SPRUCEGROVE INVESTMENT MANAGEMENT LTD

SpruceGrove Investment Management's Q1 2026 13F is a $625M (down from $830M, -$205M or -24.8%) 42-position airline-and-conglomerate value portfolio, among the steepest AUM declines in this filing cohort. The portfolio is dominated by two Latin-American-and-European-airline mega-anchors: Ryanair Holdings (RYAAY, $222M, 35.5%, 3.84M shares, -15.3% shares, -$105M from $328M) as the largest holding and Copa Holdings (P31076105, $193M, 30.9%, 1.70M shares, -11.1% shares, -$37M from $230M) -- together these two airline positions account for 66.4% of the entire portfolio. The third position is Samsung Electronics (SSNHZ, $92M, 14.7%, 32.4K shares, -41.8% shares, -$23M from $115M) -- the portfolio's technology-and-Asian-equity sleeve. The remaining 39 positions are tiny value-and-quality satellite holdings (Donaldson, Markel, Henry Schein, C.H. Robinson, Gilead, Snap-on, Johnson & Johnson, Wells Fargo, Exxon, Alphabet, Disney, Cullen Frost, Brown-Forman, Berkshire, Dollar General, T. Rowe Price, Gentex, Qualcomm, American Express, Accenture, Eagle Materials, State Bank of India, Toro, XPEL, Meta, Nike, Becton Dickinson, Microsoft, Waters, BOK Financial, Cognex, WAFD, Acuity, MSC Industrial, Landstar, Axos, Simpson, Graco, FMC) each between $76K and $6.2M. The Q1 2026 activity: 3 increased (Eagle Materials +35.8%, Accenture +30.5%, XPEL flat slight), 27 decreased (including Ryanair -15.3%, Copa -11.1%, Samsung -41.8%, State Bank of India -68.2%, MSC Industrial -97.8%, C.H. Robinson -38.3%, Wells Fargo -22.7%, Markel -19.1%, Berkshire -30.1%), 9 unchanged, 3 new opens (Nike $2.7M, Microsoft $1.5M, Waters $0.7M), 1 sold (FMC Corp $40K). The -24.8% AUM decline reflects mark-to-market on airline cyclicals and the Samsung position. The 75.75 whaleScore on $625M reflects AUM. The portfolio's identity is a concentrated airline-and-conglomerate value book with a heavy Ryanair-Copa twin-anchor structure. The Q1 2026 delta is best read as: SpruceGrove executed a significant de-risking rotation in Q1 2026 -- dramatically reducing its two airline mega-anchors (Ryanair -15.3%, -$105M; Copa -11.1%, -$37M), slashing its Asian-technology sleeve (Samsung -41.8%, -$23M), liquidating small positions (State Bank of India -68.2%, MSC Industrial -97.8%), and redeploying minimally into three new tiny quality opens (Nike, Microsoft, Waters) while exiting only FMC. The -24.8% AUM decline from $830M to $625M is the quarter's defining headline and reflects both mark-to-market on airline cyclicals and an intentional book-down strategy. The post-Q1 $625M book retains the same Ryanair-Copa-Samsung twin-anchor structure but at sharply reduced sizing.