Managers / Q4 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 $81M in U.S.-listed holdings across 16 positions for Q4 2019.
The portfolio is heavily concentrated: Evolent Health alone accounts for 22.9% of reported value.
Compared with Q3 2019, the fund opened 3 new positions and exited 14.
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 · 92.0% · $74M
- Other · 5.3% · $4M
- Common Stock · 1.5% · $1M
- Unit · 1.3% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VERINT SYS INC | NEW | +9.19M | 9.19M | +$10M | $10M |
| CHURCHILL CAP CORP II | NEW | +75.0K | 75.0K | +$774,000 | $774,000 |
| JAZZJAZZ PHARMACEUTICALS PLCS | NEW | +14.7K | 14.7K | +$11,000 | $11,000 |
| CALAMP CORP | SOLD OUT | −15.68M | 0 | −$16M | $0 |
| ALLSCRIPTS HEALTHCARE SOLUTN | SOLD OUT | −9.69M | 0 | −$10M | $0 |
| BIOMARIN PHARMACEUTICAL INC | SOLD OUT | −5.95M | 0 | −$6M | $0 |
| CARDTRONICS PLC | SOLD OUT | −4.10M | 0 | −$4M | $0 |
| ZILLOW GROUP INC | SOLD OUT | −3.00M | 0 | −$3M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | EVOLENT HEALTH INC | NOTE 2.000% 12/0 | 22.87% | $18M | 20.73M |
| 2 | JAZZ INVESTMENTS I LTD | NOTE 1.875% 8/1 | 20.91% | $17M | 16.40M |
| 3 | AMAG PHARMACEUTICALS INC | NOTE 3.250% 6/0 | 13.83% | $11M | 13.50M |
| 4 | VERINT SYS INC | NOTE 1.500% 6/0 | 12.24% | $10M | 9.19M |
| 5 | GOLAR LNG LTD | NOTE 2.750% 2/1 | 11.31% | $9M | 10.24M |
| 6 | NUANCE COMMUNICATIONS INC | DEBT 1.500% 11/0 | 10.80% | $9M | 8.23M |
| 7 | INDEPENDENCE CONTRACT DRILLING | COM | 5.26% | $4M | 4.25M |
| 8 | CHURCHILL CAP CORP II | UNIT 99/99/9999 · CL A | 2.30% | $2M | 175.0K |
| 9 | HABIT RESTAURANTS INC | COM CL A | 0.26% | $209,000 | 20.0K |
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 ↗.