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

CIK: 0001315926 · Show all filings

Period: Q1 2015 (← Previous) (Next →)

Filing Date: May 15, 2015

Total Value ($000): $247,168 (86.5% shares, 13.5% debt)

Holdings (21)

HYG ISHARES 18.7%

Value ($000) $46,211 Shares 510,000 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 17.8%

Value ($000) $44,114 Shares 213,700 Est. Cost — Unrealized —

IWM ISHARES TR 16.6%

Value ($000) $41,142 Shares 330,800 Est. Cost — Unrealized —

— UTI WORLDWIDE INC 5.4%

Value ($000) $13,256 Shares 11,780,000 Est. Cost $1.13 Unrealized —

— COBALT INTL ENERGY INC 4.3%

Value ($000) $10,552 Shares 14,000,000 Est. Cost $0.68 Unrealized —

— HORSEHEAD HLDG CORP 3.9%

Value ($000) $9,674 Shares 9,000,000 Est. Cost $1.07 Unrealized —

— AMERICAN RLTY CAP PPTYS INC 3.9%

Value ($000) $9,524 Shares 966,929 Est. Cost $13.55 Unrealized —

CUBI CUSTOMERS BANCORP INC 3.5%

Value ($000) $8,584 Shares 352,401 Est. Cost $16.51 Unrealized +30.6%

— GRACE W R & CO DEL NEW 3.2%

Value ($000) $7,975 Shares 80,657 Est. Cost $91.31 Unrealized —

ALLY ALLY FINL INC 3.1%

Value ($000) $7,651 Shares 364,699 Est. Cost $16.09 Unrealized 0.0%

— AMERICAN CAP LTD 3.0%

Value ($000) $7,472 Shares 505,185 Est. Cost $14.67 Unrealized —

— NORTEK INC 2.9%

Value ($000) $7,285 Shares 82,544 Est. Cost $66.27 Unrealized —

— HORSEHEAD HLDG CORP 2.3%

Value ($000) $5,800 Shares 458,100 Est. Cost $12.66 Unrealized —

— PLY GEM HLDGS INC 2.0%

Value ($000) $5,053 Shares 388,667 Est. Cost $18.30 Unrealized —

XLE SELECT SECTOR SPDR TR 1.9%

Value ($000) $4,655 Shares 60,000 Est. Cost — Unrealized —

— HORSEHEAD HLDG CORP 1.9%

Value ($000) $4,629 Shares 365,645 Est. Cost $12.66 Unrealized —

— COBALT INTL ENERGY INC 1.7%

Value ($000) $4,235 Shares 450,000 Est. Cost — Unrealized —

— CUMULUS MEDIA INC 1.2%

Value ($000) $3,050 Shares 1,234,906 Est. Cost $2.47 Unrealized —

— OUTFRONT MEDIA INC 1.1%

Value ($000) $2,683 Shares 89,663 Est. Cost $26.84 Unrealized —

— ERICKSON INC 1.0%

Value ($000) $2,453 Shares 567,825 Est. Cost $15.66 Unrealized —

— KEY ENERGY SVCS INC 0.5%

Value ($000) $1,170 Shares 642,846 Est. Cost $4.28 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES	510,000	$46,211	18.7%	—	—	Put	464288513
SPY	SPDR S&P 500 ETF TR	213,700	$44,114	17.8%	—	—	Put	78462F103
IWM	ISHARES TR	330,800	$41,142	16.6%	—	—	Put	464287655
—	UTI WORLDWIDE INC	11,780,000	$13,256	5.4%	$1.13	—	NOTE 4.500% 3/0	90349LAB0
—	COBALT INTL ENERGY INC	14,000,000	$10,552	4.3%	$0.68	—	NOTE 3.125% 5/1	19075FAB2
—	HORSEHEAD HLDG CORP	9,000,000	$9,674	3.9%	$1.07	—	NOTE 3.800% 7/0	440694AB3
—	AMERICAN RLTY CAP PPTYS INC	966,929	$9,524	3.9%	$13.55	—	COM	02917T104
CUBI	CUSTOMERS BANCORP INC	352,401	$8,584	3.5%	$16.51	+30.6%	COM	23204G100
—	GRACE W R & CO DEL NEW	80,657	$7,975	3.2%	$91.31	—	COM	38388F108
ALLY	ALLY FINL INC	364,699	$7,651	3.1%	$16.09	0.0%	COM	02005N100
—	AMERICAN CAP LTD	505,185	$7,472	3.0%	$14.67	—	COM	02503Y103
—	NORTEK INC	82,544	$7,285	2.9%	$66.27	—	COM NEW	656559309
—	HORSEHEAD HLDG CORP	458,100	$5,800	2.3%	$12.66	—	Put	440694305
—	PLY GEM HLDGS INC	388,667	$5,053	2.0%	$18.30	—	COM	72941W100
XLE	SELECT SECTOR SPDR TR	60,000	$4,655	1.9%	—	—	Put	81369Y506
—	HORSEHEAD HLDG CORP	365,645	$4,629	1.9%	$12.66	—	COM	440694305
—	COBALT INTL ENERGY INC	450,000	$4,235	1.7%	—	—	Put	19075F106
—	CUMULUS MEDIA INC	1,234,906	$3,050	1.2%	$2.47	—	CL A	231082108
—	OUTFRONT MEDIA INC	89,663	$2,683	1.1%	$26.84	—	COM	69007J106
—	ERICKSON INC	567,825	$2,453	1.0%	$15.66	—	COM	29482P100
—	KEY ENERGY SVCS INC	642,846	$1,170	0.5%	$4.28	—	COM	492914106