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Spruce House Investment Management LLC Ben Tsai

New York, NY 20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

  • $3.4B
  • 11 holdings
  • 2026 Q2
  • +21.3% QoQ
  • Top 5 74.0%

Portfolio

2026 Q2, filed 8/14/2026, 11 holdings

Top 5 74.0%, top 10 99.6%

  1. APP, AppLovin 27.1%
  2. CVNA, Carvana 22.6%
  3. CPAY, Corpay 8.6%
  4. W, Wayfair 7.9%
  5. GXO, Gxo Logistics 7.8%
  6. CIGI, Colliers International Group 7.6%
  7. DKNG, Draftkings 7.2%
  8. SRAD, Sportradar Group 4.0%
  9. CMPR, Cimpress 3.7%
  10. CNM, Core & Main 3.1%
  11. QXO, QXO Inc 0.4%

AUM over time

2026 Q2 $3.4B +21.3% QoQ
2021 Q3: $3.9B 2021 Q3: $3.9B
Q3 2021
2021 Q4: $3.2B, −17.4% QoQ 2021 Q4: $3.2B, −17.4% QoQ
Q4
2022 Q1: $1.7B, −45.8% QoQ 2022 Q1: $1.7B, −45.8% QoQ
Q1 2022
2022 Q2: $693M, −59.9% QoQ 2022 Q2: $693M, −59.9% QoQ
Q2
2022 Q3: $555M, −19.9% QoQ 2022 Q3: $555M, −19.9% QoQ
Q3
2022 Q4: $377M, −32.1% QoQ 2022 Q4: $377M, −32.1% QoQ
Q4
2023 Q1: $511M, +35.5% QoQ 2023 Q1: $511M, +35.5% QoQ
Q1 2023
2023 Q2: $875M, +71.2% QoQ 2023 Q2: $875M, +71.2% QoQ
Q2
2023 Q3: $1.1B, +28.6% QoQ 2023 Q3: $1.1B, +28.6% QoQ
Q3
2023 Q4: $1.3B, +13.1% QoQ 2023 Q4: $1.3B, +13.1% QoQ
Q4
2024 Q1: $1.4B, +9.4% QoQ 2024 Q1: $1.4B, +9.4% QoQ
Q1 2024
2024 Q2: $1.5B, +9.2% QoQ 2024 Q2: $1.5B, +9.2% QoQ
Q2
2024 Q3: $2B, +34.3% QoQ 2024 Q3: $2B, +34.3% QoQ
Q3
2024 Q4: $2.7B, +33.3% QoQ 2024 Q4: $2.7B, +33.3% QoQ
Q4
2025 Q1: $1.9B, −29.2% QoQ 2025 Q1: $1.9B, −29.2% QoQ
Q1 2025
2025 Q2: $2.7B, +40.7% QoQ 2025 Q2: $2.7B, +40.7% QoQ
Q2
2025 Q3: $3.9B, +42.8% QoQ 2025 Q3: $3.9B, +42.8% QoQ
Q3
2025 Q4: $3.4B, −10.9% QoQ 2025 Q4: $3.4B, −10.9% QoQ
Q4
2026 Q1: $2.8B, −18.8% QoQ 2026 Q1: $2.8B, −18.8% QoQ
Q1 2026
2026 Q2: $3.4B, +21.3% QoQ 2026 Q2: $3.4B, +21.3% QoQ
Q2

Book

2025 Q1 2024 Q4, filed 15 May, long equity only

Download CSV Download Excel All activity
CVNA, Carvana 39.19% Reduce −26.7% 3,609,288 $209.08 $755M −1,311,712 −$246M
APP, AppLovin 28.30%, was 36.98% Reduce −33.8% 2,057,024 $264.97 $545M −1,050,000 −$461M
GXO, Gxo Logistics 8.63%, was 3.36% Add +102.6% 4,253,997 $39.08 $166M +2,153,997 +$75M
CIGI, Colliers International Group 8.18% Hold 1,301,133 $121.03 $157M — —
CNM, Core & Main 6.15%, was 2.81% Add +63.3% 2,450,000 $48.31 $118M +950,000 +$42M
CMPR, Cimpress 4.84% Hold 2,058,904 $45.23 $93M — —
W, Wayfair 3.63% Hold 2,180,385 $32.03 $70M — —
QXO, QXO Inc 0.57% New 813,009 $13.54 $11M +813,009 +$11M
DKNG, Draftkings 0.52% Hold 300,000 $33.21 $10M — —

Exits / last held

Gone since 2024 Q4, shown at their last reported size.

Stock % of portfolio Recent activity Shares Reported price* Value Share change $ change
Beacon Roofing Supply 1.87% Exit 0 $101.58 $51M −500,000 −$51M
DASH, DoorDash 1.85% Exit 0 $167.75 $50M −300,000 −$50M
GPI, Group 1 Automotive 0.46% Exit 0 $421.49 $12M −29,500 −$12M

Weight bar: held both quarters added sold at this quarter’s reported price

* Reported price is value ÷ shares from the 13F as of period end, not a live market quote. Weight % is each long-equity position ÷ full 13F AUM, so rows may not sum to 100% when the filing includes options or other non-equity (excluded from this table). Share change and $ change are vs 2024 Q4. Click a column header to sort, or New, Hold, Add or Reduce to bring those moves to the top. Exit opens the last-held block below.

Filings history

20 periods, with AUM normalized

Newest 13Fs
Period Holds AUM QoQ Form Filed Filing ID
2026 Q2 11 $3.4B +21.3% 13F-HR 8/14/2026 000154317026000013
2026 Q1 11 $2.8B −18.8% 13F-HR 5/15/2026 000154317026000006
2025 Q4 10 $3.4B −10.9% 13F-HR 2/17/2026 000154317026000004
2025 Q3 10 $3.9B +42.8% 13F-HR 11/14/2025 000154317025000013
2025 Q2 9 $2.7B +40.7% 13F-HR 8/14/2025 000154317025000008
2025 Q1 9 $1.9B −29.2% 13F-HR 5/15/2025 000154317025000003
2024 Q4 11 $2.7B +33.3% 13F-HR 2/14/2025 000149315225006880
2024 Q3 10 $2B +34.3% 13F-HR 11/14/2024 000149315224045896
2024 Q2 10 $1.5B +9.2% 13F-HR 8/14/2024 000149315224032290
2024 Q1 11 $1.4B +9.4% 13F-HR 5/15/2024 000149315224019891
2023 Q4 6 $1.3B +13.1% 13F-HR 2/14/2024 000149315224006670
2023 Q3 6 $1.1B +28.6% 13F-HR 11/14/2023 000149315223041209
2023 Q2 6 $875M +71.2% 13F-HR 8/14/2023 000149315223028528
2023 Q1 5 $511M +35.5% 13F-HR 5/15/2023 000149315223017384
2022 Q4 5 $377M −32.1% 13F-HR 2/14/2023 000149315223004940
2022 Q3 7 $555M −19.9% 13F-HR 11/14/2022 000149315222032149
2022 Q2 8 $693M −59.9% 13F-HR 8/12/2022 000149315222022382
2022 Q1 9 $1.7B −45.8% 13F-HR 5/16/2022 000149315222013842
2021 Q4 12 $3.2B −17.4% 13F-HR 2/14/2022 000149315222004474
2021 Q3 14 $3.9B — 13F-HR 11/15/2021 000149315221028709

About

Spruce House Investment Management LLC

20 processed 13Fs on this site, 2021 Q3 to 2026 Q2

Notable person
Ben Tsai
SEC filing name
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC
Location
New York, NY
All SEC filings
View on sec.gov