# Springhouse Capital Management, LP

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1660086. Source: https://holderbook.com/funds/1660086-springhouse-capital-management-lp/

- Reported value: $55.3M
- Positions: 22
- Weight of the ten largest: 92.1%
- Filed: 2023-11-14

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 |
|---|---|---|---|---|---|
| THE REALREAL INC | - | $17.3M | 37,342,000 | 31.3% | 3 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $8.8M | 213,797 | 15.9% | 15 |
| G WILLI FOOD INTL LTD | [WILC](https://holderbook.com/stocks/WILC/) | $6.6M | 635,654 | 11.9% | 20 |
| THE REALREAL INC | - | $5.2M | 7,449,000 | 9.4% | 4 |
| EXPEDIA GROUP INC | [EXPE](https://holderbook.com/stocks/EXPE/) | $3.5M | 34,000 | 6.3% | 6 |
| GLOBAL INDEMNITY GROUP LLC | [GBLI](https://holderbook.com/stocks/GBLI/) | $3.5M | 101,622 | 6.3% | 13 |
| BURFORD CAPITAL LIMITED | [BUR](https://holderbook.com/stocks/BUR/) | $2.0M | 142,147 | 3.6% | 12 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $1.5M | 107,700 | 2.7% | 5 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $1.5M | 17,000 | 2.7% | 10 |
| GENESIS ENERGY L P | [GEL](https://holderbook.com/stocks/GEL/) | $1.1M | 103,948 | 1.9% | 12 |
| VIPSHOP HLDGS LTD | [VIPS](https://holderbook.com/stocks/VIPS/) | $909.5K | 56,810 | 1.6% | 11 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $690.2K | 70,000 | 1.2% | 11 |
| AMC ENTMT HLDGS INC | [AMC](https://holderbook.com/stocks/AMC/) | $559.3K | 0 | 1.0% | 1 |
| TENCENT MUSIC ENTMT GROUP | [TME](https://holderbook.com/stocks/TME/) | $524.4K | 82,200 | 0.9% | 8 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $505.3K | 20,500 | 0.9% | 2 |
| THE REALREAL INC | [REAL](https://holderbook.com/stocks/REAL/) | $361.1K | 171,146 | 0.7% | 2 |
| SKINHEALTH SYSTEMS INC | [SKIN](https://holderbook.com/stocks/SKIN/) | $289.7K | 48,118 | 0.5% | 1 |
| ALTISOURCE PORTFOLIO SOLNS S | [ASPS](https://holderbook.com/stocks/ASPS/) | $172.4K | 43,211 | 0.3% | 3 |
| BRIGHTCOVE INC | [BCOV](https://holderbook.com/stocks/BCOV/) | $141.8K | 43,100 | 0.3% | 8 |
| FARMER BROS CO | [FARM](https://holderbook.com/stocks/FARM/) | $88.1K | 34,155 | 0.2% | 2 |
| ICAD INC | [ICAD](https://holderbook.com/stocks/ICAD/) | $83.4K | 39,505 | 0.2% | 2 |
| PURPLE INNOVATION INC | [PRPL](https://holderbook.com/stocks/PRPL/) | $43.8K | 25,623 | 0.1% | 1 |

## 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 2023 | -1.8% | -3.6% | +1.8% | 77% |
| Q2 2023 | +4.3% | +8.3% | -3.9% | 97% |
| Q1 2023 | +13.2% | +7.0% | +6.2% | 82% |
| Q4 2022 | +4.1% | +7.1% | -3.0% | 64% |
| Q3 2022 | -3.6% | -5.3% | +1.8% | 83% |
| Q2 2022 | -8.7% | -16.5% | +7.7% | 100% |
| Q1 2022 | -4.3% | -4.9% | +0.6% | 88% |
| Q4 2021 | -1.1% | +10.7% | -11.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $55.3M | 22 |
| Q2 2023 | $59.5M | 22 |
| Q1 2023 | $74.9M | 27 |
| Q4 2022 | $75.1M | 32 |
| Q3 2022 | $150.3M | 47 |
| Q2 2022 | $201.7M | 56 |
| Q1 2022 | $157.3M | 44 |
| Q4 2021 | $142.2M | 33 |
| Q3 2021 | $106.0M | 26 |
| Q2 2021 | $110.6M | 23 |
| Q1 2021 | $100.5M | 19 |
| Q4 2020 | $103.8M | 21 |