SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

CIK 0001543170 · Q1 2026

13F Equity AUM

$2.8B

-18.8% QoQ

Positions

+1 QoQ

AUM Rank

#1,460

Top 12%

Skill Alpha (FF)

+6.8%/yr^ns

No Clear Edge

Rank #458 · Top 6%

vs S&P +14.6%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 77.8%Top 10: 99.4%Top 20: 100.0%

CVNA26.2%

APP25.4%

CIGI9.6%

CPAY9.1%

DKNG7.5%

W7.0%

GXO6.0%

CNM3.8%

CMPR3.2%

SRAD1.6%

Others (1)0.6%

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

Sector Allocation

Consumer Cyclical40.6%

Technology36.2%

Industrials10.4%

Real Estate9.6%

Communication Services3.2%

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

Position Sizing

Positions: 11Median: 6.98%Avg: 9.09%

0–0.5%

0(0.0%)

0.5–1%

1(0.6%)

1–3%

1(1.6%)

3–5%

2(7.0%)

5%+

7(90.8%)

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

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Position Changes This Quarter

New1Increased4Decreased3Exited0

New Positions

SRAD1.6%

+2.8M

Increased

DKNG7.5%

+5.4M(+130%)

CIGI9.6%

+1.2M(+93%)

CVNA26.2%

+60K(+3%)

CPAY9.1%

+50K(+6%)

Decreased

W7.0%

-323,845(-11%)

CMPR3.2%

-242,733(-17%)

APP25.4%

-9,729(-1%)

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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