SPRUCE HOUSE INVESTMENT MANAGEMENT LLC
Long book
$2.80B
Q1 2026
Positions
11
Top-10 weight
99%
concentration
Last quarter
+15.6%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsSPRUCE HOUSE INVESTMENT MANAGEMENT LLC is a concentrated fundamental stock-picker, running a $2.80B US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CARVANA CO, APPLOVIN CORP-CLASS A, COLLIERS INTL GR-SUBORD VOT, CORPAY INC, DRAFTKINGS INC-CL A.
Over the last 9 quarters its long book ran on average 11.7pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+15.0%
Q2 2024
+30.5%
Q3 2024
+38.6%
Q4 2024
-10.0%
Q1 2025
+40.2%
Q2 2025
+39.8%
Q3 2025
+2.5%
Q4 2025
-26.9%
Q1 2026
+15.6%
Sector allocation
Consumer discretionary 38%
Technology 27%
Services media 17%
Real estate 10%
Industrials 6%
Other 3%
Long book by quarter
What does SPRUCE HOUSE own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CVNA CARVANA CO | Consumer discretionary | 2.3M | $734.1M | 26.2% | +2.6% |
| APP APPLOVIN CORP-CLASS A | Technology | 1.8M | $712.4M | 25.4% | -0.5% |
| CIGI COLLIERS INTL GR-SUBORD VOT | Real estate | 2.5M | $268.4M | 9.6% | +93.0% |
| CPAY CORPAY INC | Services media | 880.0K | $256.1M | 9.1% | +6.0% |
| DKNG DRAFTKINGS INC-CL A | Services media | 9.7M | $208.6M | 7.4% | +129.6% |
| W WAYFAIR INC- CLASS A | Consumer discretionary | 2.6M | $195.5M | 7.0% | -11.1% |
| GXO GXO LOGISTICS INC | Industrials | 3.3M | $168.5M | 6.0% | Held |
| CNM CORE & MAIN INC-CLASS A | Consumer discretionary | 2.1M | $106.2M | 3.8% | Held |
| CMPR CIMPRESS PLC | Other | 1.2M | $89.3M | 3.2% | -16.6% |
| SRAD SPORTRADAR GROUP AG-A | Technology | 2.8M | $46.0M | 1.6% | New |
| QXO QXO INC | Consumer discretionary | 813.0K | $15.8M | 0.6% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 11 | $2.80B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 10 | $3.45B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 10 | $3.87B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 9 | $2.71B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 9 | $1.93B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 11 | $2.72B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 10 | $2.04B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 10 | $1.52B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 11 | $1.39B | canonical | SEC ↗ |
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