Spruce House Investment Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Spruce House Investment Management LLC reported 10 stock positions worth $3.9 billion. Its top holding was AppLovin Class A (APP) at 38.2% of the portfolio, followed by Carvana (CVNA, 35.2%) and Wayfair Class A (W, 6.7%). Compared with Q2 2025, it opened 1 new position and reduced 3. The biggest buy was a new position in Corpay (CPAY) and the biggest sale Core & Main Class A (CNM, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001543170
- Portfolio Value
- $3.9B (Q3 2025)
- SEC Filing
- 0001543170-25-000013 ↗ filed Nov 14, 2025
Holdings Value
Holdings 10 stocks · $3.9B
| APP AppLovin Corp. Class A | 38.18% | 2,057,024 | $1.5B | No change |
| CVNA Carvana Co. | 35.18% | 3,609,288 | $1.4B | No change |
| W Wayfair Inc. Class A | 6.75% | 2,923,845 | $261.2M | Reduce -2.5% |
| CIGI Colliers Intl GR-Subord Vot | 5.26% | 1,301,133 | $203.4M | No change |
| GXO Gxo Logistics Inc. | 4.44% | 3,250,000 | $171.9M | Reduce -9.7% |
| CMPR Cimpress PLC | 3.35% | 2,058,904 | $129.8M | No change |
| CPAY Corpay Inc. | 3.16% | 425,000 | $122.4M | New |
| CNM Core & Main Inc. Class A | 2.99% | 2,150,000 | $115.7M | Reduce -12.2% |
| QXO Qxo Inc. | 0.40% | 813,009 | $15.5M | No change |
| DKNG Draftkings Inc. Class A | 0.29% | 300,000 | $11.2M | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| CPAY Corpay Inc. | New | 3.16% | +3.16 |
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 |