Watershed Asset Management, L.L.C. Hedge Fund

Location: San Francisco, CA

CIK: 0001315926 · Show all filings

Period: Q4 2013 (← Previous) (Next →)

Filing Date: Apr 8, 2014

Total Value: $181M (100.0% shares, 0.0% debt)

Holdings (27)

SPY SPDR S&P 500 ETF TR 13.1%

Value $23.68M Shares 128,200 Share Price $184.69 Est. Cost/Share — Unrealized @ Report Date —

— ERICKSON AIR-CRANE INC 8.7%

Value $15.71M Shares 755,414 Share Price $20.79 Est. Cost/Share $15.66 Unrealized @ Report Date —

— COLE REAL ESTATE INVTS INC 7.0%

Value $12.6M Shares 897,567 Share Price $14.04 Est. Cost/Share $12.95 Unrealized @ Report Date —

IWM ISHARES 6.4%

Value $11.65M Shares 101,000 Share Price $115.36 Est. Cost/Share — Unrealized @ Report Date —

— PENNEY J C INC 5.9%

Value $10.68M Shares 1,166,900 Share Price $9.15 Est. Cost/Share — Unrealized @ Report Date —

— PLY GEM HLDGS INC 5.4%

Value $9.762M Shares 541,407 Share Price $18.03 Est. Cost/Share $18.73 Unrealized @ Report Date —

I 5.75 05/01/16 A INTELSAT S A 5.1%

Value $9.19M Shares 157,100 Share Price $58.50 Est. Cost/Share $55.16 Unrealized @ Report Date —

— NORTEK INC 4.9%

Value $8.926M Shares 119,652 Share Price $74.60 Est. Cost/Share $64.43 Unrealized @ Report Date —

— TRONOX LTD 4.7%

Value $8.417M Shares 364,837 Share Price $23.07 Est. Cost/Share $21.23 Unrealized @ Report Date —

— TESORO CORP 3.8%

Value $6.798M Shares 116,212 Share Price $58.50 Est. Cost/Share $52.32 Unrealized @ Report Date —

CLW CLEARWATER PAPER CORP 3.4%

Value $6.176M Shares 117,646 Share Price $52.50 * Est. Cost/Share $48.03 Unrealized @ Report Date +6.6%

— THE ADT CORPORATION 3.1%

Value $5.589M Shares 138,100 Share Price $40.47 Est. Cost/Share $39.85 Unrealized @ Report Date —

AIG AMERICAN INTL GROUP INC 3.1%

Value $5.564M Shares 109,000 Share Price $51.05 * Est. Cost/Share $32.51 Unrealized @ Report Date +16.5%

CUBI CUSTOMERS BANCORP INC 3.1%

Value $5.562M Shares 271,846 Share Price $20.46 * Est. Cost/Share $15.17 Unrealized @ Report Date +5.0%

— REALOGY HLDGS CORP 2.9%

Value $5.302M Shares 107,168 Share Price $49.47 Est. Cost/Share $47.53 Unrealized @ Report Date —

GPK GRAPHIC PACKAGING HLDG CO 2.8%

Value $5.146M Shares 536,022 Share Price $9.60 * Est. Cost/Share $7.63 Unrealized @ Report Date +14.7%

— ROYAL BK SCOTLAND GROUP PLC 2.8%

Value $4.988M Shares 231,879 Share Price $21.51 Est. Cost/Share $21.51 Unrealized @ Report Date —

— ROYAL BK SCOTLAND GROUP PLC 2.6%

Value $4.714M Shares 217,536 Share Price $21.67 Est. Cost/Share $21.79 Unrealized @ Report Date —

— SILVER EAGLE ACQUISITION COR 2.5%

Value $4.5M Shares 450,000 Share Price $10.00 Est. Cost/Share $10.15 Unrealized @ Report Date —

— CLEAR CHANNEL OUTDOOR HLDGS 2.2%

Value $4.008M Shares 395,313 Share Price $10.14 Est. Cost/Share $7.51 Unrealized @ Report Date —

— GENERAL MTRS CO 1.6%

Value $2.845M Shares 122,859 Share Price $23.16 Est. Cost/Share $17.16 Unrealized @ Report Date —

— ROYAL BK SCOTLAND GROUP PLC 1.4%

Value $2.571M Shares 123,000 Share Price $20.90 Est. Cost/Share $20.90 Unrealized @ Report Date —

— CONSOLIDATED COMM HLDGS INC 1.2%

Value $2.128M Shares 108,393 Share Price $19.63 Est. Cost/Share $17.41 Unrealized @ Report Date —

