Sprucegrove Investment Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Sprucegrove Investment Management Ltd. reported 43 stock positions worth $1.2 billion. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 28.0% of the portfolio, followed by Copa Class A (CPA, 22.5%) and Samsung Electr-GDR Reg S (SSNHZ, 14.8%). Compared with Q1 2025, it opened 12 new positions, sold out of 1, added to 7 and reduced 24. The biggest buy was a new position in Dollar General (DG) and the biggest sale Commercial Intl Bank-GDR Reg (CMGGF, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001234074
- Portfolio Value
- $1.2B (Q2 2025)
- SEC Filing
- 0000950123-25-007072 ↗ filed Aug 6, 2025
Holdings Value
Holdings 43 stocks · $1.2B
| RYAAY Ryanair Holdings PLC-SP ADR | 28.01% | 6,011,207 | $346.7M | Reduce -19.0% |
| CPA Copa Holdings SA Class A | 22.51% | 2,533,736 | $278.6M | Reduce -17.7% |
| SSNHZ Samsung Electr-GDR Reg S | 14.82% | 166,574 | $183.4M | Reduce -18.6% |
| CMGGF Commercial Intl Bank-GDR Reg | 2.88% | 21,212,772 | $35.6M | Reduce -22.2% |
| MKL Markel Group Inc. | 1.97% | 12,189 | $24.3M | Reduce -3.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.78% | 178,070 | $22.1M | Reduce -3.3% |
| HSIC Henry Schein Inc. | 1.76% | 297,890 | $21.8M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.75% | 44,618 | $21.7M | Reduce -8.0% |
| META Meta Platforms Inc. Class A | 1.74% | 29,098 | $21.5M | Reduce -3.3% |
| GILD Gilead Sciences Inc. | 1.66% | 185,570 | $20.6M | Reduce -8.1% |
| WFC Wells Fargo & Co. | 1.65% | 255,604 | $20.5M | Add +12.0% |
| DCI Donaldson Co. Inc. | 1.55% | 275,761 | $19.1M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 1.38% | 107,460 | $17.1M | Reduce -1.2% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.38% | 176,668 | $17.0M | Reduce -1.2% |
| CFR Cullen/Frost Bankers Inc. | 1.30% | 125,630 | $16.1M | Reduce -1.1% |
| MSM MSC Industrial Direct Co. Class A | 1.30% | 189,610 | $16.1M | Reduce -0.5% |
| RTX RTX Corp. | 1.19% | 100,630 | $14.7M | Reduce -27.2% |
| SNA Snap-on Inc. | 1.18% | 47,080 | $14.7M | Add +13.2% |
| CHRW C.H. Robinson Worldwide Inc. | 1.18% | 152,582 | $14.6M | Reduce -1.0% |
| AXP American Express Co. | 1.16% | 44,990 | $14.4M | Reduce -0.9% |
| GNTX Gentex Corp. | 1.05% | 591,560 | $13.0M | Reduce -0.1% |
| JNJ Johnson & Johnson | 1.01% | 82,090 | $12.5M | Reduce -1.1% |
| BF.B Brown-Forman Corp. Class B | 0.99% | 456,220 | $12.3M | Add +5.3% |
| GOOGL Alphabet Inc. Class A | 0.90% | 63,474 | $11.2M | Add +6.3% |
| XOM Exxon Mobil Corp. | 0.89% | 102,690 | $11.1M | Add +2.9% |
| BDX Becton Dickinson and Co. | 0.74% | 53,070 | $9.1M | Reduce -1.1% |
| SBKFF State Bank of Indi-GDR Reg S | 0.73% | 95,450 | $9.1M | Reduce -2.3% |
| DG Dollar General Corp. | 0.36% | 38,731 | $4.4M | New |
| TTC Toro Co. | 0.36% | 62,600 | $4.4M | Add +195.3% |
| XPEL Xpel Inc. | 0.35% | 119,100 | $4.3M | Add +129.0% |
| BWA Borgwarner Inc. | 0.23% | 83,430 | $2.8M | Reduce -5.5% |
| BIIB Biogen Inc. | 0.14% | 13,310 | $1.7M | Reduce -5.7% |
| LFUS Littelfuse Inc. | 0.01% | 700 | $159K | New |
| BOKF Bok Financial Corporation | 0.01% | 1,300 | $127K | New |
