SEC 13F Intelligence

Managers / Q2 2020 · view latest →

Birch Grove Capital LP

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

Reported Value
$121M
Q2 2020
Positions
43
Filings on Record
26
2019–present window
Filed
Aug 14, 2020
original filing

Summary

Birch Grove Capital LP reported $121M in U.S.-listed holdings across 43 positions for Q2 2020.

Its largest position, Evolent Health, represents 17.2% of the portfolio.

Compared with Q1 2020, the fund opened 27 new positions and exited 5.

Portfolio Metrics

Turnover
+30.2%
vs prior filed quarter
Top-10 Concentration
+78.6%
share of reported value
Largest Position
+17.2%
Evolent Health
New / Exited
27 / 5
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: 67.7%Common Stock: 15.5%PRIV PLACEMENT: 8.1%Unit: 3.8%Other: 2.5%Other: 2.3%
  • US DOMESTIC · 67.7% · $82M
  • Common Stock · 15.5% · $19M
  • PRIV PLACEMENT · 8.1% · $10M
  • Unit · 3.8% · $5M
  • Other · 2.5% · $3M
  • Other · 2.3% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLACKSTONE MTG TR INCNEW+14.61M14.61M+$14M$14M
LIBERTY MEDIA CORP DELNEW+9.00M9.00M+$10M$10M
APOLLO COML REAL EST FIN INCNEW+7.75M7.75M+$7M$7M
FLEXION THERAPEUTICS INCNEW+7.50M7.50M+$6M$6M
ALLEGHENY TECHNOLOGIES INCNEW+5.00M5.00M+$5M$5M
LIVE NATION ENTERTAINMENT INNEW+3.05M3.05M+$3M$3M
ATHENE HLDG LTDNEW+77.5K77.5K+$2M$2M
NVSTENVISTA HOLDINGS CORPORATIONNEW+94.5K94.5K+$2M$2M

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

Holdings — Q2 2020

30 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EVOLENT HEALTH INCNOTE 2.000% 12/017.25%$21M23.82M
2AMAG PHARMACEUTICALS INCNOTE 3.250% 6/013.06%$16M19.50M
3BLACKSTONE MTG TR INCNOTE 4.375% 5/011.40%$14M14.61M
4LIBERTY MEDIA CORP DELNOTE 1.000% 1/38.13%$10M9.00M
5GOLAR LNG LTDNOTE 2.750% 2/18.03%$10M13.24M
6APOLLO COML REAL EST FIN INCNOTE 4.750% 8/25.66%$7M7.75M
7FLEXION THERAPEUTICS INCNOTE 3.375% 5/05.27%$6M7.50M
8ALLEGHENY TECHNOLOGIES INCNOTE 4.750% 7/04.43%$5M5.00M
9CHURCHILL CAP CORP IIIUNIT 03/01/20272.81%$3M300.0K
10LIVE NATION ENTERTAINMENT INNOTE 2.500% 3/12.58%$3M3.05M
11CHURCHILL CAP CORP IICL A · UNIT 99/99/99992.21%$3M228.2K
12ATHENE HLDG LTDCL A2.00%$2M77.5K
13NVSTENVISTA HOLDINGS CORPORATIONhistory →COM1.65%$2M94.5K
14IHRTIHEARTMEDIA INChistory →COM CL A1.17%$1M168.5K
15ECCEAGLE PT CR CO LLChistory →COM1.07%$1M180.8K
16LVSLAS VEGAS SANDS CORPhistory →COM1.05%$1M27.8K
17SABRSABRE CORPhistory →COM1.01%$1M150.5K
18BYDBOYD GAMING CORPCOM0.97%$1M56.0K
19SGRYSURGERY PARTNERS INCCOM0.97%$1M100.7K
20JPMJPMORGAN CHASE & COCOM0.82%$988,00010.5K
21NMRKNEWMARK GROUP INCCL A0.81%$972,000200.0K
22SYYSYSCO CORPCOM0.73%$880,00016.1K
23ATROASTRONICS CORPCOM0.70%$845,00080.0K
24HOWARD HUGHES CORPCOM0.69%$831,00016.0K
25OIO-I GLASS INCCOM0.69%$831,00092.5K
26FUNSIX FLAGS ENTMT CORP NEWCOM0.51%$620,00032.3K
27CEDAR FAIR L PDEPOSITRY UNIT0.49%$591,00021.5K
28GSGOLDMAN SACHS GROUP INCCOM0.46%$553,0002.8K
29DISDISNEY WALT COCOM0.39%$474,0004.3K
30HCAHCA HEALTHCARE INCCOM0.37%$446,0004.6K

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 ↗.