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SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported $1,245,856,937 across 41 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 78.43% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-25-281856

Period
2025-09-30
Reported value
$1.25B
Holdings
41
Top 10 weight
78.43%
New
0
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DGadded+26,979$2.79M
GOOGLadded+3,590$873K
GNTXadded+28,200$798K
XOMadded+6,200$699K
SNAadded+1,500$520K

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-737,699-$44.4M
CPAreduced-231,852-$27.5M
SSNHZreduced-14,312-$21.4M
RTXreduced-36,900-$6.17M
CBKDreduced-2,142,030-$4.33M

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, Q3 2025

Share positions as resolved from 13F-HR 0001193125-25-281856, largest first. % of portfolio is the value over $1,245,856,937, 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; 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; 2025Q3: 5,273,508 shares 5,273,508$318M25.49%-737,699Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,301,884 shares 2,301,884$274M21.95%-231,852Timeline
SSNHZSAMSUNG ELECTR-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,329 shares; 2024Q4: 203,435 shares; 2025Q1: 204,738 shares; 2025Q2: 166,574 shares; 2025Q3: 152,262 shares 152,262$227M18.26%-14,312Timeline
CBKDCOMMERCIAL INTL BKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 19,070,742 shares 19,070,742$38.5M3.09%-2,142,030Timeline
DCIDONALDSON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,431 shares; 2024Q4: 307,431 shares; 2025Q1: 276,461 shares; 2025Q2: 275,761 shares; 2025Q3: 258,761 shares 258,761$21.2M1.7%-17,000Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,090 shares; 2024Q4: 18,090 shares; 2025Q1: 12,626 shares; 2025Q2: 12,189 shares; 2025Q3: 10,888 shares 10,888$20.8M1.67%-1,301Timeline
CHRWC H ROBINSON WORLDWIDE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,858 shares; 2024Q4: 187,858 shares; 2025Q1: 154,082 shares; 2025Q2: 152,582 shares; 2025Q3: 151,682 shares 151,682$20.1M1.61%-900Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,830 shares; 2024Q4: 75,830 shares; 2025Q1: 48,499 shares; 2025Q2: 44,618 shares; 2025Q3: 39,601 shares 39,601$19.9M1.6%-5,017Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,627 shares; 2024Q4: 307,627 shares; 2025Q1: 228,260 shares; 2025Q2: 255,604 shares; 2025Q3: 231,004 shares 231,004$19.4M1.55%-24,600Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,398 shares; 2024Q4: 44,692 shares; 2025Q1: 30,101 shares; 2025Q2: 29,098 shares; 2025Q3: 25,489 shares 25,489$18.7M1.5%-3,609Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 268,966 shares; 2024Q4: 268,966 shares; 2025Q1: 201,970 shares; 2025Q2: 185,570 shares; 2025Q3: 167,370 shares 167,370$18.6M1.49%-18,200Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,441 shares; 2024Q4: 409,441 shares; 2025Q1: 299,890 shares; 2025Q2: 297,890 shares; 2025Q3: 278,490 shares 278,490$18.5M1.48%-19,400Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,189 shares; 2024Q4: 242,189 shares; 2025Q1: 184,170 shares; 2025Q2: 178,070 shares; 2025Q3: 157,770 shares 157,770$18.1M1.45%-20,300Timeline
GNTXGENTEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,862 shares; 2024Q4: 488,862 shares; 2025Q1: 592,360 shares; 2025Q2: 591,560 shares; 2025Q3: 619,760 shares 619,760$17.5M1.41%+28,200Timeline
SNASNAP ON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,300 shares; 2024Q4: 22,100 shares; 2025Q1: 41,580 shares; 2025Q2: 47,080 shares; 2025Q3: 48,580 shares 48,580$16.8M1.35%+1,500Timeline
