Q2 2026 13F · SEC CIK 1234074

Sprucegrove Investment Management Ltd

Asset managerFiled 2026-08-07 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $639.1M
Reported positions: 40
Top holdings a year, 3 yrs: +7.5%
Assets under management: $11.5B

Sprucegrove Investment Management Ltd is an asset manager that reported 40 positions worth $639.1M in its Q2 2026 13F, filed 2026-08-07. Its largest holdings were Copa Holdings SA (CPA, 35.3%), Ryanair Holdings PLC (RYAAY, 34.6%), Samsung Electronic (20.0%). A portfolio copying its top holdings returned 7.5% a year over the last 3 years, against 20.4% for the S&P 500.

Sprucegrove Investment Management Ltd holdings all 40 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Sprucegrove Investment Management Ltd 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
CPACopa Holdings SA	35.3%	30.9%	1,451,592	-14.6%	$225.8M
RYAAYRyanair Holdings PLC	34.6%	35.5%	3,419,717	-11.0%	$221.4M
796050888Samsung Electronic	20.0%	14.7%	23,676	-26.9%	$127.6M
DCIDonaldson Inc	0.6%	1.0%	40,004	-44.9%	$3.6M
HSICSchein Henry Inc	0.5%	0.9%	40,427	-49.5%	$3.4M
MKLMarkel Group Inc	0.5%	0.9%	1,604	-48.1%	$3.1M
SNASnap-on Inc.	0.5%	0.8%	7,400	-49.0%	$3.0M
GOOGLAlphabet Inc	0.4%	0.7%	7,870	-51.7%	$2.8M
EXPEagle Materials Inc	0.4%	0.5%	12,310	-26.9%	$2.8M
QCOMQualcomm Inc	0.4%	0.6%	14,929	-52.3%	$2.8M
DGDollar Gen Corp New	0.4%	0.7%	23,495	-34.8%	$2.7M
CFRCullen Frost Bankers Inc	0.4%	0.7%	16,308	-50.1%	$2.5M
BRK-BBerkshire Hathaway Inc Del	0.4%	0.7%	5,035	-44.0%	$2.5M
GNTXGentex Corp	0.4%	0.7%	99,334	-47.4%	$2.5M
DISDisney Walt Co	0.4%	0.7%	25,541	-47.4%	$2.5M
GILDGilead Sciences	0.4%	0.8%	18,900	-50.1%	$2.4M
BF-BBrown-Forman B	0.4%	0.7%	89,100	-46.1%	$2.4M
JNJJohnson & Johnson	0.4%	0.8%	9,200	-55.8%	$2.3M
XPELXpel Inc	0.4%	0.5%	46,300	-28.5%	$2.3M
WFCWells Fargo Co New	0.3%	0.8%	26,477	-57.7%	$2.2M
TROWT. Rowe Price Group Inc.	0.3%	0.7%	18,714	-60.1%	$2.1M
XOMExxon Mobil Corp	0.3%	0.8%	15,269	-46.2%	$2.1M
CHRWC H Robinson Worldwide in	0.3%	0.9%	10,912	-66.5%	$2.1M
TTCToro Co	0.3%	0.5%	20,810	-32.5%	$2.0M
AXPAmerican Express Co Com	0.3%	0.5%	5,442	-50.3%	$1.8M
MSFTMicrosoft Corp	0.2%	0.2%	3,840	-7.7%	$1.4M
ACNAccenture PLC Ireland Shs Class A	0.2%	0.5%	11,183	-32.0%	$1.4M
NKENike Inc Cl B	0.2%	0.4%	33,900	-32.5%	$1.4M
METAMeta Platforms Inc Class A	0.2%	0.4%	2,351	-50.0%	$1.3M
BDXBecton Dickinson & Co	0.2%	0.4%	8,000	-48.7%	$1.2M
LFUSLittelfuse Inc	0.0%	0.0%	570	-18.6%	$260K
CGNXCognex Corp	0.0%	0.0%	2,800	-12.5%	$203K
BOKFBok Finl Corp	0.0%	0.0%	1,400	+0.0%	$194K
AYIAcuity Brands Inc	0.0%	0.0%	470	+0.0%	$177K
MSMMSC Industrial Direct Inc Cl A	0.0%	0.0%	1,400	+0.0%	$167K
LSTRLandstar Sys Inc	0.0%	0.0%	800	+0.0%	$165K
WAFDWafd Inc	0.0%	0.0%	4,200	+0.0%	$161K
AXAxos Financial Inc	0.0%	0.0%	1,400	+0.0%	$136K
SSDSimpson Manufacturing Co Inc.	0.0%	0.0%	500	+0.0%	$105K
GGGGraco Inc	0.0%	0.0%	900	+0.0%	$68K

