SEC 13F Intelligence

Managers / Q3 2022 · view latest →

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

CIK 0001543170 · 435 HUDSON STREET, 8TH FLOOR, NEW YORK, NY, 10014 · 646-442-6727

Reported Value
$555M
Q3 2022
Positions
7
Filings on Record
31
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Spruce House Investment Management LLC reported $555M in U.S.-listed holdings across 7 positions for Q3 2022.

The portfolio is heavily concentrated: CVNA alone accounts for 24.0% of reported value.

Compared with Q2 2022, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+2.7%
vs prior filed quarter
Largest Position
+24.0%
Carvana

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.2BQ4 ’18Q1 ’19: $2.7BQ2 ’19: $2.7BQ3 ’19: $2.8BQ4 ’19: $3.1BQ4 ’19Q1 ’20: $1.6BQ2 ’20: $7.5BQ3 ’20: $18.5BQ4 ’20: $3.3BQ4 ’20Q1 ’21: $3.5BQ2 ’21: $4.2BQ3 ’21: $3.9BQ4 ’21: $3.2BQ4 ’21Q1 ’22: $1.7BQ2 ’22: $693MQ3 ’22: $555MQ4 ’22: $377MQ4 ’22Q1 ’23: $511MQ2 ’23: $875MQ3 ’23: $1.1BQ4 ’23: $1.3BQ4 ’23Q1 ’24: $1.4BQ2 ’24: $1.5BQ3 ’24: $2.0BQ4 ’24: $2.7BQ4 ’24Q1 ’25: $1.9BQ2 ’25: $2.7BQ3 ’25: $3.9BQ4 ’25: $3.4BQ4 ’25Q1 ’26: $2.8Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 74.2%Other: 25.8%
  • Common Stock · 74.2% · $411M
  • Other · 25.8% · $143M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CAZOO GROUP LTDSOLD OUT−3.22M0−$2M$0
CVNACARVANA COADDED+400.0K6.55M−$6M$133M
APPAPPLOVIN CORPHELD+03.74M−$56M$73M
WWAYFAIR INCHELD+03.50M−$39M$114M
CIMPRESS PLCHELD+02.36M−$34M$58M
CIGIEURCOLLIERS INTL GROUP INCHELD+01.00M−$18M$92M
GLOBAL E ONLINE LTDHELD+02.05M+$13M$55M
SPORTRADAR GROUP AGHELD+03.50M+$3M$31M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2022

7 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CVNACARVANA COhistory →CL A23.97%$133M6.55M
2WWAYFAIR INChistory →CL A20.54%$114M3.50M
3CIGIEURCOLLIERS INTL GROUP INChistory →SUB VTG SHS16.50%$92M1.00M
4APPAPPLOVIN CORPhistory →COM CL A13.14%$73M3.74M
5CIMPRESS PLCSHS EURO10.41%$58M2.36M
6GLOBAL E ONLINE LTDSHS9.88%$55M2.05M
7SPORTRADAR GROUP AGCLASS A ORD SHS5.55%$31M3.50M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$2.8B11May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$3.4B10Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$3.9B10Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$2.7B9Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.9B9May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$2.7B11Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$2.0B10Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.5B10Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.4B11May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.3B6Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.1B6Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$875M6Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$511M5May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$377M5Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$555M7Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$693M8Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.7B9May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$3.2B12Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$3.9B14Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$4.2B12Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$3.5B8May 18, 202113F-HRchanges · EDGAR ↗
Q4 2020$3.3B6Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$18.5B7Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$7.5B9Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.6B6May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$3.1B7Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.8B7Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.7B8Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.7B8May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.2B7Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • Spruce House Partnership LLC028-20285

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.