Sprucegrove Investment Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sprucegrove Investment Management Ltd. reported 41 stock positions worth $1.2 billion. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 25.5% of the portfolio, followed by Copa Class A (CPA, 22.0%) and Samsung Electr-GDR Reg S (SSNHZ, 18.3%). Compared with Q2 2025, it sold out of 2, added to 16 and reduced 23. The biggest buy was Alphabet Class A (GOOGL, shares +6%) and the biggest sale Ryanair Holdings PLC-SP ADR (RYAAY, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001234074
- Portfolio Value
- $1.2B (Q3 2025)
- SEC Filing
- 0001193125-25-281856 ↗ filed Nov 14, 2025
Holdings Value
Holdings 41 stocks · $1.2B
| RYAAY Ryanair Holdings PLC-SP ADR | 25.49% | 5,273,508 | $317.6M | Reduce -12.3% |
| CPA Copa Holdings SA Class A | 21.95% | 2,301,884 | $273.5M | Reduce -9.2% |
| SSNHZ Samsung Electr-GDR Reg S | 18.26% | 152,262 | $227.5M | Reduce -8.6% |
| CMGGF Commercial Intl Bank-GDR Reg | 3.09% | 19,070,742 | $38.5M | Reduce -10.1% |
| DCI Donaldson Co. Inc. | 1.70% | 258,761 | $21.2M | Reduce -6.2% |
| MKL Markel Group Inc. | 1.67% | 10,888 | $20.8M | Reduce -10.7% |
| CHRW C.H. Robinson Worldwide Inc. | 1.61% | 151,682 | $20.1M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.60% | 39,601 | $19.9M | Reduce -11.2% |
| WFC Wells Fargo & Co. | 1.55% | 231,004 | $19.4M | Reduce -9.6% |
| META Meta Platforms Inc. Class A | 1.50% | 25,489 | $18.7M | Reduce -12.4% |
| GILD Gilead Sciences Inc. | 1.49% | 167,370 | $18.6M | Reduce -9.8% |
| HSIC Henry Schein Inc. | 1.48% | 278,490 | $18.5M | Reduce -6.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.45% | 157,770 | $18.1M | Reduce -11.4% |
| GNTX Gentex Corp. | 1.41% | 619,760 | $17.5M | Add +4.8% |
| SNA Snap-on Inc. | 1.35% | 48,580 | $16.8M | Add +3.2% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.34% | 162,368 | $16.7M | Reduce -8.1% |
| GOOGL Alphabet Inc. Class A | 1.31% | 67,064 | $16.3M | Add +5.7% |
| QCOM Qualcomm Inc. | 1.30% | 97,660 | $16.2M | Reduce -9.1% |
| MSM MSC Industrial Direct Co. Class A | 1.29% | 174,710 | $16.1M | Reduce -7.9% |
| CFR Cullen/Frost Bankers Inc. | 1.16% | 113,630 | $14.4M | Reduce -9.6% |
| JNJ Johnson & Johnson | 1.15% | 77,390 | $14.3M | Reduce -5.7% |
| AXP American Express Co. | 1.11% | 41,590 | $13.8M | Reduce -7.6% |
| BF.B Brown-Forman Corp. Class B | 0.99% | 457,020 | $12.4M | Add +0.2% |
| XOM Exxon Mobil Corp. | 0.99% | 108,890 | $12.3M | Add +6.0% |
| RTX RTX Corp. | 0.86% | 63,730 | $10.7M | Reduce -36.7% |
| BDX Becton Dickinson and Co. | 0.77% | 51,470 | $9.6M | Reduce -3.0% |
| SBKFF State Bank of Indi-GDR Reg S | 0.74% | 93,880 | $9.2M | Reduce -1.6% |
| DG Dollar General Corp. | 0.55% | 65,710 | $6.8M | Add +69.7% |
| TTC Toro Co. | 0.41% | 67,300 | $5.1M | Add +7.5% |
| XPEL Xpel Inc. | 0.30% | 114,856 | $3.8M | Reduce -3.6% |
| LFUS Littelfuse Inc. | 0.01% | 700 | $181K | No change |
| CGNX Cognex Corp. | 0.01% | 3,700 | $168K | No change |
| EXP Eagle Materials Inc. | 0.01% | 700 | $163K | Add +16.7% |
