2024 Q4 Portfolio Perspectives

Despite all the headlines associated with the strength of the U.S. market, it is remarkable to look back and see that the MSCI EAFE Index Financials sector has outperformed the U.S. market over the last three years. Since the start of 2022, the EAFE Financial sector...

A Luxury Goods Makeover

At Sprucegrove, we seek companies that have sustainable long term competitive advantages whether it be from a cost perspective and/or differentiated brand and service. As such, we have long had an affinity for the luxury goods sector given the strength of the brands...

2024 Q2 Portfolio Perspectives

Earlier this year, Japan’s Nikkei benchmark index hit a record high for the first time in 34 years. The last time the market hit a record high was in 1989, at the apex of Japan’s economic bubble and four years after the launch of our Canadian International Fund in...

2023 Q4 Portfolio Perspectives

If there is one principle that the last few tumultuous years has taught us, it’s that no one has a crystal ball, no one can reliably or consistently predict the future. This is a notion that Sprucegrove has embraced since inception and it’s the reason we dedicate our...

Something Old, Something New

As disciplined investors focused on quality and value, investment opportunities present themselves in a myriad of different ways. Two of our high-quality holdings in the Health Care sector, Novartis and Roche, were added to the portfolio under contrasting...
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