CIK: 0001543170
Total reported value
$2.8B
Reporting period: 2026-03-31 · Number of holdings: 11
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC disclosed 11 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.8B and a quarterly turnover rate of 33.1%.
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Spruce House Investment Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.168 — 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 0.96), 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 9.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Trim APP
-0.5% -$500.3M
Add CIGI
+93.0% $77.1M
Add DKNG
+129.6% $63.8M
Add CPAY
+6.0% $6.3M
Trim CVNA
+2.6% -$226.0M
Trim W
-11.1% -$98.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CVNA | Carvana Co | Stock-Consumer Disc | 26.21% | -1.63% | +2.64% | |
| 2 | APP | Applovin Corp-class A | Stock-Tech | 25.44% | -9.73% | -0.54% | |
| 3 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 9.58% | +4.03% | +92.99% | |
| 4 | CPAY | Corpay INC | Stock-Tech | 9.14% | +1.90% | +6.02% | |
| 5 | DKNG | Draftkings Inc-cl A | Stock-Consumer Disc | 7.45% | +3.25% | +129.55% | |
| 6 | W | Wayfair Inc- Class A | Stock-Consumer Disc | 6.98% | -1.53% | -11.08% | |
| 7 | GXO | Gxo Logistics INC | Stock-Industrials | 6.02% | +1.06% | — | |
| 8 | CNM | Core & Main Inc-class A | Stock-Industrials | 3.79% | +0.55% | — | |
| 9 | CMPR | Cimpress plc | Stock-Other | 3.19% | +0.36% | -16.56% | |
| 10 | SRAD | Sportradar Group AG | Stock-Other | 1.64% | +1.64% | NEW | |
| 11 | QXO | Qxo INC | Stock-Industrials | 0.56% | +0.11% | — |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
-0.2%
Based on 65% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 11 | $2.8B | 33 | |
| 2025-12-31 | 10 | $3.4B | 28 | |
| 2025-09-30 | 10 | $3.9B | 59 | |
| 2025-06-30 | 9 | $2.7B | 0 | |
| 2025-03-31 | 9 | $1.9B | 100 | |
| 2024-12-31 | 11 | $2.7B | 0 | |
| 2024-09-30 | 10 | $2.0B | 0 | |
| 2024-06-30 | 10 | $1.5B | 0 | |
| 2024-03-31 | 11 | $1.4B | 0 | |
| 2023-12-31 | 6 | $1.3B | 0 | |
| 2023-09-30 | 6 | $1.1B | 0 | |
| 2023-06-30 | 6 | $875.0M | 0 | |
| 2023-03-31 | 5 | $510.9M | 0 | |
| 2022-12-31 | 5 | $377.1M | 0 | |
| 2022-09-30 | 7 | $554.7M | 0 | |
| 2022-06-30 | 8 | $692.7M | 0 | |
| 2022-03-31 | 9 | $1.7B | 0 | |
| 2021-12-31 | 12 | $3.2B | 0 | |
| 2021-09-30 | 14 | $3.9B | 0 | |
| 2021-06-30 | 12 | $4.2B | 0 | |
| 2021-03-31 | 8 | $3.5B | 32 | |
| 2020-12-31 | 6 | $3.3B | 100 | |
| 2020-09-30 | 7 | $18.5B | 100 | |
| 2020-06-30 | 9 | $7.5B | 100 | |
| 2020-03-31 | 6 | $1.6B | 64 | |
| 2019-12-31 | 7 | $3.1B | 37 | |
| 2019-09-30 | 7 | $2.8B | 19 | |
| 2019-06-30 | 8 | $2.7B | 14 | |
| 2019-03-31 | 8 | $2.7B | 30 | |
| 2018-12-31 | 7 | $2.2B | 33 | |
| 2018-09-30 | 7 | $3.0B | 15 | |
| 2018-06-30 | 7 | $2.7B | 28 | |
| 2018-03-31 | 8 | $2.3B | 17 | |
| 2017-12-31 | 8 | $2.1B | 28 | |
| 2017-09-30 | 9 | $1.5B | 13 | |
| 2017-06-30 | 8 | $1.5B | 33 | |
| 2017-03-31 | 9 | $1.2B | 28 | |
| 2016-12-31 | 8 | $995.0M | 17 | |
| 2016-09-30 | 7 | $878.9M | 20 | |
| 2016-06-30 | 7 | $717.6M | 11 | |
| 2016-03-31 | 8 | $736.0M | 20 | |
| 2015-12-31 | 8 | $636.7M | 19 | |
| 2015-09-30 | 8 | $539.5M | 30 | |
| 2015-06-30 | 9 | $507.0M | 77 | |
| 2015-03-31 | 8 | $476.8M | 24 | |
| 2014-12-31 | 9 | $400.8M | 0 |
Spruce House Investment Management LLC's most significant position changes for 2026-03-31: New buy: Sportradar Group AG (SRAD); Trim: Applovin Corp-class A (APP) — shares -0.54%; Add: Colliers Intl Gr-subord Vot (CIGI) — shares +92.99%; Add: Draftkings Inc-cl A (DKNG) — shares +129.55%; Add: Corpay INC (CPAY) — shares +6.02%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CIGI | Colliers Intl Gr-subord Vot | +4% | +92.99% | Add |
| 2 | DKNG | Draftkings Inc-cl A | +3.3% | +129.55% | Add |
| 3 | CPAY | Corpay INC | +1.9% | +6.02% | Add |
| 4 | GXO | Gxo Logistics INC | +1.1% | — | Unchanged |
| 5 | CNM | Core & Main Inc-class A | +0.6% | — | Unchanged |
| 6 | CMPR | Cimpress plc | +0.4% | -16.56% | Trim |
| 7 | QXO | Qxo INC | +0.1% | — | Unchanged |
| 8 | W | Wayfair Inc- Class A | -1.5% | -11.08% | Trim |
| 9 | CVNA | Carvana Co | -1.6% | +2.64% | Add |
| 10 | APP | Applovin Corp-class A | -9.7% | -0.54% | Trim |
| 11 | SRAD | Sportradar Group AG | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-09-29 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-18 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-08 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
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