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Spruce House Investment Management LLC
Spruce House Investment Management LLC is a New York-based investment adviser founded in 2005. The firm manages long-term equity portfolios for institutional clients and high-net-worth individuals, focusing on public equities with a concentrated, fundamentals-driven approach. As of 2025, the firm has approximately 10 employees and serves primarily sophisticated investors.
Investment Strategy
Spruce House employs a value-oriented, long-term investment approach with a highly concentrated portfolio, investing primarily in public equities. The firm seeks businesses with strong management teams, durable competitive advantages, and significant growth potential. Investment decisions are driven by deep fundamental research and a focus on absolute returns over multi-year horizons.
Latest 13F Filing Activity
Spruce House Investment Management LLC filed their most recent 13F report on Jun 30, 2025 disclosing 9 equity positions with a total 13F market value of $3B. The fund increased holdings in Carvana Co., Applovin Corp., Wayfair Inc. among other positions. Spruce House Investment Management LLC reduced exposure to Draftkings Inc. New, Cimpress PLC, Qxo Inc. among others.
Top Holdings
Equity Positions (9)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CVNA | CARVANA CO | 44.87% | $1.22B | 3,609,288 | $34.94 | $336.96 | +$461.6M |
A APP | APPLOVIN CORP | 26.57% | $720.1M | 2,057,024 | $56.36 | $350.08 | +$175.1M |
G GXO | GXO LOGISTICS INCORPORATED | 6.47% | $175.3M | 3,600,000 | $42.66 | $48.70 | +$9.1M |
C CIGI | COLLIERS INTL GROUP INC | 6.29% | $170.4M | 1,301,133 | $57.18 | $130.54 | +$12.9M |
W W | WAYFAIR INC | 5.66% | $153.4M | 3,000,000 | $64.59 | $51.14 | +$83.6M |
Industry Allocation
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