Sprucegrove Investment Management Ltd

Q2 2021 13F Holdings Report, Stock Holdings

Signature - Title: Ken Choi - CHIEF FINANCIAL OFFICER
Location: Toronto, Ontario, Canada
Holdings as of: June 30, 2021
Value $: $4.19B
Num holdings: 38
Date filed: 8/10/2021, 03:15 PM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included ABEV, BBD, CPA, RYAAY, and BRKB.
Previous filing: Q1 2021 - May 12, 2021
Next filing: Q3 2021 - Nov 8, 2021
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares
	12.9%	-0.03%	Samsung Electronic	GDR REP 1/2 ORD REGS	-720	-0.24%	-$1.28M	$541M	1,783.50	303K
ABEV	10.1%	+0.1%	Ambev Sa	ADR REP 1 COM SHS	+1.23M	+1.01%	+$4.23M	$424M	3.44	123M
BBD	8.43%	+0.88%	Banco Bradesco S A	ADR (1 PFD)	+7.22M	+11.7%	+$37M	$353M	5.13	68.9M
CPA	6.99%	-0.06%	Copa Holdings	CLASS A	-34.5K	-0.88%	-$2.6M	$293M	75.33	3.89M
RYAAY	5.3%	-0.06%	Ryanair Hldgs Plc	ADR EACH REPR 5 ORD	-23.1K	-1.11%	-$2.5M	$222M	108.21	2.05M
BRKB	3.37%	-0.06%	Berkshire Hathaway	CLASS B	-9.1K	-1.76%	-$2.53M	$141M	277.92	508K
WBA	3.36%	-0.06%	Walgreens Boots Alnc	COMMON	-47.9K	-1.76%	-$2.52M	$141M	52.61	2.67M
DIS	3.35%	-0.03%	Walt Disney Co	COM	-8.3K	-1.03%	-$1.46M	$140M	175.77	799K
TROW	3.21%	-0.05%	T Rowe Price Grp	COMMON	-11.4K	-1.65%	-$2.26M	$134M	197.97	679K
MMM	3.14%	-0.03%	3 M Company	COMMON	-5.5K	-0.82%	-$1.09M	$132M	198.63	664K
INTC	2.87%	+0.21%	Intel Corp	COMMON	+160K	+8.06%	+$8.98M	$120M	56.14	2.14M
CHRW	2.76%	+0.16%	C H Robinson Wldwide	COMMON	+72.8K	+6.27%	+$6.82M	$116M	93.67	1.23M
BWA	2.72%	-0.05%	Borg Warner Inc	COMMON	-40.1K	-1.68%	-$1.95M	$114M	48.54	2.35M
WFC	2.59%	-0.05%	Wells Fargo & Co	COMMON	-43K	-1.76%	-$1.95M	$109M	45.29	2.4M
RTX	2.55%	+0.39%	Raytheon Technologie	COM USD1	+191K	+18%	+$16.3M	$107M	85.31	1.25M
EXP	2.54%	-0.27%	Eagle Materials	COMMON	-80.2K	-9.65%	-$11.4M	$107M	142.11	751K
CFR	2.18%	-0.09%	Cullen Frost Bankers	COMMON	-35.1K	-4.13%	-$3.93M	$91.2M	112.00	814K
HSIC	2.04%	0%	Henry Schein Inc	COM	-1.1K	-0.1%	-$81.6K	$85.6M	74.19	1.15M
MSM	1.99%	-0.02%	Msc Indl Direct Inc	CLASS A	-7.1K	-0.76%	-$637K	$83.6M	89.73	931K
XOM	1.96%	-0.03%	Exxon Mobil Corp	COMMON	-20.9K	-1.58%	-$1.32M	$82.2M	63.08	1.3M
BIIB	1.66%	+0.8%	Biogen Inc	COMMON	+96.9K	+93.6%	+$33.6M	$69.4M	346.27	200K
MKL	1.43%	-0.01%	Markel Corp	COMMON	-380	-0.75%	-$451K	$60.1M	1,186.70	50.6K
CHKP	1.39%	+0.01%	Check Point Software	ORDINARY	+4K	+0.8%	+$465K	$58.4M	116.13	503K
SLB	1.36%	-0.58%	Schlumberger Ltd	COMMON	-754K	-29.7%	-$24.1M	$57M	32.01	1.78M
AXP	1.31%	-0.02%	American Express Co	COMMON	-6.2K	-1.83%	-$1.02M	$54.9M	165.23	332K
IPGP	1.13%	-0.02%	Ipg Photonics Corp	COMMON	-4.4K	-1.91%	-$927K	$47.5M	210.77	225K
XOM			Gentex Corp	COMMON				$46.5M	33.09^*	1.41M
JNJ	1.06%	-0.01%	Johnson & Johnson	COMMON	-1.9K	-0.7%	-$313K	$44.6M	164.74	271K
	1.05%	+0.05%	Commercial Intl Bk	GDR REP 1 ORD EGP10	+696K	+5.45%	+$2.29M	$44.2M	3.28	13.5M
CCL	1.02%	-0.12%	Carnival Corp	COMMON	-188K	-10.4%	-$4.97M	$42.7M	26.36	1.62M
GOOGL	0.9%	-0.22%	Alphabet Inc	CLASS A	-3.8K	-19.7%	-$9.28M	$37.9M	2,441.82	15.5K
BDX	0.86%	-0.01%	Becton Dickinson	COMMON	-1.9K	-1.26%	-$462K	$36.2M	243.19	149K
DCI	0.68%	-0.01%	Donaldson Inc	COMMON	-5.2K	-1.15%	-$330K	$28.5M	63.53	449K
BKE	0.53%	-0.29%	Buckle Inc	COMMON	-243K	-35.2%	-$12.1M	$22.3M	49.75	448K
GILD	0.46%	0%	Gilead Sciences Inc	COMMON	-300	-0.11%	-$20.7K	$19.1M	68.86	278K
	0.45%		State Bk Of India	GDR(2 INR10 REG S)				$18.8M	55.90	336K
CSL	0.19%	-0.04%	Carlisle Cos Inc	COMMON	-8.8K	-17.4%	-$1.68M	$7.98M	191.39	41.7K
MLM	0.13%	0%	Martin Marietta Matl	COMMON	-400	-2.6%	-$141K	$5.28M	351.80	15K
GNTX		-1.26%	Gentex Corp	COMMON	-1.43M	-100%	-$51.2M	$0		0

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* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
KEN CHOI	CHIEF FINANCIAL OFFICER	Toronto, Ontario, Canada	8/10/2021