SEC 13F Intelligence

Managers / Q2 2022 · view latest →

Birch Grove Capital LP

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

Reported Value
$252M
Q2 2022
Positions
41
Filings on Record
26
2019–present window
Filed
Aug 15, 2022
original filing

Summary

Birch Grove Capital LP reported $252M in U.S.-listed holdings across 41 positions for Q2 2022.

Its largest position, Tabula Rasa Healthcare, represents 8.8% of the portfolio.

Compared with Q1 2022, the fund opened 10 new positions and exited 7.

Portfolio Metrics

Turnover
+14.2%
vs prior filed quarter
Top-10 Concentration
+61.6%
share of reported value
Largest Position
+8.8%
Tabula Rasa Healthcare
New / Exited
10 / 7
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: 90.0%Common Stock: 4.7%Other: 2.8%ETP: 2.5%
  • US DOMESTIC · 90.0% · $227M
  • Common Stock · 4.7% · $12M
  • Other · 2.8% · $7M
  • ETP · 2.5% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JETBLUE AIRWAYS CORPNEW+16.50M16.50M+$12M$12M
MITEK SYS INCNEW+14.03M14.03M+$12M$12M
1LIFE HEALTHCARE INCNEW+6.00M6.00M+$5M$5M
THE REALREAL INCNEW+5.00M5.00M+$3M$3M
QQQINVESCO QQQ TRNEW+150.0K150.0K+$1M$1M
CHAMPIONX CORPORATIONNEW+62.9K62.9K+$1M$1M
MULTIPLAN CORPORATIONNEW+160.1K160.1K+$879,000$879,000
SPIRIT AIRLS INCNEW+100.0K100.0K+$163,000$163,000

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

Holdings — Q2 2022

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/18.79%$22M31.38M
2HERBALIFE LTDNOTE 2.625% 3/17.95%$20M22.55M
3KAMAN CORPNOTE 3.250% 5/0 · COM7.33%$18M17.09M
4JAZZ INVESTMENTS I LTDNOTE 1.500% 8/16.34%$16M16.10M
5NUVASIVE INCNOTE 1.000% 6/0 · NOTE 0.375% 3/15.90%$15M16.00M
6SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/15.42%$14M16.05M
7UBER TECHNOLOGIES INCNOTE 12/15.09%$13M16.00M
8ENPHASE ENERGY INCNOTE 3/04.95%$12M12.68M
9THE REALREAL INCNOTE 1.000% 3/0 · NOTE 3.000% 6/14.91%$12M25.22M
10JETBLUE AIRWAYS CORPNOTE 0.500% 4/04.88%$12M16.50M
11MITEK SYS INCNOTE 0.750% 2/04.84%$12M14.03M
12SPOTIFY USA INCNOTE 3/14.41%$11M14.00M
13MAGNITE INCNOTE 0.250% 3/14.29%$11M14.50M
14RINGCENTRAL INCNOTE 3/13.29%$8M11.00M
15RADIUS HEALTH INCNOTE 3.000% 9/03.21%$8M8.20M
16AERIE PHARMACEUTICALS INCNOTE 1.500% 10/02.76%$7M8.10M
17STARRY GROUP HOLDINGS INCCL A COM2.71%$7M670.9K
18KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/12.60%$7M9.00M
191LIFE HEALTHCARE INCNOTE 3.000% 6/11.98%$5M6.00M
20NOTVQINOTIV INChistory →COM1.13%$3M296.1K
21PRECIGEN INCNOTE 3.500% 7/11.10%$3M3.50M
22BCOBRINKS COCOM0.91%$2M37.9K
23SPIRIT AEROSYSTEMS HLDGS INCCOM CL A0.85%$2M72.8K
24EVOLENT HEALTH INCNOTE 3.500% 10/10.74%$2M1.05M
25CHAMPIONX CORPORATIONCOM0.50%$1M62.9K
26MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2020.38%$962,000235.1K
27DHTDHT HOLDINGS INCSHS NEW0.10%$251,00041.0K
28CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.01%$33,000100.0K
29CHURCHILL CAPITAL CORP VII*W EXP 02/29/2020.01%$28,00080.0K
30CHURCHILL CAPITAL CORP VI*W EXP 10/17/2020.01%$27,00080.0K
31SKILLSOFT CORP*W EXP 06/11/2020.01%$17,00033.3K

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 ↗.