SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

CIK

1543170

Location

NEW YORK, NY

Portfolio Value

Mid $2,213,684,793

Diversification

Moderately concentrated

Filing Date

Global Rank

#1,125 / 8,608 ▼ 106 · as of Mar 2026

Top Industry

Advertising Agencies 32.2%

3Y Alpha vs SPY

+44.8%

Period ended 3 months ago

Filed May 15, 2026 · 59d

24 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+320.6%

SPY

+73.9%

Annualised alpha

+41.2%

Max drawdown

−42.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

11 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

32.2%

−13.1 pts

Top 5

74.1%

−5.7 pts

Top 10

99.3%

−0.7 pts

HHI

1,629

Moderately concentrated−828

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Communication Services	32.2%	$712,420,000	1
Consumer Cyclical	24.9%	$550,994,460	3
Industrials	17.2%	$379,763,343	4
Technology	13.6%	$302,106,200	2
Real Estate	12.1%	$268,400,790	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
DKNG	DraftKings Inc.	+5,446,166	9,650,000	$208,633,000
CIGI	Colliers International Group Inc.	+1,209,867	2,511,000	$268,400,790
CVNA	Carvana Co.	+60,000	2,335,000	$146,815,460
CPAY	Corpay, Inc.	+50,000	880,000	$256,071,200
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
W	Wayfair Inc.	−323,845	2,600,000	$195,546,000
CMPR	CIMPRESS plc	−242,733	1,222,633	$89,252,209
APP	AppLovin Corp	−9,729	1,790,000	$712,420,000
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
SRAD	Sportradar Group AG	2,750,000	$46,035,000
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

11 positions · $2,213,684,793 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
APP	AppLovin Corp Communication Services	Reduced	1,790,000	-9,729	$712,420,000	−41.3%	32.18%
CIGI	Colliers International Group Inc. Real Estate	Added	2,511,000	+1,209,867	$268,400,790	+40.3%	12.12%
CPAY	Corpay, Inc. Technology	Added	880,000	+50,000	$256,071,200	+2.5%	11.57%
DKNG	DraftKings Inc. Consumer Cyclical	Added	9,650,000	+5,446,166	$208,633,000	+44.0%	9.42%
W	Wayfair Inc. Consumer Cyclical	Reduced	2,600,000	-323,845	$195,546,000	−33.4%	8.83%
GXO	GXO Logistics, Inc. Industrials	Held	3,250,000	0	$168,512,500	−1.5%	7.61%
CVNA	Carvana Co. Consumer Cyclical	Added	2,335,000	+60,000	$146,815,460	−23.5%	6.63%
CNM	Core & Main, Inc. Industrials	Held	2,150,000	0	$106,210,000	−4.9%	4.80%
CMPR	CIMPRESS plc Industrials	Reduced	1,222,633	-242,733	$89,252,209	−8.5%	4.03%
SRAD	Sportradar Group AG Technology	NEW	2,750,000	NEW	$46,035,000	NEW	2.08%
QXO	QXO, Inc. Industrials	Held	813,009	0	$15,788,634	+0.7%	0.71%