SEC 13F Intelligence

Managers / Q3 2020 · view latest →

Birch Grove Capital LP

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

Reported Value
$185M
Q3 2020
Positions
46
Filings on Record
26
2019–present window
Filed
Nov 16, 2020
original filing

Summary

Birch Grove Capital LP reported $185M in U.S.-listed holdings across 46 positions for Q3 2020.

Its largest position, Amag Pharmaceuticals, represents 12.7% of the portfolio.

Compared with Q2 2020, the fund opened 17 new positions and exited 6.

Portfolio Metrics

Turnover
+22.7%
vs prior filed quarter
Top-10 Concentration
+62.9%
share of reported value
Largest Position
+12.7%
Amag Pharmaceuticals
New / Exited
17 / 6
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: 58.9%Common Stock: 26.8%PRIV PLACEMENT: 5.8%Unit: 4.0%Other: 2.4%Other: 2.2%
  • US DOMESTIC · 58.9% · $109M
  • Common Stock · 26.8% · $49M
  • PRIV PLACEMENT · 5.8% · $11M
  • Unit · 4.0% · $7M
  • Other · 2.4% · $4M
  • Other · 2.2% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KAMAN CORPNEW+12.83M12.83M+$13M$13M
RADIUS HEALTH INCNEW+6.50M6.50M+$5M$5M
BIOMARIN PHARMACEUTICAL INCNEW+5.00M5.00M+$5M$5M
INTERCEPT PHARMACEUTICALS INNEW+4.50M4.50M+$4M$4M
BCOBRINKS CONEW+94.9K94.9K+$4M$4M
CHURCHILL CAP CORP IVNEW+300.0K300.0K+$3M$3M
II-VI INCNEW+2.00M2.00M+$2M$2M
BMRNBIOMARIN PHARMACEUTICAL INCNEW+26.6K26.6K+$2M$2M

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

Holdings — Q3 2020

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AMAG PHARMACEUTICALS INCNOTE 3.250% 6/012.71%$23M25.98M
2APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/110.38%$19M20.44M
3BLACKSTONE MTG TR INCNOTE 4.375% 5/09.45%$17M18.11M
4KAMAN CORPNOTE 3.250% 5/06.89%$13M12.83M
5FLEXION THERAPEUTICS INCNOTE 3.375% 5/06.61%$12M15.90M
6LIBERTY MEDIA CORP DELNOTE 1.000% 1/35.76%$11M9.00M
7BMRNBIOMARIN PHARMACEUTICAL INCNOTE 1.500% 10/1 · COM3.81%$7M5.03M
8RADIUS HEALTH INCNOTE 3.000% 9/02.87%$5M6.50M
9GOLAR LNG LTDNOTE 2.750% 2/12.24%$4M5.24M
10INTERCEPT PHARMACEUTICALS INNOTE 3.250% 7/0 · COM2.12%$4M4.51M
11JPMJPMORGAN CHASE & COhistory →COM2.01%$4M38.5K
12IHRTIHEARTMEDIA INChistory →COM CL A1.98%$4M449.5K
13BCOBRINKS COhistory →COM1.97%$4M94.9K
14LIVE NATION ENTERTAINMENT INNOTE 2.500% 3/11.83%$3M3.05M
15CHURCHILL CAP CORP IIIUNIT 03/01/20271.71%$3M300.0K
16ECCEAGLE PT CR CO LLChistory →COM1.67%$3M356.8K
17GSGOLDMAN SACHS GROUP INChistory →COM1.66%$3M15.3K
18CHURCHILL CAP CORP IVUNIT 99/99/99991.63%$3M300.0K
19OIO-I GLASS INChistory →COM1.60%$3M279.5K
20DISDISNEY WALT COhistory →COM DISNEY1.57%$3M23.3K
21LVSLAS VEGAS SANDS CORPhistory →COM1.54%$3M60.8K
22ATHENE HLDG LTDCL A1.43%$3M77.5K
23CHURCHILL CAP CORP IICL A · UNIT 99/99/99991.36%$3M228.2K
24NVSTENVISTA HOLDINGS CORPORATIONhistory →COM1.26%$2M94.5K
25SYYSYSCO CORPhistory →COM1.25%$2M37.0K
26II-VI INCNOTE 0.250% 9/01.22%$2M2.00M
27FUNSIX FLAGS ENTMT CORP NEWhistory →COM1.12%$2M101.5K
28WSCWILLSCOT MOBIL MINI HLDNG COhistory →COM CL A1.09%$2M120.9K
29HOWARD HUGHES CORPCOM1.08%$2M34.6K
30CEDAR FAIR L PDEPOSITRY UNIT1.00%$2M66.0K
31DHTDHT HOLDINGS INCSHS NEW0.89%$2M318.0K
32EHTHEHEALTH INCCOM0.88%$2M20.6K
33NMRKNEWMARK GROUP INCCL A0.87%$2M372.0K
34SABRSABRE CORPCOM0.86%$2M256.1K
35ANIPANI PHARMACEUTICALS INCCOM0.78%$1M50.8K
36BYDBOYD GAMING CORPCOM0.77%$1M30.5K
37EVERI HLDGS INCCOM0.60%$1M135.3K
38ATROASTRONICS CORPCOM0.47%$877,000113.6K
39SLRCSOLAR CAP LTDCOM0.37%$674,00042.5K
40CCAPCRESCENT CAP BDC INCCOM0.19%$357,00028.0K

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 ↗.