Spruce House Investment Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Spruce House Investment Management LLC reported 10 stock positions worth $3.4 billion. Its top holding was AppLovin Class A (APP) at 35.2% of the portfolio, followed by Carvana (CVNA, 27.8%) and Wayfair Class A (W, 8.5%). Compared with Q3 2025, it added to 2 and reduced 3. The biggest buy was Corpay (CPAY, shares +95%) and the biggest sale Carvana (CVNA, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001543170
- Portfolio Value
- $3.4B (Q4 2025)
- SEC Filing
- 0001543170-26-000004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 10 stocks · $3.4B
| APP AppLovin Corp. Class A | 35.17% | 1,799,729 | $1.2B | Reduce -12.5% |
| CVNA Carvana Co. | 27.84% | 2,275,000 | $960.1M | Reduce -37.0% |
| W Wayfair Inc. Class A | 8.51% | 2,923,845 | $293.6M | No change |
| CPAY Corpay Inc. | 7.24% | 830,000 | $249.8M | Add +95.3% |
| CIGI Colliers Intl GR-Subord Vot | 5.55% | 1,301,133 | $191.3M | No change |
| GXO Gxo Logistics Inc. | 4.96% | 3,250,000 | $171.1M | No change |
| DKNG Draftkings Inc. Class A | 4.20% | 4,203,834 | $144.9M | Add +1301.3% |
| CNM Core & Main Inc. Class A | 3.24% | 2,150,000 | $111.7M | No change |
| CMPR Cimpress PLC | 2.83% | 1,465,366 | $97.6M | Reduce -28.8% |
| QXO Qxo Inc. | 0.45% | 813,009 | $15.7M | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 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 |