SH
Spruce House Investment Management LLC 13F Holdings (11 Positions, Q2 2026)
Spruce House Investment Management LLCCIK: 0001543170
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$3.4B
Reporting period: 2026-06-30 · Number of holdings: 11
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC disclosed 11 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $3.4B and a quarterly turnover rate of 20.3%.
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Personality snowflake
- Concentration
- 63.73
- Portfolio Stability
- 20.29
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 22
- Sizing Uniformity
- 90.9
Spruce House Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.159 — mathematically equivalent to about 6 equally-sized positions, well below its 11 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.91), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 10.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim CVNA
+400.0% $34.4M
Add SRAD
+232.9% $91.0M
Trim CIGI
+9.3% -$11.0M
Add GXO
+61.5% $97.7M
Add APP
0.0% $209.8M
Add W
+11.9% $73.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | APP | Applovin Corp-class A | Stock-Tech | 27.13% | +1.69% | — | |
| 2 | CVNA | Carvana Co | Stock-Consumer Disc | 22.61% | -3.60% | +400.00% | |
| 3 | CPAY | Corpay Inc | Stock-Tech | 8.63% | -0.51% | — | |
| 4 | W | Wayfair Inc- Class A | Stock-Consumer Disc | 7.91% | +0.93% | +11.91% | |
| 5 | GXO | Gxo Logistics Inc | Stock-Industrials | 7.83% | +1.81% | +61.54% | |
| 6 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 7.57% | -2.01% | +9.33% | |
| 7 | DKNG | Draftkings Inc-cl A | Stock-Consumer Disc | 7.17% | -0.28% | — | |
| 8 | SRAD | Sportradar Group AG | Stock-Other | 4.03% | +2.39% | +232.91% | |
| 9 | CMPR | Cimpress plc | Stock-Other | 3.66% | +0.47% | — | |
| 10 | CNM | Core & Main Inc-class A | Stock-Industrials | 3.05% | -0.74% | — | |
| 11 | QXO | Qxo Inc | Stock-Industrials | 0.41% | -0.15% | — |
Portfolio Performance
Performance for Q3 2026
-15.3%
Performance Last 4 Quarters
-8.6%
- Stdev
- +50.3%
- Beta
- +2.65
- Alpha
- +1.5%
- Max Drawdown
- -29.6%
- Annualized Perf
- +52.9%
- Batting Avg vs S&P
- +50%
- Sortino
- +2.48
- Stutzer
- +0.33
- Treynor
- +0.21
- Sterling
- +1.55
- Calmar
- +1.79
- Information Ratio
- +0.81
- Tracking Error
- +42.6%
- Stdev Down
- +22%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +235.9%
- Worst 12 Months
- -8.6%
- Efficiency Ratio
- +0.6
- Sharpe
- +1.08
- Stdev Sectors
- +14.2%
- Skewness
- +0.74
- Kurtosis
- +0.33
- Upside Potential
- +4.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 11 | $3.4B | 20 | ||
| 2026 Q1 | 11 | $2.8B | 33 | ||
| 2025 Q4 | 10 | $3.4B | 28 | ||
| 2025 Q3 | 10 | $3.9B | 59 | ||
| 2025 Q2 | 9 | $2.7B | 0 | ||
| 2025 Q1 | 9 | $1.9B | 100 | ||
| 2024 Q4 | 11 | $2.7B | 0 | ||
| 2024 Q3 | 10 | $2.0B | 0 | ||
| 2024 Q2 | 10 | $1.5B | 0 | ||
| 2024 Q1 | 11 | $1.4B | 0 | ||
| 2023 Q4 | 6 | $1.3B | 0 | ||
| 2023 Q3 | 6 | $1.1B | 0 | ||
| 2023 Q2 | 6 | $875.0M | 0 | ||
| 2023 Q1 | 5 | $510.9M | 0 | ||
| 2022 Q4 | 5 | $377.1M | 0 | ||
| 2022 Q3 | 7 | $554.7M | 0 | ||
| 2022 Q2 | 8 | $692.7M | 0 | ||
| 2022 Q1 | 9 | $1.7B | 0 | ||
| 2021 Q4 | 12 | $3.2B | 0 | ||
| 2021 Q3 | 14 | $3.9B | 0 | ||
| 2021 Q2 | 12 | $4.2B | 0 | ||
| 2021 Q1 | 8 | $3.5B | 32 | ||
| 2020 Q4 | 6 | $3.3B | 100 | ||
| 2020 Q3 | 7 | $18.5B | 100 | ||
| 2020 Q2 | 9 | $7.5B | 100 | ||
| 2020 Q1 | 6 | $1.6B | 64 | ||
| 2019 Q4 | 7 | $3.1B | 37 | ||
| 2019 Q3 | 7 | $2.8B | 19 | ||
| 2019 Q2 | 8 | $2.7B | 14 | ||
| 2019 Q1 | 8 | $2.7B | 30 | ||
