SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Birch Grove Capital LP

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

Reported Value
$68M
Q2 2023
Positions
13
Filings on Record
26
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Birch Grove Capital LP reported $68M in U.S.-listed holdings across 13 positions for Q2 2023.

The portfolio is heavily concentrated: Tabula Rasa Healthcare alone accounts for 31.7% of reported value.

Compared with Q1 2023, the fund opened 0 new positions and exited 5.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+100.0%
share of reported value
Largest Position
+31.7%
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: 97.0%Common Stock: 2.9%Other: 0.1%ETP: 0.0%
  • US DOMESTIC · 97.0% · $66M
  • Common Stock · 2.9% · $2M
  • Other · 0.1% · $51,188
  • ETP · 0.0% · $3,761

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JETBLUE AIRWAYS CORPSOLD OUT−17.25M0−$13M$0
SPLUNK INCSOLD OUT−13.05M0−$11M$0
KAMAN CORPSOLD OUT−7.72M0−$7M$0
MAGNITE INCSOLD OUT−5.00M0−$4M$0
SPLUNK INCSOLD OUT−3.00M0−$3M$0
CHURCHILL CAPITAL CORP VIITRIMMED−80.0K80.0K−$844$11,600
CHURCHILL CAPITAL CORP VITRIMMED−80.0K80.0K+$76$14,800
SPYSPDR S&P 500 ETF TRTRIMMED−1.1K1.1K−$1M$3,761

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

Holdings — Q2 2023

12 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TABULA RASA HEALTHCARE INCNOTE 1.750% 2/131.73%$22M25.58M
2JAZZ INVESTMENTS I LTDNOTE 1.500% 8/122.45%$15M16.10M
3MITEK SYS INCNOTE 0.750% 2/020.02%$14M16.22M
4THE REALREAL INCNOTE 1.000% 3/011.40%$8M18.22M
5KARYOPHARM THERAPEUTICS INCNOTE 3.000% 10/17.93%$5M8.00M
68X8 INC NEWNOTE 0.500% 2/03.51%$2M2.50M
7NOTVQINOTIV INChistory →COM2.89%$2M296.1K
8CHURCHILL CAPITAL CORP V*W EXP 10/29/2020.02%$17,000100.0K
9CHURCHILL CAPITAL CORP VI*W EXP 02/17/2020.02%$14,80080.0K
10CHURCHILL CAPITAL CORP VII*W EXP 02/29/2020.02%$11,60080.0K
11MULTIPLAN CORPORATION*W EXP 02/13/2020.01%$5,28875.0K
12SKILLSOFT CORP*W EXP 06/11/2020.00%$2,50033.3K

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 ↗.