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SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported $1,237,665,914 across 43 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-06. Its ten largest share positions make up 78.88% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000950123-25-007072

Period
2025-06-30
Reported value
$1.24B
Holdings
43
Top 10 weight
78.88%
New
12
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DGnew+38,731$4.43M
TTCadded+41,400$2.93M
XPELadded+67,100$2.41M
WFCadded+27,344$2.19M
SNAadded+5,500$1.71M

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-1,411,793-$81.4M
CPAreduced-545,796-$60M
SSNHZreduced-38,164-$42M
INTCexited-516,720-$11.7M
CBKDreduced-6,045,883-$10.2M

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, Q2 2025

Share positions as resolved from 13F-HR 0000950123-25-007072, largest first. % of portfolio is the value over $1,237,665,914, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,598,101 shares; 2024Q4: 8,456,700 shares; 2025Q1: 7,423,000 shares; 2025Q2: 6,011,207 shares 6,011,207$347M28.01%-1,411,793Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,189,574 shares; 2024Q4: 3,339,587 shares; 2025Q1: 3,079,532 shares; 2025Q2: 2,533,736 shares 2,533,736$279M22.51%-545,796Timeline
SSNHZSAMSUNG ELECTR-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,329 shares; 2024Q4: 203,435 shares; 2025Q1: 204,738 shares; 2025Q2: 166,574 shares 166,574$183M14.82%-38,164Timeline
CBKDCOMMERCIAL INTL BKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,863,102 shares; 2024Q4: 29,047,162 shares; 2025Q1: 27,258,655 shares; 2025Q2: 21,212,772 shares 21,212,772$35.6M2.88%-6,045,883Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,090 shares; 2024Q4: 18,090 shares; 2025Q1: 12,626 shares; 2025Q2: 12,189 shares 12,189$24.3M1.97%-437Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,189 shares; 2024Q4: 242,189 shares; 2025Q1: 184,170 shares; 2025Q2: 178,070 shares 178,070$22.1M1.78%-6,100Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,441 shares; 2024Q4: 409,441 shares; 2025Q1: 299,890 shares; 2025Q2: 297,890 shares 297,890$21.8M1.76%-2,000Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,830 shares; 2024Q4: 75,830 shares; 2025Q1: 48,499 shares; 2025Q2: 44,618 shares 44,618$21.7M1.75%-3,881Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,398 shares; 2024Q4: 44,692 shares; 2025Q1: 30,101 shares; 2025Q2: 29,098 shares 29,098$21.5M1.74%-1,003Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 268,966 shares; 2024Q4: 268,966 shares; 2025Q1: 201,970 shares; 2025Q2: 185,570 shares 185,570$20.6M1.66%-16,400Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,627 shares; 2024Q4: 307,627 shares; 2025Q1: 228,260 shares; 2025Q2: 255,604 shares 255,604$20.5M1.65%+27,344Timeline
DCIDONALDSON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,431 shares; 2024Q4: 307,431 shares; 2025Q1: 276,461 shares; 2025Q2: 275,761 shares 275,761$19.1M1.55%-700Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 156,538 shares; 2024Q4: 145,138 shares; 2025Q1: 108,760 shares; 2025Q2: 107,460 shares 107,460$17.1M1.38%-1,300Timeline
TROWPRICE T ROWE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 226,102 shares; 2024Q4: 226,102 shares; 2025Q1: 178,868 shares; 2025Q2: 176,668 shares 176,668$17M1.38%-2,200Timeline
CFRCULLEN FROST BANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,577 shares; 2024Q4: 163,777 shares; 2025Q1: 127,030 shares; 2025Q2: 125,630 shares 125,630$16.1M1.3%-1,400Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,020 shares; 2024Q4: 240,020 shares; 2025Q1: 190,610 shares; 2025Q2: 189,610 shares 189,610$16.1M1.3%-1,000Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,523 shares; 2024Q4: 199,523 shares; 2025Q1: 138,230 shares; 2025Q2: 100,630 shares 100,630$14.7M1.19%-37,600Timeline
SNASNAP ON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,300 shares; 2024Q4: 22,100 shares; 2025Q1: 41,580 shares; 2025Q2: 47,080 shares 47,080$14.7M1.18%+5,500Timeline
CHRWC H ROBINSON WORLDWIDE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,858 shares; 2024Q4: 187,858 shares; 2025Q1: 154,082 shares; 2025Q2: 152,582 shares 152,582$14.6M1.18%-1,500Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,197 shares; 2024Q4: 62,197 shares; 2025Q1: 45,390 shares; 2025Q2: 44,990 shares 44,990$14.4M1.16%-400Timeline
GNTXGENTEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,862 shares; 2024Q4: 488,862 shares; 2025Q1: 592,360 shares; 2025Q2: 591,560 shares 591,560$13M1.05%-800Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,135 shares; 2024Q4: 109,135 shares; 2025Q1: 82,990 shares; 2025Q2: 82,090 shares 82,090$12.5M1.01%-900Timeline
BF-BBROWN FORMAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 249,800 shares; 2025Q1: 433,320 shares; 2025Q2: 456,220 shares 456,220$12.3M0.99%+22,900Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,125 shares; 2024Q4: 22,125 shares; 2025Q1: 59,734 shares; 2025Q2: 63,474 shares 63,474$11.2M0.9%+3,740Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,100 shares; 2024Q4: 30,100 shares; 2025Q1: 99,790 shares; 2025Q2: 102,690 shares 102,690$11.1M0.89%+2,900Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,609 shares; 2024Q4: 55,609 shares; 2025Q1: 53,670 shares; 2025Q2: 53,070 shares 53,070$9.14M0.74%-600Timeline
SBIDSTATE BANK OF INDIAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,605 shares; 2024Q4: 117,605 shares; 2025Q1: 97,660 shares; 2025Q2: 95,450 shares 95,450$9.1M0.73%-2,210Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 38,731 shares 38,731$4.43M0.36%newTimeline
TTCTORO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,200 shares; 2025Q2: 62,600 shares 62,600$4.42M0.36%+41,400Timeline
XPELXPEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 52,000 shares; 2025Q2: 119,100 shares 119,100$4.28M0.35%+67,100Timeline
BWABORGWARNER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 622,427 shares; 2024Q4: 622,427 shares; 2025Q1: 88,330 shares; 2025Q2: 83,430 shares 83,430$2.79M0.23%-4,900Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,855 shares; 2024Q4: 97,855 shares; 2025Q1: 14,110 shares; 2025Q2: 13,310 shares 13,310$1.67M0.14%-800Timeline
LFUSLITTELFUSE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares 700$159K0.01%newTimeline
BOKFBOK FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares 1,300$127K0.01%newTimeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 600 shares 600$121K0.01%newTimeline
AYIACUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares 400$119K0.01%newTimeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares 3,700$117K0.01%newTimeline
WAFDWAFD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,500 shares 3,500$102K0.01%newTimeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares 1,300$98.9K0.01%newTimeline
LSTRLANDSTAR SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares 700$97.3K0.01%newTimeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,600 shares 1,600$66.8K0.01%newTimeline
SSDSIMPSON MFG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares 400$62.1K0.01%newTimeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares 700$60.2K<0.01%newTimeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
INTCINTEL CORP516,720$11.7Mshares

How Q2 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 0000950123-25-007072 base2025-08-06acceptance time not in the bulk data set