| EXP Eagle Materials Inc. | 0.01% | 600 | $121K | New |
| AYI Acuity Inc. | 0.01% | 400 | $119K | New |
| CGNX Cognex Corp. | 0.01% | 3,700 | $117K | New |
| WAFD Wafd Inc. | 0.01% | 3,500 | $102K | New |
| AX Axos Financial Inc. | 0.01% | 1,300 | $99K | New |
| LSTR Landstar System Inc. | 0.01% | 700 | $97K | New |
| FMC FMC Corp. | 0.01% | 1,600 | $67K | New |
| SSD Simpson Manufacturing Co. Inc. | 0.01% | 400 | $62K | New |
| GGG Graco Inc. | 0.00% | 700 | $60K | New |
Portfolio Sells Q1 2025 → Q2 2025
| CMGGF Commercial Intl Bank-GDR Reg | Reduce -22.2% | 2.88% | −1.55 |
| INTC Intel Corp. | Sold out | 0.00% | −1.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -8.0% | 1.75% | −1.03 |
| RTX RTX Corp. | Reduce -27.2% | 1.19% | −0.78 |
| GILD Gilead Sciences Inc. | Reduce -8.1% | 1.66% | −0.77 |
| BDX Becton Dickinson and Co. | Reduce -1.1% | 0.74% | −0.58 |
| MKL Markel Group Inc. | Reduce -3.5% | 1.97% | −0.57 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -1.0% | 1.18% | −0.51 |
| JNJ Johnson & Johnson | Reduce -1.1% | 1.01% | −0.47 |
| HSIC Henry Schein Inc. | Reduce -0.7% | 1.76% | −0.45 |
| DCI Donaldson Co. Inc. | Reduce -0.3% | 1.55% | −0.45 |
| GNTX Gentex Corp. | Reduce -0.1% | 1.05% | −0.43 |
| QCOM Qualcomm Inc. | Reduce -1.2% | 1.38% | −0.41 |
| CFR Cullen/Frost Bankers Inc. | Reduce -1.1% | 1.30% | −0.41 |
| TROW T Rowe Price Group Inc. | Reduce -1.2% | 1.38% | −0.39 |
| MSM MSC Industrial Direct Co. Class A | Reduce -0.5% | 1.30% | −0.29 |
| SBKFF State Bank of Indi-GDR Reg S | Reduce -2.3% | 0.73% | −0.20 |
| DIS The Walt Disney Co. | Reduce -3.3% | 1.78% | −0.17 |
| AXP American Express Co. | Reduce -0.9% | 1.16% | −0.15 |
| META Meta Platforms Inc. Class A | Reduce -3.3% | 1.74% | −0.13 |
| BIIB Biogen Inc. | Reduce -5.7% | 0.14% | −0.07 |
| BWA Borgwarner Inc. | Reduce -5.5% | 0.23% | −0.05 |
| SSNHZ Samsung Electr-GDR Reg S | Reduce -18.6% | 14.82% | +0.49 |
| CPA Copa Holdings SA Class A | Reduce -17.7% | 22.51% | +1.72 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -19.0% | 28.01% | +9.59 |
Portfolio Buys Q1 2025 → Q2 2025
| DG Dollar General Corp. | New | 0.36% | +0.36 |
| TTC Toro Co. | Add +195.3% | 0.36% | +0.19 |
| XPEL Xpel Inc. | Add +129.0% | 0.35% | +0.18 |
| LFUS Littelfuse Inc. | New | 0.01% | +0.01 |
| BOKF Bok Financial Corporation | New | 0.01% | +0.01 |
| EXP Eagle Materials Inc. | New | 0.01% | +0.01 |
| AYI Acuity Inc. | New | 0.01% | +0.01 |
| CGNX Cognex Corp. | New | 0.01% | +0.01 |
| WAFD Wafd Inc. | New | 0.01% | +0.01 |
| AX Axos Financial Inc. | New | 0.01% | +0.01 |
| LSTR Landstar System Inc. | New | 0.01% | +0.01 |
| FMC FMC Corp. | New | 0.01% | +0.01 |
| SSD Simpson Manufacturing Co. Inc. | New | 0.01% | +0.01 |
| GGG Graco Inc. | New | 0.00% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +6.3% | 0.90% | −0.09 |
| WFC Wells Fargo & Co. | Add +12.0% | 1.65% | −0.11 |
| SNA Snap-on Inc. | Add +13.2% | 1.18% | −0.32 |
| XOM Exxon Mobil Corp. | Add +2.9% | 0.89% | −0.38 |
| BF.B Brown-Forman Corp. Class B | Add +5.3% | 0.99% | −0.59 |
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 |