.2M | Add +0.6% |
| CMGGF Commercial Intl Bank-GDR Reg | 4.43% | 27,258,655 | $41.2M | Reduce -6.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.78% | 48,499 | $25.8M | Reduce -36.0% |
| MKL Markel Group Inc. | 2.54% | 12,626 | $23.6M | Reduce -30.2% |
| GILD Gilead Sciences Inc. | 2.43% | 201,970 | $22.6M | Reduce -24.9% |
| HSIC Henry Schein Inc. | 2.21% | 299,890 | $20.5M | Reduce -26.8% |
| DCI Donaldson Co. Inc. | 1.99% | 276,461 | $18.5M | Reduce -10.1% |
| RTX RTX Corp. | 1.97% | 138,230 | $18.3M | Reduce -30.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.95% | 184,170 | $18.2M | Reduce -24.0% |
| META Meta Platforms Inc. Class A | 1.87% | 30,101 | $17.3M | Reduce -32.6% |
| QCOM Qualcomm Inc. | 1.80% | 108,760 | $16.7M | Reduce -25.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.77% | 178,868 | $16.4M | Reduce -20.9% |
| WFC Wells Fargo & Co. | 1.76% | 228,260 | $16.4M | Reduce -25.8% |
| CFR Cullen/Frost Bankers Inc. | 1.71% | 127,030 | $15.9M | Reduce -22.4% |
| CHRW C.H. Robinson Worldwide Inc. | 1.70% | 154,082 | $15.8M | Reduce -18.0% |
| MSM MSC Industrial Direct Co. Class A | 1.59% | 190,610 | $14.8M | Reduce -20.6% |
| BF.B Brown-Forman Corp. Class B | 1.58% | 433,320 | $14.7M | Add +73.5% |
| SNA Snap-on Inc. | 1.51% | 41,580 | $14.0M | Add +88.1% |
| GNTX Gentex Corp. | 1.48% | 592,360 | $13.8M | Add +21.2% |
| JNJ Johnson & Johnson | 1.48% | 82,990 | $13.8M | Reduce -24.0% |
| BDX Becton Dickinson and Co. | 1.32% | 53,670 | $12.3M | Reduce -3.5% |
| AXP American Express Co. | 1.31% | 45,390 | $12.2M | Reduce -27.0% |
| XOM Exxon Mobil Corp. | 1.28% | 99,790 | $11.9M | Add +231.5% |
| INTC Intel Corp. | 1.26% | 516,720 | $11.7M | Reduce -18.1% |
| GOOGL Alphabet Inc. Class A | 0.99% | 59,734 | $9.2M | Add +170.0% |
| SBKFF State Bank of Indi-GDR Reg S | 0.93% | 97,660 | $8.7M | Reduce -17.0% |
| BWA Borgwarner Inc. | 0.27% | 88,330 | $2.5M | Reduce -85.8% |
| BIIB Biogen Inc. | 0.21% | 14,110 | $1.9M | Reduce -85.6% |
| TTC Toro Co. | 0.17% | 21,200 | $1.5M | New |
| XPEL Xpel Inc. | 0.16% | 52,000 | $1.5M | New |
Portfolio Sells Q4 2024 → Q1 2025
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -12.2% | 18.42% | −7.98 |
| BWA Borgwarner Inc. | Reduce -85.8% | 0.27% | −1.14 |
| ABEV Ambev SA-ADR | Sold out | 0.00% | −1.02 |
| BIIB Biogen Inc. | Reduce -85.6% | 0.21% | −0.86 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.26 |
| CPA Copa Holdings SA Class A | Reduce -7.8% | 20.79% | −0.23 |
| TROW T Rowe Price Group Inc. | Reduce -20.9% | 1.77% | −0.06 |
| AXP American Express Co. | Reduce -27.0% | 1.31% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -32.6% | 1.87% | −0.01 |
| DIS The Walt Disney Co. | Reduce -24.0% | 1.95% | +0.02 |
| CFR Cullen/Frost Bankers Inc. | Reduce -22.4% | 1.71% | +0.14 |
| SBKFF State Bank of Indi-GDR Reg S | Reduce -17.0% | 0.93% | +0.15 |
| HSIC Henry Schein Inc. | Reduce -26.8% | 2.21% | +0.18 |
| QCOM Qualcomm Inc. | Reduce -25.1% | 1.80% | +0.20 |
| WFC Wells Fargo & Co. | Reduce -25.8% | 1.76% | +0.21 |
| MKL Markel Group Inc. | Reduce -30.2% | 2.54% | +0.30 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -18.0% | 1.70% | +0.31 |
| MSM MSC Industrial Direct Co. Class A | Reduce -20.6% | 1.59% | +0.31 |
| RTX RTX Corp. | Reduce -30.7% | 1.97% | +0.32 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -36.0% | 2.78% | +0.32 |
| JNJ Johnson & Johnson | Reduce -24.0% | 1.48% | +0.35 |
| INTC Intel Corp. | Reduce -18.1% | 1.26% | +0.36 |
| BDX Becton Dickinson and Co. | Reduce -3.5% | 1.32% | +0.42 |
| DCI Donaldson Co. Inc. | Reduce -10.1% | 1.99% | +0.51 |
| GILD Gilead Sciences Inc. | Reduce -24.9% | 2.43% | +0.65 |
| CMGGF Commercial Intl Bank-GDR Reg | Reduce -6.2% | 4.43% | +1.34 |
Portfolio Buys Q4 2024 → Q1 2025
| SSNHZ Samsung Electr-GDR Reg S | Add +0.6% | 14.33% | +1.07 |
| XOM Exxon Mobil Corp. | Add +231.5% | 1.28% | +1.04 |
| SNA Snap-on Inc. | Add +88.1% | 1.51% | +0.97 |
| BF.B Brown-Forman Corp. Class B | Add +73.5% | 1.58% | +0.90 |
| GOOGL Alphabet Inc. Class A | Add +170.0% | 0.99% | +0.69 |
| GNTX Gentex Corp. | Add +21.2% | 1.48% | +0.48 |
| TTC Toro Co. | New | 0.17% | +0.17 |
| XPEL Xpel Inc. | New | 0.16% | +0.16 |
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 |