Investment adviser · CRD 106355

SPRUCEGROVE INVESTMENT MANAGEMENT LTD

Investment adviser filing (IA)

TORONTO, ONTARIO, Canada · Form ADV filed Apr 9, 2026

Regulatory AUM: $11.5B
Client accounts: 34
Employees: 49
Advisory professionals: 17

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Government entities	Fewer than 5	$3,766,094,172	32.7%
Investment companies	1	$3,752,470,847	32.5%
Pooled investment vehicles	35	$3,211,472,302	27.8%
Charities	Fewer than 5	$669,459,047	5.8%
Retirement plans	Fewer than 5	$104,934,799	0.9%
High-net-worth individuals	12	$30,148,572	0.3%

Filing source

Form ADV 2093474 · Apr 9, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

7 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

SPRUCEGROVE DELAWARE STATUTORY TRUST: SPRUCEGROVE U.S. INTERNATIONAL INVESTMENT FUNDOther Private Fund · Last reported Apr 9, 2026$663MGross asset value

Fund administrator THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor GRANT THORNTON LLP CHICAGO, Illinois, United States

Custodian THE NORTHERN TRUST CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

GRANT THORNTON LLP
PCAOB 1116

THE NORTHERN TRUST
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-2862976613
Reported beneficial owners: 5
Minimum commitment: $5M

Form ADV 2093474 · Apr 9, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE ALL COUNTRY WORLD EX US POOLED FUNDOther Private Fund · Last reported Apr 9, 2026$331MGross asset value

Fund administrator THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor GRANT THORNTON LLP CHICAGO, Illinois, United States

Custodian THE NORTHERN TRUST CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

GRANT THORNTON LLP
PCAOB 1116

THE NORTHERN TRUST
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-1553726288
Reported beneficial owners: 8
Minimum commitment: $5M

Form ADV 2093474 · Apr 9, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE ALL COUNTRY WORLD SMALL CAP FUNDOther Private Fund · Last reported Apr 9, 2026$5.31MGross asset value

Fund administrator THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor GRANT THORNTON LLP CHICAGO, Illinois, United States

Custodian THE NORTHERN TRUST CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

GRANT THORNTON LLP
PCAOB 1116

THE NORTHERN TRUST
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-2466993181
Reported beneficial owners: 6
Minimum commitment: $5M

Form ADV 2093474 · Apr 9, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE ALL COUNTRY WORLD EX US SMALL CAP FUNDOther Private Fund · Last reported Apr 9, 2026$4.06MGross asset value

Fund administrator THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor GRANT THORNTON LLP CHICAGO, Illinois, United States

Custodian THE NORTHERN TRUST CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

GRANT THORNTON LLP
PCAOB 1116

THE NORTHERN TRUST
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-1224634248
Reported beneficial owners: 2
Minimum commitment: $5M

Form ADV 2093474 · Apr 9, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE ALL COUNTRY WORLD FUND (DELAWARE)Other Private Fund · Last reported Sep 14, 2022$1.32BGross asset value

Fund administrator THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG DUBLIN, Ireland

Custodian THE NORTHERN TRUST COMPANY CHICAGO, Illinois, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

KPMG
PCAOB 1116

THE NORTHERN TRUST COMPANY
LEI 6PTKHDJ8HDUF78PFWH30

Fund details & source

Fund ID: 805-3253643161
Reported beneficial owners: 2
Minimum commitment: $5M

Form ADV 1675488 · Sep 14, 2022 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE GROUP TRUST: SPRUCEGROVE U.S. INTERNATIONAL POOLED FUNDOther Private Fund · Last reported Sep 14, 2022$433MGross asset value

Fund administrator JP MORGAN ADMINISTRATION SERVICES (IRELAND) DUBLIN, Ireland Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG DUBLIN, Ireland

Custodian JP MORGAN CHASE BANK NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

KPMG
PCAOB 1116

JP MORGAN CHASE BANK
LEI 7H6GLXDRUGQFU57RNE97

Fund details & source

Fund ID: 805-2855531998
Reported beneficial owners: 4
Minimum commitment: $5M

Form ADV 1675488 · Sep 14, 2022 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

SPRUCEGROVE GROUP TRUST: SPRUCEGROVE U.S. GLOBAL POOLED FUNDOther Private Fund · Last reported Feb 7, 2017$85.6MGross asset value

Fund administrator JP MORGAN CHASE BANK NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor KPMG DUBLIN, Ireland

Custodian JP MORGAN CHASE BANK NEW YORK, New York, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

Fund details & source

Fund ID: 805-2654067385
Reported beneficial owners: 1
Minimum commitment: $10M

Form ADV 1072573 · Feb 7, 2017 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Apr 9, 2026. View historical filings

Reported services

Investment company portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

181 UNIVERSITY AVENUE, SUITE 1300
TORONTO, ONTARIO, M5H 3M7, Canada

CRD 106355

Filing source

Form ADV 2093474 · Apr 9, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.