SEC 13F Intelligence

Managers / Q2 2021 · view latest →

Birch Grove Capital LP

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

Reported Value
$206M
Q2 2021
Positions
46
Filings on Record
26
2019–present window
Filed
Aug 16, 2021
original filing

Summary

Birch Grove Capital LP reported $206M in U.S.-listed holdings across 46 positions for Q2 2021.

Its largest position, Kaman, represents 9.7% of the portfolio.

Compared with Q1 2021, the fund opened 11 new positions and exited 15.

Portfolio Metrics

Turnover
+20.0%
vs prior filed quarter
Top-10 Concentration
+65.8%
share of reported value
Largest Position
+9.7%
Kaman
New / Exited
11 / 15
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: 67.0%Common Stock: 15.9%Other: 8.0%PRIV PLACEMENT: 6.0%GLOBAL: 2.6%ETP: 0.5%
  • US DOMESTIC · 67.0% · $138M
  • Common Stock · 15.9% · $33M
  • Other · 8.0% · $17M
  • PRIV PLACEMENT · 6.0% · $12M
  • GLOBAL · 2.6% · $5M
  • ETP · 0.5% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPLUNK INCNEW+11.05M11.05M+$11M$11M
TELADOC HEALTH INCNEW+4.00M4.00M+$4M$4M
CHURCHILL CAPITAL CORP VNEW+400.0K400.0K+$4M$4M
8X8 INC NEWNEW+2.50M2.50M+$3M$3M
SPIRIT AEROSYSTEMS HLDGS INCNEW+45.1K45.1K+$2M$2M
FLEXION THERAPEUTICS INCNEW+62.0K62.0K+$510,000$510,000
QQQINVESCO QQQ TRNEW+90.3K90.3K+$334,000$334,000
CHURCHILL CAPITAL CORP VNEW+100.0K100.0K+$206,000$206,000

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

Holdings — Q2 2021

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KAMAN CORPNOTE 3.250% 5/09.73%$20M18.83M
2FLEXION THERAPEUTICS INCNOTE 3.375% 5/0 · COM9.08%$19M20.21M
3SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/18.75%$18M17.05M
4JAZZ INVESTMENTS I LTDNOTE 1.500% 8/18.62%$18M16.10M
5LIBERTY MEDIA CORP DELNOTE 1.000% 1/3 · DEB 2.250% 9/36.83%$14M12.86M
6INTERCEPT PHARMACEUTICALS INNOTE 3.250% 7/06.56%$14M15.00M
7HERBALIFE LTDNOTE 2.625% 3/15.49%$11M10.36M
8TABULA RASA HEALTHCARE INCNOTE 1.750% 2/13.73%$8M7.50M
9RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.58%$7M6.57M
10APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/13.43%$7M7.00M
11BLACKSTONE MTG TR INCNOTE 4.375% 5/02.82%$6M5.70M
12EVOLENT HEALTH INCNOTE 1.500% 10/12.58%$5M5.50M
13TELADOC HEALTH INCNOTE 1.250% 6/02.18%$4M4.00M
14CHURCHILL CAPITAL CORP VCOM CL A · *W EXP 10/29/2022.06%$4M500.0K
15CHURCHILL CAPITAL CORP VIUNIT 99/99/99991.97%$4M400.0K
16CHURCHILL CAPITAL CORP VIIUNIT 99/99/99991.95%$4M400.0K
17NMRKNEWMARK GROUP INChistory →CL A1.78%$4M304.6K
18GOHEALTH INCCOM CL A1.70%$4M312.7K
19NUTANIX INCNOTE 1/11.54%$3M3.00M
20BCOBRINKS COhistory →COM1.54%$3M41.3K
218X8 INC NEWNOTE 0.500% 2/01.51%$3M2.50M
22BMRNBIOMARIN PHARMACEUTICAL INChistory →COM1.43%$3M35.4K
23DISDISNEY WALT COhistory →COM1.34%$3M15.7K
24OIO-I GLASS INChistory →COM1.33%$3M168.1K
25WSCWILLSCOT MOBIL MINI HLDNG COhistory →COM CL A1.33%$3M98.0K
26SLQTSELECTQUOTE INChistory →COM1.20%$2M128.2K
27MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2021.16%$2M306.9K
28LVSLAS VEGAS SANDS CORPhistory →COM1.04%$2M40.8K
29SPIRIT AEROSYSTEMS HLDGS INCCOM CL A1.03%$2M45.1K
30DHTDHT HOLDINGS INCSHS NEW0.97%$2M307.4K
31HOWARD HUGHES CORPCOM0.82%$2M17.4K
32EHTHEHEALTH INCCOM0.28%$569,0009.7K
33SKILLSOFT CORP*W EXP 06/11/2020.04%$84,00033.3K

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 ↗.