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SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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13F filer, CIK 1234074, TORONTO, Ontario, Canada

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported $929,874,466 across 32 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-13. Its ten largest share positions make up 71.89% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000950123-25-004887

Period
2025-03-31
Reported value
$930M
Holdings
32
Top 10 weight
71.89%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
XOMadded+69,690$8.29M
SNAadded+19,480$6.56M
BF-Badded+183,520$6.23M
GOOGLadded+37,609$5.82M
GNTXadded+103,498$2.41M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
RYAAYreduced-1,033,700-$23.9M
CPAreduced-260,055-$16.3M
BWAreduced-534,097-$15.3M
BRK-Breduced-27,331-$14.6M
ABEVexited-7,677,698-$14.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0000950123-25-004887, largest first. % of portfolio is the value over $929,874,466, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,189,574 shares; 2024Q4: 3,339,587 shares; 2025Q1: 3,079,532 shares 3,079,532$193M20.79%-260,055Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,598,101 shares; 2024Q4: 8,456,700 shares; 2025Q1: 7,423,000 shares 7,423,000$171M18.42%-1,033,700Timeline
SSNHZSAMSUNG ELECTR-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,329 shares; 2024Q4: 203,435 shares; 2025Q1: 204,738 shares 204,738$133M14.33%+1,303Timeline
CBKDCOMMERCIAL INTL BKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,863,102 shares; 2024Q4: 29,047,162 shares; 2025Q1: 27,258,655 shares 27,258,655$41.2M4.43%-1,788,507Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,830 shares; 2024Q4: 75,830 shares; 2025Q1: 48,499 shares 48,499$25.8M2.78%-27,331Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,090 shares; 2024Q4: 18,090 shares; 2025Q1: 12,626 shares 12,626$23.6M2.54%-5,464Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 268,966 shares; 2024Q4: 268,966 shares; 2025Q1: 201,970 shares 201,970$22.6M2.43%-66,996Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,441 shares; 2024Q4: 409,441 shares; 2025Q1: 299,890 shares 299,890$20.5M2.21%-109,551Timeline
DCIDONALDSON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,431 shares; 2024Q4: 307,431 shares; 2025Q1: 276,461 shares 276,461$18.5M1.99%-30,970Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,523 shares; 2024Q4: 199,523 shares; 2025Q1: 138,230 shares 138,230$18.3M1.97%-61,293Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,189 shares; 2024Q4: 242,189 shares; 2025Q1: 184,170 shares 184,170$18.2M1.95%-58,019Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,398 shares; 2024Q4: 44,692 shares; 2025Q1: 30,101 shares 30,101$17.3M1.87%-14,591Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 156,538 shares; 2024Q4: 145,138 shares; 2025Q1: 108,760 shares 108,760$16.7M1.8%-36,378Timeline
TROWPRICE T ROWE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 226,102 shares; 2024Q4: 226,102 shares; 2025Q1: 178,868 shares 178,868$16.4M1.77%-47,234Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,627 shares; 2024Q4: 307,627 shares; 2025Q1: 228,260 shares 228,260$16.4M1.76%-79,367Timeline
CFRCULLEN FROST BANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,577 shares; 2024Q4: 163,777 shares; 2025Q1: 127,030 shares 127,030$15.9M1.71%-36,747Timeline
CHRWC H ROBINSON WORLDWIDE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,858 shares; 2024Q4: 187,858 shares; 2025Q1: 154,082 shares 154,082$15.8M1.7%-33,776Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,020 shares; 2024Q4: 240,020 shares; 2025Q1: 190,610 shares 190,610$14.8M1.59%-49,410Timeline
BF-BBROWN FORMAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 249,800 shares; 2025Q1: 433,320 shares 433,320$14.7M1.58%+183,520Timeline
SNASNAP ON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,300 shares; 2024Q4: 22,100 shares; 2025Q1: 41,580 shares 41,580$14M1.51%+19,480Timeline
GNTXGENTEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,862 shares; 2024Q4: 488,862 shares; 2025Q1: 592,360 shares 592,360$13.8M1.48%+103,498Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,135 shares; 2024Q4: 109,135 shares; 2025Q1: 82,990 shares 82,990$13.8M1.48%-26,145Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,609 shares; 2024Q4: 55,609 shares; 2025Q1: 53,670 shares 53,670$12.3M1.32%-1,939Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,197 shares; 2024Q4: 62,197 shares; 2025Q1: 45,390 shares 45,390$12.2M1.31%-16,807Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,100 shares; 2024Q4: 30,100 shares; 2025Q1: 99,790 shares 99,790$11.9M1.28%+69,690Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 631,244 shares; 2024Q4: 631,244 shares; 2025Q1: 516,720 shares 516,720$11.7M1.26%-114,524Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,125 shares; 2024Q4: 22,125 shares; 2025Q1: 59,734 shares 59,734$9.24M0.99%+37,609Timeline
SBIDSTATE BANK OF INDIAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,605 shares; 2024Q4: 117,605 shares; 2025Q1: 97,660 shares 97,660$8.67M0.93%-19,945Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 622,427 shares; 2024Q4: 622,427 shares; 2025Q1: 88,330 shares 88,330$2.53M0.27%-534,097Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,855 shares; 2024Q4: 97,855 shares; 2025Q1: 14,110 shares 14,110$1.93M0.21%-83,745Timeline
TTCTORO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,200 shares 21,200$1.54M0.17%newTimeline
XPELXPEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 52,000 shares 52,000$1.53M0.16%newTimeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ABEVAMBEV SA7,677,698$14.2Mshares
TSMTAIWAN SEMICONDUCTOR MANUFAC18,700$3.69Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000950123-25-004887 base2025-05-13acceptance time not in the bulk data set