SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Watershed Asset Management, L.L.C.

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

Reported Value
$111M
Q4 2021
Positions
122
Filings on Record
11
2022–present window
Filed
Feb 11, 2022
original filing

Summary

Watershed Asset Management, L.L.C. reported $111M in U.S.-listed holdings across 122 positions for Q4 2021.

The portfolio is heavily concentrated: VEU alone accounts for 23.4% of reported value.

Portfolio Metrics

Top-10 Concentration
+66.6%
share of reported value
Largest Position
+23.4%
Vanguard Intl Equity Index F

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
ETP: 49.1%Common Stock: 48.1%REIT: 2.4%Other: 0.5%
  • ETP · 49.1% · $54M
  • Common Stock · 48.1% · $53M
  • REIT · 2.4% · $3M
  • Other · 0.5% · $557,000

Quarter-over-Quarter Changes full breakdown →

IssuerMoveShare ΔShares nowValue ΔValue now
VEUVANGUARD INTL EQUITY INDEX FNEW+369.0K369.0K+$23M$23M
VOOVANGUARD INDEX FDSNEW+17.7K17.7K+$8M$8M
IEFISHARES TRNEW+63.0K63.0K+$7M$7M
EFVISHARES TRNEW+100.0K100.0K+$5M$5M
MAMASTERCARD INCORPORATEDNEW+11.6K11.6K+$4M$4M
MSFTMICROSOFT CORPNEW+10.3K10.3K+$3M$3M
AMZNAMAZON COM INCNEW+1.0K1.0K+$3M$3M
VWOVANGUARD INTL EQUITY INDEX FNEW+68.1K68.1K+$3M$3M

