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BGC

Birch Grove Capital Portfolio holdings

AUM $9.51M
1-Year Est. Return 0.22%
This Fund
S&P 500
This Quarter Est. Return
+2.62%
1 Year Est. Return
+0.22%
3 Year Est. Return
-2.66%
5 Year Est. Return
+14%
10 Year Est. Return
–
AUM
$230M
AUM Growth
+$38.7M
Cap. Flow
-$99.2M
Cap. Flow %
-43.06%
Top 10 Hldgs %
56.41%
Holding
55
New
10
Increased
8
Reduced
12
Closed
5

Top Buys

Rank Stock Value
1
CCVI.U
Churchill Capital Corp VI Units, each consisting of one share of Class A common stock, and one-fifth of one redeemable warrant
CCVI.U
+$4.33M
2
CVIIU
Churchill Capital Corp VII Units
CVIIU
+$4.13M
3
WCC
WESCO International
WCC
+$3.47M
4
THC icon
Tenet Healthcare
THC
+$2.92M
5
CVS icon
CVS Health
CVS
+$2.54M

Top Sells

Rank Stock Value
1
CCIV.U
Churchill Capital Corp IV Units, each consisting of one share of Class A common stock and one-fifth
CCIV.U
+$3.09M
2
IHRT icon
iHeartMedia
IHRT
+$2.78M
3
SIX
Six Flags Entertainment Corp.
SIX
+$2.53M
4
CHX
ChampionX
CHX
+$2.28M
5
ECC
Eagle Point Credit Company
ECC
+$1.93M

Sector Composition

Rank Sector Weight
1 Miscellaneous 75.54%
2 Healthcare 6.12%
3 Industrials 4.67%
4 Financials 3.72%
5 Consumer Discretionary 3.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EHTH icon
26
eHealth
EHTH
$36.5M
$708K 0.31%
9,737
-28,163
-74% -$1.8M
SPY icon
27
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$827B
$472K 0.2%
123,300
-58,700
-32% -$22.6M
AGC
28
DELISTED
Altimeter Growth Corp
AGC
$425K 0.18%
+36,300
New +$488K
MPLN.WS
29
DELISTED
MultiPlan Corporation Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share
MPLN.WS
$72K 0.03%
75,000
– –
SPLK
30
PUT
DELISTED
Splunk Inc
SPLK
$53K 0.02%
14,200
– –
CCX.WS
31
DELISTED
Churchill Capital Corp II Warrants, each exercisable for one share of Class A common stock at an exe
CCX.WS
$49K 0.02%
+33,332
New +$60.9K
F icon
32
PUT
Ford
F
$55.6B
$36K 0.02%
+77,100
New +$882K
LRN icon
33
PUT
Stride
LRN
$3.55B
$35K 0.02%
+29,100
New +$755K
IHRT icon
34
iHeartMedia
IHRT
$416M
– –
-214,500
Closed -$2.78M
SABR icon
35
Sabre
SABR
$864M
– –
-156,850
Closed -$1.89M
SIX
36
DELISTED
Six Flags Entertainment Corp.
SIX
– –
-74,199
Closed -$2.53M
CCIV.U
37
DELISTED
Churchill Capital Corp IV Units, each consisting of one share of Class A common stock and one-fifth
CCIV.U
– –
-300,000
Closed -$3.09M
CCX.U
38
DELISTED
Churchill Capital Corp II
CCX.U
– –
-100,000
Closed -$1.1M
1
2

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Birch Grove Capital's Q1 2021 Portfolio in Review

As of Q1 2021, Birch Grove Capital held 55 positions worth $230M, up 20% from $192M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Birch Grove Capital withdrew a net $99.2M in Q1 2021, closing 5 positions and reducing 12 holdings. Its most notable exit was Churchill Capital Corp IV Units, each consisting of one share of Class A common stock and one-fifth, an estimated $3.09M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 76% of assets, up from 73% a quarter earlier, followed by Healthcare and Industrials.

Against the trend, Birch Grove Capital opened a new position in Churchill Capital Corp VI Units, each consisting of one share of Class A common stock, and one-fifth of one redeemable warrant worth $4.02M.

  • Birch Grove Capital's largest Q1 2021 buy was Churchill Capital Corp VI Units, each consisting of one share of Class A common stock, and one-fifth of one redeemable warrant: 400,000 shares worth $4.02M.
  • Birch Grove Capital added most to GoHealth in Q1 2021, an estimated $1.15M increase.
  • Birch Grove Capital's biggest Q1 2021 reduction was ChampionX, cutting an estimated $2.28M.
  • Birch Grove Capital fully exited Churchill Capital Corp IV Units, each consisting of one share of Class A common stock and one-fifth in Q1 2021, selling an estimated $3.09M.
  • Birch Grove Capital's ten largest holdings make up 56% of its $230M portfolio in Q1 2021.
  • Birch Grove Capital opened 10 new positions and closed 5 in Q1 2021.
  • Birch Grove Capital's portfolio value rose 20% quarter-over-quarter to $230M.

Based on Birch Grove Capital's 13F filing for Q1 2021, filed 17 May 2021.