Sprucegrove Insights

Fueled by Fundamentals

Over our 35+ years1 as investment managers, we have focused on investing in quality companies at attractive valuations. We have always defined the quality of a company by the following attributes: (1) at least a 10-year track record of above-average and consistent profitability, (2) evidence of sustainable competitive advantages, (3) financial strength, (4) opportunities to grow the business and (5) capable management.

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Fundamentals versus Fears

Sprucegrove consistently applies a fundamental, bottom-up process which allows us to invest at times when fear and paranoia may be rampant. We illustrate this within two largely jettisoned segments during the first half of 2020: airlines and cruise lines. As of...

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Uncertainty Creates Opportunity

The first quarter of 2020 marked the abrupt end to the longest bull market in history triggered by the fallout from the COVID-19 virus epidemic. Concerns about the magnitude of a global economic recession have led to an unprecedented level of uncertainty. The...

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