Managers / Q2 2019 · view latest →
Birch Grove Capital LP
CIK 0001652355 · 590 MADISON AVENUE, 38TH FLOOR, NEW YORK, NY, 10022 · 212-753-7510
Summary
Birch Grove Capital LP reported $131M in U.S.-listed holdings across 13 positions for Q2 2019.
Its largest position, Nuance Communications, represents 18.7% of the portfolio.
Compared with Q1 2019, the fund opened 4 new positions and exited 11.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- US DOMESTIC · 90.3% · $119M
- Other · 5.1% · $7M
- Common Stock · 4.5% · $6M
- ETP · 0.0% · $57,000
Quarter-over-Quarter Changes full breakdown →
vs Q1 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| AMAG PHARMACEUTICALS INC | NEW | +13.50M | 13.50M | +$11M | $11M |
| CIT GROUP INC | NEW | +150.2K | 150.2K | +$74,000 | $74,000 |
| SPYSPDR S&P 500 ETF TRUST | NEW | +100.0K | 100.0K | +$57,000 | $57,000 |
| DFRGDEL FRISCOS RESTAURANT GROUP | NEW | +573.0K | 573.0K | +$14,000 | $14,000 |
| AVID TECHNOLOGY INC | SOLD OUT | −15.70M | 0 | −$15M | $0 |
| RTI INTL METALS INC | SOLD OUT | −11.00M | 0 | −$11M | $0 |
| KNOWLES CORP | SOLD OUT | −5.96M | 0 | −$7M | $0 |
| J ALEXANDERS HLDGS INC | SOLD OUT | −205.7K | 0 | −$2M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | NUANCE COMMUNICATIONS INC | DEBT 1.500% 11/0 | 18.66% | $25M | 24.53M |
| 2 | JAZZ INVESTMENTS I LTD | NOTE 1.875% 8/1 | 14.86% | $20M | 19.10M |
| 3 | EVOLENT HEALTH INC | NOTE 2.000% 12/0 | 14.01% | $18M | 20.73M |
| 4 | CALAMP CORP | NOTE 1.625% 5/1 | 12.07% | $16M | 16.22M |
| 5 | ALLSCRIPTS HEALTHCARE SOLUTN | NOTE 1.250% 7/0 | 10.75% | $14M | 14.10M |
| 6 | GOLAR LNG LTD | NOTE 2.750% 2/1 | 8.66% | $11M | 12.24M |
| 7 | AMAG PHARMACEUTICALS INC | NOTE 3.250% 6/0 | 8.30% | $11M | 13.50M |
| 8 | INDEPENDENCE CONTRACT DRILLING | COM | 5.12% | $7M | 4.25M |
| 9 | EVERI HLDGS INC | COM | 4.43% | $6M | 488.0K |
| 10 | CARDTRONICS PLC | NOTE 1.000% 12/0 | 3.02% | $4M | 4.10M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2024 | $10M | 3 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $10M | 4 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $13M | 6 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $23M | 9 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $57M | 12 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $68M | 13 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023REVEALED | $110M | 20 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $202M | 33 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $256M | 41 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $252M | 41 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $245M | 38 | May 17, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $221M | 47 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $212M | 52 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $206M | 46 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $230M | 50 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $192M | 40 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $185M | 46 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $121M | 43 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $70M | 13 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $81M | 16 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $135M | 29 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $131M | 13 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $166M | 23 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $222M | 28 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.