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SPRUCEGROVE INVESTMENT MANAGEMENT LTD — 13F Holdings & Portfolio

CIK 1234074 · latest 13F-HR filed 2026-08-07

Backtest portfolio

SPRUCEGROVE INVESTMENT MANAGEMENT LTD manages $639.1M in 13F-reported U.S. long-equity assets across 40 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are CPA (35.33%), RYAAY (34.65%), SSNHZ (19.97%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 0 new positions and exited 2; 11 existing positions rose in reported value and 28 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$639.1M

Long-equity book

Holdings
40

Distinct positions

Period
2026-06-30

Filed 2026-08-07

Q/Q Activity
+0 / −2 / ↑11 / ↓28

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
CPA35.3% · -15%RYAAY34.6% · -11%SSNHZ20.0% · -27%DCI0.6% · -45%HSIC0.5% · -50%MKL0.5% · -48%SNA0.5% · -49%GOOGL0.4% · -52%EXP0.4% · -27%QCOM0.4% · -52%DG0.4% · -35%CFR0.4% · -50%BRK.B0.4% · -44%GNTX0.4% · -47%DIS0.4% · -47%GILD0.4% · -50%BF.B0.4% · -46%JNJ0.4% · -56%XPEL0.4% · -28%WFC0.3% · -58%TROW0.3% · -60%XOM0.3% · -46%CHRW0.3% · -66%TTC0.3% · -32%AXP0.3% · -50%MSFT0.2% · -8%ACN0.2% · -32%NKE0.2% · -32%META0.2% · -50%BDX0.2% · -49%LFUS0.0% · -19%CGNX0.0% · -12%BOKF0.0% · 0%AYI0.0% · 0%MSM0.0% · 0%LSTR0.0% · 0%WAFD0.0% · 0%AX0.0% · 0%SSD0.0% · 0%GGG0.0% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 93.3%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Apr 9, 2026.

