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SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

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NEW YORK NY Investment Advisor Hedge Fund
13F Summary

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85

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Spruce House Investment Management is based out of New York. Spruce House Investment Management is a hedge fund with 3 clients and discretionary assets under management (AUM) of $3,552,879,746 (Form ADV from 2025-03-31). Their last reported 13F filing for Q1 2025 included $1,925,699,928 in managed 13F securities and a top 10 holdings concentration of 100.0%. Spruce House Investment Management's largest holding is Carvana Co with shares held of 3,609,288. Whalewisdom has at least 43 13F filings, 21 13D filings, 51 13G filings, and 10 Form 4 filings
Business Description
The Adviser is an investment advisory firm that began operations in September 2006. Zachary Sternberg and Benjamin Stein are the managing members and co-owners. The Adviser provides discretionary investment advisory services to private pooled investment vehicles (Partnerships), with broad and flexible investment authority based on each Partnership's specific investment objective and strategy as specified in its Governing Documents. The Adviser does not tailor its advisory services to the individual needs of investors in the Partnership. As of December 31, 2024, the Adviser had approximately $3,552,879,746 in client regulatory assets under management, all managed on a discretionary basis. The Adviser's clients are private pooled investment vehicles suitable for accredited, institutional, and other sophisticated investors, with minimums disclosed in the applicable Partnership's Governing Documents. The General Partner and/or the Adviser may enter into agreements with certain investors that offer more advantageous terms than those in the Partnership's offering memorandum.
Investment Strategy
The Partnership aims for long-term capital appreciation by investing in various securities, primarily through the purchase and long-term ownership of common stock. The Adviser is not restricted in the amount of capital allocated to any asset class, industry, or investment. The Adviser tends to concentrate the Partnership's assets in its most attractive ideas, favoring a portfolio of concentrated positions. The Partnership is not subject to significant limitations on the amount of capital committed to any single investment. The Adviser aims to invest in situations offering the greatest risk-adjusted returns and may hold a few, relatively large securities positions. A loss in any such position could significantly impact the Partnership's capital.
Owners
  • COZZA, KEITH, ROBERT - CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER AND PRESIDENT
  • STERNBERG, ZACHARY, SAMUEL - MANAGING MEMBER
  • STEIN, BENJAMIN, FORESTER - MANAGING MEMBER
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2025-03-31

Top Buys (13F)

Name % Change
GXO GXO Logistics Inc 5.28%
CNM Core & Main Inc 3.34%
QXO QXO Inc 0.57%

2025-03-31

Top Sells (13F)

Name % Change
APP Applovin Corp 8.68%
BECN Beacon Roofing Suppl 1.87%
DASH DoorDash, Inc 1.85%
GPI Group 1 Automotive, 0.46%

2025-03-31

13F Holdings Summary

Name $ Change
CVNA Carvana Co 39.19%
APP Applovin Corp 28.3%
GXO GXO Logistics Inc 8.63%
CIGI Colliers Internation 8.18%
CNM Core & Main Inc 6.15%

2025-03-31

13F Activity

Market Value $1.93b, Prior: $2.72b
Inflows (Outflows) as % of Total MV (-25.5371)%
New Purchases 1 stocks
Added To 2 stocks
Sold out of 3 stocks
Reduced holdings in 2 stocks
Top 10 Holdings % 100%
Turnover %[1] 33.33%
Turnover Alt %[2] 7.33%
Time Held Top 20 18.4444 quarters
Time Held Top 10 18.2222 quarters
Time Held All 18.44 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31

13F Sector Allocation Over Time

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2025-03-31

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31

Portfolio Performance