SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Springhouse Capital Management, LP

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

Reported Value
$60M
Q2 2023
Positions
22
Filings on Record
20
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Springhouse Capital Management, LP reported $60M in U.S.-listed holdings across 22 positions for Q2 2023.

The portfolio is heavily concentrated: REAL alone accounts for 26.8% of reported value.

Compared with Q1 2023, the fund opened 4 new positions and exited 9.

Portfolio Metrics

Turnover
+23.2%
vs prior filed quarter
Top-10 Concentration
+92.1%
share of reported value
Largest Position
+26.8%
The Realreal
New / Exited
4 / 9
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: 50.0%US DOMESTIC: 23.4%Other: 13.5%MLP: 8.1%ADR: 5.0%
  • Common Stock · 50.0% · $30M
  • US DOMESTIC · 23.4% · $14M
  • Other · 13.5% · $8M
  • MLP · 8.1% · $5M
  • ADR · 5.0% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
REALTHE REALREAL INCNEW+898.3K898.3K+$2M$2M
UBSUBS GROUP AGNEW+20.5K20.5K+$415,535$415,535
FARMER BROS CONEW+34.2K34.2K+$94,609$94,609
ICAD INCNEW+39.5K39.5K+$64,393$64,393
THE REALREAL INCADDED+25.19M29.69M+$11M$12M
THE REALREAL INCADDED+2.00M2.60M+$1M$2M
QQQINVESCO QQQ TRSOLD OUT−25.0K0−$8M$0
GOOGLALPHABET INCSOLD OUT−48.2K0−$5M$0

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

Holdings — Q2 2023

20 positions (from 22 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1REALTHE REALREAL INCNOTE 1.000% 3/0 · COM · NOTE 3.000% 6/126.76%$16M33.19M
2CCITIGROUP INChistory →COM NEW16.53%$10M213.8K
3G WILLI FOOD INTL LTDORD13.10%$8M635.7K
4SPNTSIRIUSPOINT LTDhistory →COM10.06%$6M663.3K
5GBLIGLOBAL INDEMNITY GROUP LLChistory →COM CL A7.89%$5M139.9K
6EXPEEXPEDIA GROUP INChistory →COM NEW6.25%$4M34.0K
7CALUMET SPECIALTY PRODS PARTUT LTD PARTNER3.59%$2M134.7K
8BURBURFORD CAP LTDhistory →ORD SHS3.25%$2M158.8K
9BABAALIBABA GROUP HLDG LTDhistory →SPONSORED ADS2.38%$1M17.0K
10ETENERGY TRANSFER L Phistory →COM UT LTD PTN2.30%$1M107.7K
11GELGENESIS ENERGY L Phistory →UNIT LTD PARTN2.23%$1M138.8K
12VIPSVIPSHOP HOLDINGS LIMITEDhistory →SPONSORED ADS A1.57%$937,36556.8K
13VTRSVIATRIS INChistory →COM1.17%$698,60070.0K
14TMETENCENT MUSIC ENTMT GROUPhistory →SPON ADS1.02%$606,63682.2K
15UBSUBS GROUP AGSHS0.70%$415,53520.5K
16ALTISOURCE PORTFOLIO SOLNS SREG SHS0.41%$246,30343.2K
17BRIGHTCOVE INCCOM0.29%$172,83143.1K
18A K A BRANDS HLDG CORPCOM0.22%$131,052304.8K
19FARMER BROS COCOM0.16%$94,60934.2K
20ICAD INCCOM NEW0.11%$64,39339.5K

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 ↗.