# Birch Run Capital Advisors, LP

> Institutional holdings reported to the SEC as of Q3 2021 on Form 13F. CIK 1541457. Source: https://holderbook.com/funds/1541457-birch-run-capital-advisors-lp/

- Reported value: $86.9M
- Positions: 21
- Weight of the ten largest: 68.9%
- Filed: 2021-11-15

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PAR PAC HOLDINGS INC | [PARR](https://holderbook.com/stocks/PARR/) | $8.4M | 536,402 | 9.7% | 12 |
| CIT GROUP INC | [CIT](https://holderbook.com/stocks/CIT/) | $7.7M | 148,302 | 8.9% | 12 |
| NEWMARK GROUP INC | [NMRK](https://holderbook.com/stocks/NMRK/) | $6.5M | 452,286 | 7.4% | 5 |
| EAGLE MATLS INC | [EXP](https://holderbook.com/stocks/EXP/) | $5.9M | 45,000 | 6.8% | 11 |
| REGIS CORP MINN | [RGS](https://holderbook.com/stocks/RGS/) | $5.8M | 1,658,941 | 6.6% | 12 |
| STARWOOD PPTY TR INC | [STWD](https://holderbook.com/stocks/STWD/) | $5.4M | 223,000 | 6.3% | 12 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $5.1M | 17,800 | 5.9% | 4 |
| FLEETCOR TECHNOLOGIES INC | [FLT](https://holderbook.com/stocks/FLT/) | $5.1M | 19,465 | 5.9% | 6 |
| GREEN BRICK PARTNERS INC | [GRBK](https://holderbook.com/stocks/GRBK/) | $5.0M | 245,161 | 5.8% | 12 |
| SS&C TECH HLDGS | [SSNC](https://holderbook.com/stocks/SSNC/) | $5.0M | 71,400 | 5.7% | 6 |
| ASHLAND INC | [ASH](https://holderbook.com/stocks/ASH/) | $4.5M | 51,000 | 5.2% | 10 |
| ENPRO INC | [NPO](https://holderbook.com/stocks/NPO/) | $3.5M | 39,839 | 4.0% | 7 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $3.4M | 16,811 | 3.9% | 6 |
| ALICO INC | [ALCO](https://holderbook.com/stocks/ALCO/) | $3.3M | 95,281 | 3.8% | 12 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $2.6M | 1,100 | 3.0% | 7 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $2.6M | 20,000 | 2.9% | 2 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $2.6M | 31,000 | 2.9% | 6 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $2.1M | 22,055 | 2.4% | 10 |
| CDK GLOBAL INC | [CDK](https://holderbook.com/stocks/CDK/) | $1.4M | 32,000 | 1.6% | 5 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $630.0K | 8,600 | 0.7% | 6 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $575.0K | 3,400 | 0.7% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2021 | -9.3% | +0.3% | -9.5% | 91% |
| Q2 2021 | -8.7% | +8.0% | -16.8% | 100% |
| Q1 2021 | +26.9% | +6.0% | +20.9% | 100% |
| Q4 2020 | +43.7% | +11.6% | +32.1% | 100% |
| Q3 2020 | -14.1% | +8.6% | -22.7% | 100% |
| Q2 2020 | +35.9% | +19.6% | +16.2% | 100% |
| Q1 2020 | -61.0% | -19.9% | -41.0% | 100% |
| Q4 2019 | -5.5% | +8.5% | -13.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2021 | $86.9M | 21 |
| Q2 2021 | $120.0M | 22 |
| Q1 2021 | $260.4M | 26 |
| Q4 2020 | $211.1M | 26 |
| Q3 2020 | $143.6M | 24 |
| Q2 2020 | $155.2M | 22 |
| Q1 2020 | $111.7M | 18 |
| Q4 2019 | $288.3M | 18 |
| Q3 2019 | $331.1M | 20 |
| Q2 2019 | $292.2M | 20 |
| Q1 2019 | $314.6M | 17 |
| Q4 2018 | $249.4M | 14 |