SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Springhouse Capital Management, LP

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

Reported Value
$75M
Q1 2023
Positions
27
Filings on Record
20
2019–present window
Filed
May 15, 2023
original filing

Summary

Springhouse Capital Management, LP reported $75M in U.S.-listed holdings across 27 positions for Q1 2023.

Its largest position, GBLI, represents 13.5% of the portfolio.

Compared with Q4 2022, the fund opened 5 new positions and exited 10.

Portfolio Metrics

Turnover
+33.4%
vs prior filed quarter
Top-10 Concentration
+73.4%
share of reported value
Largest Position
+13.5%
Global Indemnity
New / Exited
5 / 10
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
Q1 ’19: $154MQ1 ’19Q2 ’19: $178MQ3 ’19: $149MQ4 ’19: $105MQ4 ’19Q1 ’20: $81MQ2 ’20: $83MQ3 ’20: $83MQ3 ’20Q4 ’20: $104MQ1 ’21: $100MQ2 ’21: $111MQ2 ’21Q3 ’21: $106MQ4 ’21: $142MQ1 ’22: $157MQ1 ’22Q2 ’22: $202MQ3 ’22: $150MQ4 ’22: $75MQ4 ’22Q1 ’23: $75MQ2 ’23: $60MQ3 ’23: $55MQ3 ’23filingsflow.com

Portfolio Composition

By security type
Common Stock: 59.0%Other: 13.5%ETP: 10.7%ADR: 7.4%MLP: 6.9%US DOMESTIC: 2.5%
  • Common Stock · 59.0% · $44M
  • Other · 13.5% · $10M
  • ETP · 10.7% · $8M
  • ADR · 7.4% · $6M
  • MLP · 6.9% · $5M
  • US DOMESTIC · 2.5% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QQQINVESCO QQQ TRNEW+25.0K25.0K+$8M$8M
AQNALGONQUIN PWR UTILS CORPNEW+368.3K368.3K+$3M$3M
THE REALREAL INCNEW+4.50M4.50M+$2M$2M
FCNCAFIRST CTZNS BANCSHARES INC NNEW+800800+$778,480$778,480
ALTISOURCE PORTFOLIO SOLNS SNEW+62.0K62.0K+$285,090$285,090
CAESARSTONE LTDADDED+75.0K100.0K+$270,312$413,062
FAR PEAK ACQUISITION CORPSOLD OUT−1.21M0−$12M$0
NORTHERN STAR INVSTMNT CORPSOLD OUT−317.5K0−$3M$0

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

Holdings — Q1 2023

24 positions (from 26 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GBLIGLOBAL INDEMNITY GROUP LLChistory →COM CL A13.51%$10M359.5K
2CCITIGROUP INChistory →COM NEW13.10%$10M209.3K
3G WILLI FOOD INTL LTDORD12.52%$9M636.2K
4GOOGLALPHABET INCCAP STK CL A · CAP STK CL C7.98%$6M57.6K
5SPNTSIRIUSPOINT LTDhistory →COM7.63%$6M703.3K
6EXPEEXPEDIA GROUP INChistory →COM NEW4.40%$3M34.0K
7VIPSVIPSHOP HOLDINGS LIMITEDhistory →SPONSORED ADS A4.16%$3M205.1K
8AQNALGONQUIN PWR UTILS CORPhistory →COM4.13%$3M368.3K
9CALUMET SPECIALTY PRODS PARTUT LTD PARTNER3.41%$3M146.9K
10THE REALREAL INCNOTE 1.000% 3/0 · NOTE 3.000% 6/12.51%$2M5.10M
11AMZNAMAZON COM INChistory →COM2.45%$2M17.8K
12BURBURFORD CAP LTDhistory →ORD SHS2.34%$2M158.8K
13BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS2.32%$2M17.0K
14ETENERGY TRANSFER L Phistory →COM UT LTD PTN1.79%$1M107.7K
15GELGENESIS ENERGY L Phistory →UNIT LTD PARTN1.73%$1M115.1K
16FCNCAFIRST CTZNS BANCSHARES INC Nhistory →CL A1.04%$778,480800
17TMETENCENT MUSIC ENTMT GROUPSPON ADS0.91%$680,61682.2K
18VTRSVIATRIS INCCOM0.90%$673,40070.0K
19CREDIT SUISSE GROUPSPONSORED ADR0.56%$417,282469.0K
20CAESARSTONE LTDORD SHS0.55%$413,062100.0K
21ACVAACV AUCTIONS INCCOM CL A0.48%$357,60727.7K
22ALTISOURCE PORTFOLIO SOLNS SREG SHS0.38%$285,09062.0K
23BRIGHTCOVE INCCOM0.26%$191,79543.1K
24A K A BRANDS HLDG CORPCOM0.22%$166,009304.8K

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 ↗

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 ↗.