SEC 13F Intelligence

Managers / Q3 2022 · view latest →

Birch Grove Capital LP

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

Reported Value
$256M
Q3 2022
Positions
41
Filings on Record
26
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Birch Grove Capital LP reported $256M in U.S.-listed holdings across 41 positions for Q3 2022.

Its largest position, Tabula Rasa Healthcare, represents 9.9% of the portfolio.

Compared with Q2 2022, the fund opened 5 new positions and exited 5.

Portfolio Metrics

Turnover
+10.2%
vs prior filed quarter
Top-10 Concentration
+61.9%
share of reported value
Largest Position
+9.9%
Tabula Rasa Healthcare
New / Exited
5 / 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: 87.8%ETP: 5.0%Common Stock: 4.8%Other: 2.4%
  • US DOMESTIC · 87.8% · $225M
  • ETP · 5.0% · $13M
  • Common Stock · 4.8% · $12M
  • Other · 2.4% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
8X8 INC NEWNEW+2.50M2.50M+$2M$2M
LYFT INCNEW+2.00M2.00M+$2M$2M
OKTA INCNEW+1.65M1.65M+$1M$1M
RINGCENTRAL INCNEW+1.00M1.00M+$844,000$844,000
OKTA INCNEW+500.0K500.0K+$420,000$420,000
QQQINVESCO QQQ TRADDED+280.0K430.0K+$5M$6M
ENPHASE ENERGY INCSOLD OUT−12.68M0−$12M$0
RADIUS HEALTH INCSOLD OUT−8.20M0−$8M$0

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

Holdings — Q3 2022

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/19.89%$25M31.38M
2HERBALIFE LTDNOTE 2.625% 3/18.00%$20M22.55M
3KAMAN CORPNOTE 3.250% 5/0 · COM7.00%$18M17.09M
4JAZZ INVESTMENTS I LTDNOTE 1.500% 8/16.04%$15M16.10M
5NUVASIVE INCNOTE 1.000% 6/0 · NOTE 0.375% 3/15.77%$15M16.03M
6UBER TECHNOLOGIES INCNOTE 12/15.34%$14M16.50M
7SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/15.07%$13M16.05M
8SPOTIFY USA INCNOTE 3/15.06%$13M16.40M
9MITEK SYS INCNOTE 0.750% 2/04.99%$13M15.53M
10THE REALREAL INCNOTE 1.000% 3/0 · NOTE 3.000% 6/14.78%$12M25.22M
11JETBLUE AIRWAYS CORPNOTE 0.500% 4/04.65%$12M16.50M
12MAGNITE INCNOTE 0.250% 3/14.60%$12M15.50M
13RINGCENTRAL INCNOTE 3/1 · NOTE 3/03.65%$9M12.00M
14AERIE PHARMACEUTICALS INCNOTE 1.500% 10/03.49%$9M9.10M
15KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/13.18%$8M10.00M
16STARRY GROUP HOLDINGS INCCL A COM2.41%$6M670.9K
171LIFE HEALTHCARE INCNOTE 3.000% 6/12.28%$6M6.00M
18NOTVQINOTIV INChistory →COM1.95%$5M296.1K
19PRECIGEN INCNOTE 3.500% 7/11.72%$4M4.50M
20EVOLENT HEALTH INCNOTE 3.500% 10/10.84%$2M1.05M
218X8 INC NEWNOTE 0.500% 2/00.82%$2M2.50M
22BCOBRINKS COCOM0.72%$2M37.9K
23OKTA INCNOTE 0.375% 6/1 · NOTE 0.125% 9/00.67%$2M2.15M
24LYFT INCNOTE 1.500% 5/10.67%$2M2.00M
25SPIRIT AEROSYSTEMS HLDGS INCCOM CL A0.62%$2M72.8K
26CHAMPIONX CORPORATIONCOM0.59%$2M77.3K
27MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2020.23%$596,000277.1K
28CHURCHILL CAPITAL CORP VI*W EXP 10/17/2020.00%$11,00080.0K
29CHURCHILL CAPITAL CORP VII*W EXP 02/29/2020.00%$11,00080.0K
30CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.00%$9,000100.0K
31SKILLSOFT CORP*W EXP 06/11/2020.00%$7,00033.3K

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 ↗.