Spruce House Investment Management’s Carvana CVNA Stock Holding History

Spruce House Investment Management’s Portfolio CVNA Stock Details CVNA Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$734M	Buy	11,675,000 +300,000	+3%	+$22.3M	26.21%	1
2025 Q4	$960M	Sell	11,375,000 -6,671,440	-37%	-$496M	27.84%	2
2025 Q3	$1.36B	Hold	18,046,440	–	–	35.18%	2
2025 Q2	$1.22B	Hold	18,046,440	–	–	44.87%	1
2025 Q1	$755M	Sell	18,046,440 -6,558,560	-27%	-$290M	39.19%	1
2024 Q4	$1B	Sell	24,605,000 -395,000	-2%	-$17.7M	36.79%	2
2024 Q3	$871M	Hold	25,000,000	–	–	42.68%	1
2024 Q2	$644M	Hold	25,000,000	–	–	42.38%	1
2024 Q1	$440M	Sell	25,000,000 -22,450,000	-47%	-$274M	31.61%	1
2023 Q4	$502M	Sell	47,450,000 -2,550,000	-5%	-$19.1M	39.5%	1
2023 Q3	$420M	Hold	50,000,000	–	–	37.32%	1
2023 Q2	$259M	Hold	50,000,000	–	–	29.62%	1
2023 Q1	$97.9M	Hold	50,000,000	–	–	19.16%	4
2022 Q4	$47.4M	Buy	50,000,000 +17,250,000	+53%	+$36.4M	12.57%	5
2022 Q3	$133M	Buy	32,750,000 +2,000,000	+7%	+$13M	23.97%	1
2022 Q2	$139M	Buy	30,750,000 +5,750,000	+23%	+$60.5M	20.05%	2
2022 Q1	$596M	Buy	25,000,000 +6,250,000	+33%	+$182M	34.49%	1
2021 Q4	$869M	Hold	18,750,000	–	–	27.26%	2
2021 Q3	$1.13B	Sell	18,750,000 -1,067,315	-5%	-$71M	29.29%	2
2021 Q2	$1.2B	Hold	19,817,315	–	–	28.48%	2
2021 Q1	$1.04B	Hold	19,817,315	–	–	29.83%	2
2020 Q4	$949M	Sell	19,817,315 -1,793,795	-8%	-$82M	29.05%	2
2020 Q3	$964M	Hold	21,611,110	–	–	5.22%	3
2020 Q2	$520M	Hold	21,611,110	–	–	6.97%	3
2020 Q1	$238M	Sell	21,611,110 -6,388,890	-23%	-$98.9M	15.04%	4
2019 Q4	$515M	Hold	28,000,000	–	–	16.83%	3
2019 Q3	$370M	Hold	28,000,000	–	–	13.37%	4
2019 Q2	$351M	Hold	28,000,000	–	–	13.17%	4
2019 Q1	$325M	Buy	28,000,000 +500,000	+2%	+$4.21M	11.95%	5
2018 Q4	$180M	Buy	27,500,000 +3,150,000	+13%	+$26.5M	8.28%	6
2018 Q3	$288M	Hold	24,350,000	–	–	9.47%	6
2018 Q2	$203M	Buy	24,350,000 +22,935,615	+1,622%	+$138M	7.41%	6
2018 Q1	$6.49M	Buy	+1,414,385	New	+$5.65M	0.28%	8

Other funds holding CVNA

T. Rowe Price Associates Baltimore, Maryland $865B AUM 30.76% 1-Year Est. Return

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Capital Research Global Investors Los Angeles, California $645B AUM 30.41% 1-Year Est. Return

VCM

Vanguard Capital Management Malvern, Pennsylvania $4.04T AUM

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

VPM

Vanguard Portfolio Management Malvern, Pennsylvania $1.91T AUM

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

CIP

CAS Investment Partners Westport, Connecticut $1.75B AUM 41.95% 1-Year Est. Return

GCP

Greenoaks Capital Partners Orinda, California $2.3B AUM 19.87% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Spruce House Investment Management's CVNA Position: Q1 2026 in Review

Spruce House Investment Management increased its Carvana (CVNA) stake by 2.6% in Q1 2026, buying an estimated $22.3M and bringing the position to 11,675,000 shares worth $734M. The position accounts for 26.21% of the portfolio, ranked #1.

Spruce House Investment Management first reported a position in CVNA in Q1 2018 and has held it in 33 quarters since. The position peaked at $1.36B in Q3 2025. 776 funds tracked by Wall St. Rank hold CVNA as of Q1 2026.

Spruce House Investment Management held 11,675,000 shares of Carvana worth $734M as of Q1 2026.
Spruce House Investment Management bought 300,000 Carvana shares in Q1 2026, an estimated $22.3M.
Carvana made up 26.21% of Spruce House Investment Management's portfolio in Q1 2026, its #1 holding.
Spruce House Investment Management first reported a position in Carvana in Q1 2018 and has held it in 33 quarters since.
Spruce House Investment Management's Carvana position peaked at $1.36B in Q3 2025.
776 funds tracked by Wall St. Rank held Carvana as of Q1 2026.

Based on Spruce House Investment Management's 13F filing for Q1 2026, filed 15 May 2026.