Sprucegrove Investment Management Ltd.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Sprucegrove Investment Management Ltd. reported 42 stock positions worth $625.0 million. Its top holding was Ryanair Holdings PLC-SP ADR (RYAAY) at 35.5% of the portfolio, followed by Copa Class A (CPA, 30.9%) and Samsung Electr-GDR Reg S (SSNHZ, 14.7%). Compared with Q4 2025, it opened 3 new positions, sold out of 1, added to 3 and reduced 27. The biggest buy was a new position in Nike Class B (NKE) and the biggest sale Ryanair Holdings PLC-SP ADR (RYAAY, shares −15%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001234074
Portfolio Value
$625.0M (Q1 2026)
SEC Filing
0001193125-26-220832 ↗ filed May 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $2.5B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.4B Q4 2024 Q1 2025: $929.9M Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $829.8M Q4 2025 Q1 2026: $625.0M $625.0M Q1 2026 Q2 2026: $639.1M Q2 2026

Holdings 42 stocks · $625.0M
RYAAY Ryanair Holdings PLC-SP ADR 35.54% 3,843,067 $222.1M Reduce -15.3%
CPA Copa Holdings SA Class A 30.88% 1,699,010 $193.0M Reduce -11.1%
SSNHZ Samsung Electr-GDR Reg S 14.69% 32,382 $91.8M Reduce -41.8%
DCI Donaldson Co. Inc. 0.99% 72,604 $6.2M Reduce -21.6%
MKL Markel Group Inc. 0.95% 3,088 $5.9M Reduce -19.1%
HSIC Henry Schein Inc. filed as SCHEIN HENRY INC 0.94% 80,127 $5.9M Reduce -19.2%
CHRW C.H. Robinson Worldwide Inc. 0.87% 32,612 $5.4M Reduce -38.3%
GILD Gilead Sciences Inc. 0.85% 37,900 $5.3M Reduce -36.7%
SNA Snap-on Inc. 0.84% 14,500 $5.3M Reduce -15.6%
JNJ Johnson & Johnson 0.81% 20,800 $5.1M Reduce -23.5%
WFC Wells Fargo & Co. 0.80% 62,520 $5.0M Reduce -22.7%
XOM Exxon Mobil Corp. 0.77% 28,369 $4.8M Reduce -27.4%
GOOGL Alphabet Inc. Class A 0.75% 16,284 $4.7M Reduce -20.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.75% 48,541 $4.7M Reduce -14.9%
CFR Cullen/Frost Bankers Inc. 0.72% 32,708 $4.5M Reduce -20.3%
BF.B Brown-Forman Corp. Class B 0.70% 165,200 $4.4M Reduce -14.5%
BRK.B Berkshire Hathaway Inc. Class B 0.69% 8,996 $4.3M Reduce -30.1%
DG Dollar General Corp. 0.68% 36,029 $4.3M Reduce -11.3%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.68% 46,870 $4.2M Reduce -19.4%
GNTX Gentex Corp. 0.66% 188,734 $4.1M Reduce -15.2%
QCOM Qualcomm Inc. 0.65% 31,329 $4.0M Reduce -11.7%
AXP American Express Co. 0.53% 10,953 $3.3M Reduce -20.2%
ACN Accenture PLC Class A 0.52% 16,436 $3.3M Add +30.5%
EXP Eagle Materials Inc. 0.51% 16,837 $3.2M Add +35.8%
SBKFF State Bank of Indi-GDR Reg S 0.50% 29,590 $3.1M Reduce -68.2%
TTC Toro Co. 0.46% 30,810 $2.9M Reduce -3.1%
XPEL Xpel Inc. 0.46% 64,800 $2.9M Add +0.8%
META Meta Platforms Inc. Class A 0.43% 4,705 $2.7M Reduce -25.4%
NKE Nike Inc. Class B 0.42% 50,200 $2.7M New
BDX Becton Dickinson and Co. 0.39% 15,600 $2.5M Reduce -15.5%
MSFT Microsoft Corp. 0.25% 4,160 $1.5M New
WAT Waters Corp. 0.10% 2,204 $656K New
LFUS Littelfuse Inc. 0.04% 700 $238K No change
BOKF Bok Financial Corporation 0.03% 1,400 $179K No change
CGNX Cognex Corp. 0.03% 3,200 $157K No change
WAFD Wafd Inc. 0.02% 4,200 $132K No change
AYI Acuity Inc. 0.02% 470 $132K No change
MSM MSC Industrial Direct Co. Class A 0.02% 1,400 $129K Reduce -97.8%
LSTR Landstar System Inc. 0.02% 800 $128K No change
AX Axos Financial Inc. 0.02% 1,400 $119K No change
SSD Simpson Manufacturing Co. Inc. 0.01% 500 $86K No change
GGG Graco Inc. 0.01% 900 $76K No change

