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

Location: San Francisco, CA

CIK: 0001315926 · Show all filings

Period: Q1 2014 (← Previous) (Next →)

Filing Date: May 14, 2014

Total Value: $303M (99.9% shares, 0.1% debt)

Holdings (32)

SPY SPDR S&P 500 ETF TR 28.4%

Value $86.03M Shares 460,000 Share Price $187.01 Est. Cost/Share — Unrealized @ Report Date —

IWM ISHARES 9.5%

Value $28.74M Shares 247,000 Share Price $116.34 Est. Cost/Share — Unrealized @ Report Date —

HYG ISHARES 8.7%

Value $26.43M Shares 280,000 Share Price $94.39 Est. Cost/Share — Unrealized @ Report Date —

— AMERICAN RLTY CAP PPTYS INC 5.5%

Value $16.59M Shares 1,183,135 Share Price $14.02 Est. Cost/Share $14.02 Unrealized @ Report Date —

— ERICKSON AIR-CRANE INC 4.8%

Value $14.59M Shares 755,414 Share Price $19.31 Est. Cost/Share $15.66 Unrealized @ Report Date —

— PENNEY J C INC 3.6%

Value $10.97M Shares 1,273,200 Share Price $8.62 Est. Cost/Share — Unrealized @ Report Date —

— NORTEK INC 3.0%

Value $9.029M Shares 109,831 Share Price $82.21 Est. Cost/Share $64.43 Unrealized @ Report Date —

I 5.75 05/01/16 A INTELSAT S A 2.8%

Value $8.428M Shares 157,100 Share Price $53.65 Est. Cost/Share $55.16 Unrealized @ Report Date —

— TRONOX LTD 2.8%

Value $8.392M Shares 353,064 Share Price $23.77 Est. Cost/Share $21.23 Unrealized @ Report Date —

— ANADARKO PETE CORP 2.7%

Value $8.222M Shares 97,000 Share Price $84.76 Est. Cost/Share $84.76 Unrealized @ Report Date —

— PLY GEM HLDGS INC 2.4%

Value $7.154M Shares 566,407 Share Price $12.63 Est. Cost/Share $18.46 Unrealized @ Report Date —

NPO ENPRO INDS INC 2.3%

Value $6.87M Shares 94,540 Share Price $72.67 * Est. Cost/Share $70.90 Unrealized @ Report Date 0.0%

GPK GRAPHIC PACKAGING HLDG CO 2.2%

Value $6.767M Shares 666,022 Share Price $10.16 * Est. Cost/Share $8.07 Unrealized @ Report Date +22.3%

CUBI CUSTOMERS BANCORP INC 2.2%

Value $6.732M Shares 322,546 Share Price $20.87 * Est. Cost/Share $15.65 Unrealized @ Report Date +16.5%

AIG AMERICAN INTL GROUP INC 2.1%

Value $6.431M Shares 128,600 Share Price $50.01 * Est. Cost/Share $33.32 Unrealized @ Report Date +13.6%

— REALOGY HLDGS CORP 2.1%

Value $6.268M Shares 144,268 Share Price $43.45 Est. Cost/Share $46.48 Unrealized @ Report Date —

— ROYAL BK SCOTLAND GROUP PLC 1.8%

Value $5.374M Shares 227,717 Share Price $23.60 Est. Cost/Share $21.87 Unrealized @ Report Date —

— TESORO CORP 1.7%

Value $5.217M Shares 103,124 Share Price $50.59 Est. Cost/Share $52.32 Unrealized @ Report Date —

— SILVER EAGLE ACQUISITION COR 1.5%

Value $4.658M Shares 450,000 Share Price $10.35 Est. Cost/Share $10.15 Unrealized @ Report Date —

— CLEAR CHANNEL OUTDOOR HLDGS 1.3%

Value $4.019M Shares 441,193 Share Price $9.11 Est. Cost/Share $7.67 Unrealized @ Report Date —

CLW CLEARWATER PAPER CORP 1.3%

Value $3.899M Shares 62,221 Share Price $62.66 * Est. Cost/Share $48.03 Unrealized @ Report Date +24.0%

— MERITOR INC 1.2%

Value $3.675M Shares 300,000 Share Price $12.25 Est. Cost/Share — Unrealized @ Report Date —

— ROYAL BK SCOTLAND GROUP PLC 1.2%

Value $3.501M Shares 151,573 Share Price $23.10 Est. Cost/Share $21.51 Unrealized @ Report Date —

LBTYAUSD LIBERTY GLOBAL PLC 0.9%

Value $2.704M Shares 65,000 Share Price $41.60 Est. Cost/Share $41.60 Unrealized @ Report Date —

— LIBERTY GLOBAL PLC 0.9%

Value $2.646M Shares 65,000 Share Price $40.71 Est. Cost/Share $40.71 Unrealized @ Report Date —

GM GENERAL MTRS CO 0.9%

Value $2.602M Shares 75,601 Share Price $34.42 * Est. Cost/Share $25.62 Unrealized @ Report Date +7.1%

— BASIC ENERGY SVCS INC NEW 0.8%

Value $2.416M Shares 88,130 Share Price $27.41 Est. Cost/Share $27.41 Unrealized @ Report Date —

