SEC 13F Intelligence

Managers / Q3 2023

Springhouse Capital Management, LP

CIK 0001660086 · 18 BURR FARMS ROAD, WESTPORT, CT, 06880 · 212-319-2570

Reported Value
$55M
Q3 2023
Positions
22
Filings on Record
21
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Springhouse Capital Management, LP reported $55M in U.S.-listed holdings across 22 positions for Q3 2023.

The portfolio is heavily concentrated: REAL alone accounts for 41.3% of reported value.

Compared with Q2 2023, the fund opened 3 new positions and exited 3.

Portfolio Metrics

Turnover
+17.1%
vs prior filed quarter
Top-10 Concentration
+94.4%
share of reported value
Largest Position
+41.3%
The Realreal
New / Exited
3 / 3
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: $207MQ4 ’18Q1 ’19: $154MQ2 ’19: $178MQ3 ’19: $149MQ3 ’19Q4 ’19: $105MQ1 ’20: $81MQ2 ’20: $83MQ2 ’20Q3 ’20: $83MQ4 ’20: $104MQ1 ’21: $100MQ1 ’21Q2 ’21: $111MQ3 ’21: $106MQ4 ’21: $142MQ4 ’21Q1 ’22: $157MQ2 ’22: $202MQ3 ’22: $150MQ3 ’22Q4 ’22: $75MQ1 ’23: $75MQ2 ’23: $60MQ2 ’23Q3 ’23: $55Mfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 40.7%Common Stock: 37.2%Other: 12.2%ADR: 5.3%MLP: 4.7%
  • US DOMESTIC · 40.7% · $22M
  • Common Stock · 37.2% · $21M
  • Other · 12.2% · $7M
  • ADR · 5.3% · $3M
  • MLP · 4.7% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMC ENTMT HLDGS INCNEW+70.0K70.0K+$559,300$559,300
THE BEAUTY HEALTH COMPANYNEW+48.1K48.1K+$289,670$289,670
PURPLE INNOVATION INCNEW+25.6K25.6K+$43,815$43,815
THE REALREAL INCADDED+4.85M7.45M+$3M$5M
SPNTSIRIUSPOINT LTDSOLD OUT−663.3K0−$6M$0
CALUMET SPECIALTY PRODS PARTSOLD OUT−134.7K0−$2M$0
A K A BRANDS HLDG CORPSOLD OUT−304.8K0−$131,052$0
REALTHE REALREAL INCTRIMMED−727.2K171.1K−$2M$361,118

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

Holdings — Q3 2023

19 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1REALTHE REALREAL INCNOTE 1.000% 3/0 · NOTE 3.000% 6/1 · COM41.34%$23M44.96M
2CCITIGROUP INChistory →COM NEW15.91%$9M213.8K
3G WILLI FOOD INTL LTDORD11.89%$7M635.7K
4EXPEEXPEDIA GROUP INChistory →COM NEW6.34%$4M34.0K
5GBLIGLOBAL INDEMNITY GROUP LLChistory →COM CL A6.32%$3M101.6K
6BURBURFORD CAP LTDhistory →ORD SHS3.60%$2M142.1K
7ETENERGY TRANSFER L Phistory →COM UT LTD PTN2.73%$2M107.7K
8BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS2.67%$1M17.0K
9GELGENESIS ENERGY L Phistory →UNIT LTD PARTN1.94%$1M103.9K
10VIPSVIPSHOP HLDGS LTDhistory →SPONSORED ADS A1.65%$909,52856.8K
11VTRSVIATRIS INChistory →COM1.25%$690,20070.0K
12TMETENCENT MUSIC ENTMT GROUPSPON ADS0.95%$524,43682.2K
13UBSUBS GROUP AGSHS0.91%$505,32520.5K
14THE BEAUTY HEALTH COMPANYCOM CL A0.52%$289,67048.1K
15ALTISOURCE PORTFOLIO SOLNS SREG SHS0.31%$172,41243.2K
16BRIGHTCOVE INCCOM0.26%$141,79943.1K
17FARMER BROS COCOM0.16%$88,12034.2K
18ICAD INCCOM NEW0.15%$83,35639.5K
19PURPLE INNOVATION INCCOM0.08%$43,81525.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2023$55M22Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$60M22Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$75M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$75M32Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$150M47Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$202M57Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$157M44May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$142M33Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$106M26Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$111M23Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$100M19May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$104M21Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020REVEALED$83M16Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$83M15Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$81M18May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$105M12Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$149M17Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$178M19Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$154M18May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$207M22Feb 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 ↗.