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SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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

SPRUCEGROVE INVESTMENT MANAGEMENT LTD reported $624,998,459 across 42 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-13. Its ten largest share positions make up 87.36% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-220832

Period
2026-03-31
Reported value
$625M
Holdings
42
Top 10 weight
87.36%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NKEnew+50,200$2.65M
MSFTnew+4,160$1.54M
EXPadded+4,437$841K
ACNadded+3,839$761K
WATnew+2,204$656K

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-23,274-$66M
RYAAYreduced-694,055-$40.1M
CPAreduced-212,085-$24.1M
SBIDreduced-63,320-$6.7M
MSMreduced-61,236-$5.65M

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 2026

Share positions as resolved from 13F-HR 0001193125-26-220832, largest first. % of portfolio is the value over $624,998,459, 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; 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; 2026Q1: 3,843,067 shares 3,843,067$222M35.54%-694,055Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,699,010 shares 1,699,010$193M30.88%-212,085Timeline
SSNHZSAMSUNG ELECTR-GDR REG SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 32,382 shares 32,382$91.8M14.69%-23,274Timeline
DCIDONALDSON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 72,604 shares 72,604$6.16M0.99%-20,060Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,088 shares 3,088$5.91M0.95%-730Timeline
HSICSCHEIN HENRY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 80,127 shares 80,127$5.91M0.94%-19,090Timeline
CHRWC H ROBINSON WORLDWIDE INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 32,612 shares 32,612$5.42M0.87%-20,270Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 37,900 shares 37,900$5.28M0.85%-21,970Timeline
SNASNAP ON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 14,500 shares 14,500$5.27M0.84%-2,680Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 20,800 shares 20,800$5.08M0.81%-6,390Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 62,520 shares 62,520$4.98M0.8%-18,327Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 28,369 shares 28,369$4.81M0.77%-10,690Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 16,284 shares 16,284$4.68M0.75%-4,060Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 48,541 shares 48,541$4.68M0.75%-8,470Timeline
CFRCULLEN FROST BANKERS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 32,708 shares 32,708$4.48M0.72%-8,330Timeline
BF-BBROWN FORMAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 165,200 shares 165,200$4.37M0.7%-27,920Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 8,996 shares 8,996$4.31M0.69%-3,871Timeline
DGDOLLAR GEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 38,731 shares; 2025Q3: 65,710 shares; 2025Q4: 40,610 shares; 2026Q1: 36,029 shares 36,029$4.28M0.68%-4,581Timeline
TROWPRICE T ROWE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 46,870 shares 46,870$4.22M0.68%-11,288Timeline
GNTXGENTEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 188,734 shares 188,734$4.12M0.66%-33,760Timeline
QCOMQUALCOMM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 31,329 shares 31,329$4.03M0.65%-4,160Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 10,953 shares 10,953$3.31M0.53%-2,779Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,597 shares; 2026Q1: 16,436 shares 16,436$3.26M0.52%+3,839Timeline
EXPEAGLE MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 600 shares; 2025Q3: 700 shares; 2025Q4: 12,400 shares; 2026Q1: 16,837 shares 16,837$3.19M0.51%+4,437Timeline
SBIDSTATE BANK OF INDIAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 29,590 shares 29,590$3.13M0.5%-63,320Timeline
TTCTORO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,200 shares; 2025Q2: 62,600 shares; 2025Q3: 67,300 shares; 2025Q4: 31,810 shares; 2026Q1: 30,810 shares 30,810$2.88M0.46%-1,000Timeline
XPELXPEL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 52,000 shares; 2025Q2: 119,100 shares; 2025Q3: 114,856 shares; 2025Q4: 64,256 shares; 2026Q1: 64,800 shares 64,800$2.87M0.46%+544Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,705 shares 4,705$2.69M0.43%-1,601Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 50,200 shares 50,200$2.65M0.42%newTimeline
BDXBECTON DICKINSON & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 15,600 shares 15,600$2.45M0.39%-2,870Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 4,160 shares 4,160$1.54M0.25%newTimeline
WATWATERS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 2,204 shares 2,204$656K0.11%newTimeline
LFUSLITTELFUSE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 700 shares; 2025Q4: 700 shares; 2026Q1: 700 shares 700$238K0.04%0Timeline
BOKFBOK FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares; 2026Q1: 1,400 shares 1,400$179K0.03%0Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares; 2025Q3: 3,700 shares; 2025Q4: 3,200 shares; 2026Q1: 3,200 shares 3,200$157K0.03%0Timeline
WAFDWAFD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,500 shares; 2025Q3: 4,200 shares; 2025Q4: 4,200 shares; 2026Q1: 4,200 shares 4,200$132K0.02%0Timeline
AYIACUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 470 shares; 2025Q4: 470 shares; 2026Q1: 470 shares 470$132K0.02%0Timeline
MSMMSC INDL DIRECT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,400 shares 1,400$129K0.02%-61,236Timeline
LSTRLANDSTAR SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 800 shares; 2025Q4: 800 shares; 2026Q1: 800 shares 800$128K0.02%0Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,300 shares; 2025Q3: 1,400 shares; 2025Q4: 1,400 shares; 2026Q1: 1,400 shares 1,400$119K0.02%0Timeline
SSDSIMPSON MFG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400 shares; 2025Q3: 500 shares; 2025Q4: 500 shares; 2026Q1: 500 shares 500$85.8K0.01%0Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700 shares; 2025Q3: 900 shares; 2025Q4: 900 shares; 2026Q1: 900 shares 900$76.2K0.01%0Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
FMCFMC CORP2,900$40.2Kshares

How Q1 2026 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 0001193125-26-220832 base2026-05-13acceptance time not in the bulk data set