Spruce House Investment Management LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Spruce House Investment Management LLC disclosed 10 US equity positions worth $3.4bn in its Q4 2025 13F filing. The largest position was APP at 35.2% of the reported book, followed by CVNA and W. Against the Q3 2025 filing, it opened 0 new positions, added to 2 and reduced 3 among the top 10 holdings.
What did Spruce House Investment Management LLC own in Q4 2025? Top 10 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | APP APPLOVIN CORP | Communication Services | 35.2% | $1.2bn | 1,799,729 | -13% | reduced |
| 2 | CVNA CARVANA CO | Consumer Cyclical | 27.8% | $960.1m | 2,275,000 | -37% | reduced |
| 3 | W WAYFAIR INC | Consumer Cyclical | 8.5% | $293.6m | 2,923,845 | 0% | held |
| 4 | CPAY CORPAY INC | 7.2% | $249.8m | 830,000 | 95% | added | |
| 5 | CIGI COLLIERS INTL GROUP INC | Real Estate | 5.5% | $191.3m | 1,301,133 | 0% | held |
| 6 | GXO GXO LOGISTICS INCORPORATED | Industrials | 5.0% | $171.1m | 3,250,000 | 0% | held |
| 7 | DKNG DRAFTKINGS INC NEW | Consumer Cyclical | 4.2% | $144.9m | 4,203,834 | 1301% | added |
| 8 | CNM CORE & MAIN INC | Industrials | 3.2% | $111.7m | 2,150,000 | 0% | held |
| 9 | CMPR CIMPRESS PLC | Industrials | 2.8% | $97.6m | 1,465,366 | -29% | reduced |
| 10 | QXO QXO INC | Industrials | 0.5% | $15.7m | 813,009 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.