SPRUCEGROVE INVESTMENT MANAGEMENT LTD

CIK 0001234074 · Q2 2026

13F Equity AUM

$639.1M

+2.3% QoQ

Positions

-2 QoQ

AUM Rank

#4,292

Top 34%

Skill Alpha (FF)

-4.9%/yr^ns

No Clear Edge

Rank #7,618 · Top 92%

vs S&P -8.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 91.0%Top 10: 93.3%Top 20: 97.1%

CPA35.3%

RYAAY34.6%

SSU20.0%

DCI0.6%

HSIC0.5%

MKL0.5%

SNA0.5%

GOOGL0.4%

EXP0.4%

QCOM0.4%

Others (30)6.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Industrials71.8%

Consumer Cyclical20.9%

Financial Services2.3%

Other5.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 40Median: 0.34%Avg: 2.50%

0–0.5%

35(9.0%)

0.5–1%

2(1.1%)

1–3%

0(0.0%)

3–5%

0(0.0%)

5%+

3(90.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 40vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New0Increased0Decreased32Exited2

Decreased

RYAAY34.6%

-423,350(-11%)

CPA35.3%

-247,418(-15%)

GNTX0.4%

-89,400(-47%)

BF/B0.4%

-76,100(-46%)

HSIC0.5%

-39,700(-50%)

WFC0.3%

-36,043(-58%)

DCI0.6%

-32,600(-45%)

TROW0.3%

-28,156(-60%)

DIS0.4%

-23,000(-47%)

CHRW0.3%

-21,700(-67%)

Exited

SBID

-29,590

WAT

-2,204

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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