Sprucegrove Investment Management
TORONTO, A6files as SPRUCEGROVE INVESTMENT MANAGEMENT LTD
$639m in 40 US stocks at the end of 30 June 2026. The top 10 are 93.3% of the money. It changed about 9.8% of the portfolio this quarter.
Value
$639m
Stocks
40
Top 10 share
93.3%
Turnover
9.8%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
None this quarter.
Cut
Sold some of their stake.
- Copa HoldingsCPA35.3% of the fund-15%
- Ryanair HoldingsRYAAY34.6% of the fund-11%
- Samsung ElectronicsSSNHZ20.0% of the fund-27%
- DonaldsonDCI0.6% of the fund-45%
- Henry ScheinHSIC0.5% of the fund-50%
- Markel GroupMKL0.5% of the fund-48%
- Snap-onSNA0.5% of the fund-49%
- AlphabetGOOGL0.4% of the fund-52%
- Eagle MaterialsEXP0.4% of the fund-27%
- QualcommQCOM0.4% of the fund-52%
- Dollar GeneralDG0.4% of the fund-35%
- Cullen/frost BankersCFR0.4% of the fund-50%
- Berkshire HathawayBRK-B0.4% of the fund-44%
- GentexGNTX0.4% of the fund-47%
- Walt DisneyDIS0.4% of the fund-47%
- Gilead SciencesGILD0.4% of the fund-50%
- Brown FormanBF-B0.4% of the fund-46%
- Johnson & JohnsonJNJ0.4% of the fund-56%
- XpelXPEL0.4% of the fund-29%
- Wells Fargo & CompanyWFC0.3% of the fund-58%
- Price T Rowe GroupTROW0.3% of the fund-60%
- ExxonMobil HoldingsXOM0.3% of the fund-46%
- C. H. Robinson WorldwideCHRW0.3% of the fund-67%
- ToroTTC0.3% of the fund-32%
- American ExpressAXP0.3% of the fund-50%
Sold out
Sold their entire stake.
- State Bank of IndiaSBKFF-100%
- WatersWAT-100%
Holdings
- Ryanair HoldingsRYAAY
- Share
- 34.6%
- Value
- $221m
- Shares
- 3,419,717
-11%
- Samsung ElectronicsSSNHZ
- Share
- 20.0%
- Value
- $128m
- Shares
- 23,676
-27%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Copa HoldingsCPA | 35.3% | $226m | 1,451,592 | -15% |
| Ryanair HoldingsRYAAY | 34.6% | $221m | 3,419,717 | -11% |
| Samsung ElectronicsSSNHZ | 20.0% | $128m | 23,676 | -27% |
| DonaldsonDCI | 0.6% | $4m | 40,004 | -45% |
| Henry ScheinHSIC | 0.5% | $3m | 40,427 | -50% |
| Markel GroupMKL | 0.5% | $3m | 1,604 | -48% |
| Snap-onSNA | 0.5% | $3m | 7,400 | -49% |
| AlphabetGOOGL | 0.4% | $3m | 7,870 | -52% |
| Eagle MaterialsEXP | 0.4% | $3m | 12,310 | -27% |
| QualcommQCOM | 0.4% | $3m | 14,929 | -52% |
| Dollar GeneralDG | 0.4% | $3m | 23,495 | -35% |
| Cullen/frost BankersCFR | 0.4% | $3m | 16,308 | -50% |
| Berkshire HathawayBRK-B | 0.4% | $3m | 5,035 | -44% |
| GentexGNTX | 0.4% | $3m | 99,334 | -47% |
| Walt DisneyDIS | 0.4% | $2m | 25,541 | -47% |
| Gilead SciencesGILD | 0.4% | $2m | 18,900 | -50% |
| Brown FormanBF-B | 0.4% | $2m | 89,100 | -46% |
| Johnson & JohnsonJNJ | 0.4% | $2m | 9,200 | -56% |
| XpelXPEL | 0.4% | $2m | 46,300 | -29% |
| Wells Fargo & CompanyWFC | 0.3% | $2m | 26,477 | -58% |
| Price T Rowe GroupTROW | 0.3% | $2m | 18,714 | -60% |
| ExxonMobil HoldingsXOM | 0.3% | $2m | 15,269 | -46% |
| C. H. Robinson WorldwideCHRW | 0.3% | $2m | 10,912 | -67% |
| ToroTTC | 0.3% | $2m | 20,810 | -32% |
| American ExpressAXP | 0.3% | $2m | 5,442 | -50% |
| MicrosoftMSFT | 0.2% | $1m | 3,840 | -8% |
| AccentureACN | 0.2% | $1m | 11,183 | -32% |
| NikeNKE | 0.2% | $1m | 33,900 | -32% |
| Meta PlatformsMETA | 0.2% | $1m | 2,351 | -50% |
| Becton DickinsonBDX | 0.2% | $1m | 8,000 | -49% |
| LittelfuseLFUS | <0.1% | $259,538 | 570 | -19% |
| CognexCGNX | <0.1% | $202,776 | 2,800 | -13% |
| BOK FinancialBOKF | <0.1% | $194,432 | 1,400 | Held |
| Acuity Inc. (de)AYI | <0.1% | $177,030 | 470 | Held |
| MSC Industrial DirectMSM | <0.1% | $166,530 | 1,400 | Held |
| Landstar SystemLSTR | <0.1% | $165,448 | 800 | Held |
| WafdWAFD | <0.1% | $161,154 | 4,200 | Held |
| Axos FinancialAX | <0.1% | $136,346 | 1,400 | Held |
| Simpson ManufacturingSSD | <0.1% | $104,675 | 500 | Held |
| GracoGGG | <0.1% | $68,049 | 900 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 48.4% since 30 June 2025.
Where the money is
Industrials72.1%
Financial services2.3%
Health care1.5%
Media & telecom1.0%
Technology0.9%
Everyday goods0.8%
Retail & consumer0.6%
Materials0.4%
Energy0.3%
Other20.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.