Skip to content
Disclosery

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Follow

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

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported $829,765,163 across 40 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-03. Its ten largest share positions make up 88.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-034374

Period
2025-12-31
Reported value
$830M
Holdings
40
Top 10 weight
88.03%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ACNnew+12,597$3.38M
EXPadded+11,700$2.42M

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
SSNHZreduced-96,606-$200M
RYAAYreduced-736,386-$53.2M
CPAreduced-390,789-$47.1M
CBKDexited-19,070,742-$38.5M
CHRWreduced-98,800-$15.9M

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, Q4 2025

Share positions as resolved from 13F-HR 0001193125-26-034374, largest first. % of portfolio is the value over $829,765,163, 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; 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; 2025Q4: 4,537,122 shares 4,537,122$328M39.47%-736,386Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,911,095 shares 1,911,095$230M27.78%-390,789Timeline
SSNHZSAMSUNG ELECTR-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,329 shares; 2024Q4: 203,435 shares; 2025Q1: 204,738 shares; 2025Q2: 166,574 shares; 2025Q3: 152,262 shares; 2025Q4: 55,656 shares 55,656$115M13.86%-96,606Timeline
SBKFFSTATE BANK OF INDI-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,605 shares; 2024Q4: 117,605 shares; 2025Q1: 97,660 shares; 2025Q2: 95,450 shares; 2025Q3: 93,880 shares; 2025Q4: 92,910 shares 92,910$10.1M1.22%-970Timeline
CHRWC H ROBINSON WORLDWIDE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,858 shares; 2024Q4: 187,858 shares; 2025Q1: 154,082 shares; 2025Q2: 152,582 shares; 2025Q3: 151,682 shares; 2025Q4: 52,882 shares 52,882$8.5M1.02%-98,800Timeline
DCIDONALDSON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,431 shares; 2024Q4: 307,431 shares; 2025Q1: 276,461 shares; 2025Q2: 275,761 shares; 2025Q3: 258,761 shares; 2025Q4: 92,664 shares 92,664$8.22M0.99%-166,097Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,090 shares; 2024Q4: 18,090 shares; 2025Q1: 12,626 shares; 2025Q2: 12,189 shares; 2025Q3: 10,888 shares; 2025Q4: 3,818 shares 3,818$8.21M0.99%-7,070Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 307,627 shares; 2024Q4: 307,627 shares; 2025Q1: 228,260 shares; 2025Q2: 255,604 shares; 2025Q3: 231,004 shares; 2025Q4: 80,847 shares 80,847$7.53M0.91%-150,157Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,441 shares; 2024Q4: 409,441 shares; 2025Q1: 299,890 shares; 2025Q2: 297,890 shares; 2025Q3: 278,490 shares; 2025Q4: 99,217 shares 99,217$7.5M0.9%-179,273Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 268,966 shares; 2024Q4: 268,966 shares; 2025Q1: 201,970 shares; 2025Q2: 185,570 shares; 2025Q3: 167,370 shares; 2025Q4: 59,870 shares 59,870$7.35M0.89%-107,500Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,189 shares; 2024Q4: 242,189 shares; 2025Q1: 184,170 shares; 2025Q2: 178,070 shares; 2025Q3: 157,770 shares; 2025Q4: 57,011 shares 57,011$6.49M0.78%-100,759Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,830 shares; 2024Q4: 75,830 shares; 2025Q1: 48,499 shares; 2025Q2: 44,618 shares; 2025Q3: 39,601 shares; 2025Q4: 12,867 shares 12,867$6.47M0.78%-26,734Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,125 shares; 2024Q4: 22,125 shares; 2025Q1: 59,734 shares; 2025Q2: 63,474 shares; 2025Q3: 67,064 shares; 2025Q4: 20,344 shares 20,344$6.37M0.77%-46,720Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 156,538 shares; 2024Q4: 145,138 shares; 2025Q1: 108,760 shares; 2025Q2: 107,460 shares; 2025Q3: 97,660 shares; 2025Q4: 35,489 shares 35,489$6.07M0.73%-62,171Timeline
TROWPRICE T ROWE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 226,102 shares; 2024Q4: 226,102 shares; 2025Q1: 178,868 shares; 2025Q2: 176,668 shares; 2025Q3: 162,368 shares; 2025Q4: 58,158 shares 58,158$5.95M0.72%-104,210Timeline
