Q2 2026 13F · SEC CIK 1234074

Sprucegrove Investment Management Ltd

Asset managerFiled 2026-08-07 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $639.1M
Reported positions: 40
Top holdings a year, 3 yrs: +7.5%
Assets under management: $11.5B

Sprucegrove Investment Management Ltd is an asset manager that reported 40 positions worth $639.1M in its Q2 2026 13F, filed 2026-08-07. Its largest holdings were Copa Holdings SA (CPA, 35.3%), Ryanair Holdings PLC Sponsored (RYAAY, 34.6%), Samsung Electronics Co Ltd (20.0%). A portfolio copying its top holdings returned 7.5% a year over the last 3 years, against 20.4% for the S&P 500.

Sprucegrove Investment Management Ltd holdings all 40 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Sprucegrove Investment Management Ltd 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
CPACopa Holdings SA	35.3%	30.9%	1,451,592	-14.6%	$225.8M
RYAAYRyanair Holdings PLC Sponsored	34.6%	35.5%	3,419,717	-11.0%	$221.4M
796050888Samsung Electronics Co Ltd	20.0%	14.7%	23,676	-26.9%	$127.6M
DCIDonaldson Inc	0.6%	1.0%	40,004	-44.9%	$3.6M
HSICSchein Henry Inc Com	0.5%	0.9%	40,427	-49.5%	$3.4M
MKLMarkel Group Inc	0.5%	0.9%	1,604	-48.1%	$3.1M
SNASnap on Inc	0.5%	0.8%	7,400	-49.0%	$3.0M
GOOGLAlphabet Inc	0.4%	0.7%	7,870	-51.7%	$2.8M
EXPEagle Matls Inc	0.4%	0.5%	12,310	-26.9%	$2.8M
QCOMQualcomm Inc	0.4%	0.6%	14,929	-52.3%	$2.8M
DGDollar Gen Corp	0.4%	0.7%	23,495	-34.8%	$2.7M
CFRCullen Frost Bankers Inc	0.4%	0.7%	16,308	-50.1%	$2.5M
BRK-BBerkshire Hathaway Inc Del	0.4%	0.7%	5,035	-44.0%	$2.5M
GNTXGentex Corp	0.4%	0.7%	99,334	-47.4%	$2.5M
DISDisney Walt Co	0.4%	0.7%	25,541	-47.4%	$2.5M
GILDGilead Sciences Inc	0.4%	0.8%	18,900	-50.1%	$2.4M
BF-BBrown Forman Cl B	0.4%	0.7%	89,100	-46.1%	$2.4M
JNJJohnson & Johnson	0.4%	0.8%	9,200	-55.8%	$2.3M
XPELXpel Inc	0.4%	0.5%	46,300	-28.5%	$2.3M
WFCWells Fargo & Co	0.3%	0.8%	26,477	-57.7%	$2.2M
TROWPrice T Rowe Group Inc	0.3%	0.7%	18,714	-60.1%	$2.1M
XOMExxon Mobil Corp	0.3%	0.8%	15,269	-46.2%	$2.1M
CHRWC H Robinson Worldwide in	0.3%	0.9%	10,912	-66.5%	$2.1M
TTCToro Co	0.3%	0.5%	20,810	-32.5%	$2.0M
AXPAmerican Express Co	0.3%	0.5%	5,442	-50.3%	$1.8M
MSFTMicrosoft Corp	0.2%	0.2%	3,840	-7.7%	$1.4M
ACNAccenture PLC Ireland	0.2%	0.5%	11,183	-32.0%	$1.4M
NKENike Inc	0.2%	0.4%	33,900	-32.5%	$1.4M
METAMeta Platforms Inc	0.2%	0.4%	2,351	-50.0%	$1.3M
BDXBecton Dickinson & Co	0.2%	0.4%	8,000	-48.7%	$1.2M
LFUSLittelfuse Inc	0.0%	0.0%	570	-18.6%	$260K
CGNXCognex Corp	0.0%	0.0%	2,800	-12.5%	$203K
BOKFBok Finl Corp	0.0%	0.0%	1,400	+0.0%	$194K
AYIAcuity Inc	0.0%	0.0%	470	+0.0%	$177K
MSMMsc Indl Direct Inc	0.0%	0.0%	1,400	+0.0%	$167K
LSTRLandstar Systems Inc	0.0%	0.0%	800	+0.0%	$165K
WAFDWafd Inc	0.0%	0.0%	4,200	+0.0%	$161K
AXAxos Financial Inc	0.0%	0.0%	1,400	+0.0%	$136K
SSDSimpson Mfg Inc	0.0%	0.0%	500	+0.0%	$105K
GGGGraco Inc	0.0%	0.0%	900	+0.0%	$68K