Portfolio Sells Q4 2025 → Q1 2026
RYAAY Ryanair Holdings PLC-SP ADR Reduce -15.3% 35.54% −3.93
SBKFF State Bank of Indi-GDR Reg S Reduce -68.2% 0.50% −0.72
MSM MSC Industrial Direct Co. Class A Reduce -97.8% 0.02% −0.61
CHRW C.H. Robinson Worldwide Inc. Reduce -38.3% 0.87% −0.16
WFC Wells Fargo & Co. Reduce -22.7% 0.80% −0.11
BRK.B Berkshire Hathaway Inc. Class B Reduce -30.1% 0.69% −0.09
QCOM Qualcomm Inc. Reduce -11.7% 0.65% −0.09
AXP American Express Co. Reduce -20.2% 0.53% −0.08
META Meta Platforms Inc. Class A Reduce -25.4% 0.43% −0.07
MKL Markel Group Inc. Reduce -19.1% 0.95% −0.04
TROW T Rowe Price Group Inc. Reduce -19.4% 0.68% −0.04
GILD Gilead Sciences Inc. Reduce -36.7% 0.85% −0.04
BDX Becton Dickinson and Co. Reduce -15.5% 0.39% −0.04
DIS The Walt Disney Co. Reduce -14.9% 0.75% −0.03
GOOGL Alphabet Inc. Class A Reduce -20.0% 0.75% −0.02
FMC FMC Corp. Sold out 0.00% −0.00
DCI Donaldson Co. Inc. Reduce -21.6% 0.99% −0.00
DG Dollar General Corp. Reduce -11.3% 0.68% +0.03
GNTX Gentex Corp. Reduce -15.2% 0.66% +0.04
HSIC Henry Schein Inc. Reduce -19.2% 0.94% +0.04
CFR Cullen/Frost Bankers Inc. Reduce -20.3% 0.72% +0.09
BF.B Brown-Forman Corp. Class B Reduce -14.5% 0.70% +0.09
SNA Snap-on Inc. Reduce -15.6% 0.84% +0.13
JNJ Johnson & Johnson Reduce -23.5% 0.81% +0.14
TTC Toro Co. Reduce -3.1% 0.46% +0.16
XOM Exxon Mobil Corp. Reduce -27.4% 0.77% +0.20
SSNHZ Samsung Electr-GDR Reg S Reduce -41.8% 14.69% +0.84
CPA Copa Holdings SA Class A Reduce -11.1% 30.88% +3.11

Portfolio Buys Q4 2025 → Q1 2026
NKE Nike Inc. Class B New 0.42% +0.42
MSFT Microsoft Corp. New 0.25% +0.25
EXP Eagle Materials Inc. Add +35.8% 0.51% +0.20
ACN Accenture PLC Class A Add +30.5% 0.52% +0.11
WAT Waters Corp. New 0.10% +0.10
XPEL Xpel Inc. Add +0.8% 0.46% +0.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$639.1MCPA, RYAAY, SSNHZ, DCI, HSIC
Q1 2026 42$625.0MRYAAY, CPA, SSNHZ, DCI, MKL
Q4 2025 40$829.8MRYAAY, CPA, SSNHZ, SBKFF, CHRW
Q3 2025 41$1.2BRYAAY, CPA, SSNHZ, CMGGF, DCI
Q2 2025 43$1.2BRYAAY, CPA, SSNHZ, CMGGF, MKL
Q1 2025 32$929.9MCPA, RYAAY, SSNHZ, CMGGF, BRK.B
Q4 2024 32$1.4BRYAAY, CPA, SSNHZ, CMGGF, BRK.B
Q3 2024 32$1.8BRYAAY, CPA, SSNHZ, ABEV, TD
Q2 2024 33$1.9BRYAAY, SSNHZ, CPA, BBD, ABEV
Q1 2024 33$2.5BCRH, RYAAY, SSNHZ, CPA, BBD