SPRUCE HOUSE INVESTMENT MANAGEMENT LLC

Hedge Fund • Long/Short

SPRUCE HOUSE INVESTMENT MANAGEMENT LLC is a Long/Short Hedge Fund based in New York, NY led by Keith Robert Cozza, managing $3.9B across 10 long positions as of Q3 2025 with 42% Consumer Cyclical concentration, with only 10 positions, 38% allocation to APP, and 42% technology allocation.

PresidentKeith Robert Cozza

Portfolio Value: $3.9B
Positions: 10
Top Holding: APP at 38.18%
Last Reported: Q3 2025

Address435 Hudson Street, Suite 804, New York, NY, 10014, United States

Top Holdings

Largest long holdings in SPRUCE HOUSE INVESTMENT MANAGEMENT LLC's portfolio (100% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Applovin Corporation APP	Software - Application Technology	$1.5B	38.18%	—	0.61% 2.1M shares	Q2 2021 Held for 4y 5m
2 Carvana CVNA	Specialty Retail Consumer Cyclical	$1.4B	35.18%	—	2.61% 3.6M shares	Q1 2018 Held for 7y 8m
3 Wayfair W	Specialty Retail Consumer Cyclical	$261.2M	6.75%	-$6.8M Sold	2.25% 2.9M shares	Q1 2017 Held for 8y 8m
4 Colliers International Group Inc. CIGI	Real Estate - Services Real Estate	$203.4M	5.26%	—	2.56% 1.3M shares	Q4 2014 Held for 10y 11m
5 GXO Logistics GXO	Integrated Freight & Logistics Industrials	$171.9M	4.44%	-$18.5M Sold	2.84% 3.3M shares	Q1 2024 Held for 1y 8m
6 Cimpress plc CMPR	Advertising Agencies Communication Services	$129.8M	3.35%	—	8.41% 2.1M shares	Q4 2014 Held for 10y 11m
7 Corpay CPAY	Software - Infrastructure Technology	$122.4M	3.16%	+$122.4M New	0.60% 425.0K shares	Q3 2025 Held for 2 months
8 Core & Main CNM	Industrial - Distribution Industrials	$115.7M	2.99%	-$16.1M Sold	1.13% 2.2M shares	Q1 2024 Held for 1y 8m
9 QXO, Inc. QXO	Software - Application Technology	$15.5M	0.40%	—	0.12% 813.0K shares	Q1 2025 Held for 8 months
10 DraftKings Inc. DKNG	Gambling, Resorts & Casinos Consumer Cyclical	$11.2M	0.29%	—	0.06% 300.0K shares	Q4 2024 Held for 11 months