Managers / Q1 2020 · 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 $70M in U.S.-listed holdings across 13 positions for Q1 2020.
The portfolio is heavily concentrated: Evolent Health alone accounts for 22.1% of reported value.
Compared with Q4 2019, the fund opened 6 new positions and exited 7.
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 · 91.6% · $64M
- Unit · 5.8% · $4M
- Common Stock · 2.3% · $2M
- Closed-End Fund · 0.2% · $173,000
- Other · 0.1% · $44,000
Quarter-over-Quarter Changes full breakdown →
vs Q4 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| II VI INC | NEW | +9.00M | 9.00M | +$8M | $8M |
| CHURCHILL CAP CORP III | NEW | +300.0K | 300.0K | +$3M | $3M |
| INDEPENDENCE CONTRACT DRILLING | NEW | +212.1K | 212.1K | +$297,000 | $297,000 |
| ECCEAGLE PT CR CO LLC | NEW | +25.3K | 25.3K | +$173,000 | $173,000 |
| EAGLE BULK SHIPPING INC | NEW | +350.0K | 350.0K | +$44,000 | $44,000 |
| EXMOCEXXON MOBIL CORP | NEW | +700.0K | 700.0K | +$20,000 | $20,000 |
| NUANCE COMMUNICATIONS INC | SOLD OUT | −8.23M | 0 | −$9M | $0 |
| INDEPENDENCE CONTRACT DRILLING | SOLD OUT | −4.25M | 0 | −$4M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2020
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | EVOLENT HEALTH INC | NOTE 2.000% 12/0 | 22.06% | $15M | 17.23M |
| 2 | JAZZ INVESTMENTS I LTD | NOTE 1.875% 8/1 | 18.56% | $13M | 13.40M |
| 3 | AMAG PHARMACEUTICALS INC | NOTE 3.250% 6/0 | 18.53% | $13M | 16.50M |
| 4 | II VI INC | NOTE 0.250% 9/0 | 11.91% | $8M | 9.00M |
| 5 | GOLAR LNG LTD | NOTE 2.750% 2/1 | 10.45% | $7M | 11.24M |
| 6 | VERINT SYS INC | NOTE 1.500% 6/0 | 10.14% | $7M | 7.19M |
| 7 | CHURCHILL CAP CORP III | UNIT 03/01/2027 | 4.29% | $3M | 300.0K |
| 8 | CHURCHILL CAP CORP II | CL A · UNIT 99/99/9999 | 3.31% | $2M | 228.2K |
| 9 | INDEPENDENCE CONTRACT DRILLING | COM | 0.42% | $297,000 | 212.1K |
| 10 | ECCEAGLE PT CR CO LLC | COM | 0.25% | $173,000 | 25.3K |
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 ↗.