SEC 13F Intelligence

Managers / Q3 2021 · view latest →

Birch Grove Capital LP

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

Reported Value
$212M
Q3 2021
Positions
52
Filings on Record
26
2019–present window
Filed
Nov 15, 2021
original filing

Summary

Birch Grove Capital LP reported $212M in U.S.-listed holdings across 52 positions for Q3 2021.

Its largest position, Kaman, represents 9.0% of the portfolio.

Compared with Q2 2021, the fund opened 10 new positions and exited 5.

Portfolio Metrics

Turnover
+20.7%
vs prior filed quarter
Top-10 Concentration
+63.6%
share of reported value
Largest Position
+9.0%
Kaman
New / Exited
10 / 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: 78.0%Common Stock: 10.6%Other: 6.7%GLOBAL: 2.4%ETP: 2.3%
  • US DOMESTIC · 78.0% · $166M
  • Common Stock · 10.6% · $22M
  • Other · 6.7% · $14M
  • GLOBAL · 2.4% · $5M
  • ETP · 2.3% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NUVASIVE INCNEW+8.00M8.00M+$8M$8M
NUVASIVE INCNEW+8.00M8.00M+$8M$8M
STRIDE INCNEW+6.35M6.35M+$6M$6M
RINGCENTRAL INCNEW+4.00M4.00M+$4M$4M
ALTERYX INCNEW+3.00M3.00M+$3M$3M
GRANITE PT MTG TR INCNEW+2.50M2.50M+$3M$3M
ZYNGA INCNEW+2.00M2.00M+$2M$2M
EVOLENT HEALTH INCNEW+1.05M1.05M+$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 2021

37 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1KAMAN CORPNOTE 3.250% 5/09.02%$19M18.83M
2SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/18.64%$18M17.05M
3FLEXION THERAPEUTICS INCNOTE 3.375% 5/0 · COM8.59%$18M20.21M
4JAZZ INVESTMENTS I LTDNOTE 1.500% 8/17.70%$16M16.10M
5NUVASIVE INCNOTE 0.375% 3/1 · NOTE 1.000% 6/07.54%$16M16.00M
6HERBALIFE LTDNOTE 2.625% 3/16.91%$15M14.36M
7TABULA RASA HEALTHCARE INCNOTE 1.750% 2/15.27%$11M13.38M
8EVOLENT HEALTH INCNOTE 1.500% 10/1 · NOTE 3.500% 10/13.34%$7M5.55M
9APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/13.33%$7M7.00M
10RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.30%$7M6.59M
11STRIDE INCNOTE 1.125% 9/03.00%$6M6.35M
12BLACKSTONE MTG TR INCNOTE 4.375% 5/02.73%$6M5.70M
13ALTERYX INCNOTE 1.000% 8/0 · NOTE 0.500% 8/02.21%$5M5.00M
14TELADOC HEALTH INCNOTE 1.250% 6/01.91%$4M4.00M
15CHURCHILL CAPITAL CORP VCOM CL A · *W EXP 10/29/2021.91%$4M500.0K
16CHURCHILL CAPITAL CORP VIUNIT 99/99/99991.89%$4M400.0K
17CHURCHILL CAPITAL CORP VIIUNIT 99/99/99991.86%$4M400.0K
18RINGCENTRAL INCNOTE 3/11.77%$4M4.00M
19NUTANIX INCNOTE 1/11.49%$3M3.00M
20SPIRIT AEROSYSTEMS HLDGS INCCOM CL A1.37%$3M65.7K
218X8 INC NEWNOTE 0.500% 2/01.33%$3M2.50M
22DISDISNEY WALT COhistory →COM1.25%$3M15.7K
23IWMISHARES TRhistory →RUSSELL 2000 ETF1.24%$3M12.0K
24GRANITE PT MTG TR INCNOTE 6.375% 10/11.19%$3M2.50M
25BMRNBIOMARIN PHARMACEUTICAL INChistory →COM1.12%$2M30.9K
26ZYNGA INCNOTE 0.250% 6/01.08%$2M2.00M
27SLQTSELECTQUOTE INChistory →COM1.04%$2M170.7K
28BCOBRINKS COhistory →COM1.03%$2M34.6K
29OIO-I GLASS INChistory →COM1.00%$2M149.2K
30DHTDHT HOLDINGS INCSHS NEW0.99%$2M321.4K
31HOWARD HUGHES CORPCOM0.91%$2M21.9K
32LIBERTY MEDIA CORP DELDEB 2.250% 9/30.82%$2M3.86M
33GOHEALTH INCCOM CL A0.74%$2M312.7K
34LVSLAS VEGAS SANDS CORPCOM0.70%$1M40.8K
35MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2020.53%$1M258.1K
36EHTHEHEALTH INCCOM0.19%$394,0009.7K
37SKILLSOFT CORP*W EXP 06/11/2020.04%$92,00033.3K

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 ↗.