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

Holdings — Q4 2021

115 positions (from 122 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF23.39%$26M437.1K
2IEFISHARES TRBARCLAYS 7 10 YR · EAFE VALUE ETF · MSCI INDIA ETF13.37%$15M219.0K
3VOOVANGUARD INDEX FDShistory →S&P 500 ETF SHS6.98%$8M17.7K
4EMXCISHARES INCMSCI EMRG CHN · MSCI FRANCE ETF · MSCI GERMANY ETF · MSCI ITALY ETF · MSCI SPAIN ETF5.31%$6M140.0K
5MAMASTERCARD INCORPORATEDhistory →CL A3.75%$4M11.6K
6MSFTMICROSOFT CORPhistory →COM3.10%$3M10.3K
7AMZNAMAZON COM INChistory →COM3.09%$3M1.0K
8DISDISNEY WALT COhistory →COM2.81%$3M20.1K
9VVISA INChistory →COM CL A2.44%$3M12.5K
10RYNRAYONIER INChistory →COM2.36%$3M65.0K
11NOWSERVICENOW INChistory →COM2.26%$3M3.9K
12PERSHING SQUARE TONTINE HLDGCOM CL A2.24%$2M125.9K
13MELIMERCADOLIBRE INChistory →COM2.17%$2M1.8K
14UBERUBER TECHNOLOGIES INChistory →COM1.15%$1M30.5K
15BLACKROCK CAP INVT CORPCOM0.68%$760,000189.9K
16ARWARROW ELECTRS INCCOM0.28%$306,0002.3K
17VSHVISHAY INTERTECHNOLOGY INCCOM0.27%$304,00013.9K
18MATXMATSON INCCOM0.27%$302,0003.4K
19AMKRAMKOR TECHNOLOGY INCCOM0.27%$302,00012.2K
20CYBEROPTICS CORPCOM0.27%$301,0006.5K
21SUPER MICRO COMPUTER INCCOM0.27%$299,0006.8K
22NSITINSIGHT ENTERPRISES INCCOM0.27%$299,0002.8K
23ANDEANDERSONS INCCOM0.27%$299,0007.7K
24TILLYS INCCL A0.27%$299,00018.5K
25HIBBETT INCCOM0.27%$299,0004.2K
26USA TRUCK INCCOM0.27%$298,00015.0K
27SNDRSCHNEIDER NATIONAL INCCL B0.27%$298,00011.1K
28HZOMARINEMAX INCCOM0.27%$297,0005.0K
29AVTAVNET INCCOM0.27%$297,0007.2K
30MTHMERITAGE HOMES CORPCOM0.27%$296,0002.4K
31JBLJABIL INCCOM0.27%$296,0004.2K
32UCTTULTRA CLEAN HLDGS INCCOM0.27%$295,0005.1K
33ZUMZZUMIEZ INCCOM0.26%$294,0006.1K
34PLABPHOTRONICS INCCOM0.26%$294,00015.6K
35COKECOCA COLA CONS INCCOM0.26%$291,000470
36ACTIVISION BLIZZARD INCCOM0.26%$290,0004.4K
37UTHRUNITED THERAPEUTICS CORP DELCOM0.26%$290,0001.3K
38MHOM/I HOMES INCCOM0.26%$290,0004.7K
39BKEBUCKLE INCCOM0.26%$290,0006.8K
40VECTOR GROUP LTDCOM0.26%$289,00025.2K
41SSNCSS&C TECHNOLOGIES HLDGS INCCOM0.26%$289,0003.5K
42SCSCSCANSOURCE INCCOM0.26%$288,0008.2K
43PLUSEPLUS INCCOM0.26%$288,0005.3K
44LITELUMENTUM HLDGS INCCOM0.26%$288,0002.7K
45ENCORE WIRE CORPCOM0.26%$287,0002.0K
46SEBSEABOARD CORP DELCOM0.26%$287,00073
47IMXIINTERNATIONAL MNY EXPRESS INCOM0.26%$286,00017.9K
48ENSGENSIGN GROUP INCCOM0.26%$286,0003.4K
49PLCECHILDRENS PL INC NEWCOM0.26%$286,0003.6K
50CATOCATO CORP NEWCL A0.26%$286,00016.6K
51EPCEDGEWELL PERS CARE COCOM0.26%$285,0006.2K
52AOSLALPHA & OMEGA SEMICONDUCTORSHS0.26%$285,0004.7K
53SMART GLOBAL HLDGS INCSHS0.26%$285,0004.0K
54HCAHCA HEALTHCARE INCCOM0.26%$284,0001.1K
55WDCWESTERN DIGITAL CORP.COM0.26%$284,0004.4K
56HPEHEWLETT PACKARD ENTERPRISE CCOM0.25%$282,00017.9K
57SCHLSCHOLASTIC CORPCOM0.25%$282,0007.1K
58MUMICRON TECHNOLOGY INCCOM0.25%$281,0003.0K
59REGNREGENERON PHARMACEUTICALSCOM0.25%$281,000445
60DELLDELL TECHNOLOGIES INCCL C0.25%$281,0005.0K
61CHTRCHARTER COMMUNICATIONS INC NCL A0.25%$281,000431
62WUWESTERN UN COCOM0.25%$281,00015.7K
63OMCOMNICOM GROUP INCCOM0.25%$281,0003.8K
64BFHALLIANCE DATA SYSTEMS CORPCOM0.25%$281,0004.2K
65ELVANTHEM INCCOM0.25%$280,000605
66STRLSTERLING CONSTR INCCOM0.25%$280,00010.6K
67CICIGNA CORP NEWCOM0.25%$279,0001.2K
68CASSCASS INFORMATION SYS INCCOM0.25%$279,0007.1K
69SHENSHENANDOAH TELECOMMUNICATIONCOM0.25%$279,00010.9K
70ARCBARCBEST CORPCOM0.25%$279,0002.3K
71EHCENCOMPASS HEALTH CORPCOM0.25%$278,0004.3K
72DGXQUEST DIAGNOSTICS INCCOM0.25%$277,0001.6K
73ECHOECHOSTAR CORPCL A0.25%$277,00010.5K
74CMCSACOMCAST CORP NEWCL A0.25%$277,0005.5K
75COHUCOHU INCCOM0.25%$275,0007.2K
76IRWDIRONWOOD PHARMACEUTICALS INCCOM CL A0.25%$274,00023.5K
77GIIIG III APPAREL GROUP LTDCOM0.25%$274,0009.9K
78HPQHP INCCOM0.25%$273,0007.2K
79INVAINNOVIVA INCCOM0.25%$273,00015.8K
80ANFABERCROMBIE & FITCH COCL A0.25%$273,0007.8K
81II-VI INCCOM0.24%$272,0004.0K
82VZVERIZON COMMUNICATIONS INCCOM0.24%$272,0005.2K
83RRYDER SYS INCCOM0.24%$272,0003.3K
84ABBVABBVIE INCCOM0.24%$271,0002.0K
85IMKTAINGLES MKTS INCCL A0.24%$270,0003.1K
86INBKFIRST INTERNET BANCORPCOM0.24%$270,0005.7K
87MPBMID PENN BANCORP INCCOM0.24%$269,0008.5K
88HAFCHANMI FINL CORPCOM NEW0.24%$269,00011.4K
89NHCNATIONAL HEALTHCARE CORPCOM0.24%$269,0004.0K
90WHRWHIRLPOOL CORPCOM0.24%$268,0001.1K
91EMCORE CORPCOM NEW0.24%$266,00038.1K
92WNEBWESTERN NEW ENG BANCORP INCCOM0.24%$265,00030.2K
93AIGAMERICAN INTL GROUP INCCOM NEW0.24%$264,0004.6K
94FBNCFIRST MIDWEST BANCORP DELCOM0.24%$264,00012.9K
95METMETLIFE INCCOM0.24%$263,0004.2K
96RGAREINSURANCE GRP OF AMERICA ICOM NEW0.24%$262,0002.4K
97FNBF N B CORPCOM0.24%$262,00021.6K
98CNACNA FINL CORPCOM0.24%$262,0005.9K
99NATIONAL WESTN LIFE GROUP INCL A0.24%$261,0001.2K
100ORCLORACLE CORPCOM0.23%$259,0003.0K

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 ↗.