Sprucegrove Investment Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Sprucegrove Investment Management Ltd. reported 40 stock positions worth $829.8 million. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 39.5% of the portfolio, followed by Copa Class A (CPA, 27.8%) and Samsung Electr-GDR Reg S (SSNHZ, 13.9%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 1 and reduced 29. The biggest buy was a new position in Accenture Class A (ACN) and the biggest sale Samsung Electr-GDR Reg S (SSNHZ, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001234074
- Portfolio Value
- $829.8M (Q4 2025)
- SEC Filing
- 0001193125-26-034374 ↗ filed Feb 3, 2026
Holdings Value
Holdings 40 stocks · $829.8M
| RYAAY Ryanair Holdings PLC-SP ADR | 39.47% | 4,537,122 | $327.5M | Reduce -14.0% |
| CPA Copa Holdings SA Class A | 27.78% | 1,911,095 | $230.5M | Reduce -17.0% |
| SSNHZ Samsung Electr-GDR Reg S | 13.86% | 55,656 | $115.0M | Reduce -63.5% |
| SBKFF State Bank of Indi-GDR Reg S | 1.22% | 92,910 | $10.1M | Reduce -1.0% |
| CHRW C.H. Robinson Worldwide Inc. | 1.02% | 52,882 | $8.5M | Reduce -65.1% |
| DCI Donaldson Co. Inc. | 0.99% | 92,664 | $8.2M | Reduce -64.2% |
| MKL Markel Group Inc. | 0.99% | 3,818 | $8.2M | Reduce -64.9% |
| WFC Wells Fargo & Co. | 0.91% | 80,847 | $7.5M | Reduce -65.0% |
| HSIC Henry Schein Inc. | 0.90% | 99,217 | $7.5M | Reduce -64.4% |
| GILD Gilead Sciences Inc. | 0.89% | 59,870 | $7.3M | Reduce -64.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.78% | 57,011 | $6.5M | Reduce -63.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.78% | 12,867 | $6.5M | Reduce -67.5% |
| GOOGL Alphabet Inc. Class A | 0.77% | 20,344 | $6.4M | Reduce -69.7% |
| QCOM Qualcomm Inc. | 0.73% | 35,489 | $6.1M | Reduce -63.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.72% | 58,158 | $6.0M | Reduce -64.2% |
| SNA Snap-on Inc. | 0.71% | 17,180 | $5.9M | Reduce -64.6% |
| JNJ Johnson & Johnson | 0.68% | 27,190 | $5.6M | Reduce -64.9% |
| DG Dollar General Corp. | 0.65% | 40,610 | $5.4M | Reduce -38.2% |
| MSM MSC Industrial Direct Co. Class A | 0.63% | 62,636 | $5.3M | Reduce -64.2% |
| CFR Cullen/Frost Bankers Inc. | 0.63% | 41,038 | $5.2M | Reduce -63.9% |
| GNTX Gentex Corp. | 0.62% | 222,494 | $5.2M | Reduce -64.1% |
| AXP American Express Co. | 0.61% | 13,732 | $5.1M | Reduce -67.0% |
| BF.B Brown-Forman Corp. Class B | 0.61% | 193,120 | $5.0M | Reduce -57.7% |
| XOM Exxon Mobil Corp. | 0.57% | 39,059 | $4.7M | Reduce -64.1% |
| META Meta Platforms Inc. Class A | 0.50% | 6,306 | $4.2M | Reduce -75.3% |
| BDX Becton Dickinson and Co. | 0.43% | 18,470 | $3.6M | Reduce -64.1% |
| ACN Accenture PLC Class A | 0.41% | 12,597 | $3.4M | New |
| XPEL Xpel Inc. | 0.39% | 64,256 | $3.2M | Reduce -44.1% |
