Sprucegrove Investment Management Ltd

Q3 2021 13F Holdings Report, Stock Holdings

Signature - Title: Ken Choi - CHIEF FINANCIAL OFFICER
Location: Toronto, Ontario, Canada
Holdings as of: September 30, 2021
Value $: $4.06B
Num holdings: 38
Date filed: 11/8/2021, 03:54 PM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included ABEV, CPA, BBD, RYAAY, and BRKB.
Previous filing: Q2 2021 - Aug 10, 2021
Next filing: Q4 2021 - Feb 10, 2022
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares
	11.8%	+0.11%	Samsung Electronic	GDR REP 1/2 ORD REGS	+2.75K	+0.91%	+$4.3M	$478M	1,562.50	306K
ABEV	8.52%	+0.14%	Ambev Sa	ADR REP 1 COM SHS	+2.1M	+1.7%	+$5.78M	$346M	2.76	125M
CPA	7.86%	+0.07%	Copa Holdings	CLASS A	+32.8K	+0.84%	+$2.67M	$319M	81.38	3.92M
BBD	7.05%	+0.56%	Banco Bradesco S A	ADR (1 PFD)	+5.96M	+8.66%	+$22.8M	$287M	3.83	74.8M
RYAAY	5.54%	-0.02%	Ryanair Hldgs Plc	ADR EACH REPR 5 ORD	-8.6K	-0.42%	-$947K	$225M	110.06	2.04M
BRKB	3.58%	+0.17%	Berkshire Hathaway	CLASS B	+25.7K	+5.06%	+$7.01M	$146M	272.94	533K
DIS	3.43%	+0.11%	Walt Disney Co	COM	+25.7K	+3.22%	+$4.35M	$139M	169.17	824K
TROW	3.4%	+0.11%	T Rowe Price Grp	COMMON	+23.7K	+3.49%	+$4.66M	$138M	196.70	703K
WBA	3.25%	+0.15%	Walgreens Boots Alnc	COMMON	+132K	+4.95%	+$6.22M	$132M	47.05	2.81M
INTC	3.08%	+0.27%	Intel Corp	COMMON	+208K	+9.68%	+$11.1M	$125M	53.28	2.35M
CHRW	3.04%	+0.39%	C H Robinson Wldwide	COMMON	+184K	+14.9%	+$16M	$123M	87.00	1.42M
MMM	3.01%	+0.15%	3 M Company	COMMON	+33.8K	+5.09%	+$5.93M	$122M	175.42	697K
WFC	2.91%	+0.17%	Wells Fargo & Co	COMMON	+149K	+6.22%	+$6.92M	$118M	46.41	2.55M
RTX	2.78%	+0.14%	Raytheon Technologie	COM USD1	+64.4K	+5.15%	+$5.54M	$113M	85.96	1.32M
BWA	2.61%	+0.11%	Borg Warner Inc	COMMON	+105K	+4.47%	+$4.53M	$106M	43.21	2.45M
EXP	2.53%	+0.11%	Eagle Materials	COMMON	+34.4K	+4.58%	+$4.51M	$103M	131.16	785K
CFR	2.52%	+0.15%	Cullen Frost Bankers	COMMON	+50.4K	+6.19%	+$5.98M	$103M	118.62	865K
HSIC	2.29%	+0.13%	Henry Schein Inc	COM	+66.9K	+5.8%	+$5.1M	$93M	76.16	1.22M
MSM	1.94%	+0.1%	Msc Indl Direct Inc	CLASS A	+49.9K	+5.36%	+$4M	$78.7M	80.19	981K
MKL	1.94%	+0.45%	Markel Corp	COMMON	+15.2K	+30.1%	+$18.2M	$78.7M	1,195.12	65.8K
XOM	1.9%	+0.01%	Exxon Mobil Corp	COMMON	+6.6K	+0.51%	+$388K	$77.1M	58.82	1.31M
BIIB	1.63%	+0.23%	Biogen Inc	COMMON	+33.6K	+16.8%	+$9.51M	$66.2M	282.99	234K
	1.6%	+0.72%	Commercial Intl Bk	GDR REP 1 ORD EGP10	+11M	+81.4%	+$29.2M	$65.2M	2.67	24.4M
AXP	1.45%	+0.08%	American Express Co	COMMON	+20.4K	+6.14%	+$3.42M	$59.1M	167.53	353K
CHKP	1.43%	+0.03%	Check Point Software	ORDINARY	+9.8K	+1.95%	+$1.11M	$57.9M	113.04	512K
JNJ	1.13%	+0.05%	Johnson & Johnson	COMMON	+13.5K	+4.99%	+$2.18M	$45.9M	161.50	284K
GNTX	1.1%	+1.1%	Gentex Corp	COMMON	+1.35M	NEW	+$44.5M	$44.5M	32.98	1.35M
CCL	1.05%	+0.05%	Carnival Corp	COMMON	+81.7K	+5.05%	+$2.04M	$42.5M	25.01	1.7M
IPGP	0.96%	+0.08%	Ipg Photonics Corp	COMMON	+20.3K	+9.01%	+$3.22M	$38.9M	158.40	246K
BDX	0.94%	+0.04%	Becton Dickinson	COMMON	+6.7K	+4.51%	+$1.65M	$38.2M	245.82	155K
SLB	0.83%	-0.47%	Schlumberger Ltd	COMMON	-639K	-35.9%	-$18.9M	$33.8M	29.64	1.14M
GOOGL	0.72%	-0.3%	Alphabet Inc	CLASS A	-4.58K	-29.5%	-$12.2M	$29.3M	2,673.54	11K
DCI	0.65%	+0.02%	Donaldson Inc	COMMON	+14.8K	+3.3%	+$850K	$26.6M	57.41	464K
	0.5%	+0.5%	State Bk Of India	GDR(2 INR10 REG S)	+332K	NEW	+$20.4M	$20.4M	61.50	332K
GILD	0.47%	0%	Gilead Sciences Inc	COMMON	-2.8K	-1.01%	-$196K	$19.2M	69.85	275K
BKE	0.32%	-0.11%	Buckle Inc	COMMON	-116K	-25.9%	-$4.59M	$13.1M	39.59	332K
CSL	0.14%	-0.06%	Carlisle Cos Inc	COMMON	-12.5K	-30%	-$2.49M	$5.81M	198.80	29.2K
MLM	0.12%	-0.01%	Martin Marietta Matl	COMMON	-1.3K	-8.67%	-$444K	$4.68M	341.68	13.7K
		-0.45%	State Bk Of India	GDR(2 INR10 REG S)	-336K	-100%	-$18.8M	$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	11/5/2021