SPRUCEGROVE INVESTMENT MANAGEMENT LTD
Long book
$625.0M
Q1 2026
Positions
42
Top-10 weight
87%
concentration
Last quarter
+20.3%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsSPRUCEGROVE INVESTMENT MANAGEMENT LTD is a concentrated fundamental stock-picker, specialised in industrials (84% of the long book), running a $625.0M US long book across 42 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: RYANAIR HOLDINGS PLC-SP ADR, COPA HOLDINGS SA-CLASS A, SAMSUNG ELECTR-GDR REG S, DONALDSON CO INC, MARKEL GROUP INC.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-11.1%
Q2 2024
+5.5%
Q3 2024
-5.3%
Q4 2024
+1.8%
Q1 2025
+14.7%
Q2 2025
+6.9%
Q3 2025
+9.5%
Q4 2025
-10.9%
Q1 2026
+20.3%
Sector allocation
Industrials 73%
Financials 9%
Healthcare 4%
Technology 4%
Consumer discretionary 3%
Services media 3%
Energy 2%
Consumer staples 1%
Long book by quarter
What does SPRUCEGROVE INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 1.7M | $193.0M | 30.9% | -11.1% |
| DCI DONALDSON CO INC | Industrials | 72.6K | $6.2M | 1.0% | -21.6% |
| MKL MARKEL GROUP INC | Financials | 3.1K | $5.9M | 0.9% | -19.1% |
| HSIC HENRY SCHEIN INC | Consumer discretionary | 80.1K | $5.9M | 0.9% | -19.2% |
| CHRW C.H. ROBINSON WORLDWIDE INC | Industrials | 32.6K | $5.4M | 0.9% | -38.3% |
| GILD GILEAD SCIENCES INC | Healthcare | 37.9K | $5.3M | 0.8% | -36.7% |
| SNA SNAP-ON INC | Industrials | 14.5K | $5.3M | 0.8% | -15.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 20.8K | $5.1M | 0.8% | -23.5% |
| WFC WELLS FARGO & CO | Financials | 62.5K | $5.0M | 0.8% | -22.7% |
| XOM EXXON MOBIL CORP | Energy | 28.4K | $4.8M | 0.8% | -27.4% |
| GOOGL ALPHABET INC-CL A | Technology | 16.3K | $4.7M | 0.7% | -20.0% |
| DIS WALT DISNEY CO/THE | Services media | 48.5K | $4.7M | 0.7% | -14.9% |
| CFR CULLEN/FROST BANKERS INC | Financials | 32.7K | $4.5M | 0.7% | -20.3% |
| BF/B BROWN-FORMAN CORP-CLASS B | Consumer staples | 165.2K | $4.4M | 0.7% | -14.5% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 9.0K | $4.3M | 0.7% | -30.1% |
| DG DOLLAR GENERAL CORP | Consumer discretionary | 36.0K | $4.3M | 0.7% | -11.3% |
| TROW T ROWE PRICE GROUP INC | Financials | 46.9K | $4.2M | 0.7% | -19.4% |
| GNTX GENTEX CORP | Industrials | 188.7K | $4.1M | 0.7% | -15.2% |
| QCOM QUALCOMM INC | Technology | 31.3K | $4.0M | 0.6% | -11.7% |
| AXP AMERICAN EXPRESS CO | Financials | 11.0K | $3.3M | 0.5% | -20.2% |
| ACN ACCENTURE PLC-CL A | Services media | 16.4K | $3.3M | 0.5% | +30.5% |
| EXP EAGLE MATERIALS INC | Industrials | 16.8K | $3.2M | 0.5% | +35.8% |
| TTC TORO CO | Industrials | 30.8K | $2.9M | 0.5% | -3.1% |
| XPEL XPEL INC | Industrials | 64.8K | $2.9M | 0.5% | +0.8% |
| META META PLATFORMS INC-CLASS A | Technology | 4.7K | $2.7M | 0.4% | -25.4% |
| NKE NIKE INC -CL B | Other | 50.2K | $2.7M | 0.4% | New |
| BDX BECTON DICKINSON AND CO | Healthcare | 15.6K | $2.5M | 0.4% | -15.5% |
| MSFT MICROSOFT CORP | Technology | 4.2K | $1.5M | 0.2% | New |
| WAT WATERS CORP | Healthcare | 2.2K | $656K | 0.1% | New |
| LFUS LITTELFUSE INC | Industrials | 700 | $238K | 0.0% | Held |
| BOKF BOK FINANCIAL CORPORATION | Financials | 1.4K | $179K | 0.0% | Held |
| CGNX COGNEX CORP | Technology | 3.2K | $157K | 0.0% | Held |
| WAFD WAFD INC | Financials | 4.2K | $132K | 0.0% | Held |
| AYI ACUITY INC | Industrials | 470 | $132K | 0.0% | Held |
| MSM MSC INDUSTRIAL DIRECT CO-A | Consumer discretionary | 1.4K | $129K | 0.0% | -97.8% |
| LSTR LANDSTAR SYSTEM INC | Industrials | 800 | $128K | 0.0% | Held |
| AX AXOS FINANCIAL INC | Financials | 1.4K | $119K | 0.0% | Held |
| SSD SIMPSON MANUFACTURING CO INC | Industrials | 500 | $86K | 0.0% | Held |
| GGG GRACO INC | Industrials | 900 | $76K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 42 | $625.0M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 40 | $829.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 41 | $1.25B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 43 | $1.24B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 32 | $929.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 32 | $1.40B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 32 | $1.79B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 33 | $1.93B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 33 | $2.47B | canonical | SEC ↗ |