SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Birch Grove Capital LP

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

Reported Value
$221M
Q4 2021
Positions
47
Filings on Record
26
2019–present window
Filed
Feb 14, 2022
original filing

Summary

Birch Grove Capital LP reported $221M in U.S.-listed holdings across 47 positions for Q4 2021.

Its largest position, Tabula Rasa Healthcare, represents 10.7% of the portfolio.

Compared with Q3 2021, the fund opened 8 new positions and exited 12.

Portfolio Metrics

Turnover
+22.8%
vs prior filed quarter
Top-10 Concentration
+69.3%
share of reported value
Largest Position
+10.7%
Tabula Rasa Healthcare
New / Exited
8 / 12
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: 78.9%Common Stock: 14.5%Other: 6.1%ETP: 0.5%
  • US DOMESTIC · 78.9% · $174M
  • Common Stock · 14.5% · $32M
  • Other · 6.1% · $13M
  • ETP · 0.5% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UBER TECHNOLOGIES INCNEW+15.50M15.50M+$15M$15M
NOTVQINOTIV INCNEW+296.1K296.1K+$12M$12M
KARYOPHARM THERAPEUTICS INCNEW+5.00M5.00M+$4M$4M
ZYNGA INCNEW+3.00M3.00M+$3M$3M
KAMAN CORPNEW+40.6K40.6K+$2M$2M
CHAMPIONX CORPORATIONNEW+58.9K58.9K+$1M$1M
LVLULULUS FASHION LOUNGE HOLDINGNEW+24.0K24.0K+$246,000$246,000
ISHARES TRNEW+405.5K405.5K+$81,000$81,000

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

Holdings — Q4 2021

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/110.65%$24M28.38M
2KAMAN CORPNOTE 3.250% 5/0 · COM8.79%$19M17.07M
3SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/18.52%$19M19.05M
4HERBALIFE LTDNOTE 2.625% 3/17.50%$17M16.54M
5JAZZ INVESTMENTS I LTDNOTE 1.500% 8/17.29%$16M16.10M
6NUVASIVE INCNOTE 1.000% 6/0 · NOTE 0.375% 3/17.10%$16M16.00M
7UBER TECHNOLOGIES INCNOTE 12/16.92%$15M15.50M
8NOTVQINOTIV INChistory →COM5.64%$12M296.1K
9RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.73%$8M8.25M
10APOLLO COML REAL EST FIN INCNOTE 4.750% 8/2 · NOTE 5.375% 10/13.19%$7M7.00M
11BLACKSTONE MTG TR INCNOTE 4.375% 5/02.60%$6M5.70M
12RINGCENTRAL INCNOTE 3/12.43%$5M6.00M
13ZYNGA INCNOTE 12/1 · NOTE 0.250% 6/02.23%$5M5.00M
14ALTERYX INCNOTE 1.000% 8/0 · NOTE 0.500% 8/02.07%$5M5.00M
15KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/11.85%$4M5.00M
16CHURCHILL CAPITAL CORP VCOM CL A · *W EXP 10/29/2021.83%$4M500.0K
17CHURCHILL CAPITAL CORP VIIUNIT 99/99/99991.81%$4M400.0K
18CHURCHILL CAPITAL CORP VIUNIT 99/99/99991.80%$4M400.0K
19TELADOC HEALTH INCNOTE 1.250% 6/01.66%$4M4.00M
20SPIRIT AEROSYSTEMS HLDGS INCCOM CL A1.37%$3M70.2K
21NUTANIX INCNOTE 1/11.37%$3M3.00M
22BMRNBIOMARIN PHARMACEUTICAL INChistory →COM1.23%$3M30.9K
23GRANITE PT MTG TR INCNOTE 6.375% 10/11.16%$3M2.50M
24BCOBRINKS COhistory →COM1.12%$2M37.9K
25OIO-I GLASS INCCOM0.91%$2M167.4K
26DHTDHT HOLDINGS INCSHS NEW0.82%$2M348.3K
27EVOLENT HEALTH INCNOTE 3.500% 10/10.78%$2M1.05M
28SLQTSELECTQUOTE INCCOM0.70%$2M170.7K
29LVSLAS VEGAS SANDS CORPCOM0.69%$2M40.8K
30CHAMPIONX CORPORATIONCOM0.54%$1M58.9K
31GOHEALTH INCCOM CL A0.54%$1M312.7K
32MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2020.36%$805,000235.1K
33EHTHEHEALTH INCCOM0.11%$248,0009.7K
34LVLULULUS FASHION LOUNGE HOLDINGCOM0.11%$246,00024.0K
35SKILLSOFT CORP*W EXP 06/11/2020.03%$63,00033.3K

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 ↗.