SEC 13F Intelligence

Managers / Q4 2020 · view latest →

Birch Grove Capital LP

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

Reported Value
$192M
Q4 2020
Positions
40
Filings on Record
26
2019–present window
Filed
Feb 16, 2021
original filing

Summary

Birch Grove Capital LP reported $192M in U.S.-listed holdings across 40 positions for Q4 2020.

Its largest position, Apollo Coml Real Est Fin, represents 10.5% of the portfolio.

Compared with Q3 2020, the fund opened 13 new positions and exited 19.

Portfolio Metrics

Turnover
+33.7%
vs prior filed quarter
Top-10 Concentration
+65.8%
share of reported value
Largest Position
+10.5%
Apollo Coml Real Est Fin
New / Exited
13 / 19
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: 59.1%Common Stock: 25.7%PRIV PLACEMENT: 6.0%Other: 3.9%Unit: 2.2%Other: 3.2%
  • US DOMESTIC · 59.1% · $113M
  • Common Stock · 25.7% · $49M
  • PRIV PLACEMENT · 6.0% · $12M
  • Other · 3.9% · $7M
  • Unit · 2.2% · $4M
  • Other · 3.2% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CYBERARK SOFTWARE LTDNEW+16.00M16.00M+$19M$19M
SPLUNK INCNEW+6.00M6.00M+$8M$8M
CHURCHILL CAP CORP VNEW+400.0K400.0K+$4M$4M
CHAMPIONX CORPORATIONNEW+263.0K263.0K+$4M$4M
GOHEALTH INCNEW+227.0K227.0K+$3M$3M
MULTIPLAN CORPORATIONNEW+336.0K336.0K+$3M$3M
SLQTSELECTQUOTE INCNEW+101.2K101.2K+$2M$2M
CALYCALLAWAY GOLF CONEW+78.5K78.5K+$2M$2M

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

Holdings — Q4 2020

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/110.53%$20M20.94M
2CYBERARK SOFTWARE LTDNOTE 11/110.16%$19M16.00M
3BLACKSTONE MTG TR INCNOTE 4.375% 5/09.48%$18M18.11M
4FLEXION THERAPEUTICS INCNOTE 3.375% 5/08.02%$15M17.15M
5KAMAN CORPNOTE 3.250% 5/07.74%$15M12.83M
6LIBERTY MEDIA CORP DELNOTE 1.000% 1/36.03%$12M9.00M
7SPLUNK INCNOTE 1.125% 9/14.23%$8M6.00M
8INTERCEPT PHARMACEUTICALS INNOTE 3.250% 7/04.14%$8M10.00M
9RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.32%$6M6.53M
10CHURCHILL CAP CORP VUNIT 99/99/99992.19%$4M400.0K
11CHAMPIONX CORPORATIONCOM2.10%$4M263.0K
12DISDISNEY WALT COhistory →COM2.07%$4M21.9K
13ECCEAGLE PT CR CO LLChistory →COM2.04%$4M386.8K
14LVSLAS VEGAS SANDS CORPhistory →COM1.89%$4M60.8K
15NMRKNEWMARK GROUP INChistory →CL A1.82%$3M478.0K
16BCOBRINKS COhistory →COM1.76%$3M46.9K
17GOHEALTH INCCOM CL A1.62%$3M227.0K
18CHURCHILL CAP CORP IVUNIT 99/99/99991.61%$3M300.0K
19BMRNBIOMARIN PHARMACEUTICAL INChistory →COM1.53%$3M33.4K
20MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2021.46%$3M411.0K
21IHRTIHEARTMEDIA INChistory →COM CL A1.45%$3M214.5K
22EHTHEHEALTH INChistory →COM1.40%$3M37.9K
23WSCWILLSCOT MOBIL MINI HLDNG COhistory →COM CL A1.32%$3M109.3K
24FUNSIX FLAGS ENTMT CORP NEWhistory →COM1.32%$3M74.2K
25HOWARD HUGHES CORPCOM1.26%$2M30.7K
26CHURCHILL CAP CORP IICL A · UNIT 99/99/99991.26%$2M228.2K
27DHTDHT HOLDINGS INChistory →SHS NEW1.25%$2M458.0K
28SLQTSELECTQUOTE INChistory →COM1.10%$2M101.2K
29OIO-I GLASS INChistory →COM1.10%$2M176.5K
30GOLAR LNG LTDNOTE 2.750% 2/11.07%$2M2.24M
31CALYCALLAWAY GOLF COCOM0.98%$2M78.5K
32SABRSABRE CORPCOM0.98%$2M156.8K
33FIREEYE INCNOTE 0.875% 6/00.64%$1M1.00M

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 ↗.