# Sprucegrove Investment Management Ltd

> Sprucegrove Investment Management Ltd is an SEC-registered investment advisory firm in Toronto, Ontario, Canada, registered since 1994, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 9, 2026.

- CRD: 106355
- Filed as: SPRUCEGROVE INVESTMENT MANAGEMENT LTD
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: April 9, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/106355
- AdvisorCensus page: https://advisorcensus.com/firm/sprucegrove-investment-management-ltd-toronto-ontario-106355

## Quick answers

**How is Sprucegrove Investment Management Ltd compensated?**
On its Form ADV (Item 5.E, October 2026), Sprucegrove Investment Management Ltd reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Sprucegrove Investment Management Ltd located?**
Sprucegrove Investment Management Ltd's principal office is in Toronto, Ontario, Canada, according to its Form ADV.

**Is Sprucegrove Investment Management Ltd registered with the SEC or a state?**
Sprucegrove Investment Management Ltd is an SEC-registered investment advisory firm, registered since 1994. Status as filed: Approved. CRD 106355.

**How much does Sprucegrove Investment Management Ltd manage?**
Sprucegrove Investment Management Ltd reports $11,534,579,739 in regulatory assets under management in its Form ADV filing dated April 9, 2026 (100% discretionary).

**How have Sprucegrove Investment Management Ltd's assets and staff changed since 2021?**
In the Form ADV data for Sprucegrove Investment Management Ltd: Regulatory assets under management: $22,523,970,963 in the October 2021 data and $11,534,579,739 in the October 2026 data, down 49%. Total employees: 52 in October 2021 and 49 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Sprucegrove Investment Management Ltd serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (35); high net worth individuals (12); investment companies (1).

**Which custodians does Sprucegrove Investment Management Ltd use?**
Sprucegrove Investment Management Ltd's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists The Bank of New York Mellon, JPMorgan Chase and State Street Corporation as custodians holding 10% or more of its separately managed account assets.

**Does Sprucegrove Investment Management Ltd report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/106355

**What changed in Sprucegrove Investment Management Ltd's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 18 to 17. Regulatory assets under management went from $15,384,784,118 to $11,534,579,739 (-25%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- The Bank of New York Mellon
- JPMorgan Chase
- State Street Corporation

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $11,534,579,739
- Discretionary: $11,534,579,739
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | Not reported | $0 |
| High net worth individuals | 12 | $30,148,572 |
| Banking or thrift institutions | Not reported | $0 |
| Investment companies | 1 | $3,752,470,847 |
| Business development companies | Not reported | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 35 | $3,211,472,302 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $104,934,799 |
| Charitable organizations | Fewer than 5 | $669,459,047 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $3,766,094,172 |
| Other investment advisers | Not reported | $0 |
| Insurance companies | Not reported | $0 |
| Sovereign wealth funds and foreign official institutions | Not reported | $0 |
| Corporations or other businesses not listed above | Not reported | $0 |
| Other | Not reported | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1994 (32 years)
- Employees: 49 total, 17 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [sprucegrove.com](https://sprucegrove.com)
- LinkedIn @sprucegrove-investment-management-ltd.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $22,523,970,963 | 52 | June 10, 2021 |
| October 2022 | $24,478,465,979 | 57 | September 14, 2022 |
| October 2023 | $16,802,181,941 | 58 | March 31, 2023 |
| October 2024 | $17,279,585,944 | 60 | May 22, 2024 |
| October 2025 | $15,384,784,118 | 60 | March 25, 2025 |
| October 2026 | $11,534,579,739 | 49 | April 9, 2026 |

Regulatory assets under management: $22,523,970,963 in the October 2021 data and $11,534,579,739 in the October 2026 data, down 49%.
Total employees: 52 in October 2021 and 49 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 18 to 17.
- Regulatory assets under management went from $15,384,784,118 to $11,534,579,739 (-25%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Sprucegrove Investment Management Ltd (CRD 106355): Form ADV filing data as of October 2026.