| 2018 Q4 | 7 | $2.2B | 33 | ||
| 2018 Q3 | 7 | $3.0B | 15 | ||
| 2018 Q2 | 7 | $2.7B | 28 | ||
| 2018 Q1 | 8 | $2.3B | 17 | ||
| 2017 Q4 | 8 | $2.1B | 28 | ||
| 2017 Q3 | 9 | $1.5B | 13 | ||
| 2017 Q2 | 8 | $1.5B | 33 | ||
| 2017 Q1 | 9 | $1.2B | 28 | ||
| 2016 Q4 | 8 | $995.0M | 17 | ||
| 2016 Q3 | 7 | $878.9M | 20 | ||
| 2016 Q2 | 7 | $717.6M | 11 | ||
| 2016 Q1 | 8 | $736.0M | 20 | ||
| 2015 Q4 | 8 | $636.7M | 19 | ||
| 2015 Q3 | 8 | $539.5M | 30 | ||
| 2015 Q2 | 9 | $507.0M | 77 | ||
| 2015 Q1 | 8 | $476.8M | 24 | ||
| 2014 Q4 | 9 | $400.8M | 0 |
Holding changes this quarter
Spruce House Investment Management LLC's most significant position changes for 2026-06-30: Add: Carvana Co (CVNA) — shares +400.00%; Add: Sportradar Group AG (SRAD) — shares +232.91%; Add: Colliers Intl Gr-subord Vot (CIGI) — shares +9.33%; Add: Gxo Logistics Inc (GXO) — shares +61.54%; Add: Wayfair Inc- Class A (W) — shares +11.91%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SRAD | Sportradar Group AG | +2.4% | +232.91% | Add |
| 2 | GXO | Gxo Logistics Inc | +1.8% | +61.54% | Add |
| 3 | APP | Applovin Corp-class A | +1.7% | — | Unchanged |
| 4 | W | Wayfair Inc- Class A | +0.9% | +11.91% | Add |
| 5 | CMPR | Cimpress plc | +0.5% | — | Unchanged |
| 6 | QXO | Qxo Inc | -0.2% | — | Unchanged |
| 7 | DKNG | Draftkings Inc-cl A | -0.3% | — | Unchanged |
| 8 | CPAY | Corpay Inc | -0.5% | — | Unchanged |
| 9 | CNM | Core & Main Inc-class A | -0.7% | — | Unchanged |
| 10 | CIGI | Colliers Intl Gr-subord Vot | -2% | +9.33% | Add |
| 11 | CVNA | Carvana Co | -3.6% | +400.00% | Add |
Filing History
FAQ
What is Spruce House Investment Management LLC and what type of investor is it?
Spruce House Investment Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $3.4B, spread across 11 disclosed positions.
What are Spruce House Investment Management LLC's largest equity positions?
Based on the latest 13F filing, Spruce House Investment Management LLC's top holdings by market value are:
1. Applovin Corp-class A (APP) — $922.3M (27.1%)
2. Carvana Co (CVNA) — $768.4M (22.6%)
3. Corpay Inc (CPAY) — $293.3M (8.6%)
4. Wayfair Inc- Class A (W) — $268.9M (7.9%)
5. Gxo Logistics Inc (GXO) — $266.2M (7.8%)
What changes did Spruce House Investment Management LLC make in its most recent portfolio filing?
In the latest quarter, Spruce House Investment Management LLC was primarily adding exposure — initiating 0 new positions and adding to 5 existing holdings. The largest of these moves: Add: Carvana Co (CVNA) — shares +400.00%; Add: Sportradar Group AG (SRAD) — shares +232.91%; Add: Colliers Intl Gr-subord Vot (CIGI) — shares +9.33%; Add: Gxo Logistics Inc (GXO) — shares +61.54%; Add: Wayfair Inc- Class A (W) — shares +11.91%
What sectors does Spruce House Investment Management LLC focus on?
Spruce House Investment Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 44.5%
• Information Technology: 42.2%
• Industrials: 13.3%
Investment Profile
Spruce House Investment Management LLC returned an annualized 52.9% over the trailing 36 months — outperforming the S&P 500 by 1.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 2.65 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 44.5% of the portfolio concentrated in Consumer Discretionary.
Its concentration score has fallen from 100 to 64 over the past 4 quarters — a shift toward broader diversification.
It has added to its DKNG position over the past two quarters (+$98.9M, now $243.8M), while trimming CNM over the same stretch (-$8.0M, still holding $103.7M).
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