Spruce Point Capital Management, LLC

RIVERHEAD, NY · CIK 1731579 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2019 · limited liability company

As an employer

$53.9m reported value -27.9% vs Q1 2026

18positions

88.7%in top 10

2 new 3 added 9 reduced 3 sold out vs Q1 2026

Options: 1 call positions ($783.2k notional), 2 put positions ($3.1m notional) – listed below, not included above.

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	17,000	$12.7m23.54%	23.54%	Added +2.0k	+2,000 13.3%
2	ISHARES TR RUSSELL 2000 ETF IWM	IWM	25,400	$7.6m14.15%	14.15%	Reduced -2.6k	-2,600 -9.3%
3	VANECK ETF TRUST RARE EARTH AND S REMX	REMX	84,730	$7.5m13.91%	13.91%	Reduced -31.4k	-31,434 -27.1%
4	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	8,210	$6.0m11.21%	11.21%	Added +3.2k	+3,210 64.2%
5	ISHARES TR MSCI EURO FL ETF EUFN	EUFN	90,000	$3.5m6.51%	6.51%	Reduced -4.0k	-4,000 -4.3%
6	VANECK ETF TRUST JUNIOR GOLD MINE GDXJ	GDXJ	30,000	$2.9m5.47%	5.47%	Reduced -14.9k	-14,880 -33.2%
7	ISHARES INC MSCI AGRICULTURE VEGI	VEGI	50,000	$2.2m4.09%	4.09%	Unchanged
8	ARCHER DANIELS MIDLAND CO COM ADM	ADM	24,008	$1.8m3.40%	3.40%	Reduced -1.4k	-1,373 -5.4%
9	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	23,530	$1.8m3.29%	3.29%	Reduced -2.7k	-2,722 -10.4%
10	SELECT SECTOR SPDR TR INDL XLI	XLI	9,000	$1.7m3.09%	3.09%	Added +2.6k	+2,600 40.6%
11	TREDEGAR CORP COM TG	TG	143,924	$1.1m2.12%	2.12%	New
12	ISHARES INC MSCI AUST ETF EWA	EWA	40,000	$1.1m2.09%	2.09%	Unchanged
13	ISHARES TR EXPND TEC SC ETF IGM	IGM	6,000	$981.5k1.82%	1.82%	Unchanged
14	WESCO INTL INC COM WCC	WCC	2,701	$933.0k1.73%	1.73%	Reduced -700	-700 -20.6%
15	SKYWORKS SOLUTIONS INC COM SWKS	SWKS	11,510	$780.4k1.45%	1.45%	New
16	FIRST TR EXCHANGE TRADED FD RBA INDL ETF AIRR	AIRR	4,347	$579.2k1.07%	1.07%	Unchanged
17	SPROTT FDS TR URANIUM MINERS E URNM	URNM	6,000	$315.5k0.59%	0.59%	Reduced -31.0k	-31,000 -83.8%
18	VANECK ETF TRUST AGRIBUSINESS ETF MOO	MOO	3,211	$254.3k0.47%	0.47%	Reduced -154.8k	-154,809 -98.0%

Security	Ticker	Shares held before	Value then
SELECT SECTOR SPDR TR XLP	XLP	110,000	$9.0m110.0k shares
ISHARES TR IYT	IYT	6,200	$462.5k6.2k shares
GLOBAL X FDS URA	URA	8,000	$387.4k8.0k shares

Underlying	Ticker	Type	Shares controlled	Notional	Change
BUNGE GLOBAL SA BG · Put	BG	Put	20,200	$2.2m20.2k shares	Reduced
VANECK ETF TRUST GDXJ · Put	GDXJ	Put	10,000	$982.5k10.0k shares	New
SUPER GROUP SGHC LIMITED SGHC · Call	SGHC	Call	57,800	$783.2k57.8k shares	Unchanged