Managers / Q3 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 $149M in U.S.-listed holdings across 17 positions for Q3 2019.
The portfolio is heavily concentrated: Oaktree Specialty Lending alone accounts for 23.4% of reported value.
Compared with Q2 2019, the fund opened 2 new positions and exited 4.
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 · 73.8% · $110M
- Other · 20.3% · $30M
- ADR · 5.2% · $8M
- MLP · 0.7% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BCSBARCLAYS PLC | NEW | +792.8K | 792.8K | +$6M | $6M |
| CCITIGROUP INC | NEW | +46.9K | 46.9K | +$3M | $3M |
| MCDIFMCDERMOTT INTL INC | SOLD OUT | −807.5K | 0 | −$8M | $0 |
| GOOGALPHABET INC | SOLD OUT | −4.5K | 0 | −$5M | $0 |
| COWEN INC | SOLD OUT | −142.7K | 0 | −$2M | $0 |
| NNINELNET INC | SOLD OUT | −30.0K | 0 | −$2M | $0 |
| GSGOLDMAN SACHS GROUP INC | TRIMMED | −58.0K | 30.5K | −$12M | $6M |
| BLDRBUILDERS FIRSTSOURCE INC | TRIMMED | −163.5K | 139.1K | −$2M | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | OAKTREE SPECIALTY LENDING CO | COM | 23.40% | $35M | 6.73M |
| 2 | GLOBAL INDTY LTD CAYMAN | USD CL A SHS | 12.54% | $19M | 748.6K |
| 3 | MSMORGAN STANLEYhistory → | COM NEW | 10.37% | $15M | 362.2K |
| 4 | METAFACEBOOK INChistory → | CL A | 9.51% | $14M | 79.6K |
| 5 | CREDIT SUISSE GROUP | SPONSORED ADR | 9.28% | $14M | 1.13M |
| 6 | G WILLI FOOD INTL LTD | ORD | 7.77% | $12M | 1.05M |
| 7 | OCSIOAKTREE STRATEGIC INCOME CORhistory → | COM | 6.58% | $10M | 1.19M |
| 8 | KKRKKR & CO INChistory → | CL A | 4.40% | $7M | 244.5K |
| 9 | GSGOLDMAN SACHS GROUP INChistory → | COM | 4.25% | $6M | 30.5K |
| 10 | BCSBARCLAYS PLChistory → | ADR | 3.90% | $6M | 792.8K |
| 11 | CCITIGROUP INChistory → | COM NEW | 2.17% | $3M | 46.9K |
| 12 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 1.92% | $3M | 139.1K |
| 13 | BIDUBAIDU INChistory → | SPON ADR REP A | 1.26% | $2M | 18.3K |
| 14 | MEDLEY MGMT INC | CL A COM | 0.96% | $1M | 409.3K |
| 15 | DXCDXC TECHNOLOGY CO | COM | 0.75% | $1M | 38.0K |
| 16 | CALUMET SPECIALTY PRODS PTNR | UT LTD PARTNER | 0.71% | $1M | 290.5K |
| 17 | MEDLEY CAP CORP | COM | 0.22% | $333,000 | 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 ↗ |
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 ↗.