Sprucegrove Insights

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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Reflect, Retain, Return

When there is “excess cash” on a balance sheet, management is left to ponder whether to return that cash to shareholders and if so in what form? While we appreciate that opinions can vary on this matter given individual preferences like tax status, our view always...

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Navigating A Changing of the Guard

As part of our quality assessment of a company, one of the key pillars is evaluating and judging management. This means when there is a change at the CEO level, we spend time assessing its potential impact on the business. In our experience, most CEO turnover falls...

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