| EXP Eagle Materials Inc. | 0.31% | 12,400 | $2.6M | Add +1671.4% |
| TTC Toro Co. | 0.30% | 31,810 | $2.5M | Reduce -52.7% |
| LFUS Littelfuse Inc. | 0.02% | 700 | $177K | No change |
| AYI Acuity Inc. | 0.02% | 470 | $169K | No change |
| BOKF Bok Financial Corporation | 0.02% | 1,400 | $166K | No change |
| WAFD Wafd Inc. | 0.02% | 4,200 | $135K | No change |
| AX Axos Financial Inc. | 0.01% | 1,400 | $121K | No change |
| CGNX Cognex Corp. | 0.01% | 3,200 | $115K | Reduce -13.5% |
| LSTR Landstar System Inc. | 0.01% | 800 | $115K | No change |
| SSD Simpson Manufacturing Co. Inc. | 0.01% | 500 | $81K | No change |
| GGG Graco Inc. | 0.01% | 900 | $74K | No change |
| FMC FMC Corp. | 0.00% | 2,900 | $40K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| SSNHZ Samsung Electr-GDR Reg S | Reduce -63.5% | 13.86% | −4.40 |
| CMGGF Commercial Intl Bank-GDR Reg | Sold out | 0.00% | −3.09 |
| META Meta Platforms Inc. Class A | Reduce -75.3% | 0.50% | −1.00 |
| RTX RTX Corp. | Sold out | 0.00% | −0.86 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -67.5% | 0.78% | −0.82 |
| GNTX Gentex Corp. | Reduce -64.1% | 0.62% | −0.78 |
| DCI Donaldson Co. Inc. | Reduce -64.2% | 0.99% | −0.71 |
| MKL Markel Group Inc. | Reduce -64.9% | 0.99% | −0.68 |
| DIS The Walt Disney Co. | Reduce -63.9% | 0.78% | −0.67 |
| MSM MSC Industrial Direct Co. Class A | Reduce -64.2% | 0.63% | −0.66 |
| WFC Wells Fargo & Co. | Reduce -65.0% | 0.91% | −0.65 |
| SNA Snap-on Inc. | Reduce -64.6% | 0.71% | −0.64 |
| TROW T Rowe Price Group Inc. | Reduce -64.2% | 0.72% | −0.62 |
| GILD Gilead Sciences Inc. | Reduce -64.2% | 0.89% | −0.61 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -65.1% | 1.02% | −0.59 |
| HSIC Henry Schein Inc. | Reduce -64.4% | 0.90% | −0.58 |
| QCOM Qualcomm Inc. | Reduce -63.7% | 0.73% | −0.57 |
| GOOGL Alphabet Inc. Class A | Reduce -69.7% | 0.77% | −0.54 |
| CFR Cullen/Frost Bankers Inc. | Reduce -63.9% | 0.63% | −0.53 |
| AXP American Express Co. | Reduce -67.0% | 0.61% | −0.50 |
| JNJ Johnson & Johnson | Reduce -64.9% | 0.68% | −0.47 |
| XOM Exxon Mobil Corp. | Reduce -64.1% | 0.57% | −0.42 |
| BF.B Brown-Forman Corp. Class B | Reduce -57.7% | 0.61% | −0.39 |
| BDX Becton Dickinson and Co. | Reduce -64.1% | 0.43% | −0.34 |
| TTC Toro Co. | Reduce -52.7% | 0.30% | −0.11 |
| CGNX Cognex Corp. | Reduce -13.5% | 0.01% | +0.00 |
| XPEL Xpel Inc. | Reduce -44.1% | 0.39% | +0.08 |
| DG Dollar General Corp. | Reduce -38.2% | 0.65% | +0.10 |
| SBKFF State Bank of Indi-GDR Reg S | Reduce -1.0% | 1.22% | +0.48 |
| CPA Copa Holdings SA Class A | Reduce -17.0% | 27.78% | +5.83 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -14.0% | 39.47% | +13.98 |
Portfolio Buys Q3 2025 → Q4 2025
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 |