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Disclosery

Bocage Capital, LLC

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13F filer, CIK 1534017, SAN FRANCISCO, CA

Bocage Capital, LLC reported $184,746,000 across 14 holdings for the quarter ended 2016-12-31, in a 13F-HR filed 2017-02-14. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001140361-17-006980

Period
2016-12-31
Reported value
$185M
Holdings
14
Top 10 weight
100%
New
4
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
STLDnew+125,264$4.46M

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
WESTROCK COexited-246,190-$11.9M
CTRAreduced-452,119-$10.6M
AXTAexited-311,549-$8.81M
CONSOL ENERGY INCreduced-447,638-$8.16M
YAMANA GOLD INCexited-1,888,247-$8.14M

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, Q4 2016

Share positions as resolved from 13F-HR 0001140361-17-006980, largest first. % of portfolio is the value over $38,202,000, 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; 2015Q1: restricted; 2015Q2: 770,386 shares; 2015Q3: 1,216,866 shares; 2015Q4: 774,600 shares; 2016Q1: 1,560,260 shares; 2016Q2: 936,719 shares; 2016Q3: 1,602,059 shares; 2016Q4: 1,055,685 shares 1,055,685$8.93M23.38%-546,374
CTRACOTERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: 713,118 shares; 2015Q3: 621,743 shares; 2015Q4: 150,456 shares; 2016Q1: 408,187 shares; 2016Q2: 476,846 shares; 2016Q3: 688,567 shares; 2016Q4: 236,448 shares 236,448$5.52M14.46%-452,119Timeline
RSP PERMIAN INCRSP PERMIAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: not reported; 2016Q2: 285,431 shares; 2016Q3: 171,140 shares; 2016Q4: 117,960 shares 117,960$5.26M13.78%-53,180
STLDSTEEL DYNAMICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: 643,636 shares; 2016Q1: not reported; 2016Q2: not reported; 2016Q3: not reported; 2016Q4: 125,264 shares 125,264$4.46M11.67%newTimeline
ENCANA CORPENCANA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: not reported; 2016Q2: not reported; 2016Q3: 993,139 shares; 2016Q4: 373,321 shares 373,321$4.38M11.47%-619,818
CONSOL ENERGY INCCONSOL ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: not reported; 2016Q2: 571,068 shares; 2016Q3: 655,962 shares; 2016Q4: 208,324 shares 208,324$3.8M9.94%-447,638
NGVTINGEVITY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: not reported; 2016Q2: 178,621 shares; 2016Q3: 186,530 shares; 2016Q4: 65,180 shares 65,180$3.58M9.36%-121,350Timeline
GPKGRAPHIC PACKAGING HLDG COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: not reported; 2015Q3: not reported; 2015Q4: not reported; 2016Q1: 453,988 shares; 2016Q2: 326,331 shares; 2016Q3: 352,283 shares; 2016Q4: 181,181 shares 181,181$2.26M5.92%-171,102Timeline
DYNEGY INC WARRANTDYNEGY INC WARRANTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2015Q1: restricted; 2015Q2: 240,752 shares; 2015Q3: 240,752 shares; 2015Q4: 240,752 shares; 2016Q1: 240,752 shares; 2016Q2: 240,752 shares; 2016Q3: 240,752 shares; 2016Q4: 240,752 shares 240,752$10K0.03%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
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW COMput2,290,000$75.6M+190,000
VALEVALE S A SPONSORED ADSput3,120,000$23.8Mnew
CHESEPEAKE ENERGY CORPCHESEPEAKE ENERGY CORP COMput2,750,000$19.3M-4,300,000
RIGTRANSOCEAN LTD Stockput1,000,000$14.7Mnew
TECKTECK RESOURCES LTD Stockcall655,600$13.1Mnew

Sold out in Q4 2016

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

SecurityShares beforeValue beforeType
WESTROCK COWESTROCK CO246,190$11.9Mshares
ENCANA CORPENCANA CORP900,000$9.42Mcall
AXTAAXALTA COATING SYS LTD311,549$8.81Mshares
YAMANA GOLD INCYAMANA GOLD INC1,888,247$8.14Mshares
NRGNRG ENERGY INC717,669$8.04Mshares
ENERGEN CORPENERGEN CORP130,390$7.53Mshares
CLOUD PEAK ENERGY INCCLOUD PEAK ENERGY INC830,320$4.52Mshares

How Q4 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 0001140361-17-006980 base2017-02-14acceptance time not in the bulk data set