TROWPRICE T ROWE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 226,102 shares; 2024Q4: 226,102 shares; 2025Q1: 178,868 shares; 2025Q2: 176,668 shares; 2025Q3: 162,368 shares 162,368$16.7M1.34%-14,300Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,125 shares; 2024Q4: 22,125 shares; 2025Q1: 59,734 shares; 2025Q2: 63,474 shares; 2025Q3: 67,064 shares 67,064$16.3M1.31%+3,590Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 156,538 shares; 2024Q4: 145,138 shares; 2025Q1: 108,760 shares; 2025Q2: 107,460 shares; 2025Q3: 97,660 shares 97,660$16.2M1.3%-9,800Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,020 shares; 2024Q4: 240,020 shares; 2025Q1: 190,610 shares; 2025Q2: 189,610 shares; 2025Q3: 174,710 shares 174,710$16.1M1.29%-14,900Timeline
CFRCULLEN FROST BANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,577 shares; 2024Q4: 163,777 shares; 2025Q1: 127,030 shares; 2025Q2: 125,630 shares; 2025Q3: 113,630 shares 113,630$14.4M1.16%-12,000Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,135 shares; 2024Q4: 109,135 shares; 2025Q1: 82,990 shares; 2025Q2: 82,090 shares; 2025Q3: 77,390 shares 77,390$14.3M1.15%-4,700Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,197 shares; 2024Q4: 62,197 shares; 2025Q1: 45,390 shares; 2025Q2: 44,990 shares; 2025Q3: 41,590 shares 41,590$13.8M1.11%-3,400Timeline
BF-BBROWN FORMAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 249,800 shares; 2025Q1: 433,320 shares; 2025Q2: 456,220 shares; 2025Q3: 457,020 shares 457,020$12.4M0.99%+800Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,100 shares; 2024Q4: 30,100 shares; 2025Q1: 99,790 shares; 2025Q2: 102,690 shares; 2025Q3: 108,890 shares 108,890$12.3M0.99%+6,200Timeline
RTXRTX CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 199,523 shares; 2024Q4: 199,523 shares; 2025Q1: 138,230 shares; 2025Q2: 100,630 shares; 2025Q3: 63,730 shares 63,730$10.7M0.86%-36,900Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,609 shares; 2024Q4: 55,609 shares; 2025Q1: 53,670 shares; 2025Q2: 53,070 shares; 2025Q3: 51,470 shares 51,470$9.63M0.77%-1,600Timeline
SBKFFSTATE BANK OF INDI-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,605 shares; 2024Q4: 117,605 shares; 2025Q1: 97,660 shares; 2025Q2: 95,450 shares; 2025Q3: 93,880 shares 93,880$9.23M0.74%-1,570Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 38,731 shares; 2025Q3: 65,710 shares 65,710$6.79M0.55%+26,979Timeline
TTCTORO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,200 shares; 2025Q2: 62,600 shares; 2025Q3: 67,300 shares 67,300$5.13M0.41%+4,700Timeline
XPELXPEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 52,000 shares; 2025Q2: 119,100 shares; 2025Q3: 114,856 shares 114,856$3.8M0.3%-4,244Timeline
LFUSLITTELFUSE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 700 shares 700$181K0.01%0Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares; 2025Q3: 3,700 shares 3,700$168K0.01%0Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 600 shares; 2025Q3: 700 shares 700$163K0.01%+100Timeline
AYIACUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 470 shares 470$162K0.01%+70Timeline
BOKFBOK FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares 1,400$156K0.01%+100Timeline
WAFDWAFD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,500 shares; 2025Q3: 4,200 shares 4,200$127K0.01%+700Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares 1,400$119K0.01%+100Timeline
LSTRLANDSTAR SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 800 shares 800$98K0.01%+100Timeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,600 shares; 2025Q3: 2,900 shares 2,900$97.5K0.01%+1,300Timeline
SSDSIMPSON MFG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 500 shares 500$83.7K0.01%+100Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 900 shares 900$76.5K0.01%+200Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
BWABORGWARNER INC83,430$2.79Mshares
BIIBBIOGEN INC13,310$1.67Mshares

How Q3 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 0001193125-25-281856 base2025-11-14acceptance time not in the bulk data set