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Livermore
Livermore
ZHEN

Springhouse Capital Management, LP

SEC CIK
0001660086
Latest filing
Nov 14, 2023

The latest 13F from Springhouse Capital Management, LP covers Q3 2023 (filed Nov 14, 2023): 21 long positions worth $54.7M. The top 10 holdings make up 93.0% of the portfolio, and the largest is TheRealReal, Inc. at 31.6%. Livermore has 11 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2023

Share counts compared with Q2 2023: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$333.5K
Added
0
Reduced
4
Est. −$3.44M
Sold out
3
Est. −$8.26M

Top 5 holdings

Share of this quarter's portfolio value

  1. TheRealReal, Inc.88339PAD3
    31.6%$17.3M
  2. CCitigroup Inc
    16.1%$8.79MHistory
  3. WILCFG Willi Food International Ltd
    12.0%$6.57MHistory
  4. TheRealReal, Inc.88339PAB7
    9.5%$5.21M
  5. EXPEExpedia Group, Inc.
    6.4%$3.50MHistory

Share of portfolio

Top 5 holdings and the other 16 positions, by share of portfolio value

  1. TheRealReal, Inc.31.6%
  2. C16.1%
  3. WILCF12.0%
  4. TheRealReal, Inc.9.5%
  5. EXPE6.4%
  6. Other 16 positions24.4%

Biggest buys

New and added positions, by estimated amount bought

  1. SKINSkinHealth Systems Inc.
    +$289.7KNewHistory
  2. PRPLPurple Innovation, Inc.
    +$43.8KNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SKINSkinHealth Systems Inc.
    +0.53 pp0.0% → 0.5%History
  2. PRPLPurple Innovation, Inc.
    +0.08 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPNTSiriusPoint Ltd
    −$5.99MSold outHistory
  2. CLMTCalumet, Inc.
    −$2.14MSold outHistory
  3. REALTheRealReal, Inc.
    −$1.53MReducedHistory
  4. GBLIGlobal Indemnity Group, LLC
    −$1.32MReducedHistory
  5. GELGenesis Energy LP
    −$359.3KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SPNTSiriusPoint Ltd
    −10.06 pp10.1% → 0.0%History
  2. CLMTCalumet, Inc.
    −3.59 pp3.6% → 0.0%History
  3. REALTheRealReal, Inc.
    −2.69 pp3.3% → 0.7%History
  4. GBLIGlobal Indemnity Group, LLC
    −1.51 pp7.9% → 6.4%History
  5. GELGenesis Energy LP
    −0.26 pp2.2% → 2.0%History

Metrics

13F metrics for Q3 2023, computed only from the numbers in the filings. Definitions below.

Portfolio value
$54.7M
−$4.83M (−8.1%) vs. prior quarter
Positions
21
−1 vs. prior quarter
Top 10 concentration
93.0%
Top 10 as share of value
Turnover
0.6%
Q3 2023, one quarter
Average holding period
7.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

11 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $201.7M (Q2 2022)

Q1 2021: $100.5MQ2 2021: $110.6MQ3 2021: $106.0MQ4 2021: $140.9MQ1 2022: $152.0MQ2 2022: $201.7MQ3 2022: $150.3MQ4 2022: $75.1MQ1 2023: $66.9MQ2 2023: $59.5MQ3 2023: $54.7M
Q1 2021Q3 2023
13F filings of Springhouse Capital Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2023Nov 14, 202321$54.7MTheRealReal, Inc.CWILCFvs. Q2 2023SEC
Q2 2023Aug 14, 202322$59.5MTheRealReal, Inc.CWILCFvs. Q1 2023SEC
Q1 2023May 15, 202326$66.9MGBLICWILCFvs. Q4 2022SEC
Q4 2022Feb 14, 202332$75.1MFar Peak Acquisition CorpCWILCFvs. Q3 2022SEC
Q3 2022Nov 14, 202247$150.3MSHLXFar Peak Acquisition CorpGBLIvs. Q2 2022SEC
Q2 2022Aug 15, 202256$201.7MPershing Square Tontine HldgGBLISHLXvs. Q1 2022SEC
Q1 2022May 16, 202242$152.0MGBLIPershing Square Tontine HldgWILCFvs. Q4 2021SEC
Q4 2021Feb 14, 202232$140.9MGBLISports Entertainment Acqu CoWILCFvs. Q3 2021SEC
Q3 2021Nov 15, 202126$106.0MGBLIWILCFMETAvs. Q2 2021SEC
Q2 2021Aug 16, 202123$110.6MGBLIWILCFMETAvs. Q1 2021SEC
Q1 2021May 17, 202119$100.5MGBLIWILCFWFC–SEC

13D and 13G filings

Companies where Springhouse Capital Management, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Springhouse Capital Management, LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
BNEDBarnes & Noble Education, Inc.13G/A6.81%2.34M shares+1.23 ppfrom 5.58%Nov 14, 20252 filingsFeb 24, 2026SEC
LOVELovesac Co13G6.28%918.7K sharesNewFeb 24, 20261 filingFeb 24, 2026SEC

Latest filings

5 filings on file made by Springhouse Capital Management, LP or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Springhouse Capital Management, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
BNEDBarnes & Noble Education, Inc.Feb 24, 20263:42 PM ET13G/A6.81%2.34M shares+1.23 ppfrom 5.58%Dec 31, 2025SEC
LOVELovesac CoFeb 24, 20262:28 PM ET13G6.28%918.7K sharesNewDec 31, 2025SEC
BNEDBarnes & Noble Education, Inc.Nov 14, 20259:00 AM ET13G5.58%1.90M sharesNewSep 30, 2025SEC
WILCFG Willi Food International LtdMay 15, 20259:00 AM ET13G/A4.16%576.3K shares–Below 5%Mar 31, 2025SEC
WILCFG Willi Food International LtdFeb 14, 202413G/AOld format–––SEC