SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Long Only Manager • Value

SPRUCEGROVE INVESTMENT MANAGEMENT LTD is a Value-focused institution led by Arjun Nmn Kumar, reporting $15.4B in AUM as of Q3 2025 with 38% Industrials concentration, 77% concentrated in top 10 holdings, and 33% allocation to RYAAY.

CEOArjun Nmn Kumar

Portfolio Value: $970.6M
Positions: 38
Top Holding: RYAAY at 32.72%
Last Reported: Q3 2025

Address181 University Avenue, Suite 1300, Toronto, Ontario, M5H 3M7, Canada

Top Holdings

Largest long holdings in SPRUCEGROVE INVESTMENT MANAGEMENT LTD's portfolio (77.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 RYAAY Ryanair Holdings plc RYAAY	Unknown Unknown	$317.6M	32.72%	-$44.4M Sold	— 5.3M shares	Q4 2022 Held for 2y 11m
2 Copa Holdings CPA	Airlines, Airports & Air Services Industrials	$273.5M	28.18%	-$27.5M Sold	5.60% 2.3M shares	Q1 2016 Held for 9y 8m
3 Donaldson Company DCI	Industrial - Machinery Industrials	$21.2M	2.18%	-$1.4M Sold	0.22% 258.8K shares	Q1 2020 Held for 5y 8m
4 Markel MKL	Insurance - Property & Casualty Financial Services	$20.8M	2.14%	-$2.5M Sold	0.09% 10.9K shares	≤ Q2 2013 Held for 12y 5m+
5 C.H. Robinson Worldwide CHRW	Integrated Freight & Logistics Industrials	$20.1M	2.07%	-$119.2K Sold	0.13% 151.7K shares	Q3 2019 Held for 6y 2m
6 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$19.9M	2.05%	-$2.5M Sold	0.00% 39.6K shares	Q4 2019 Held for 5y 11m
7 Wells Fargo & Company WFC	Banks - Diversified Financial Services	$19.4M	1.99%	-$2.1M Sold	0.01% 231.0K shares	≤ Q2 2013 Held for 12y 5m+
8 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$18.7M	1.93%	-$2.7M Sold	0.00% 25.5K shares	Q1 2022 Held for 3y 8m
9 Gilead Sciences GILD	Drug Manufacturers - General Healthcare	$18.6M	1.91%	-$2.0M Sold	0.01% 167.4K shares	Q3 2020 Held for 5y 2m
10 Henry Schein HSIC	Medical - Distribution Healthcare	$18.5M	1.90%	-$1.3M Sold	0.23% 278.5K shares	Q1 2020 Held for 5y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in SPRUCEGROVE INVESTMENT MANAGEMENT LTD's latest filing

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Market Value

$970.6M

Prior: $1.0B

Q/Q Change

-3.85%

-$38.9M

Net Flows % of MV

-10.48%

Turnover Ratio

5.88%

New Purchases

0 stocks

Added To

16 stocks

+$6.2M

Sold Out Of

2 stocks

$4.5M

Reduced Holdings

20 stocks

-$103.4M

Increased Positions

Position	Shares Δ	Change
1 FMC Corporation FMC	+81.25%	1.6K → 2.9K +$43.7K
2 Dollar General DG	+69.66%	38.7K → 65.7K +$2.8M
3 Graco GGG	+28.57%	700.0 → 900.0 +$17.0K
4 Simpson Manufacturing SSD	+25.0%	400.0 → 500.0 +$16.7K
5 WaFd, Inc. WAFD	+20.0%	3.5K → 4.2K +$21.2K

Decreased Positions

Position	Shares Δ	Change
1 BorgWarner BWA	Sold	83.4K → 0 −$2.8M
2 Biogen BIIB	Sold	13.3K → 0 −$1.7M
3 Raytheon Technologies RTX	-36.67%	100.6K → 63.7K −$6.2M
4 Meta Platforms, Inc. META	-12.4%	29.1K → 25.5K −$2.7M
5 RYAAY Ryanair Holdings plc RYAAY	-12.27%	6.0M → 5.3M −$44.4M

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Analytics

Portfolio insights and performance metrics for SPRUCEGROVE INVESTMENT MANAGEMENT LTD

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Sector Allocation

Industrials

37.50%

Financial Services

10.90%

Healthcare

6.30%

Communication Services

5.50%

Consumer Cyclical

2.20%

Technology

1.70%

Energy

1.30%

Consumer Defensive

0.70%

Market Cap Distribution

Mega Cap (> $200B)

14.78%

Large Cap ($10B - $200B)

14.24%

Mid Cap ($2B - $10B)

37.87%

Small Cap ($300M - $2B)

0.39%

N/A (ETF or Unknown)

32.72%

Portfolio Concentration

Top 10 Holdings %

77.08%

Top 20 Holdings %

93.6%

Top 50 Holdings %

100.0%

Top 100 Holdings %