Managers / Q2 2019 · view latest →
Springhouse Capital Management, LP
CIK 0001660086 · 18 BURR FARMS ROAD, WESTPORT, CT, 06880 · 212-319-2570
Summary
Springhouse Capital Management, LP reported $178M in U.S.-listed holdings across 19 positions for Q2 2019.
The portfolio is heavily concentrated: Oaktree Specialty Lending alone accounts for 21.0% of reported value.
Compared with Q1 2019, the fund opened 3 new positions and exited 2.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 78.8% · $140M
- Other · 19.3% · $34M
- ADR · 1.2% · $2M
- MLP · 0.7% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GOOGALPHABET INC | NEW | +4.5K | 4.5K | +$5M | $5M |
| NNINELNET INC | NEW | +30.0K | 30.0K | +$2M | $2M |
| MEDLEY CAP CORP | NEW | +128.6K | 128.6K | +$301,000 | $301,000 |
| CCITIGROUP INC | SOLD OUT | −30.0K | 0 | −$2M | $0 |
| CVSCVS HEALTH CORP | SOLD OUT | −5.0K | 0 | −$270,000 | $0 |
| MSMORGAN STANLEY | ADDED | +155.0K | 358.5K | +$7M | $16M |
| BIDUBAIDU INC | TRIMMED | −20.0K | 18.3K | −$4M | $2M |
| GSGOLDMAN SACHS GROUP INC | ADDED | +30.0K | 88.5K | +$7M | $18M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | OAKTREE SPECIALTY LENDING CO | COM | 21.03% | $37M | 6.90M |
| 2 | GLOBAL INDTY LTD CAYMAN | USD CL A SHS | 13.04% | $23M | 748.6K |
| 3 | GSGOLDMAN SACHS GROUP INChistory → | COM | 10.19% | $18M | 88.5K |
| 4 | MSMORGAN STANLEYhistory → | COM NEW | 8.84% | $16M | 358.5K |
| 5 | METAFACEBOOK INChistory → | CL A | 7.88% | $14M | 72.6K |
| 6 | CREDIT SUISSE GROUP | SPONSORED ADR | 7.41% | $13M | 1.10M |
| 7 | G WILLI FOOD INTL LTD | ORD | 6.25% | $11M | 1.12M |
| 8 | OCSIOAKTREE STRATEGIC INCOME CORhistory → | COM | 5.69% | $10M | 1.19M |
| 9 | MCDIFMCDERMOTT INTL INChistory → | COM | 4.39% | $8M | 807.5K |
| 10 | KKRKKR & CO INChistory → | CL A | 3.48% | $6M | 244.5K |
| 11 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 2.87% | $5M | 302.6K |
| 12 | GOOGALPHABET INChistory → | CAP STK CL C | 2.74% | $5M | 4.5K |
| 13 | COWEN INC | CL A NEW | 1.38% | $2M | 142.7K |
| 14 | BIDUBAIDU INChistory → | SPON ADR REP A | 1.21% | $2M | 18.3K |
| 15 | DXCDXC TECHNOLOGY COhistory → | COM | 1.18% | $2M | 38.0K |
| 16 | NNINELNET INC | CL A | 1.00% | $2M | 30.0K |
| 17 | CALUMET SPECIALTY PRODS PTNR | UT LTD PARTNER | 0.68% | $1M | 290.5K |
| 18 | MEDLEY MGMT INC | CL A COM | 0.57% | $1M | 409.3K |
| 19 | MEDLEY CAP CORP | COM | 0.17% | $301,000 | 128.6K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2023 | $55M | 22 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $60M | 22 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $75M | 27 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $75M | 32 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $150M | 47 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $202M | 57 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $157M | 44 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $142M | 33 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $106M | 26 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $111M | 23 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $100M | 19 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $104M | 21 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020REVEALED | $83M | 16 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $83M | 15 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $81M | 18 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $105M | 12 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $149M | 17 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $178M | 19 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $154M | 18 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $207M | 22 | Feb 14, 2019 | 13F-HR | changes · 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 ↗.