What Sprucegrove Investment Management Ltd bought and sold in Q2 2026, against Q1 2026.

New positions

No new positions among the largest holdings.

Added to

No position grew by more than 5%.

Reduced

CHRW C H Robinson Worldwide in-66.5% shares
TROW Price T Rowe Group Inc-60.1% shares
WFC Wells Fargo & Co-57.7% shares
JNJ Johnson & Johnson-55.8% shares
QCOM Qualcomm Inc-52.3% shares
GOOGL Alphabet Inc-51.7% shares
AXP American Express Co-50.3% shares
CFR Cullen Frost Bankers Inc-50.1% shares

Sold out

SBKFF State Bank of Indiawas 0.5%
WAT Waters Corpwas 0.1%

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +0.6% /yr; S&P 500 +20.1%
3 years: +7.5% /yr; S&P 500 +20.4%
5 years: +3.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$639.1M	40
Q1 2026	$625.0M	42
Q4 2025	$829.8M	40
Q3 2025	$1.2B	41
Q2 2025	$1.2B	43
Q1 2025	$929.9M	32
Q4 2024	$1.4B	32
Q3 2024	$1.8B	32
Q2 2024	$1.9B	33
Q1 2024	$2.5B	33
Q4 2023	$2.3B	37
Q3 2023	$1.6B	36

Questions about Sprucegrove Investment Management Ltd's portfolio

What stocks does Sprucegrove Investment Management Ltd own?

Sprucegrove Investment Management Ltd's latest 13F, for Q2 2026 and filed Aug 7, 2026, lists 40 positions worth $639.1M. The largest are Copa Holdings SA (CPA) at 35.3%, Ryanair Holdings PLC Sponsored (RYAAY) at 34.6%, Samsung Electronics Co Ltd at 20.0%, Donaldson Inc (DCI) at 0.6% and Schein Henry Inc Com (HSIC) at 0.5%.

What did Sprucegrove Investment Management Ltd buy last quarter?

Sprucegrove Investment Management Ltd opened no new positions and grew none by more than 5% among its largest holdings in Q2 2026.

What did Sprucegrove Investment Management Ltd sell last quarter?

In Q2 2026, Sprucegrove Investment Management Ltd sold all of State Bank of India (SBKFF), sold all of Waters Corp (WAT), C H Robinson Worldwide in (CHRW) (-66.5% shares), Price T Rowe Group Inc (TROW) (-60.1% shares) and Wells Fargo & Co (WFC) (-57.7% shares), compared with its Q1 2026 filing.

How has Sprucegrove Investment Management Ltd's portfolio performed?

A portfolio copying Sprucegrove Investment Management Ltd's 20 largest 13F holdings each quarter, from the day each filing was public, returned +7.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +0.6% against +20.1%. Over 5 years: +3.6% a year against +11.6%.

When is Sprucegrove Investment Management Ltd's next 13F filing due?

13F filings are due 45 days after each quarter ends. Sprucegrove Investment Management Ltd's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Sprucegrove Investment Management Ltd manage?

Sprucegrove Investment Management Ltd reported $11.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $639.1M.