# SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1543170. Source: https://holderbook.com/funds/1543170-spruce-house-investment-management-llc/

- Reported value: $3.4B
- Positions: 11
- Weight of the ten largest: 99.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $922.3M | 1,790,000 | 27.1% | 21 |
| CARVANA CO | [CVNA](https://holderbook.com/stocks/CVNA/) | $768.4M | 11,675,000 | 22.6% | 31 |
| CORPAY INC | [CPAY](https://holderbook.com/stocks/CPAY/) | $293.3M | 880,000 | 8.6% | 4 |
| WAYFAIR INC | [W](https://holderbook.com/stocks/W/) | $268.9M | 2,909,700 | 7.9% | 31 |
| GXO LOGISTICS INCORPORATED | [GXO](https://holderbook.com/stocks/GXO/) | $266.2M | 5,250,000 | 7.8% | 10 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $257.4M | 2,745,325 | 7.6% | 31 |
| DRAFTKINGS INC NEW | [DKNG](https://holderbook.com/stocks/DKNG/) | $243.8M | 9,650,000 | 7.2% | 7 |
| SPORTRADAR GROUP AG | [SRAD](https://holderbook.com/stocks/SRAD/) | $137.1M | 9,155,000 | 4.0% | 2 |
| CIMPRESS PLC | [CMPR](https://holderbook.com/stocks/CMPR/) | $124.3M | 1,222,633 | 3.7% | 27 |
| CORE & MAIN INC | [CNM](https://holderbook.com/stocks/CNM/) | $103.7M | 2,150,000 | 3.1% | 10 |
| QXO INC | [QXO](https://holderbook.com/stocks/QXO/) | $14.0M | 813,009 | 0.4% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +12.5% | +14.8% | -2.3% | 100% |
| Q1 2026 | -26.9% | -4.6% | -22.3% | 100% |
| Q4 2025 | +2.5% | +2.4% | +0.2% | 100% |
| Q3 2025 | +39.8% | +7.8% | +32.0% | 100% |
| Q2 2025 | +40.2% | +10.5% | +29.7% | 100% |
| Q1 2025 | -9.4% | -4.6% | -4.8% | 100% |
| Q4 2024 | +38.4% | +2.1% | +36.2% | 100% |
| Q3 2024 | +30.2% | +5.4% | +24.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.4B | 11 |
| Q1 2026 | $2.8B | 11 |
| Q4 2025 | $3.4B | 10 |
| Q3 2025 | $3.9B | 10 |
| Q2 2025 | $2.7B | 9 |
| Q1 2025 | $1.9B | 9 |
| Q4 2024 | $2.7B | 11 |
| Q3 2024 | $2.0B | 10 |
| Q2 2024 | $1.5B | 10 |
| Q1 2024 | $1.4B | 11 |
| Q4 2023 | $1.3B | 6 |
| Q3 2023 | $1.1B | 6 |