Sprucegrove Insights

2025 Q3 Portfolio Perspectives1

The Healthcare sector has generally been regarded as a stable and defensive segment of the market.  This is of course unsurprising given that many of the products and services that Healthcare companies provide enjoy basically inelastic demand and are deemed essential for life and well-being. Year-to-date, however, this normally defensive sector has been the worst performing sector in the Index. This is largely due to attempts to reign in drug prices in the U.S., the potential impact of U.S. tariffs and the growth of GLP-1 drugs.

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2025 Q2 Portfolio Perspectives1

It’s Time in the Sun? Since the global financial crisis (“GFC”), there has been a sharp divergence in the performance between U.S. and International equities, with the U.S. market having topped international markets in 12 out of the past 15 calendar years....

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Our Perspective on the Financials Sector1

A HISTORICAL LENS Sprucegrove has always taken a bottom-up approach to portfolio management that is fundamentally based upon finding high quality companies at attractive valuations. When it comes to the Financials sector, we have historically favoured traditional...

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