SEC 13F Intelligence

Managers / Q1 2026

Watershed Asset Management, L.L.C.

CIK 0001315926 · 601 CALIFORNIA STREET, SUITE 1701, SAN FRANCISCO, CA, 94108 · (415) 391-8900

Reported Value
$96M
Q1 2026
Positions
118
Filings on Record
11
2022–present window
Filed
May 6, 2026
original filing

Summary

Watershed Asset Management, L.L.C. reported $96M in U.S.-listed holdings across 118 positions for Q1 2026.

Its largest position, VEU, represents 5.9% of the portfolio.

Compared with Q4 2025, the fund opened 39 new positions and exited 39.

Portfolio Metrics

Turnover
+37.4%
vs prior filed quarter
Top-10 Concentration
+35.8%
share of reported value
Largest Position
+5.9%
Vanguard Intl Equity Index F
New / Exited
39 / 39
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $111MQ4 ’21Q1 ’22: $100MQ2 ’22: $81MQ2 ’22Q3 ’22: $77MQ4 ’22: $79MQ4 ’22Q1 ’23: $82MQ2 ’23: $81MQ2 ’23Q3 ’23: $85MQ4 ’23: $86MQ4 ’23Q4 ’25: $107MQ1 ’26: $96MQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 82.4%ETP: 16.6%Other: 0.9%
  • Common Stock · 82.4% · $80M
  • ETP · 16.6% · $16M
  • Other · 0.9% · $890,634

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MCOMOODYS CORPNEW+7.0K7.0K+$3M$3M
AMZNAMAZON COM INCNEW+14.6K14.6K+$3M$3M
TERTERADYNE INCNEW+8.9K8.9K+$3M$3M
KLACKLA CORPNEW+1.6K1.6K+$2M$2M
INTCINTEL CORPNEW+45.6K45.6K+$2M$2M
TANINVESCO EXCH TRADED FD TR IINEW+36.0K36.0K+$2M$2M
NVDANVIDIA CORPORATIONNEW+10.9K10.9K+$2M$2M
DHRDANAHER CORP DELNEW+9.4K9.4K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