Assets Under Management
$11.53B
Discretionary
$11.53B
Employees
49
Accounts
34
Address
181 UNIVERSITY AVENUE
SUITE 1300
TORONTO, ONTARIO M5H 3M7
Canada
Phone
(416) 363-5854
Website
Name Title / Status Ownership Type
CHOI, KI-SE, NMN ControlCHIEF FINANCIAL OFFICER
since Dec 2016
Less than 5%Individual
DASILVA, JOSEPH, PAULO ControlCHIEF COMPLIANCE OFFICER
since Nov 2019
Less than 5%Individual
GAULD, JEREMY, EDWARD ControlCHIEF LEGAL OFFICER
since Oct 2020
Less than 5%Individual
KUMAR, ARJUN, NMN ControlCHIEF EXECUTIVE OFFICER, DIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER
since Jan 2022
10–25%Individual
MEHTA, SUBHASH, NMN ControlSENIOR INVESTMENT ANALYST
since Jan 2006
5–10%Individual
WOO, SHIRLEY, NMN ControlDIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER
since Jan 2013
10–25%Individual
Botting, Harvey, ThomasINDEPENDENT DIRECTOR
since May 2024
Less than 5%Individual
Buckley, George, WilliamINDEPENDENT DIRECTOR
since May 2024
Less than 5%Individual
JAMAL, TASLEEM, NMNEXECUTIVE VICE PRESIDENT, HEAD OF MARKETING & CLIENT SERVICES
since Aug 2010
10–25%Individual
SINGER, JONATHAN, JOSEPHASSISTANT PORTFOLIO MANAGER & RESEARCH DIRECTOR
since Apr 2020
5–10%Individual
Ownership & leadership changes · 26 filings with changes since Apr 2, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 30, 2026 filing
  • No longer listedSEARLE, ERIK, RUSSELL · MANAGER, HEAD EQUITY TRADER · 5–10% · listed since Jul 2022
  • ChangedJAMAL, TASLEEM, NMN · ownership 5–10% → 10–25%
Mar 25, 2025 filing
  • ChangedMEHTA, SUBHASH, NMN · ownership 10–25% → 5–10%
May 22, 2024 filing
  • AddedBotting, Harvey, Thomas · INDEPENDENT DIRECTOR · Less than 5%
  • AddedBuckley, George, William · INDEPENDENT DIRECTOR · Less than 5%
  • ChangedMEHTA, SUBHASH, NMN · title DIRECTOR, MANAGING DIRECTOR → SENIOR INVESTMENT ANALYST
Mar 31, 2023 filing
  • ChangedJAMAL, TASLEEM, NMN · title VICE PRESIDENT, HEAD OF MARKETING & CLIENT SERVICES → EXECUTIVE VICE PRESIDENT, HEAD OF MARKETING & CLIENT SERVICES
  • ChangedSINGER, JONATHAN, JOSEPH · no longer a control person
Sep 14, 2022 filing
  • AddedSEARLE, ERIK, RUSSELL · MANAGER, HEAD EQUITY TRADER · 5–10%
Mar 28, 2022 filing
  • No longer listedPARNOJA, KARL, ERIK · PORTFOLIO MANAGER · 10–25% · listed since Jan 2008
  • AddedSINGER, JONATHAN, JOSEPH · ASSISTANT PORTFOLIO MANAGER & RESEARCH DIRECTOR · 5–10% · control person
  • ChangedKUMAR, ARJUN, NMN · title DIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER → CHIEF EXECUTIVE OFFICER, DIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER
Mar 26, 2021 filing
  • No longer listedSHAPIRO, LOUIS, ANTHONY · CHIEF LEGAL OFFICER · Less than 5% · control person · listed since Aug 2016
  • AddedGAULD, JEREMY, EDWARD · CHIEF LEGAL OFFICER · Less than 5% · control person
Sep 9, 2020 filing
  • No longer listedMCLEAN, CHRISTINE, N · RESEARCH DIRECTOR · 5–10% · listed since Jan 2018
Mar 17, 2020 filing
  • AddedMCLEAN, CHRISTINE, N · RESEARCH DIRECTOR · 5–10%
Nov 1, 2019 filing
  • AddedDASILVA, JOSEPH, PAULO · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedKUMAR, ARJUN, NMN · title DIRECTOR & PORTFOLIO MANAGER → DIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER
  • ChangedMEHTA, SUBHASH, NMN · title DIRECTOR, MANAGING DIRECTOR & HEAD OF RESEARCH → DIRECTOR, MANAGING DIRECTOR
  • ChangedSHAPIRO, LOUIS, ANTHONY · title CHIEF LEGAL OFFICER & CHIEF COMPLIANCE OFFICER → CHIEF LEGAL OFFICER
Older changes (17 more filings)
Aug 30, 2018 filing
  • No longer listedMERRIGAN, CRAIG, ALLEN · PORTFOLIO MANAGER · 10–25% · listed since Jan 2017
Mar 30, 2018 filing
  • No longer listedMURPHY, MARTIN, BLAKE · SHAREHOLDER · 10–25% · listed since Jan 2016
  • AddedJAMAL, TASLEEM, NMN · VICE PRESIDENT, HEAD OF MARKETING & CLIENT SERVICES · 5–10%
  • ChangedKUMAR, ARJUN, NMN · ownership 5–10% → 10–25%
Feb 7, 2017 filing
  • ChangedMERRIGAN, CRAIG, ALLEN · no longer a control person
Jan 25, 2017 filing
