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Disclosery

Bocage Capital, LLC

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13F filer, CIK 1534017, SAN FRANCISCO, CA

Bocage Capital, LLC reported $134,202,000 across 14 holdings for the quarter ended 2016-03-31, in a 13F-HR filed 2016-05-16. Its ten largest share positions make up 95.58% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001140361-16-065384

Period
2016-03-31
Reported value
$134M
Holdings
14
Top 10 weight
95.58%
New
3
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
WESTROCK COadded+382,350$14.9M
UNITED STATES STL CORP NEWnew+912,283$14.6M
KGCnew+3,841,046$13.1M
DYNEGY INC NEW DELadded+785,660$11.3M
NRGadded+671,717$8.74M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
CALPINE CORPexited-1,180,126-$17.1M
MPCexited-243,032-$12.6M
STLDexited-643,636-$11.5M
AXTAexited-367,081-$9.78M
KAPSTONE PAPER AND PACKAGIN…exited-356,164-$8.05M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2016

Share positions as resolved from 13F-HR 0001140361-16-065384, largest first. % of portfolio is the value over $131,476,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
DYNEGY INC NEW DELDYNEGY INC NEW DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 770,386 shares; 2015Q3: 1,216,866 shares; 2015Q4: 774,600 shares; 2016Q1: 1,560,260 shares 1,560,260$22.4M17.05%+785,660
WESTROCK COWESTROCK COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: 322,069 shares; 2015Q4: 100,033 shares; 2016Q1: 482,383 shares 482,383$18.8M14.32%+382,350
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: 912,283 shares 912,283$14.6M11.14%new
NRGNRG ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 541,688 shares; 2015Q3: 868,064 shares; 2015Q4: 413,355 shares; 2016Q1: 1,085,072 shares 1,085,072$14.1M10.74%+671,717Timeline
TESORO CORPTESORO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 186,534 shares; 2015Q3: 114,798 shares; 2015Q4: 108,225 shares; 2016Q1: 153,364 shares 153,364$13.2M10.03%+45,139
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: 3,841,046 shares 3,841,046$13.1M9.93%newTimeline
PBFPBF ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: 219,987 shares; 2016Q1: 282,709 shares 282,709$9.39M7.14%+62,722Timeline
CTRACOTERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 713,118 shares; 2015Q3: 621,743 shares; 2015Q4: 150,456 shares; 2016Q1: 408,187 shares 408,187$9.27M7.05%+257,731Timeline
GPKGRAPHIC PACKAGING HLDG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: 453,988 shares 453,988$5.83M4.44%newTimeline
VALEVALE S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: 1,229,478 shares; 2016Q1: 1,168,300 shares 1,168,300$4.92M3.74%-61,178Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 208,471 shares; 2015Q3: 538,381 shares; 2015Q4: 162,688 shares; 2016Q1: 139,524 shares 139,524$4.52M3.44%-23,164Timeline
CHESEPEAKE ENERGY CORPCHESEPEAKE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: 611,170 shares; 2016Q1: 289,306 shares 289,306$1.19M0.91%-321,864
DYNEGY INC WARRANTDYNEGY INC WARRANTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2014Q2: restricted; 2014Q3: restricted; 2014Q4: restricted; 2015Q1: restricted; 2015Q2: 240,752 shares; 2015Q3: 240,752 shares; 2015Q4: 240,752 shares; 2016Q1: 240,752 shares 240,752$99K0.08%0

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
AK STEEL HOLDING CORPAK STEEL HOLDING CORP COMcall660,000$2.73M-5,240,000

Sold out in Q1 2016

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
CALPINE CORPCALPINE CORP1,180,126$17.1Mshares
MPCMARATHON PETE CORP243,032$12.6Mshares
STLDSTEEL DYNAMICS INC643,636$11.5Mshares
AXTAAXALTA COATING SYS LTD367,081$9.78Mshares
KAPSTONE PAPER AND PACKAGIN…KAPSTONE PAPER AND PACKAGING C356,164$8.05Mshares
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW900,000$7.18Mput
CFCF INDUSTRIES HOLD131,101$5.35Mshares
SUNEDISON SEMISUNEDISON SEMI101,185$793Kshares
DOMINION DIAMOND CORPDOMINION DIAMOND CORP54,524$558Kshares

How Q1 2016 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001140361-16-065384 base2016-05-16acceptance time not in the bulk data set