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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
+1.17%
1 Year Est. Return
+0.22%
3 Year Est. Return
-2.66%
5 Year Est. Return
+14%
10 Year Est. Return
–
AUM
$190M
AUM Growth
+$69.2M
(+57%)
Cap. Flow
-$82.1M
Cap. Flow
% of AUM
-43.21%
Top 10 Holdings %
Top 10 Hldgs %
86.99%
Holding
38
New
4
Increased
2
Reduced
2
Closed
13
Avg Time Held Equity + Options
1
quarter
Top 10 Avg Time Held Equity + Options
0.9
quarters
Top 20 Avg Time Held Equity + Options
0.9
quarters
Avg Time Held Equity only
1
quarter
Top 10 Avg Time Held Equity only
0.9
quarters
Top 20 Avg Time Held Equity only
1
quarter
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ares Capital
ARCC
|
+$1.63M |
| 2 |
EACQW
Easterly Acquisition Corp.
EACQW
|
+$138K |
| 3 |
GPIAW
GP Investments Acquisition Corp
GPIAW
|
+$131K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NexPoint Residential Trust
NXRT
|
+$1.44M |
| 2 |
Callaway Golf Company
CALY
|
+$1.04M |
| 3 |
HIL
Hill International, Inc. Common Stock
HIL
|
+$558K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 94.65% |
| 2 | Financials | 3.76% |
| 3 | Real Estate | 0.95% |
| 4 | Industrials | 0.65% |
| 5 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ELECU
1
DELISTED
Electrum Special Acquisition Corporation
ELECU
| $9.7M | 5.1% |
967,110
| – | – |
2016 Q1
1 quarter
|
|
|
AAPC
2
DELISTED
Atlantic Alliance Partnership Corp
AAPC
| $5.01M | 2.64% |
482,200
| – | – |
2015 Q4
2 quarters
|
|
|
3
Ares Capital
ARCC
$13.4B
| $2.13M | 1.12% |
150,000
+110,000
| +275% | +$1.63M |
2015 Q4
2 quarters
|
|
|
4
NexPoint Residential Trust
NXRT
$495M
| $1.8M | 0.95% |
98,849
-97,790
| -50% | -$1.44M |
2016 Q1
1 quarter
|
|
|
HIL
5
DELISTED
Hill International, Inc. Common Stock
HIL
| $1.23M | 0.65% |
302,702
-136,386
| -31% | -$558K |
2015 Q4
2 quarters
|
|
6
DELISTED
Hennessy Capital Acquisition Corp. II
HCACW
| $257K | 0.14% |
408,510
| – | – |
2016 Q1
1 quarter
|
|
|
AMAG
7
PUT
DELISTED
AMAG Pharmaceuticals
AMAG
| $228K | 0.12% |
+207,000
| New | +$4.75M |
2016 Q2
0 quarters
|
|
|
EACQW
8
DELISTED
Easterly Acquisition Corp.
EACQW
| $222K | 0.12% |
+370,000
| New | +$138K |
2016 Q2
0 quarters
|
|
9
PUT
SFL Corp
SFL
$1.89B
| $195K | 0.1% |
870,000
+200,000
| +30% | +$2.98M |
2016 Q1
1 quarter
|
|
|
GPIAW
10
DELISTED
GP Investments Acquisition Corp
GPIAW
| $140K | 0.07% |
+206,110
| New | +$131K |
2016 Q2
0 quarters
|
|
11
CALL
Bausch Health
BHC
$2.23B
| $110K | 0.06% |
20,000
| – | – |
2016 Q1
1 quarter
|
|
12
CALL
Gilead Sciences
GILD
$186B
| $72K | 0.04% |
30,000
| – | – |
2016 Q1
1 quarter
|
|
13
CALL
Brookdale Senior Living
BKD
$2.44B
| $24K | 0.01% |
57,400
| – | – |
2015 Q4
2 quarters
|
|
|
ELECW
14
DELISTED
Electrum Special Acquisition Corporation
ELECW
| $24K | 0.01% |
48,303
| – | – |
2016 Q1
1 quarter
|
|
15
CALL
Advance Auto Parts
AAP
$2.51B
| – | – |
-30,000
| Closed | -$468K | – |
|
16
CALL
American International
AIG
$40.5B
| – | – |
-300,000
| Closed | -$11K | – |
|
17
PUT
Deere & Co
DE
$170B
| – | – |
-85,000
| Closed | -$57K | – |
|
18
PUT
Fastenal
FAST
$58.9B
| – | – |
-920,000
| Closed | -$63K | – |
|
19
CALL
Helmerich & Payne
HP
$3.9B
| – | – |
-78,500
| Closed | -$447K | – |
|
|
20
Callaway Golf Company
CALY
$2.46B
| – | – |
-113,880
| Closed | -$1.04M | – |
|
21
PUT
Range Resources
RRC
$9.66B
| – | – |
-250,000
| Closed | -$238K | – |
|
22
CALL
Molson Coors Class A
TAP.A
| – | – |
-46,800
| Closed | -$410K | – |
|
23
PUT
The Gap Inc
GAP
$7.95B
| – | – |
-100,000
| Closed | -$46K | – |
|
|
RAD
24
CALL
DELISTED
Rite Aid Corporation
RAD
| – | – |
-4,460
| Closed | -$17K | – |
|
|
HCR
25
CALL
DELISTED
Hi-Crush Inc. Common Stock
HCR
| – | – |
-139,000
| Closed | -$44K | – |
|
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Birch Grove Capital's Q2 2016 Portfolio in Review
As of Q2 2016, Birch Grove Capital held 38 positions worth $190M, up 57% from $121M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Birch Grove Capital withdrew a net $82.1M in Q2 2016, closing 13 positions and reducing 2 holdings. Its most notable exit was Callaway Golf Company, an estimated $1.04M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 95% of assets, up from 91% a quarter earlier, followed by Financials and Real Estate.
Against the trend, Birch Grove Capital opened a new position in Easterly Acquisition Corp. worth $222K.
- Birch Grove Capital's largest Q2 2016 buy was Easterly Acquisition Corp.: 370,000 shares worth $222K.
- Birch Grove Capital added most to Ares Capital in Q2 2016, an estimated $1.63M increase.
- Birch Grove Capital's biggest Q2 2016 reduction was NexPoint Residential Trust, cutting an estimated $1.44M.
- Birch Grove Capital fully exited Callaway Golf Company in Q2 2016, selling an estimated $1.04M.
- Birch Grove Capital's ten largest holdings make up 87% of its $190M portfolio in Q2 2016.
- Birch Grove Capital opened 4 new positions and closed 13 in Q2 2016.
- Birch Grove Capital's portfolio value rose 57% quarter-over-quarter to $190M.
Based on Birch Grove Capital's 13F filing for Q2 2016, filed 15 Aug 2016.