SEC 13F Intelligence

Managers / Q1 2021 · view latest →

Birch Grove Capital LP

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

Reported Value
$230M
Q1 2021
Positions
50
Filings on Record
26
2019–present window
Filed
May 17, 2021
original filing

Summary

Birch Grove Capital LP reported $230M in U.S.-listed holdings across 50 positions for Q1 2021.

Its largest position, Kaman, represents 8.9% of the portfolio.

Compared with Q4 2020, the fund opened 18 new positions and exited 8.

Portfolio Metrics

Turnover
+24.4%
vs prior filed quarter
Top-10 Concentration
+58.2%
share of reported value
Largest Position
+8.9%
Kaman
New / Exited
18 / 8
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: 62.8%Common Stock: 22.7%Other: 7.1%PRIV PLACEMENT: 5.0%Closed-End Fund: 1.1%Other: 1.2%
  • US DOMESTIC · 62.8% · $145M
  • Common Stock · 22.7% · $52M
  • Other · 7.1% · $16M
  • PRIV PLACEMENT · 5.0% · $11M
  • Closed-End Fund · 1.1% · $3M
  • Other · 1.2% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JAZZ INVESTMENTS I LTDNEW+16.10M16.10M+$17M$17M
NOVAVAX INCNEW+5.00M5.00M+$8M$8M
NUVASIVE INCNEW+8.00M8.00M+$8M$8M
HERBALIFE LTDNEW+7.36M7.36M+$8M$8M
TABULA RASA HEALTHCARE INCNEW+5.00M5.00M+$5M$5M
CHURCHILL CAP CORP VINEW+400.0K400.0K+$4M$4M
CHURCHILL CAP CORP VIINEW+400.0K400.0K+$4M$4M
NUTANIX INCNEW+4.00M4.00M+$4M$4M

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

Holdings — Q1 2021

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KAMAN CORPNOTE 3.250% 5/08.93%$21M18.83M
2APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/17.89%$18M18.14M
3JAZZ INVESTMENTS I LTDNOTE 1.500% 8/17.58%$17M16.10M
4FLEXION THERAPEUTICS INCNOTE 3.375% 5/06.69%$15M17.15M
5BLACKSTONE MTG TR INCNOTE 4.375% 5/05.85%$13M13.11M
6LIBERTY MEDIA CORP DELNOTE 1.000% 1/3 · DEB 2.250% 9/35.76%$13M12.86M
7INTERCEPT PHARMACEUTICALS INNOTE 3.250% 7/05.03%$12M14.00M
8NOVAVAX INCNOTE 3.750% 2/03.62%$8M5.00M
9NUVASIVE INCNOTE 0.375% 3/13.52%$8M8.00M
10HERBALIFE LTDNOTE 2.625% 3/13.35%$8M7.36M
11RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.19%$7M6.56M
12SPLUNK INCNOTE 1.125% 9/13.08%$7M6.00M
13TABULA RASA HEALTHCARE INCNOTE 1.750% 2/12.18%$5M5.00M
14WSCWILLSCOT MOBIL MINI HLDNG COhistory →COM CL A1.81%$4M150.3K
15CHURCHILL CAP CORP VUNIT 99/99/99991.77%$4M400.0K
16CHURCHILL CAP CORP VIUNIT 99/99/99991.75%$4M400.0K
17CHURCHILL CAP CORP VIIUNIT 99/99/99991.73%$4M400.0K
18NUTANIX INCNOTE 1/11.71%$4M4.00M
19SLQTSELECTQUOTE INChistory →COM1.64%$4M127.8K
20GOHEALTH INCCOM CL A1.59%$4M312.7K
21WCCWESCO INTL INChistory →COM1.55%$4M41.2K
22CHAMPIONX CORPORATIONCOM1.37%$3M145.7K
23NMRKNEWMARK GROUP INChistory →CL A1.35%$3M310.0K
24BCOBRINKS COhistory →COM1.31%$3M38.1K
25THCTENET HEALTHCARE CORPhistory →COM NEW1.30%$3M57.7K
26DISDISNEY WALT COhistory →COM1.25%$3M15.7K
27MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2021.18%$3M553.0K
28BMRNBIOMARIN PHARMACEUTICAL INChistory →COM1.16%$3M35.4K
29CVSCVS HEALTH CORPhistory →COM1.14%$3M34.9K
30ECCEAGLE PT CR CO LLChistory →COM1.12%$3M215.6K
31CALYCALLAWAY GOLF COhistory →COM1.11%$3M96.0K
32LVSLAS VEGAS SANDS CORPhistory →COM1.07%$2M40.8K
33HOWARD HUGHES CORPCOM1.06%$2M25.7K
34CHURCHILL CAP CORP IICL A · *W EXP 07/02/2021.01%$2M261.6K
35OIO-I GLASS INCCOM0.99%$2M154.6K
36VTRSVIATRIS INCCOM0.81%$2M133.2K
37DHTDHT HOLDINGS INCSHS NEW0.76%$2M294.0K
38EVOLENT HEALTH INCNOTE 1.500% 10/10.61%$1M1.50M
39EHTHEHEALTH INCCOM0.31%$708,0009.7K
40ALTIMETER GROWTH CORPCL A0.18%$425,00036.3K

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 ↗.