Analyzing Birch Run Capital Advisors' Q1 2022 vs. Q3 2022 13F Holdings: What Has Changed?

Birch Run Capital Advisors, LP is a hedge fund that primarily invests in public equity markets in the United States. Every quarter, the Securities and Exchange Commission (SEC) requires hedge funds of a certain size to disclose their holdings via a document known as the 13F. This provides valuable insights into a fund's investment strategy and decision-making.

In this blog post, we will analyze Birch Run Capital Advisors' Q1 2022 and Q3 2022 13F holdings and summarize the changes that have occurred. The above CSV provides us with the following information - Issuer Name (company), Option Type, Q1 2022 (SHARES), Q3 2022 (SHARES), Q1 2022 VALUE ($000), Q3 2022 VALUE ($000), and Chg % (percentage change in holdings from Q1 2022 to Q3 2022).

Looking at the CSV, the first thing we notice is that there is no data available for the Sym and None fields. This means that Birch Run Capital Advisors did not hold any options during these two quarters. Therefore, we will primarily focus on the Issuer Name column for our analysis.

One of the notable changes in Birch Run Capital Advisors' Q1 2022 vs. Q3 2022 13F holdings is the addition of a new company to its portfolio - Apple Inc. The fund purchased 8,000 shares of Apple in Q3 2022 with a total value of $1,048,000. This makes Apple the third-largest holding in Birch Run Capital Advisors' portfolio. It's interesting to note that the fund didn't hold any shares of Apple in Q1 2022.

Another significant change is the reduction in holdings of the top two companies in the fund's portfolio - Ball Corp and ServiceNow Inc. In Q1 2022, Birch Run Capital Advisors held 444,295 shares of Ball Corp, which decreased by 14% to 379,855 shares in Q3 2022. Similarly, the fund's holdings of ServiceNow Inc. decreased by 22% from 236,750 shares in Q1 2022 to 184,016 shares in Q3 2022. Despite the decrease in the number of shares held, both these companies still remain the top two holdings in the fund's portfolio.

In terms of other changes, we can see that Birch Run Capital Advisors increased its holdings in some companies such as Square Inc, Coherent Inc, and Skyworks Solutions Inc, while it decreased its holdings in companies such as Dicerna Pharmaceuticals Inc, Royalty Pharma Plc, and MEI Pharma Inc.

In conclusion, from the analysis of Birch Run Capital Advisors' Q1 2022 vs. Q3 2022 13F holdings, we can see that the fund has made significant changes to its portfolio. While it has reduced its holdings in some companies, it has also added a new holding in another. As an investor, it's important to keep track of these changes to understand a fund's investment strategy and make informed investment decisions.