  • No longer listedO'CONNOR, DALE, ANTHONY · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2016
  • No longer listedWOLFF, MARK, CHRISTOFFEL · CHIEF FINANCIAL OFFICER · 5–10% · control person · listed since Jan 2008
  • AddedCHOI, KI-SE, NMN · CHIEF FINANCIAL OFFICER · Less than 5% · control person
  • AddedSHAPIRO, LOUIS, ANTHONY · CHIEF LEGAL OFFICER & CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedKUMAR, ARJUN, NMN · title PORTFOLIO MANAGER → DIRECTOR & PORTFOLIO MANAGER; now a control person
  • ChangedMEHTA, SUBHASH, NMN · title SENIOR INVESTMENT ANALYST & DIRECTOR → DIRECTOR, MANAGING DIRECTOR & HEAD OF RESEARCH
  • ChangedMERRIGAN, CRAIG, ALLEN · title PRESIDENT & DIRECTOR → PORTFOLIO MANAGER
  • ChangedWOO, SHIRLEY, NMN · title VICE PRESIDENT & DIRECTOR → DIRECTOR, MANAGING DIRECTOR & PORTFOLIO MANAGER
Aug 19, 2016 filing
  • ChangedMEHTA, SUBHASH, NMN · ownership 5–10% → 10–25%
  • ChangedPARNOJA, KARL, ERIK · ownership 5–10% → 10–25%
Apr 7, 2016 filing
  • No longer listedELLEMENT, PETER, KEVIN · SHAREHOLDER · 10–25% · listed since Aug 2014
Mar 29, 2016 filing
  • ChangedMEHTA, SUBHASH, NMN · now a control person
Jan 5, 2016 filing
  • No longer listedMARSHALL LIZZOLA, ALANNA · SHAREHOLDER · 5–10% · listed since Sep 2015
  • AddedO'CONNOR, DALE, ANTHONY · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedMURPHY, MARTIN, BLAKE · title CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER → SHAREHOLDER; no longer a control person
Sep 18, 2015 filing
  • ChangedMARSHALL LIZZOLA, ALANNA · title PORTFOLIO MANAGER → SHAREHOLDER
Jun 3, 2015 filing
  • ChangedMEHTA, SUBHASH, NMN · title SENIOR INVESTMENT ANALYST → SENIOR INVESTMENT ANALYST & DIRECTOR
  • ChangedMURPHY, MARTIN, BLAKE · title CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER & DIRECTOR → CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER
Mar 25, 2015 filing
  • ChangedELLEMENT, PETER, KEVIN · title OWNER → SHAREHOLDER
Dec 5, 2014 filing
  • ChangedKUMAR, ARJUN, NMN · title ASSISTANT PORTFOLIO MANAGER → PORTFOLIO MANAGER
  • ChangedMARSHALL LIZZOLA, ALANNA · title ASSISTANT PORTFOLIO MANAGER → PORTFOLIO MANAGER
Oct 29, 2014 filing
  • No longer listedLEROUX, MARCEL · VICE PRESIDENT MARKETING · 5–10% · control person · listed since Nov 1994
  • ChangedELLEMENT, PETER, KEVIN · no longer a control person
  • ChangedWOLFF, MARK, CHRISTOFFEL · now a control person
Sep 3, 2014 filing
  • ChangedELLEMENT, PETER, KEVIN · title CO-PRESIDENT & DIRECTOR → OWNER
  • ChangedMERRIGAN, CRAIG, ALLEN · title CO-PRESIDENT & DIRECTOR → PRESIDENT & DIRECTOR
Mar 26, 2014 filing
  • ChangedWOLFF, MARK, CHRISTOFFEL · ownership Less than 5% → 5–10%
Mar 26, 2013 filing
  • No longer listedCLARK, PETER · BUSINESS ADVISOR & DIRECTOR · 10–25% · control person · listed since Jan 2012
  • AddedKUMAR, ARJUN, NMN · ASSISTANT PORTFOLIO MANAGER · 5–10%
  • ChangedELLEMENT, PETER, KEVIN · ownership 5–10% → 10–25%
  • ChangedMARSHALL LIZZOLA, ALANNA · title SENIOR INVESTMENT ANALYST → ASSISTANT PORTFOLIO MANAGER
  • ChangedMERRIGAN, CRAIG, ALLEN · ownership 5–10% → 10–25%
  • ChangedWOO, SHIRLEY, NMN · title VICE PRESIDENT → VICE PRESIDENT & DIRECTOR
Apr 2, 2012 filing (earliest on record)
  • ListedCLARK, PETER · BUSINESS ADVISOR & DIRECTOR · 10–25% · control person
  • ListedELLEMENT, PETER, KEVIN · CO-PRESIDENT & DIRECTOR · 5–10% · control person
  • ListedLEROUX, MARCEL · VICE PRESIDENT MARKETING · 5–10% · control person
  • ListedMARSHALL LIZZOLA, ALANNA · SENIOR INVESTMENT ANALYST · 5–10%
  • ListedMEHTA, SUBHASH, NMN · SENIOR INVESTMENT ANALYST · 5–10%
  • ListedMERRIGAN, CRAIG, ALLEN · CO-PRESIDENT & DIRECTOR · 5–10% · control person
  • ListedMURPHY, MARTIN, BLAKE · CHIEF OPERATING OFFICER, CHIEF COMPLIANCE OFFICER & DIRECTOR · 10–25% · control person
  • ListedPARNOJA, KARL, ERIK · PORTFOLIO MANAGER · 5–10%
  • ListedWOLFF, MARK, CHRISTOFFEL · CHIEF FINANCIAL OFFICER · Less than 5%
  • ListedWOO, SHIRLEY, NMN · VICE PRESIDENT · 10–25% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 11 →

