SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

CIK 0001543170 · Q2 2026

13F Equity AUM

$3.4B

+21.4% QoQ

Positions

0 QoQ

AUM Rank

#1,103

Top 13%

Skill Alpha (FF)

+6.4%/yr^ns

No Clear Edge

Rank #591 · Top 7%

vs S&P +10.8%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 74.1%Top 10: 99.6%Top 20: 100.0%

APP27.1%

CVNA22.6%

CPAY8.6%

W7.9%

GXO7.8%

CIGI7.6%

DKNG7.2%

SRAD4.0%

CMPR3.7%

CNM3.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology39.8%

Consumer Cyclical37.7%

Industrials11.3%

Real Estate7.6%

Communication Services3.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 11Median: 7.57%Avg: 9.09%

0–0.5%

1(0.4%)

0.5–1%

0(0.0%)

1–3%

0(0.0%)

3–5%

3(10.7%)

5%+

7(88.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 11vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New0Increased5Decreased0Exited0

Increased

CVNA22.6%

+9.3M(+400%)

SRAD4.0%

+6.4M(+233%)

GXO7.8%

+2.0M(+62%)

W7.9%

+310K(+12%)

CIGI7.6%

+234K(+9%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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