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Hedge fund

Spruce House Investment Management LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1543170

Reported value
$3.4bn
100% in companies we cover
Positions we cover
11
Largest APP 27.1%
Copy, a year
+21.3%
S&P 500 +13.4%
Copy Sharpe ratio
0.59
S&P 500 0.71

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 201520172019202120232025 $95.8k$43.8k
CopyS&P 500 $10,000 copying Spruce House Investment Management LLC's filed holdings in companies we cover from February 13, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −88.0% (S&P 500 −31.8%); beta 2.17; alpha +4.0% a year (t = 0.38); last 12 months −17.5% against +12.1%.

Reported value by quarter

Spruce House Investment Management LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $100B $200B $300B $400B Reported value, 2014-12-31: $400.8M Reported value, 2015-03-31: $476.8M Reported value, 2015-06-30: $507M Reported value, 2015-09-30: $539.5M Reported value, 2015-12-31: $636.7M Reported value, 2016-03-31: $736M Reported value, 2016-06-30: $717.6M Reported value, 2016-09-30: $878.9M Reported value, 2016-12-31: $995M Reported value, 2017-03-31: $1.2B Reported value, 2017-06-30: $1.5B Reported value, 2017-09-30: $1.5B Reported value, 2017-12-31: $2.1B Reported value, 2018-03-31: $2.3B Reported value, 2018-06-30: $2.7B Reported value, 2018-09-30: $3B Reported value, 2018-12-31: $2.2B Reported value, 2019-03-31: $2.7B Reported value, 2019-06-30: $2.7B Reported value, 2019-09-30: $2.8B Reported value, 2019-12-31: $3.1B Reported value, 2020-03-31: $1.6B Reported value, 2020-06-30: $2.9B Reported value, 2020-09-30: $4.1B Reported value, 2020-12-31: $3.3B Reported value, 2021-03-31: $3.5B Reported value, 2021-06-30: $4.2B Reported value, 2021-09-30: $3.9B Reported value, 2021-12-31: $3.2B Reported value, 2022-03-31: $1.7B Reported value, 2022-06-30: $692.7M Reported value, 2022-09-30: $554.7M Reported value, 2022-12-31: $377.1B Reported value, 2023-03-31: $510.9M Reported value, 2023-06-30: $875M Reported value, 2023-09-30: $1.1B Reported value, 2023-12-31: $1.3B Reported value, 2024-03-31: $1.4B Reported value, 2024-06-30: $1.5B Reported value, 2024-09-30: $2B Reported value, 2024-12-31: $2.7B Reported value, 2025-03-31: $1.9B Reported value, 2025-06-30: $2.7B Reported value, 2025-09-30: $3.9B Reported value, 2025-12-31: $3.4B Reported value, 2026-03-31: $2.8B Reported value, 2026-06-30: $3.4B 2014-12-31 2017-06-30 2019-12-31 2022-06-30 2026-06-30 $3.4B
View chart data
Period Reported value
2014-12-31 $400.8M
2015-03-31 $476.8M
2015-06-30 $507M
2015-09-30 $539.5M
2015-12-31 $636.7M
2016-03-31 $736M
2016-06-30 $717.6M
2016-09-30 $878.9M
2016-12-31 $995M
2017-03-31 $1.2B
2017-06-30 $1.5B
2017-09-30 $1.5B
2017-12-31 $2.1B
2018-03-31 $2.3B
2018-06-30 $2.7B
2018-09-30 $3B
2018-12-31 $2.2B
2019-03-31 $2.7B
2019-06-30 $2.7B
2019-09-30 $2.8B
2019-12-31 $3.1B
2020-03-31 $1.6B
2020-06-30 $2.9B
2020-09-30 $4.1B
2020-12-31 $3.3B
2021-03-31 $3.5B
2021-06-30 $4.2B
2021-09-30 $3.9B
2021-12-31 $3.2B
2022-03-31 $1.7B
2022-06-30 $692.7M
2022-09-30 $554.7M
2022-12-31 $377.1B
2023-03-31 $510.9M
2023-06-30 $875M
2023-09-30 $1.1B
2023-12-31 $1.3B
2024-03-31 $1.4B
2024-06-30 $1.5B
2024-09-30 $2B
2024-12-31 $2.7B
2025-03-31 $1.9B
2025-06-30 $2.7B
2025-09-30 $3.9B
2025-12-31 $3.4B
2026-03-31 $2.8B
2026-06-30 $3.4B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
APPApplovin Corp27.13%$922.3m1.79M0.0%
CVNACarvana22.61%$768.4m11.68M+400.0% Added
CPAYCorpay8.63%$293.3m880.0K0.0%
WWayfair Inc.7.91%$268.9m2.91M+11.9% Added
GXOGXO Logistics, Inc.7.83%$266.2m5.25M+61.5% Added
CIGIColliers International Group Inc.7.57%$257.4m2.75M+9.3% Added
DKNGDraftkings Inc.7.17%$243.8m9.65M0.0%
SRADSportradar Group AG4.03%$137.1m9.15M+232.9% Added
CMPRCimpress plc3.66%$124.3m1.22M0.0%
CNMCore & Main, Inc.3.05%$103.7m2.15M0.0%
QXOQXO, Inc.0.41%$14.0m813.0K0.0%
CompanyBought (value)Shares
CVNACarvana$614.8m9.34M
GXOGXO Logistics, Inc.$101.4m2.00M
SRADSportradar Group AG$95.9m6.41M
WWayfair Inc.$28.6m309.7K
CIGIColliers International Group Inc.$22.0m234.3K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

  • Consumer Discretionary37.7%
  • Technology31.2%
  • Industrials15.0%
  • Financials8.6%
  • Real Estate7.6%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 13, 2015 to November 2, 2026+21.3%+13.4%0.590.71−88.0%2.17
2018 onwardsJanuary 5, 2018 to November 2, 2026+19.0%+13.9%0.530.66−88.0%2.22
Last three yearsNovember 3, 2023 to November 2, 2026+73.5%+21.8%1.281.16−43.7%2.36
Last yearNovember 7, 2025 to November 2, 2026−15.6%+14.2%−0.360.84−35.3%2.04

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.