Managers / Q3 2021 · view latest →
Springhouse Capital Management, LP
CIK 0001660086 · 18 BURR FARMS ROAD, WESTPORT, CT, 06880 · 212-319-2570
Summary
Springhouse Capital Management, LP reported $106M in U.S.-listed holdings across 26 positions for Q3 2021.
Its largest position, GBLI, represents 19.3% of the portfolio.
Compared with Q2 2021, the fund opened 5 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 · 70.6% · $75M
- Other · 17.9% · $19M
- ADR · 7.0% · $7M
- MLP · 4.5% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PERSHING SQUARE TONTINE HLDG | NEW | +254.0K | 254.0K | +$5M | $5M |
| ADNTADIENT PLC | NEW | +20.0K | 20.0K | +$829,000 | $829,000 |
| GRPNGROUPON INC | NEW | +20.0K | 20.0K | +$456,000 | $456,000 |
| CVSCVS HEALTH CORP | NEW | +3.0K | 3.0K | +$255,000 | $255,000 |
| PERSHING SQUARE TONTINE HLDG | NEW | +118.2K | 118.2K | +$153,000 | $153,000 |
| TWITTER INC | ADDED | +26.0K | 50.0K | +$1M | $3M |
| NFLXNETFLIX INC | SOLD OUT | −2.0K | 0 | −$1M | $0 |
| EROS STX GLOBAL CORPORATION | SOLD OUT | −320.0K | 0 | −$490,000 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | GBLIGLOBAL INDEMNITY GROUP LLChistory → | COM CL A | 19.34% | $20M | 752.2K |
| 2 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 15.54% | $16M | 6.2K |
| 3 | G WILLI FOOD INTL LTD | ORD | 13.23% | $14M | 689.8K |
| 4 | METAFACEBOOK INChistory → | CL A | 9.16% | $10M | 28.6K |
| 5 | CREDIT SUISSE GROUP | SPONSORED ADR | 5.76% | $6M | 619.0K |
| 6 | AMZNAMAZON COM INChistory → | COM | 5.70% | $6M | 1.8K |
| 7 | PERSHING SQUARE TONTINE HLDG | COM CL A · *W EXP 07/24/202 | 4.87% | $5M | 372.3K |
| 8 | BP MIDSTREAM PARTNERS LP | UNIT LTD PTNR | 4.54% | $5M | 362.9K |
| 9 | TWITTER INC | COM | 2.85% | $3M | 50.0K |
| 10 | BABAALIBABA GROUP HLDG LTDhistory → | SPONSORED ADS | 2.37% | $3M | 17.0K |
| 11 | CALUMET SPECIALTY PRODS PART | UT LTD PARTNER | 2.23% | $2M | 298.5K |
| 12 | VIPSVIPSHOP HOLDINGS LIMITEDhistory → | SPONSORED ADS A | 2.16% | $2M | 205.1K |
| 13 | BIDUBAIDU INChistory → | SPON ADR REP A | 1.83% | $2M | 12.6K |
| 14 | WFCWELLS FARGO CO NEWhistory → | COM | 1.80% | $2M | 41.0K |
| 15 | BURBURFORD CAP LTDhistory → | ORD SHS | 1.39% | $1M | 133.7K |
| 16 | CCITIGROUP INChistory → | COM NEW | 1.38% | $1M | 20.8K |
| 17 | SHELL MIDSTREAM PARTNERS L P | UNIT LTD INT | 1.19% | $1M | 107.3K |
| 18 | GELGENESIS ENERGY L Phistory → | UNIT LTD PARTN | 1.08% | $1M | 114.8K |
| 19 | VTRSVIATRIS INC | COM | 0.90% | $949,000 | 70.0K |
| 20 | ADNTADIENT PLC | ORD SHS | 0.78% | $829,000 | 20.0K |
| 21 | OLLIOLLIES BARGAIN OUTLET HLDGS | COM | 0.63% | $663,000 | 11.0K |
| 22 | IQIQIYI INC | SPONSORED ADS | 0.62% | $660,000 | 82.2K |
| 23 | GRPNGROUPON INC | COM NEW | 0.43% | $456,000 | 20.0K |
| 24 | CVSCVS HEALTH CORP | COM | 0.24% | $255,000 | 3.0K |
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 ↗.