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

Name: Watershed Asset Management, L.L.C. Q4 2014 13F Filing | 13F Explorer
Creator: Watershed Asset Management, L.L.C.
Published: 2015-02-13

Location: San Francisco, CA

CIK: 0001315926 · Show all filings

Period: Q4 2014 (← Previous) (Next →)

Filing Date: Feb 13, 2015

Total Value: $244M (96.1% shares, 3.9% debt)

Holdings (22)

HYG ISHARES 31.3%

Value $76.16M Shares 850,000 Share Price $89.60 Est. Cost/Share — Unrealized @ Report Date —

SPY SPDR S&P 500 ETF TR 18.1%

Value $44.05M Shares 214,300 Share Price $205.54 Est. Cost/Share — Unrealized @ Report Date —

IWM ISHARES TR 12.2%

Value $29.7M Shares 248,300 Share Price $119.62 Est. Cost/Share — Unrealized @ Report Date —

— COBALT INTL ENERGY INC 3.9%

Value $9.515M Shares 14,000,000 Share Price $0.68 Est. Cost/Share $0.68 Unrealized @ Report Date —

CUBI CUSTOMERS BANCORP INC 3.5%

Value $8.591M Shares 441,483 Share Price $19.46 * Est. Cost/Share $16.51 Unrealized @ Report Date +12.2%

— AMERICAN RLTY CAP PPTYS INC 3.5%

Value $8.482M Shares 937,214 Share Price $9.05 Est. Cost/Share $13.67 Unrealized @ Report Date —

— GRACE W R & CO DEL NEW 3.3%

Value $8.12M Shares 85,126 Share Price $95.39 Est. Cost/Share $91.31 Unrealized @ Report Date —

— OUTFRONT MEDIA INC 3.2%

Value $7.899M Shares 294,307 Share Price $26.84 Est. Cost/Share $26.84 Unrealized @ Report Date —

— NORTEK INC 2.8%

Value $6.713M Shares 82,544 Share Price $81.33 Est. Cost/Share $66.27 Unrealized @ Report Date —

— PLY GEM HLDGS INC 2.6%

Value $6.386M Shares 456,761 Share Price $13.98 Est. Cost/Share $18.30 Unrealized @ Report Date —

XLE SELECT SECTOR SPDR TR 2.4%

Value $5.937M Shares 75,000 Share Price $79.16 Est. Cost/Share — Unrealized @ Report Date —

— CBS CORP NEW 2.1%

Value $5.065M Shares 91,533 Share Price $55.34 Est. Cost/Share $55.34 Unrealized @ Report Date —

— AMERICAN CAP LTD 2.1%

Value $5.058M Shares 346,230 Share Price $14.61 Est. Cost/Share $14.61 Unrealized @ Report Date —

— TESORO CORP 2.0%

Value $4.881M Shares 65,649 Share Price $74.35 Est. Cost/Share $52.32 Unrealized @ Report Date —

— ERICKSON INC 1.9%

Value $4.736M Shares 567,825 Share Price $8.34 Est. Cost/Share $15.66 Unrealized @ Report Date —

— AMERICAN RLTY CAP PPTYS INC 1.9%

Value $4.525M Shares 500,000 Share Price $9.05 Est. Cost/Share $13.67 Unrealized @ Report Date —

— COBALT INTL ENERGY INC 1.6%

Value $4.001M Shares 450,000 Share Price $8.89 Est. Cost/Share — Unrealized @ Report Date —

— KEY ENERGY SVCS INC 0.7%

Value $1.825M Shares 1,092,846 Share Price $1.67 Est. Cost/Share $4.28 Unrealized @ Report Date —

GM GENERAL MTRS CO 0.3%

Value $687K Shares 19,666 Share Price $34.93 * Est. Cost/Share $24.50 Unrealized @ Report Date 0.0%

— GENERAL MTRS CO 0.2%

Value $448K Shares 17,878 Share Price $25.06 Est. Cost/Share $25.06 Unrealized @ Report Date —

— CLEAR CHANNEL OUTDOOR HLDGS 0.2%

Value $429K Shares 40,539 Share Price $10.58 Est. Cost/Share $7.67 Unrealized @ Report Date —

— GENERAL MTRS CO 0.1%

Value $304K Shares 17,878 Share Price $17.00 Est. Cost/Share $17.00 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
HYG	ISHARES	850,000	$76.16M	31.3%	$89.60	—	—	Put	464288513
SPY	SPDR S&P 500 ETF TR	214,300	$44.05M	18.1%	$205.54	—	—	Put	78462F103
IWM	ISHARES TR	248,300	$29.7M	12.2%	$119.62	—	—	Put	464287655
—	COBALT INTL ENERGY INC	14,000,000	$9.515M	3.9%	$0.68	$0.68	—	NOTE 3.125% 5/1	19075FAB2
CUBI	CUSTOMERS BANCORP INC	441,483	$8.591M	3.5%	$19.46 *	$16.51	+12.2%	COM	23204G100
—	AMERICAN RLTY CAP PPTYS INC	937,214	$8.482M	3.5%	$9.05	$13.67	—	COM	02917T104
—	GRACE W R & CO DEL NEW	85,126	$8.12M	3.3%	$95.39	$91.31	—	COM	38388F108
—	OUTFRONT MEDIA INC	294,307	$7.899M	3.2%	$26.84	$26.84	—	COM	69007J106
—	NORTEK INC	82,544	$6.713M	2.8%	$81.33	$66.27	—	COM NEW	656559309
—	PLY GEM HLDGS INC	456,761	$6.386M	2.6%	$13.98	$18.30	—	COM	72941W100
XLE	SELECT SECTOR SPDR TR	75,000	$5.937M	2.4%	$79.16	—	—	Put	81369Y506
—	CBS CORP NEW	91,533	$5.065M	2.1%	$55.34	$55.34	—	CL B	124857202
—	AMERICAN CAP LTD	346,230	$5.058M	2.1%	$14.61	$14.61	—	COM	02503Y103
—	TESORO CORP	65,649	$4.881M	2.0%	$74.35	$52.32	—	COM	881609101
—	ERICKSON INC	567,825	$4.736M	1.9%	$8.34	$15.66	—	COM	29482P100
—	AMERICAN RLTY CAP PPTYS INC	500,000	$4.525M	1.9%	$9.05	$13.67	—	Put	02917T104
—	COBALT INTL ENERGY INC	450,000	$4.001M	1.6%	$8.89	—	—	Put	19075F106
—	KEY ENERGY SVCS INC	1,092,846	$1.825M	0.7%	$1.67	$4.28	—	COM	492914106
GM	GENERAL MTRS CO	19,666	$687K	0.3%	$34.93 *	$24.50	0.0%	COM	37045V100
—	GENERAL MTRS CO	17,878	$448K	0.2%	$25.06	$25.06	—	*W EXP 07/10/201	37045V118
—	CLEAR CHANNEL OUTDOOR HLDGS	40,539	$429K	0.2%	$10.58	$7.67	—	CL A	18451C109
—	GENERAL MTRS CO	17,878	$304K	0.1%	$17.00	$17.00	—	*W EXP 07/10/201	37045V126