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

CIK: 0001315926 · Show all filings

Period: Q1 2014 (← Previous) (Next →)

Filing Date: May 14, 2014

Total Value ($000): $302,591 (99.9% shares, 0.1% debt)

Holdings (32)

SPY SPDR S&P 500 ETF TR 28.4%

Value ($000) $86,025 Shares 460,000 Est. Cost — Unrealized —

IWM ISHARES 9.5%

Value ($000) $28,736 Shares 247,000 Est. Cost — Unrealized —

HYG ISHARES 8.7%

Value ($000) $26,429 Shares 280,000 Est. Cost — Unrealized —

— AMERICAN RLTY CAP PPTYS INC 5.5%

Value ($000) $16,588 Shares 1,183,135 Est. Cost $14.02 Unrealized —

— ERICKSON AIR-CRANE INC 4.8%

Value ($000) $14,587 Shares 755,414 Est. Cost $15.66 Unrealized —

— PENNEY J C INC 3.6%

Value ($000) $10,975 Shares 1,273,200 Est. Cost — Unrealized —

— NORTEK INC 3.0%

Value ($000) $9,029 Shares 109,831 Est. Cost $64.43 Unrealized —

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

Value ($000) $8,428 Shares 157,100 Est. Cost $55.16 Unrealized —

— TRONOX LTD 2.8%

Value ($000) $8,392 Shares 353,064 Est. Cost $21.23 Unrealized —

— ANADARKO PETE CORP 2.7%

Value ($000) $8,222 Shares 97,000 Est. Cost $84.76 Unrealized —

— PLY GEM HLDGS INC 2.4%

Value ($000) $7,154 Shares 566,407 Est. Cost $18.46 Unrealized —

NPO ENPRO INDS INC 2.3%

Value ($000) $6,870 Shares 94,540 Est. Cost $70.90 Unrealized 0.0%

GPK GRAPHIC PACKAGING HLDG CO 2.2%

Value ($000) $6,767 Shares 666,022 Est. Cost $8.07 Unrealized +22.3%

CUBI CUSTOMERS BANCORP INC 2.2%

Value ($000) $6,732 Shares 322,546 Est. Cost $15.65 Unrealized +16.5%

AIG AMERICAN INTL GROUP INC 2.1%

Value ($000) $6,431 Shares 128,600 Est. Cost $33.32 Unrealized +13.6%

— REALOGY HLDGS CORP 2.1%

Value ($000) $6,268 Shares 144,268 Est. Cost $46.48 Unrealized —

— ROYAL BK SCOTLAND GROUP PLC 1.8%

Value ($000) $5,374 Shares 227,717 Est. Cost $21.87 Unrealized —

— TESORO CORP 1.7%

Value ($000) $5,217 Shares 103,124 Est. Cost $52.32 Unrealized —

— SILVER EAGLE ACQUISITION COR 1.5%

Value ($000) $4,658 Shares 450,000 Est. Cost $10.15 Unrealized —

— CLEAR CHANNEL OUTDOOR HLDGS 1.3%

Value ($000) $4,019 Shares 441,193 Est. Cost $7.67 Unrealized —

CLW CLEARWATER PAPER CORP 1.3%

Value ($000) $3,899 Shares 62,221 Est. Cost $48.03 Unrealized +24.0%

— MERITOR INC 1.2%

Value ($000) $3,675 Shares 300,000 Est. Cost — Unrealized —

— ROYAL BK SCOTLAND GROUP PLC 1.2%

Value ($000) $3,501 Shares 151,573 Est. Cost $21.51 Unrealized —

LBTYAUSD LIBERTY GLOBAL PLC 0.9%

Value ($000) $2,704 Shares 65,000 Est. Cost $41.60 Unrealized —

— LIBERTY GLOBAL PLC 0.9%

Value ($000) $2,646 Shares 65,000 Est. Cost $40.71 Unrealized —

GM GENERAL MTRS CO 0.9%

Value ($000) $2,602 Shares 75,601 Est. Cost $25.62 Unrealized +7.1%

