SEC 13F Intelligence

Managers / Q3 2019 · view latest →

Birch Grove Capital LP

CIK 0001652355 · 590 MADISON AVENUE, 38TH FLOOR, NEW YORK, NY, 10022 · 212-753-7510

Reported Value
$135M
Q3 2019
Positions
29
Filings on Record
26
2019–present window
Filed
Nov 14, 2019
original filing

Summary

Birch Grove Capital LP reported $135M in U.S.-listed holdings across 29 positions for Q3 2019.

Its largest position, Nuance Communications, represents 18.3% of the portfolio.

Compared with Q2 2019, the fund opened 14 new positions and exited 2.

Portfolio Metrics

Turnover
+8.7%
vs prior filed quarter
Top-10 Concentration
+93.3%
share of reported value
Largest Position
+18.3%
Nuance Communications
New / Exited
14 / 2
positions this quarter

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

13F Reported Value
Q4 ’18: $222MQ4 ’18Q1 ’19: $166MQ2 ’19: $131MQ3 ’19: $135MQ3 ’19Q4 ’19: $81MQ1 ’20: $70MQ2 ’20: $121MQ2 ’20Q3 ’20: $185MQ4 ’20: $192MQ1 ’21: $230MQ1 ’21Q2 ’21: $206MQ3 ’21: $212MQ4 ’21: $221MQ4 ’21Q1 ’22: $245MQ2 ’22: $252MQ3 ’22: $256MQ3 ’22Q4 ’22: $202MQ1 ’23: $110MQ2 ’23: $68MQ2 ’23Q3 ’23: $57MQ4 ’23: $23MQ1 ’24: $13MQ1 ’24Q2 ’24: $10MQ3 ’24: $10Mfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 93.2%Other: 3.8%Common Stock: 2.2%Unit: 0.8%ETP: 0.0%
  • US DOMESTIC · 93.2% · $125M
  • Other · 3.8% · $5M
  • Common Stock · 2.2% · $3M
  • Unit · 0.8% · $1M
  • ETP · 0.0% · $26,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BIOMARIN PHARMACEUTICAL INCNEW+5.95M5.95M+$6M$6M
ZILLOW GROUP INCNEW+3.00M3.00M+$3M$3M
CARBONITE INCNEW+2.00M2.00M+$2M$2M
CHURCHILL CAP CORP IINEW+100.0K100.0K+$1M$1M
HESHESS CORPNEW+76.0K76.0K+$427,000$427,000
KRKROGER CONEW+240.0K240.0K+$178,000$178,000
HABIT RESTAURANTS INCNEW+20.0K20.0K+$175,000$175,000
CAGCONAGRA BRANDS INCNEW+180.0K180.0K+$167,000$167,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2019

16 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NUANCE COMMUNICATIONS INCDEBT 1.500% 11/018.27%$25M24.53M
2JAZZ INVESTMENTS I LTDNOTE 1.875% 8/115.35%$21M20.60M
3EVOLENT HEALTH INCNOTE 2.000% 12/013.39%$18M20.73M
4CALAMP CORPNOTE 1.625% 5/111.52%$16M15.68M
5AMAG PHARMACEUTICALS INCNOTE 3.250% 6/08.35%$11M13.50M
6GOLAR LNG LTDNOTE 2.750% 2/17.96%$11M12.24M
7ALLSCRIPTS HEALTHCARE SOLUTNNOTE 1.250% 7/07.15%$10M9.69M
8BIOMARIN PHARMACEUTICAL INCNOTE 1.500% 10/14.57%$6M5.95M
9INDEPENDENCE CONTRACT DRILLINGCOM3.79%$5M4.25M
10CARDTRONICS PLCNOTE 1.000% 12/03.00%$4M4.10M
11ZILLOW GROUP INCNOTE 2.000% 12/02.22%$3M3.00M
12CARBONITE INCNOTE 2.500% 4/01.41%$2M2.00M
13EVERI HLDGS INCCOM1.34%$2M213.0K
14CHURCHILL CAP CORP IIUNIT 99/99/99990.78%$1M100.0K
15HESHESS CORPCOM0.27%$363,0006.0K
16HABIT RESTAURANTS INCCOM CL A0.13%$175,00020.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2024$10M3Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$10M4Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$13M6May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$23M9Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$57M12Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$68M13Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023REVEALED$110M20May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$202M33Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$256M41Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$252M41Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$245M38May 17, 202213F-HRchanges · EDGAR ↗
Q4 2021$221M47Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$212M52Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$206M46Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$230M50May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$192M40Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$185M46Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$121M43Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$70M13May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$81M16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$135M29Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$131M13Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$166M23May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$222M28Feb 14, 201913F-HRchanges · 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 ↗.