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

Location: San Francisco, CA

CIK: 0001315926 · Show all filings

Period: Q2 2014 (← Previous) (Next →)

Filing Date: Aug 14, 2014

Total Value: $263M (100.0% shares, 0.0% debt)

Holdings (26)

HYG ISHARES 28.6%

Value $75.21M Shares 790,000 Share Price $95.20 Est. Cost/Share — Unrealized @ Report Date —

SPY SPDR S&P 500 ETF TR 14.9%

Value $39.14M Shares 200,000 Share Price $195.72 Est. Cost/Share — Unrealized @ Report Date —

IWM ISHARES 7.7%

Value $20.2M Shares 170,000 Share Price $118.81 Est. Cost/Share — Unrealized @ Report Date —

— AMERICAN RLTY CAP PPTYS INC 5.6%

Value $14.82M Shares 1,183,135 Share Price $12.53 Est. Cost/Share $14.02 Unrealized @ Report Date —

— ERICKSON INC 4.3%

Value $11.27M Shares 693,550 Share Price $16.25 Est. Cost/Share $15.66 Unrealized @ Report Date —

— ANADARKO PETE CORP 3.2%

Value $8.484M Shares 77,500 Share Price $109.47 Est. Cost/Share $84.76 Unrealized @ Report Date —

GPK GRAPHIC PACKAGING HLDG CO 3.2%

Value $8.344M Shares 713,122 Share Price $11.70 * Est. Cost/Share $8.24 Unrealized @ Report Date +30.0%

I 5.75 05/01/16 A INTELSAT S A 3.0%

Value $7.998M Shares 157,100 Share Price $50.91 Est. Cost/Share $55.16 Unrealized @ Report Date —

— TRONOX LTD 2.9%

Value $7.504M Shares 278,960 Share Price $26.90 Est. Cost/Share $21.23 Unrealized @ Report Date —

NPO ENPRO INDS INC 2.8%

Value $7.48M Shares 102,240 Share Price $73.16 Est. Cost/Share $70.99 Unrealized @ Report Date +1.4%

CUBI CUSTOMERS BANCORP INC 2.7%

Value $7.1M Shares 354,799 Share Price $20.01 Est. Cost/Share $16.03 Unrealized @ Report Date +23.3%

— NORTEK INC 2.5%

Value $6.604M Shares 73,569 Share Price $89.77 Est. Cost/Share $64.43 Unrealized @ Report Date —

AIG AMERICAN INTL GROUP INC 2.5%

Value $6.473M Shares 118,600 Share Price $54.58 * Est. Cost/Share $33.32 Unrealized @ Report Date +21.3%

— REALOGY HLDGS CORP 2.2%

Value $5.836M Shares 154,768 Share Price $37.71 Est. Cost/Share $45.88 Unrealized @ Report Date —

— PLY GEM HLDGS INC 2.2%

Value $5.721M Shares 566,407 Share Price $10.10 Est. Cost/Share $18.46 Unrealized @ Report Date —

— SILVER EAGLE ACQUISITION COR 1.8%

Value $4.707M Shares 450,000 Share Price $10.46 Est. Cost/Share $10.15 Unrealized @ Report Date —

— TESORO CORP 1.7%

Value $4.49M Shares 76,524 Share Price $58.67 Est. Cost/Share $52.32 Unrealized @ Report Date —

— ROYAL BK SCOTLAND GROUP PLC 1.4%

Value $3.721M Shares 151,573 Share Price $24.55 Est. Cost/Share $21.51 Unrealized @ Report Date —

— CLEAR CHANNEL OUTDOOR HLDGS 1.4%

Value $3.609M Shares 441,193 Share Price $8.18 Est. Cost/Share $7.67 Unrealized @ Report Date —

— CBS OUTDOOR AMERS INC 1.1%

Value $2.843M Shares 86,996 Share Price $32.68 Est. Cost/Share $32.68 Unrealized @ Report Date —

— LIBERTY GLOBAL PLC 1.0%

Value $2.75M Shares 65,000 Share Price $42.31 Est. Cost/Share $40.71 Unrealized @ Report Date —

CLW CLEARWATER PAPER CORP 1.0%

Value $2.593M Shares 42,006 Share Price $61.73 Est. Cost/Share $48.03 Unrealized @ Report Date +30.1%