GM GENERAL MTRS CO 1.1%

Value $2.068M Shares 50,601 Share Price $40.87 * Est. Cost/Share $24.72 Unrealized @ Report Date +14.0%

— INTELSAT S A 0.6%

Value $1.172M Shares 52,000 Share Price $22.54 Est. Cost/Share $22.54 Unrealized @ Report Date —

NMIH NMI HLDGS INC 0.4%

Value $637K Shares 50,000 Share Price $12.74 * Est. Cost/Share $13.30 Unrealized @ Report Date 0.0%

— GENERAL MTRS CO 0.2%

Value $375K Shares 12,029 Share Price $31.17 Est. Cost/Share $31.17 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	128,200	$23.68M	13.1%	$184.69	—	—	Put	78462F103
—	ERICKSON AIR-CRANE INC	755,414	$15.71M	8.7%	$20.79	$15.66	—	COM	29482P100
—	COLE REAL ESTATE INVTS INC	897,567	$12.6M	7.0%	$14.04	$12.95	—	COM	19329V105
IWM	ISHARES	101,000	$11.65M	6.4%	$115.36	—	—	Put	464287655
—	PENNEY J C INC	1,166,900	$10.68M	5.9%	$9.15	—	—	Put	708160106
—	PLY GEM HLDGS INC	541,407	$9.762M	5.4%	$18.03	$18.73	—	COM	72941W100
I 5.75 05/01/16 A	INTELSAT S A	157,100	$9.19M	5.1%	$58.50	$55.16	—	MAN CONV JR PFD	L5140P119
—	NORTEK INC	119,652	$8.926M	4.9%	$74.60	$64.43	—	COM NEW	656559309
—	TRONOX LTD	364,837	$8.417M	4.7%	$23.07	$21.23	—	SHS CL A	Q9235V101
—	TESORO CORP	116,212	$6.798M	3.8%	$58.50	$52.32	—	COM	881609101
CLW	CLEARWATER PAPER CORP	117,646	$6.176M	3.4%	$52.50 *	$48.03	+6.6%	COM	18538R103
—	THE ADT CORPORATION	138,100	$5.589M	3.1%	$40.47	$39.85	—	COM	00101J106
AIG	AMERICAN INTL GROUP INC	109,000	$5.564M	3.1%	$51.05 *	$32.51	+16.5%	COM NEW	026874784
CUBI	CUSTOMERS BANCORP INC	271,846	$5.562M	3.1%	$20.46 *	$15.17	+5.0%	COM	23204G100
—	REALOGY HLDGS CORP	107,168	$5.302M	2.9%	$49.47	$47.53	—	COM	75605Y106
GPK	GRAPHIC PACKAGING HLDG CO	536,022	$5.146M	2.8%	$9.60 *	$7.63	+14.7%	COM	388689101
—	ROYAL BK SCOTLAND GROUP PLC	231,879	$4.988M	2.8%	$21.51	$21.51	—	SP ADR PREF S	780097739
—	ROYAL BK SCOTLAND GROUP PLC	217,536	$4.714M	2.6%	$21.67	$21.79	—	ADR PREF SHS Q	780097754
—	SILVER EAGLE ACQUISITION COR	450,000	$4.5M	2.5%	$10.00	$10.15	—	UNIT 99/99/9999	827694209
—	CLEAR CHANNEL OUTDOOR HLDGS	395,313	$4.008M	2.2%	$10.14	$7.51	—	CL A	18451C109
—	GENERAL MTRS CO	122,859	$2.845M	1.6%	$23.16	$17.16	—	*W EXP 07/10/201	37045V126
—	ROYAL BK SCOTLAND GROUP PLC	123,000	$2.571M	1.4%	$20.90	$20.90	—	SP ADR PREF M	780097796
—	CONSOLIDATED COMM HLDGS INC	108,393	$2.128M	1.2%	$19.63	$17.41	—	COM	209034107
GM	GENERAL MTRS CO	50,601	$2.068M	1.1%	$40.87 *	$24.72	+14.0%	COM	37045V100
—	INTELSAT S A	52,000	$1.172M	0.6%	$22.54	$22.54	—	COM	L5140P101
NMIH	NMI HLDGS INC	50,000	$637K	0.4%	$12.74 *	$13.30	0.0%	CL A	629209305
—	GENERAL MTRS CO	12,029	$375K	0.2%	$31.17	$31.17	—	*W EXP 07/10/201	37045V118