SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Birch Grove Capital LP

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

Reported Value
$202M
Q4 2022
Positions
33
Filings on Record
26
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Birch Grove Capital LP reported $202M in U.S.-listed holdings across 33 positions for Q4 2022.

Its largest position, Tabula Rasa Healthcare, represents 12.2% of the portfolio.

Compared with Q3 2022, the fund opened 0 new positions and exited 8.

Portfolio Metrics

Turnover
+3.7%
vs prior filed quarter
Top-10 Concentration
+73.5%
share of reported value
Largest Position
+12.2%
Tabula Rasa Healthcare

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: 95.6%Common Stock: 3.4%ETP: 0.9%Other: 0.0%
  • US DOMESTIC · 95.6% · $193M
  • Common Stock · 3.4% · $7M
  • ETP · 0.9% · $2M
  • Other · 0.0% · $9,980

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
OKTA INCADDED+1.00M1.50M+$905,250$1M
AERIE PHARMACEUTICALS INCSOLD OUT−9.10M0−$9M$0
STARRY GROUP HOLDINGS INCSOLD OUT−670.9K0−$6M$0
1LIFE HEALTHCARE INCSOLD OUT−6.00M0−$6M$0
PRECIGEN INCSOLD OUT−4.50M0−$4M$0
EVOLENT HEALTH INCSOLD OUT−1.05M0−$2M$0
CHAMPIONX CORPORATIONSOLD OUT−77.3K0−$2M$0
CHURCHILL CAPITAL CORP VIISOLD OUT−80.0K0−$11,000$0

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

Holdings — Q4 2022

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/112.19%$25M30.88M
2KAMAN CORPNOTE 3.250% 5/0 · COM8.43%$17M17.08M
3JAZZ INVESTMENTS I LTDNOTE 1.500% 8/17.90%$16M16.10M
4UBER TECHNOLOGIES INCNOTE 12/16.92%$14M16.50M
5SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/16.91%$14M16.05M
6MITEK SYS INCNOTE 0.750% 2/06.66%$13M16.22M
7SPOTIFY USA INCNOTE 3/16.57%$13M16.40M
8JETBLUE AIRWAYS CORPNOTE 0.500% 4/06.28%$13M17.25M
9MAGNITE INCNOTE 0.250% 3/15.95%$12M15.50M
10NUVASIVE INCNOTE 0.375% 3/1 · NOTE 1.000% 6/05.67%$11M12.53M
11THE REALREAL INCNOTE 1.000% 3/0 · NOTE 3.000% 6/15.58%$11M25.22M
12RINGCENTRAL INCNOTE 3/1 · NOTE 3/04.72%$10M12.00M
13HERBALIFE NUTRITION LTDNOTE 2.625% 3/13.85%$8M8.41M
14KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/13.84%$8M10.00M
158X8 INC NEWNOTE 0.500% 2/01.57%$3M3.50M
16OKTA INCNOTE 0.375% 9/0 · NOTE 0.125% 9/01.56%$3M3.65M
17LYFT INCNOTE 1.500% 5/11.53%$3M3.50M
18SPIRIT AEROSYSTEMS HLDGS INCCOM CL A1.07%$2M72.8K
19BCOBRINKS COhistory →COM1.01%$2M37.9K
20NOTVQINOTIV INCCOM0.72%$1M296.1K
21MULTIPLAN CORPORATIONCOM · *W EXP 02/13/2020.12%$236,182277.1K
22SKILLSOFT CORP*W EXP 06/11/2020.00%$4,23033.3K
23CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.00%$2,000100.0K

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 ↗.