Spruce House Investment Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Spruce House Investment Management LLC reported 9 stock positions worth $1.9 billion. Its top holding was Carvana (CVNA) at 39.2% of the portfolio, followed by AppLovin Class A (APP, 28.3%) and Gxo Logistics (GXO, 8.6%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 2 and reduced 2. The biggest buy was Gxo Logistics (GXO, shares +103%) and the biggest sale AppLovin Class A (APP, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001543170
- Portfolio Value
- $1.9B (Q1 2025)
- SEC Filing
- 0001543170-25-000003 ↗ filed May 15, 2025
Holdings Value
Holdings 9 stocks · $1.9B
| CVNA Carvana Co. | 39.19% | 3,609,288 | $754.6M | Reduce -26.7% |
| APP AppLovin Corp. Class A | 28.30% | 2,057,024 | $545.0M | Reduce -33.8% |
| GXO Gxo Logistics Inc. | 8.63% | 4,253,997 | $166.2M | Add +102.6% |
| CIGI Colliers Intl GR-Subord Vot | 8.18% | 1,301,133 | $157.5M | No change |
| CNM Core & Main Inc. Class A | 6.15% | 2,450,000 | $118.4M | Add +63.3% |
| CMPR Cimpress PLC | 4.84% | 2,058,904 | $93.1M | No change |
| W Wayfair Inc. Class A | 3.63% | 2,180,385 | $69.8M | No change |
| QXO Qxo Inc. | 0.57% | 813,009 | $11.0M | New |
| DKNG Draftkings Inc. Class A | 0.52% | 300,000 | $10.0M | No change |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $3.4B | APP, CVNA, CPAY, W, GXO |
| Q1 2026 | 11 | $2.8B | CVNA, APP, CIGI, CPAY, DKNG |
| Q4 2025 | 10 | $3.4B | APP, CVNA, W, CPAY, CIGI |
| Q3 2025 | 10 | $3.9B | APP, CVNA, W, CIGI, GXO |
| Q2 2025 | 9 | $2.7B | CVNA, APP, GXO, CIGI, W |
| Q1 2025 | 9 | $1.9B | CVNA, APP, GXO, CIGI, CNM |
| Q4 2024 | 11 | $2.7B | APP, CVNA, CIGI, CMPR, W |
| Q3 2024 | 10 | $2.0B | CVNA, APP, CIGI, CMPR, W |
| Q2 2024 | 10 | $1.5B | CVNA, APP, CMPR, CIGI, W |
| Q1 2024 | 11 | $1.4B | CVNA, APP, CMPR, W, CIGI |