118 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEUVANGUARD INTL EQUITY INDEX Fhistory →ALLWRLD EX US5.89%$6M75.7K
2VVISA INChistory →COM CL A4.40%$4M14.1K
3EWWISHARES INChistory →MSCI MEXICO ETF4.17%$4M53.5K
4TMOTHERMO FISHER SCIENTIFIC INChistory →COM3.57%$3M7.0K
5MCOMOODYS CORPhistory →COM3.16%$3M7.0K
6AMZNAMAZON COM INChistory →COM3.15%$3M14.6K
7METAMETA PLATFORMS INChistory →CL A3.02%$3M5.1K
8AMATAPPLIED MATLS INChistory →COM3.01%$3M8.5K
9TERTERADYNE INChistory →COM2.73%$3M8.9K
10MELIMERCADOLIBRE INChistory →COM2.71%$3M1.5K
11INDAISHARES TRhistory →MSCI INDIA ETF2.43%$2M50.0K
12KLACKLA CORPhistory →COM NEW2.38%$2M1.6K
13INTCINTEL CORPhistory →COM2.09%$2M45.6K
14TANINVESCO EXCH TRADED FD TR IIhistory →SOLAR ETF2.08%$2M36.0K
15QQQEDIREXION SHARES ETF TRUSThistory →NASDAQ 100 EQ WT2.06%$2M20.2K
16NVDANVIDIA CORPORATIONhistory →COM1.97%$2M10.9K
17DHRDANAHER CORP DELhistory →COM1.85%$2M9.4K
18LITELUMENTUM HLDGS INChistory →COM1.60%$2M2.2K
19WRBYWARBY PARKER INChistory →CL A COM1.54%$1M70.5K
20GTLBGITLAB INChistory →CLASS A COM1.44%$1M64.0K
21MANMANPOWERGROUP INC WISCOM0.53%$514,31317.5K
22KFYKORN FERRYCOM NEW0.53%$512,6028.1K
23IIININSTEEL INDS INCCOM0.52%$500,45314.9K
24DELLDELL TECHNOLOGIES INCCL C0.52%$500,1043.0K
25RRYDER SYS INCCOM0.51%$495,6032.4K
26CRUSCIRRUS LOGIC INCCOM0.50%$486,7913.4K
27ZMZOOM COMMUNICATIONS INCCL A0.50%$483,8676.0K
28TAT&T INCCOM0.49%$477,52316.5K
29INVAINNOVIVA INCCOM0.49%$474,52820.4K
30HUMHUMANA INCCOM0.49%$474,2222.7K
31SKYWSKYWEST INCCOM0.49%$472,1905.1K
32EBFENNIS INCCOM0.49%$471,66822.0K
33AKAMAKAMAI TECHNOLOGIES INCCOM0.49%$471,0004.1K
34INGMINGRAM MICRO HLDG CORPCOM0.49%$470,48920.2K
35TILEINTERFACE INCCOM0.49%$469,19418.8K
36VZVERIZON COMMUNICATIONS INCCOM0.48%$466,4589.3K
37GTMZOOMINFO TECHNOLOGIES INCCOMMON STOCK0.48%$464,81377.7K
38ADBEADOBE INCCOM0.48%$463,5541.9K
39PGYPAGAYA TECHNOLOGIES LTDCL A NEW0.48%$463,22739.8K
40PGCPEAPACK-GLADSTONE FINL CORPCOM0.48%$463,15213.2K
41NTAPNETAPP INCCOM0.48%$462,5984.5K
42DVADAVITA INCCOM0.48%$461,5313.0K
43NWSANEWS CORP NEWCL A0.48%$460,65718.5K
44BYDBOYD GAMING CORPCOM0.48%$459,0575.6K
45DIODDIODES INCCOM0.48%$458,5026.7K
46BBTBEACON FINANCIAL CORP.COM0.47%$456,87015.2K
47WEXWEX INCCOM0.47%$454,0703.0K
48AMKRAMKOR TECHNOLOGY INCCOM0.47%$453,27210.1K
49ASOACADEMY SPORTS & OUTDOORS INCOM0.47%$452,9558.0K
50IBEX LTDSHS NEW0.47%$452,64116.9K
51MTCHMATCH GROUP INC NEWCOM0.47%$452,63514.7K
52BKEBUCKLE INCCOM0.47%$451,7299.0K
53CTSHCOGNIZANT TECHNOLOGY SOLUTIOCL A0.47%$451,6597.4K
54FSLRFIRST SOLAR INCCOM0.47%$449,7532.3K
55CARGCARGURUS INCCOM CL A0.47%$449,15413.2K
56BUSEFIRST BUSEY CORPCOM NEW0.47%$449,04817.8K
57COLLCOLLEGIUM PHARMACEUTICAL INCCOM0.47%$449,02413.6K
58VITLVITAL FARMS INCCOM0.46%$448,70531.8K
59HPQHP INCCOM0.46%$448,13123.3K
60JBLJABIL INCCOM0.46%$447,8521.7K
61IDTIDT CORPCL B NEW0.46%$447,3999.1K
62PBPROSPERITY BANCSHARES INCCOM0.46%$446,3446.6K
63EEFTEURONET WORLDWIDE INCCOM0.46%$446,0736.7K
64CPAYCORPAY INCCOM SHS0.46%$445,5061.5K
65SNXTD SYNNEX CORPORATIONCOM0.46%$445,3942.6K
66KRNYKEARNY FINL CORP MDCOM0.46%$444,81658.9K
67DOXAMDOCS LTDSHS0.46%$443,9646.8K
68PHINPHINIA INCCOMMON STOCK0.46%$443,9026.5K
69RIGLRIGEL PHARMACEUTICALS INCCOM0.46%$443,05016.4K
70IMKTAINGLES MKTS INCCL A0.46%$442,9784.9K
71LEALEAR CORPCOM NEW0.46%$442,7903.7K
72CITHE CIGNA GROUPCOM0.46%$442,5381.7K
73VMDVIEMED HEALTHCARE INCCOM0.46%$439,47447.7K
74WSBCWESBANCO INCCOM0.46%$439,36812.7K
75CNOBCONNECTONE BANCORP INCCOM0.45%$438,46616.4K
76FLEXTRONICS INTL LTDORD0.45%$437,9936.7K
77VNTVONTIER CORPORATIONCOM0.45%$437,52212.3K
78EVEREVERQUOTE INCCOM CL A0.45%$435,47628.2K
79PLUSEPLUS INCCOM0.45%$435,2465.8K
80SIRISIRIUSXM HOLDINGS INCCOMMON STOCK0.45%$434,45818.8K
81PYPLPAYPAL HLDGS INCCOM0.45%$433,9829.6K
82PRDOPERDOCEO ED CORPCOM0.45%$433,94311.7K
83CDWCDW CORPCOM0.45%$432,8893.6K
84DBDDIEBOLD NIXDORF INCCOM SHS0.45%$432,7245.7K
85AVTAVNET INCCOM0.45%$432,2647.0K
86PLXSPLEXUS CORPCOM0.45%$431,6132.1K
87FRMEFIRST MERCHANTS CORPCOM0.45%$431,41311.1K
88ARWARROW ELECTRS INCCOM0.45%$431,0903.0K
89CONCONCENTRA GROUP HOLDINGS PARCOMMON STOCK0.45%$430,11520.1K
90UHSUNIVERSAL HLTH SVCS INCCL B0.44%$428,6332.4K
91BANCBANC OF CALIFORNIA INCCOM0.44%$428,16124.4K
92JBSSSANFILIPPO JOHN B & SON INCCOM0.44%$427,3515.4K
93GENGEN DIGITAL INCCOM0.44%$425,93522.6K
94DVDOUBLEVERIFY HLDGS INCCOM0.44%$425,42044.8K
95BDCBELDEN INCCOM0.44%$424,6413.7K
96MHKMOHAWK INDS INCCOM0.44%$424,3634.3K
97THCTENET HEALTHCARE CORPCOM NEW0.44%$422,1442.2K
98CFFNCAPITOL FED FINL INCCOM0.44%$420,42059.0K
99MKSIMKS INC.COM0.44%$419,8631.8K
100POSTPOST HLDGS INCCOM0.43%$416,4974.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$96M118May 6, 202613F-HRchanges · EDGAR ↗
Q4 2025$107M118Feb 17, 202613F-HRchanges · EDGAR ↗
Q4 2023$86M118Feb 2, 202413F-HRchanges · EDGAR ↗
Q3 2023$85M120Oct 30, 202313F-HRchanges · EDGAR ↗
Q2 2023$81M116Jul 28, 202313F-HRchanges · EDGAR ↗
Q1 2023$82M117May 5, 202313F-HRchanges · EDGAR ↗
Q4 2022$79M115Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$77M120Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$81M118Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$100M124May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$111M122Feb 11, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.