— GENERAL MTRS CO 0.7%

Value $2.154M Shares 122,859 Share Price $17.53 Est. Cost/Share $17.16 Unrealized @ Report Date —

— INTELSAT S A 0.3%

Value $973K Shares 52,000 Share Price $18.71 Est. Cost/Share $22.54 Unrealized @ Report Date —

NMIH NMI HLDGS INC 0.2%

Value $586K Shares 50,000 Share Price $11.72 Est. Cost/Share $13.30 Unrealized @ Report Date -10.7%

— GENERAL MTRS CO 0.1%

Value $300K Shares 12,029 Share Price $24.94 Est. Cost/Share $31.17 Unrealized @ Report Date —

— TOWER GROUP INC 0.1%

Value $234K Shares 245,000 Share Price $0.96 Est. Cost/Share $0.96 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	460,000	$86.03M	28.4%	$187.01	—	—	Put	78462F103
IWM	ISHARES	247,000	$28.74M	9.5%	$116.34	—	—	Put	464287655
HYG	ISHARES	280,000	$26.43M	8.7%	$94.39	—	—	Put	464288513
—	AMERICAN RLTY CAP PPTYS INC	1,183,135	$16.59M	5.5%	$14.02	$14.02	—	COM	02917T104
—	ERICKSON AIR-CRANE INC	755,414	$14.59M	4.8%	$19.31	$15.66	—	COM	29482P100
—	PENNEY J C INC	1,273,200	$10.97M	3.6%	$8.62	—	—	Put	708160106
—	NORTEK INC	109,831	$9.029M	3.0%	$82.21	$64.43	—	COM NEW	656559309
I 5.75 05/01/16 A	INTELSAT S A	157,100	$8.428M	2.8%	$53.65	$55.16	—	MAN CONV JR PFD	L5140P119
—	TRONOX LTD	353,064	$8.392M	2.8%	$23.77	$21.23	—	SHS CL A	Q9235V101
—	ANADARKO PETE CORP	97,000	$8.222M	2.7%	$84.76	$84.76	—	COM	032511107
—	PLY GEM HLDGS INC	566,407	$7.154M	2.4%	$12.63	$18.46	—	COM	72941W100
NPO	ENPRO INDS INC	94,540	$6.87M	2.3%	$72.67 *	$70.90	0.0%	COM	29355X107
GPK	GRAPHIC PACKAGING HLDG CO	666,022	$6.767M	2.2%	$10.16 *	$8.07	+22.3%	COM	388689101
CUBI	CUSTOMERS BANCORP INC	322,546	$6.732M	2.2%	$20.87 *	$15.65	+16.5%	COM	23204G100
AIG	AMERICAN INTL GROUP INC	128,600	$6.431M	2.1%	$50.01 *	$33.32	+13.6%	COM NEW	026874784
—	REALOGY HLDGS CORP	144,268	$6.268M	2.1%	$43.45	$46.48	—	COM	75605Y106
—	ROYAL BK SCOTLAND GROUP PLC	227,717	$5.374M	1.8%	$23.60	$21.87	—	ADR PREF SHS Q	780097754
—	TESORO CORP	103,124	$5.217M	1.7%	$50.59	$52.32	—	COM	881609101
—	SILVER EAGLE ACQUISITION COR	450,000	$4.658M	1.5%	$10.35	$10.15	—	UNIT 99/99/9999	827694209
—	CLEAR CHANNEL OUTDOOR HLDGS	441,193	$4.019M	1.3%	$9.11	$7.67	—	CL A	18451C109
CLW	CLEARWATER PAPER CORP	62,221	$3.899M	1.3%	$62.66 *	$48.03	+24.0%	COM	18538R103
—	MERITOR INC	300,000	$3.675M	1.2%	$12.25	—	—	Put	59001K100
—	ROYAL BK SCOTLAND GROUP PLC	151,573	$3.501M	1.2%	$23.10	$21.51	—	SP ADR PREF S	780097739
LBTYAUSD	LIBERTY GLOBAL PLC	65,000	$2.704M	0.9%	$41.60	$41.60	—	SHS CL A	G5480U104
—	LIBERTY GLOBAL PLC	65,000	$2.646M	0.9%	$40.71	$40.71	—	SHS CL C	G5480U120
GM	GENERAL MTRS CO	75,601	$2.602M	0.9%	$34.42 *	$25.62	+7.1%	COM	37045V100
—	BASIC ENERGY SVCS INC NEW	88,130	$2.416M	0.8%	$27.41	$27.41	—	COM	06985P100
—	GENERAL MTRS CO	122,859	$2.154M	0.7%	$17.53	$17.16	—	*W EXP 07/10/201	37045V126
—	INTELSAT S A	52,000	$973K	0.3%	$18.71	$22.54	—	COM	L5140P101
NMIH	NMI HLDGS INC	50,000	$586K	0.2%	$11.72	$13.30	-10.7%	CL A	629209305
—	GENERAL MTRS CO	12,029	$300K	0.1%	$24.94	$31.17	—	*W EXP 07/10/201	37045V118
—	TOWER GROUP INC	245,000	$234K	0.1%	$0.96	$0.96	—	NOTE 5.000% 9/1	891777AC8