SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Birch Grove Capital LP

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

Reported Value
$245M
Q1 2022
Positions
38
Filings on Record
26
2019–present window
Filed
May 17, 2022
original filing

Summary

Birch Grove Capital LP reported $245M in U.S.-listed holdings across 38 positions for Q1 2022.

Its largest position, Tabula Rasa Healthcare, represents 9.4% of the portfolio.

Compared with Q4 2021, the fund opened 9 new positions and exited 18.

Portfolio Metrics

Turnover
+25.1%
vs prior filed quarter
Top-10 Concentration
+67.3%
share of reported value
Largest Position
+9.4%
Tabula Rasa Healthcare
New / Exited
9 / 18
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: 86.4%Common Stock: 9.0%Other: 4.0%ETP: 0.7%
  • US DOMESTIC · 86.4% · $211M
  • Common Stock · 9.0% · $22M
  • Other · 4.0% · $10M
  • ETP · 0.7% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
THE REALREAL INCNEW+18.22M18.22M+$14M$14M
ENPHASE ENERGY INCNEW+12.68M12.68M+$13M$13M
SPOTIFY USA INCNEW+14.00M14.00M+$12M$12M
MAGNITE INCNEW+14.50M14.50M+$12M$12M
STARR GROUP HOLDINGS INCNEW+757.4K757.4K+$9M$9M
AERIE PHARMACEUTICALS INCNEW+8.00M8.00M+$7M$7M
PRECIGEN INCNEW+3.50M3.50M+$3M$3M
CHURCHILL CAPITAL CORP VINEW+80.0K80.0K+$50,000$50,000

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

Holdings — Q1 2022

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/19.37%$23M30.38M
2KAMAN CORPNOTE 3.250% 5/0 · COM8.30%$20M17.09M
3SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/18.04%$20M19.05M
4HERBALIFE LTDNOTE 2.625% 3/17.11%$17M18.54M
5JAZZ INVESTMENTS I LTDNOTE 1.500% 8/16.76%$17M16.10M
6NUVASIVE INCNOTE 1.000% 6/0 · NOTE 0.375% 3/16.37%$16M16.00M
7UBER TECHNOLOGIES INCNOTE 12/15.67%$14M15.50M
8THE REALREAL INCNOTE 1.000% 3/05.52%$14M18.22M
9ENPHASE ENERGY INCNOTE 3/05.29%$13M12.68M
10SPOTIFY USA INCNOTE 3/14.89%$12M14.00M
11MAGNITE INCNOTE 0.250% 3/14.73%$12M14.50M
12RINGCENTRAL INCNOTE 3/13.71%$9M11.00M
13STARR GROUP HOLDINGS INCCL A COM3.53%$9M757.4K
14RADIUS HEALTH INCNOTE 3.000% 9/0 · COM NEW3.46%$8M8.25M
15NOTVQINOTIV INChistory →COM3.17%$8M296.1K
16KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/13.08%$8M9.00M
17AERIE PHARMACEUTICALS INCNOTE 1.500% 10/02.94%$7M8.00M
18DHTDHT HOLDINGS INChistory →SHS NEW1.18%$3M498.5K
19SPIRIT AEROSYSTEMS HLDGS INCCOM CL A1.15%$3M57.7K
20PRECIGEN INCNOTE 3.500% 7/01.12%$3M3.50M
21BCOBRINKS COhistory →COM1.05%$3M37.9K
22OIO-I GLASS INCCOM0.99%$2M183.2K
23EVOLENT HEALTH INCNOTE 3.500% 10/10.79%$2M1.05M
24ALTERYX INCNOTE 1.000% 8/00.54%$1M1.50M
25MULTIPLAN CORPORATION*W EXP 02/13/2020.34%$827,000235.1K
26SLQTSELECTQUOTE INCCOM0.10%$239,00085.7K
27GOHEALTH INCCOM CL A0.08%$186,000157.7K
28CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.02%$61,000100.0K
29CHURCHILL CAPITAL CORP VI*W EXP 10/17/2020.02%$50,00080.0K
30CHURCHILL CAPITAL CORP VIIUNIT 99/99/99990.02%$48,00080.0K
31SKILLSOFT CORP*W EXP 06/11/2020.02%$39,00033.3K

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 ↗.