What Sprucegrove Investment Management Ltd bought and sold in Q2 2026, against Q1 2026.

New positions

No new positions among the largest holdings.

Added to

No position grew by more than 5%.

Reduced

CHRW C H Robinson Worldwide in-66.5% shares
TROW T. Rowe Price Group Inc.-60.1% shares
WFC Wells Fargo Co New-57.7% shares
JNJ Johnson & Johnson-55.8% shares
QCOM Qualcomm Inc-52.3% shares
GOOGL Alphabet Inc-51.7% shares
AXP American Express Co Com-50.3% shares
CFR Cullen Frost Bankers Inc-50.1% shares

Sold out

SBKFF State Bank of Indiawas 0.5%
WAT Waters Corp.was 0.1%

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +0.6% /yr; S&P 500 +20.1%
3 years: +7.5% /yr; S&P 500 +20.4%
5 years: +3.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$639.1M	40
Q1 2026	$625.0M	42
Q4 2025	$829.8M	40
Q3 2025	$1.2B	41
Q2 2025	$1.2B	43
Q1 2025	$929.9M	32
Q4 2024	$1.4B	32
Q3 2024	$1.8B	32
Q2 2024	$1.9B	33
Q1 2024	$2.5B	33
Q4 2023	$2.3B	37
Q3 2023	$1.6B	36

Questions about Sprucegrove Investment Management Ltd's portfolio

What stocks does Sprucegrove Investment Management Ltd own?

Sprucegrove Investment Management Ltd's latest 13F, for Q2 2026 and filed Aug 7, 2026, lists 40 positions worth $639.1M. The largest are Copa Holdings SA (CPA) at 35.3%, Ryanair Holdings PLC (RYAAY) at 34.6%, Samsung Electronic at 20.0%, Donaldson Inc (DCI) at 0.6% and Schein Henry Inc (HSIC) at 0.5%.

What did Sprucegrove Investment Management Ltd buy last quarter?

Sprucegrove Investment Management Ltd opened no new positions and grew none by more than 5% among its largest holdings in Q2 2026.

What did Sprucegrove Investment Management Ltd sell last quarter?

In Q2 2026, Sprucegrove Investment Management Ltd sold all of State Bank of India (SBKFF), sold all of Waters Corp. (WAT), C H Robinson Worldwide in (CHRW) (-66.5% shares), T. Rowe Price Group Inc. (TROW) (-60.1% shares) and Wells Fargo Co New (WFC) (-57.7% shares), compared with its Q1 2026 filing.

How has Sprucegrove Investment Management Ltd's portfolio performed?

A portfolio copying Sprucegrove Investment Management Ltd's 20 largest 13F holdings each quarter, from the day each filing was public, returned +7.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +0.6% against +20.1%. Over 5 years: +3.6% a year against +11.6%.

When is Sprucegrove Investment Management Ltd's next 13F filing due?

13F filings are due 45 days after each quarter ends. Sprucegrove Investment Management Ltd's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Sprucegrove Investment Management Ltd manage?

Sprucegrove Investment Management Ltd reported $11.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $639.1M.