SNASNAP ON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,300 shares; 2024Q4: 22,100 shares; 2025Q1: 41,580 shares; 2025Q2: 47,080 shares; 2025Q3: 48,580 shares; 2025Q4: 17,180 shares 17,180$5.92M0.71%-31,400Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,135 shares; 2024Q4: 109,135 shares; 2025Q1: 82,990 shares; 2025Q2: 82,090 shares; 2025Q3: 77,390 shares; 2025Q4: 27,190 shares 27,190$5.63M0.68%-50,200Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 38,731 shares; 2025Q3: 65,710 shares; 2025Q4: 40,610 shares 40,610$5.39M0.65%-25,100Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 240,020 shares; 2024Q4: 240,020 shares; 2025Q1: 190,610 shares; 2025Q2: 189,610 shares; 2025Q3: 174,710 shares; 2025Q4: 62,636 shares 62,636$5.27M0.63%-112,074Timeline
CFRCULLEN FROST BANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,577 shares; 2024Q4: 163,777 shares; 2025Q1: 127,030 shares; 2025Q2: 125,630 shares; 2025Q3: 113,630 shares; 2025Q4: 41,038 shares 41,038$5.2M0.63%-72,592Timeline
GNTXGENTEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 488,862 shares; 2024Q4: 488,862 shares; 2025Q1: 592,360 shares; 2025Q2: 591,560 shares; 2025Q3: 619,760 shares; 2025Q4: 222,494 shares 222,494$5.18M0.62%-397,266Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 62,197 shares; 2024Q4: 62,197 shares; 2025Q1: 45,390 shares; 2025Q2: 44,990 shares; 2025Q3: 41,590 shares; 2025Q4: 13,732 shares 13,732$5.08M0.61%-27,858Timeline
BF-BBROWN FORMAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 249,800 shares; 2025Q1: 433,320 shares; 2025Q2: 456,220 shares; 2025Q3: 457,020 shares; 2025Q4: 193,120 shares 193,120$5.03M0.61%-263,900Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,100 shares; 2024Q4: 30,100 shares; 2025Q1: 99,790 shares; 2025Q2: 102,690 shares; 2025Q3: 108,890 shares; 2025Q4: 39,059 shares 39,059$4.7M0.57%-69,831Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,398 shares; 2024Q4: 44,692 shares; 2025Q1: 30,101 shares; 2025Q2: 29,098 shares; 2025Q3: 25,489 shares; 2025Q4: 6,306 shares 6,306$4.16M0.5%-19,183Timeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,609 shares; 2024Q4: 55,609 shares; 2025Q1: 53,670 shares; 2025Q2: 53,070 shares; 2025Q3: 51,470 shares; 2025Q4: 18,470 shares 18,470$3.58M0.43%-33,000Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,597 shares 12,597$3.38M0.41%newTimeline
XPELXPEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 52,000 shares; 2025Q2: 119,100 shares; 2025Q3: 114,856 shares; 2025Q4: 64,256 shares 64,256$3.21M0.39%-50,600Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 600 shares; 2025Q3: 700 shares; 2025Q4: 12,400 shares 12,400$2.56M0.31%+11,700Timeline
TTCTORO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,200 shares; 2025Q2: 62,600 shares; 2025Q3: 67,300 shares; 2025Q4: 31,810 shares 31,810$2.5M0.3%-35,490Timeline
LFUSLITTELFUSE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 700 shares; 2025Q4: 700 shares 700$177K0.02%0Timeline
AYIACUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 470 shares; 2025Q4: 470 shares 470$169K0.02%0Timeline
BOKFBOK FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares 1,400$166K0.02%0Timeline
WAFDWAFD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,500 shares; 2025Q3: 4,200 shares; 2025Q4: 4,200 shares 4,200$135K0.02%0Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares 1,400$121K0.01%0Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares; 2025Q3: 3,700 shares; 2025Q4: 3,200 shares 3,200$115K0.01%-500Timeline
LSTRLANDSTAR SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 800 shares; 2025Q4: 800 shares 800$115K0.01%0Timeline
SSDSIMPSON MFG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 500 shares; 2025Q4: 500 shares 500$80.7K0.01%0Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 900 shares; 2025Q4: 900 shares 900$73.8K0.01%0Timeline
FMCFMC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,600 shares; 2025Q3: 2,900 shares; 2025Q4: 2,900 shares 2,900$40.2K<0.01%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CBKDCOMMERCIAL INTL BK19,070,742$38.5Mshares
RTXRTX CORPORATION63,730$10.7Mshares

How Q4 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 0001193125-26-034374 base2026-02-03acceptance time not in the bulk data set