SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Birch Grove Capital LP

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

Reported Value
$110M
Q1 2023
Positions
20
includes revealed positions
Filings on Record
26
2019–present window
Filed
May 15, 2023
original filing

Summary

Birch Grove Capital LP reported $110M in U.S.-listed holdings across 20 positions for Q1 2023.

Its largest position, Tabula Rasa Healthcare, represents 19.0% of the portfolio.

Compared with Q4 2022, the fund opened 3 new positions and exited 18.

Portfolio Metrics

Turnover
+2.1%
vs prior filed quarter
Top-10 Concentration
+96.7%
share of reported value
Largest Position
+19.0%
Tabula Rasa Healthcare
New / Exited
3 / 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: 96.7%Common Stock: 1.9%ETP: 1.3%Other: 0.0%
  • US DOMESTIC · 96.7% · $107M
  • Common Stock · 1.9% · $2M
  • ETP · 1.3% · $1M
  • Other · 0.0% · $54,664

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYSPDR S&P 500 ETF TRREVEALEDNEW+2.3K2.3K+$1M$1M
CHURCHILL CAPITAL CORP VIREVEALEDNEW+160.0K160.0K+$14,724$14,724
CHURCHILL CAPITAL CORP VIIREVEALEDNEW+160.0K160.0K+$12,444$12,444
UBER TECHNOLOGIES INCSOLD OUT−16.50M0−$14M$0
SPOTIFY USA INCSOLD OUT−16.40M0−$13M$0
RINGCENTRAL INCSOLD OUT−11.00M0−$9M$0
HERBALIFE NUTRITION LTDSOLD OUT−8.41M0−$8M$0
NUVASIVE INCSOLD OUT−8.03M0−$7M$0

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

Holdings — Q1 2023REVEALED

16 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/119.00%$21M25.58M
2JAZZ INVESTMENTS I LTDNOTE 1.500% 8/114.10%$16M16.10M
3SPLUNK INCNOTE 1.125% 6/1 · NOTE 1.125% 9/112.78%$14M16.05M
4JETBLUE AIRWAYS CORPNOTE 0.500% 4/012.16%$13M17.25M
5MITEK SYS INCREVEALEDNOTE 0.750% 2/012.16%$13M16.22M
6KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/17.08%$8M10.00M
7KAMAN CORPNOTE 3.250% 5/06.62%$7M7.72M
8THE REALREAL INCREVEALEDNOTE 1.000% 3/06.23%$7M20.22M
9MAGNITE INCNOTE 0.250% 3/13.65%$4M5.00M
108X8 INC NEWNOTE 0.500% 2/02.92%$3M3.50M
11NOTVQINOTIV INChistory →COM1.94%$2M296.1K
12CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.01%$15,000100.0K
13CHURCHILL CAPITAL CORP VIREVEALED*W EXP 02/17/202 · *W EXP 10/17/2020.01%$14,724160.0K
14CHURCHILL CAPITAL CORP VIIREVEALED*W EXP 02/29/2020.01%$12,444160.0K
15MULTIPLAN CORPORATION*W EXP 02/13/2020.01%$6,75075.0K
16SKILLSOFT CORP*W EXP 06/11/2020.01%$5,74633.3K

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 ↗.