LBTYAUSD LIBERTY GLOBAL PLC 0.9%

Value $2.255M Shares 51,000 Share Price $44.22 Est. Cost/Share $41.60 Unrealized @ Report Date —

— MERITOR INC 0.8%

Value $2.21M Shares 169,500 Share Price $13.04 Est. Cost/Share — Unrealized @ Report Date —

— INTELSAT S A 0.4%

Value $980K Shares 52,000 Share Price $18.85 Est. Cost/Share $22.54 Unrealized @ Report Date —

NMIH NMI HLDGS INC 0.2%

Value $525K Shares 50,000 Share Price $10.50 * Est. Cost/Share $13.30 Unrealized @ Report Date -17.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HYG	ISHARES	790,000	$75.21M	28.6%	$95.20	—	—	Put	464288513
SPY	SPDR S&P 500 ETF TR	200,000	$39.14M	14.9%	$195.72	—	—	Put	78462F103
IWM	ISHARES	170,000	$20.2M	7.7%	$118.81	—	—	Put	464287655
—	AMERICAN RLTY CAP PPTYS INC	1,183,135	$14.82M	5.6%	$12.53	$14.02	—	COM	02917T104
—	ERICKSON INC	693,550	$11.27M	4.3%	$16.25	$15.66	—	COM	29482P100
—	ANADARKO PETE CORP	77,500	$8.484M	3.2%	$109.47	$84.76	—	COM	032511107
GPK	GRAPHIC PACKAGING HLDG CO	713,122	$8.344M	3.2%	$11.70 *	$8.24	+30.0%	COM	388689101
I 5.75 05/01/16 A	INTELSAT S A	157,100	$7.998M	3.0%	$50.91	$55.16	—	MAN CONV JR PFD	L5140P119
—	TRONOX LTD	278,960	$7.504M	2.9%	$26.90	$21.23	—	SHS CL A	Q9235V101
NPO	ENPRO INDS INC	102,240	$7.48M	2.8%	$73.16	$70.99	+1.4%	COM	29355X107
CUBI	CUSTOMERS BANCORP INC	354,799	$7.1M	2.7%	$20.01	$16.03	+23.3%	COM	23204G100
—	NORTEK INC	73,569	$6.604M	2.5%	$89.77	$64.43	—	COM NEW	656559309
AIG	AMERICAN INTL GROUP INC	118,600	$6.473M	2.5%	$54.58 *	$33.32	+21.3%	COM NEW	026874784
—	REALOGY HLDGS CORP	154,768	$5.836M	2.2%	$37.71	$45.88	—	COM	75605Y106
—	PLY GEM HLDGS INC	566,407	$5.721M	2.2%	$10.10	$18.46	—	COM	72941W100
—	SILVER EAGLE ACQUISITION COR	450,000	$4.707M	1.8%	$10.46	$10.15	—	UNIT 99/99/9999	827694209
—	TESORO CORP	76,524	$4.49M	1.7%	$58.67	$52.32	—	COM	881609101
—	ROYAL BK SCOTLAND GROUP PLC	151,573	$3.721M	1.4%	$24.55	$21.51	—	SP ADR PREF S	780097739
—	CLEAR CHANNEL OUTDOOR HLDGS	441,193	$3.609M	1.4%	$8.18	$7.67	—	CL A	18451C109
—	CBS OUTDOOR AMERS INC	86,996	$2.843M	1.1%	$32.68	$32.68	—	COM	14987J106
—	LIBERTY GLOBAL PLC	65,000	$2.75M	1.0%	$42.31	$40.71	—	SHS CL C	G5480U120
CLW	CLEARWATER PAPER CORP	42,006	$2.593M	1.0%	$61.73	$48.03	+30.1%	COM	18538R103
LBTYAUSD	LIBERTY GLOBAL PLC	51,000	$2.255M	0.9%	$44.22	$41.60	—	SHS CL A	G5480U104
—	MERITOR INC	169,500	$2.21M	0.8%	$13.04	—	—	Put	59001K100
—	INTELSAT S A	52,000	$980K	0.4%	$18.85	$22.54	—	COM	L5140P101
NMIH	NMI HLDGS INC	50,000	$525K	0.2%	$10.50 *	$13.30	-17.6%	CL A	629209305