| AYI Acuity Inc. | 0.01% | 470 | $162K | Add +17.5% |
| BOKF Bok Financial Corporation | 0.01% | 1,400 | $156K | Add +7.7% |
| WAFD Wafd Inc. | 0.01% | 4,200 | $127K | Add +20.0% |
| AX Axos Financial Inc. | 0.01% | 1,400 | $119K | Add +7.7% |
| LSTR Landstar System Inc. | 0.01% | 800 | $98K | Add +14.3% |
| FMC FMC Corp. | 0.01% | 2,900 | $98K | Add +81.3% |
| SSD Simpson Manufacturing Co. Inc. | 0.01% | 500 | $84K | Add +25.0% |
| GGG Graco Inc. | 0.01% | 900 | $76K | Add +28.6% |
Portfolio Sells Q2 2025 → Q3 2025
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -12.3% | 25.49% | −2.52 |
| CPA Copa Holdings SA Class A | Reduce -9.2% | 21.95% | −0.56 |
| DIS The Walt Disney Co. | Reduce -11.4% | 1.45% | −0.33 |
| RTX RTX Corp. | Reduce -36.7% | 0.86% | −0.33 |
| MKL Markel Group Inc. | Reduce -10.7% | 1.67% | −0.30 |
| HSIC Henry Schein Inc. | Reduce -6.5% | 1.48% | −0.27 |
| META Meta Platforms Inc. Class A | Reduce -12.4% | 1.50% | −0.23 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.23 |
| GILD Gilead Sciences Inc. | Reduce -9.8% | 1.49% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -11.2% | 1.60% | −0.15 |
| CFR Cullen/Frost Bankers Inc. | Reduce -9.6% | 1.16% | −0.15 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.14 |
| WFC Wells Fargo & Co. | Reduce -9.6% | 1.55% | −0.10 |
| QCOM Qualcomm Inc. | Reduce -9.1% | 1.30% | −0.08 |
| AXP American Express Co. | Reduce -7.6% | 1.11% | −0.05 |
| XPEL Xpel Inc. | Reduce -3.6% | 0.30% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -8.1% | 1.34% | −0.04 |
| MSM MSC Industrial Direct Co. Class A | Reduce -7.9% | 1.29% | −0.01 |
| SBKFF State Bank of Indi-GDR Reg S | Reduce -1.6% | 0.74% | +0.01 |
| BDX Becton Dickinson and Co. | Reduce -3.0% | 0.77% | +0.03 |
| JNJ Johnson & Johnson | Reduce -5.7% | 1.15% | +0.14 |
| DCI Donaldson Co. Inc. | Reduce -6.2% | 1.70% | +0.15 |
| CMGGF Commercial Intl Bank-GDR Reg | Reduce -10.1% | 3.09% | +0.21 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -0.6% | 1.61% | +0.43 |
| SSNHZ Samsung Electr-GDR Reg S | Reduce -8.6% | 18.26% | +3.44 |
Portfolio Buys Q2 2025 → Q3 2025
| GOOGL Alphabet Inc. Class A | Add +5.7% | 1.31% | +0.40 |
| GNTX Gentex Corp. | Add +4.8% | 1.41% | +0.36 |
| DG Dollar General Corp. | Add +69.7% | 0.55% | +0.19 |
| SNA Snap-on Inc. | Add +3.2% | 1.35% | +0.17 |
| XOM Exxon Mobil Corp. | Add +6.0% | 0.99% | +0.09 |
| TTC Toro Co. | Add +7.5% | 0.41% | +0.05 |
| AYI Acuity Inc. | Add +17.5% | 0.01% | +0.00 |
| EXP Eagle Materials Inc. | Add +16.7% | 0.01% | +0.00 |
| FMC FMC Corp. | Add +81.3% | 0.01% | +0.00 |
| BOKF Bok Financial Corporation | Add +7.7% | 0.01% | +0.00 |
| WAFD Wafd Inc. | Add +20.0% | 0.01% | +0.00 |
| SSD Simpson Manufacturing Co. Inc. | Add +25.0% | 0.01% | +0.00 |
| AX Axos Financial Inc. | Add +7.7% | 0.01% | +0.00 |
| BF.B Brown-Forman Corp. Class B | Add +0.2% | 0.99% | +0.00 |
| GGG Graco Inc. | Add +28.6% | 0.01% | +0.00 |
| LSTR Landstar System Inc. | Add +14.3% | 0.01% | 0.00 |
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 |