Top Trims

Show all 28 →

New Positions

  • No new positions this quarter.
Show all 0 →

Exited Positions

Show all 2 →

SPRUCEGROVE INVESTMENT MANAGEMENT LTD Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 COPA HOLDINGS CPA P31076105 $225.8M 35.33% 1,451,592 SH
2 RYANAIR HLDGS PLC RYAAY 783513203 $221.4M 34.65% 3,419,717 SH
3 SAMSUNG ELECTRONIC SSNHZ 796050888 $127.6M 19.97% 23,676 SH
4 DONALDSON INC DCI 257651109 $3.6M 0.56% 40,004 SH
5 HENRY SCHEIN INC HSIC 806407102 $3.4M 0.53% 40,427 SH
6 MARKEL GROUP INC MKL 570535104 $3.1M 0.49% 1,604 SH
7 SNAP-ON INC SNA 833034101 $3.0M 0.47% 7,400 SH
8 ALPHABET INC GOOGL 02079K305 $2.8M 0.44% 7,870 SH
9 EAGLE MATERIALS EXP 26969P108 $2.8M 0.43% 12,310 SH
10 QUALCOMM INC QCOM 747525103 $2.8M 0.43% 14,929 SH
11 DOLLAR GEN CORP DG 256677105 $2.7M 0.42% 23,495 SH
12 CULLEN FROST BANKERS CFR 229899109 $2.5M 0.39% 16,308 SH
13 BERKSHIRE HATHAWAY BRK.B 084670702 $2.5M 0.39% 5,035 SH
14 GENTEX CORP GNTX 371901109 $2.5M 0.39% 99,334 SH
15 WALT DISNEY CO DIS 254687106 $2.5M 0.38% 25,541 SH
16 GILEAD SCIENCES INC GILD 375558103 $2.4M 0.37% 18,900 SH
17 BROWN FORMAN CORP BF.B 115637209 $2.4M 0.37% 89,100 SH
18 JOHNSON & JOHNSON JNJ 478160104 $2.3M 0.37% 9,200 SH
19 XPEL INC XPEL 98379L100 $2.3M 0.36% 46,300 SH
20 WELLS FARGO & CO WFC 949746101 $2.2M 0.34% 26,477 SH
21 PRICE T ROWE GROUP TROW 74144T108 $2.1M 0.33% 18,714 SH
22 EXXON MOBIL CORP XOM 30231G102 $2.1M 0.33% 15,269 SH
23 C H ROBINSON WLDWIDE CHRW 12541W209 $2.1M 0.32% 10,912 SH
24 TORO CO TTC 891092108 $2.0M 0.32% 20,810 SH
25 AMERICAN EXPRESS CO AXP 025816109 $1.8M 0.29% 5,442 SH
26 MICROSOFT CORP MSFT 594918104 $1.4M 0.22% 3,840 SH
27 ACCENTURE PLC ACN G1151C101 $1.4M 0.22% 11,183 SH
28 NIKE INC NKE 654106103 $1.4M 0.22% 33,900 SH
29 META PLATFORMS INC META 30303M102 $1.3M 0.21% 2,351 SH
30 BECTON DICKINSON BDX 075887109 $1.2M 0.19% 8,000 SH
31 LITTELFUSE INC LFUS 537008104 $259.5K 0.04% 570 SH
32 COGNEX CORP CGNX 192422103 $202.8K 0.03% 2,800 SH
33 BOK FINL CORP BOKF 05561Q201 $194.4K 0.03% 1,400 SH
34 ACUITY INC AYI 00508Y102 $177.0K 0.03% 470 SH
35 MSC INDL DIRECT INC MSM 553530106 $166.5K 0.03% 1,400 SH
36 LANDSTAR SYS INC LSTR 515098101 $165.4K 0.03% 800 SH
37 WAFD INC WAFD 938824109 $161.2K 0.03% 4,200 SH
38 AXOS FINANCIAL AX 05465C100 $136.3K 0.02% 1,400 SH
39 SIMPSON MANUFACTURIN SSD 829073105 $104.7K 0.02% 500 SH
40 GRACO INC GGG 384109104 $68.0K 0.01% 900 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-07 $639.1M 40 0001193125-26-339127
2026-03-31 2026-05-13 $625.0M 42 0001193125-26-220832
2025-12-31 2026-02-03 $829.8M 40 0001193125-26-034374
2025-09-30 2025-11-14 $1.25B 41 0001193125-25-281856
Filer Information
Address
181 UNIVERSITY AVE
STE 1300
TORONTO, A6 M5H 3M7
Phone
(416) 363-5854
Filing Manager
SPRUCEGROVE INVESTMENT MANAGEMENT LTD
TORONTO, A6
Signatory
Joe DaSilva
Chief Compliance Officer