Data as of Q4 2025 (Dec 31, 2025)

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

•CIK: 1234074•Filing: Q4 2025

**SPRUCEGROVE INVESTMENT MANAGEMENT LTD** manages $830M across a concentrated portfolio of 40 positions. The fund exhibits significant conviction in select names, with RYAAY representing the largest allocation at $327.5M. Further substantial exposure is noted in C-PR ($230.5M) and SSU ($115.0M). This structure suggests a high-conviction, deep-value approach targeting specific market dislocations.

Total AUM
$829.8M
QoQ Performance
-33.4%
Positions
40
Top 10 Concentration
88.0%
Latest Filing
Q4 2025

Top Holdings Allocation

RYAAY
CPRT
SSU
RYAAY39.5%
CPRT27.8%
SSU13.9%
SBID1.2%
CHRW1.0%
DCI1.0%
MKL1.0%
WFC0.9%

📈 Biggest Buys

ACN
ACCENTURE PLC
NEW
0.4% of portfolio
EXP
EAGLE MATERIALS
+1671.4%
0.3% of portfolio

📉 Biggest Sells

SSU
SAMSUNG ELECTRONIC
-63.4%
13.9% of portfolio
RYAAY
RYANAIR HLDGS PLC
-14.0%
39.5% of portfolio
CPRT
COPA HOLDINGS
-17.0%
27.8% of portfolio
CHRW
C H ROBINSON WLDWIDE
-65.1%
1.0% of portfolio
MKL
MARKEL GROUP INC
-64.9%
1.0% of portfolio

Sector Breakdown

Other92.4%
Technology2.4%
Financial2.3%
Healthcare1.6%
Communication0.8%
Energy0.6%

🚪 Exited Positionssold since Q3 2025

—
COMMERCIAL INTL BK
SOLD
$38.5M
RTX
RTX CORPORATION
SOLD
$10.7M

Changes from Q3 2025

NEW1 new position
↑1 increased
↓29 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

RYAAY39.5%
RYANAIR HLDGS PLC
$327.5M
CPRT27.8%
COPA HOLDINGS
$230.5M
SSU13.9%
SAMSUNG ELECTRONIC
$115.0M
SBID1.2%
STATE BK OF INDIA
$10.1M
CHRW1.0%
C H ROBINSON WLDWIDE
$8.5M

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