— BASIC ENERGY SVCS INC NEW 0.8%

Value ($000) $2,416 Shares 88,130 Est. Cost $27.41 Unrealized —

— GENERAL MTRS CO 0.7%

Value ($000) $2,154 Shares 122,859 Est. Cost $17.16 Unrealized —

— INTELSAT S A 0.3%

Value ($000) $973 Shares 52,000 Est. Cost $22.54 Unrealized —

NMIH NMI HLDGS INC 0.2%

Value ($000) $586 Shares 50,000 Est. Cost $13.30 Unrealized -10.7%

— GENERAL MTRS CO 0.1%

Value ($000) $300 Shares 12,029 Est. Cost $31.17 Unrealized —

— TOWER GROUP INC 0.1%

Value ($000) $234 Shares 245,000 Est. Cost $0.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	460,000	$86,025	28.4%	—	—	Put	78462F103
IWM	ISHARES	247,000	$28,736	9.5%	—	—	Put	464287655
HYG	ISHARES	280,000	$26,429	8.7%	—	—	Put	464288513
—	AMERICAN RLTY CAP PPTYS INC	1,183,135	$16,588	5.5%	$14.02	—	COM	02917T104
—	ERICKSON AIR-CRANE INC	755,414	$14,587	4.8%	$15.66	—	COM	29482P100
—	PENNEY J C INC	1,273,200	$10,975	3.6%	—	—	Put	708160106
—	NORTEK INC	109,831	$9,029	3.0%	$64.43	—	COM NEW	656559309
I 5.75 05/01/16 A	INTELSAT S A	157,100	$8,428	2.8%	$55.16	—	MAN CONV JR PFD	L5140P119
—	TRONOX LTD	353,064	$8,392	2.8%	$21.23	—	SHS CL A	Q9235V101
—	ANADARKO PETE CORP	97,000	$8,222	2.7%	$84.76	—	COM	032511107
—	PLY GEM HLDGS INC	566,407	$7,154	2.4%	$18.46	—	COM	72941W100
NPO	ENPRO INDS INC	94,540	$6,870	2.3%	$70.90	0.0%	COM	29355X107
GPK	GRAPHIC PACKAGING HLDG CO	666,022	$6,767	2.2%	$8.07	+22.3%	COM	388689101
CUBI	CUSTOMERS BANCORP INC	322,546	$6,732	2.2%	$15.65	+16.5%	COM	23204G100
AIG	AMERICAN INTL GROUP INC	128,600	$6,431	2.1%	$33.32	+13.6%	COM NEW	026874784
—	REALOGY HLDGS CORP	144,268	$6,268	2.1%	$46.48	—	COM	75605Y106
—	ROYAL BK SCOTLAND GROUP PLC	227,717	$5,374	1.8%	$21.87	—	ADR PREF SHS Q	780097754
—	TESORO CORP	103,124	$5,217	1.7%	$52.32	—	COM	881609101
—	SILVER EAGLE ACQUISITION COR	450,000	$4,658	1.5%	$10.15	—	UNIT 99/99/9999	827694209
—	CLEAR CHANNEL OUTDOOR HLDGS	441,193	$4,019	1.3%	$7.67	—	CL A	18451C109
CLW	CLEARWATER PAPER CORP	62,221	$3,899	1.3%	$48.03	+24.0%	COM	18538R103
—	MERITOR INC	300,000	$3,675	1.2%	—	—	Put	59001K100
—	ROYAL BK SCOTLAND GROUP PLC	151,573	$3,501	1.2%	$21.51	—	SP ADR PREF S	780097739
LBTYAUSD	LIBERTY GLOBAL PLC	65,000	$2,704	0.9%	$41.60	—	SHS CL A	G5480U104
—	LIBERTY GLOBAL PLC	65,000	$2,646	0.9%	$40.71	—	SHS CL C	G5480U120
GM	GENERAL MTRS CO	75,601	$2,602	0.9%	$25.62	+7.1%	COM	37045V100
—	BASIC ENERGY SVCS INC NEW	88,130	$2,416	0.8%	$27.41	—	COM	06985P100
—	GENERAL MTRS CO	122,859	$2,154	0.7%	$17.16	—	*W EXP 07/10/201	37045V126
—	INTELSAT S A	52,000	$973	0.3%	$22.54	—	COM	L5140P101
NMIH	NMI HLDGS INC	50,000	$586	0.2%	$13.30	-10.7%	CL A	629209305
—	GENERAL MTRS CO	12,029	$300	0.1%	$31.17	—	*W EXP 07/10/201	37045V118
—	TOWER GROUP INC	245,000	$234	0.1%	$0.96	—	NOTE 5.000% 9/1	891777AC8