SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Watershed Asset Management, L.L.C.

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

Reported Value
$100M
Q1 2022
Positions
124
Filings on Record
11
2022–present window
Filed
May 13, 2022
original filing

Summary

Watershed Asset Management, L.L.C. reported $100M in U.S.-listed holdings across 124 positions for Q1 2022.

The portfolio is heavily concentrated: VEU alone accounts for 20.7% of reported value.

Compared with Q4 2021, the fund opened 26 new positions and exited 24.

Portfolio Metrics

Turnover
+16.8%
vs prior filed quarter
Top-10 Concentration
+59.3%
share of reported value
Largest Position
+20.7%
Vanguard Intl Equity Index F
New / Exited
26 / 24
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: 54.7%ETP: 38.7%Other: 3.9%REIT: 2.7%
  • Common Stock · 54.7% · $54M
  • ETP · 38.7% · $39M
  • Other · 3.9% · $4M
  • REIT · 2.7% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DBAINVESCO DB MULTI-SECTOR COMMNEW+135.9K135.9K+$3M$3M
METAMETA PLATFORMS INCNEW+11.4K11.4K+$3M$3M
ATLASSIAN CORP PLCNEW+7.1K7.1K+$2M$2M
INTCINTEL CORPNEW+41.4K41.4K+$2M$2M
ISHARES TRNEW+710710+$852,000$852,000
EAGLE BULK SHIPPING INCNEW+4.4K4.4K+$297,000$297,000
IPGINTERPUBLIC GROUP COS INCNEW+8.3K8.3K+$296,000$296,000
BMYBRISTOL-MYERS SQUIBB CONEW+3.9K3.9K+$288,000$288,000

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

Holdings — Q1 2022

117 positions (from 123 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF20.73%$21M372.1K
2EFVISHARES TREAFE VALUE ETF · BARCLAYS 7 10 YR9.49%$9M141.2K
3EMXCISHARES INCMSCI EMRG CHN · MSCI FRANCE ETF · MSCI GERMANY ETF · MSCI ITALY ETF · MSCI SPAIN ETF5.53%$6M140.0K
4MAMASTERCARD INCORPORATEDhistory →CL A4.15%$4M11.6K
5AMZNAMAZON COM INChistory →COM3.93%$4M1.2K
6MSFTMICROSOFT CORPhistory →COM3.71%$4M12.0K
7DISDISNEY WALT COhistory →COM3.27%$3M23.8K
8DBAINVESCO DB MULTI-SECTOR COMMhistory →AGRICULTURE FD2.98%$3M135.9K
9VVISA INChistory →COM CL A2.78%$3M12.5K
10RYNRAYONIER INChistory →COM2.68%$3M65.0K
11METAMETA PLATFORMS INChistory →CL A2.54%$3M11.4K
12PERSHING SQUARE TONTINE HLDGCOM CL A2.51%$3M125.9K
13ATLASSIAN CORP PLCCL A2.10%$2M7.1K
14INTCINTEL CORPhistory →COM2.06%$2M41.4K
15MELIMERCADOLIBRE INChistory →COM1.88%$2M1.6K
16UBERUBER TECHNOLOGIES INChistory →COM1.59%$2M44.5K
17BLACKROCK CAP INVT CORPCOM0.80%$799,000189.9K
18COKECOCA COLA CONS INCCOM0.32%$315,000634
19SHENSHENANDOAH TELECOMMUNICATIONCOM0.31%$312,00013.2K
20EHCENCOMPASS HEALTH CORPCOM0.30%$303,0004.3K
21CMCSACOMCAST CORP NEWCL A0.30%$303,0006.5K
22ENSGENSIGN GROUP INCCOM0.30%$300,0003.3K
23CHTRCHARTER COMMUNICATIONS INC NCL A0.30%$298,000546
24MATXMATSON INCCOM0.30%$298,0002.5K
25INVAINNOVIVA INCCOM0.30%$297,00015.3K
26EAGLE BULK SHIPPING INCCOM0.30%$297,0004.4K
27ELVANTHEM INCCOM0.30%$297,000605
28IPGINTERPUBLIC GROUP COS INCCOM0.30%$296,0008.3K
29ECHOECHOSTAR CORPCL A0.30%$295,00012.1K
30SEBSEABOARD CORP DELCOM0.30%$294,00070
31CICIGNA CORP NEWCOM0.29%$293,0001.2K
32REGNREGENERON PHARMACEUTICALSCOM0.29%$288,000413
33VZVERIZON COMMUNICATIONS INCCOM0.29%$288,0005.7K
34BMYBRISTOL-MYERS SQUIBB COCOM0.29%$288,0003.9K
35NXSTNEXSTAR MEDIA GROUP INCCL A0.29%$285,0001.5K
36UTHRUNITED THERAPEUTICS CORP DELCOM0.28%$283,0001.6K
37SNDRSCHNEIDER NATIONAL INCCL B0.28%$282,00011.1K
38MRNAMODERNA INCCOM0.28%$281,0001.6K
39RGAREINSURANCE GRP OF AMERICA ICOM NEW0.28%$280,0002.6K
40USA TRUCK INCCOM0.28%$280,00013.6K
41NHCNATIONAL HEALTHCARE CORPCOM0.28%$278,0004.0K
42IMKTAINGLES MKTS INCCL A0.28%$278,0003.1K
43LNCLINCOLN NATL CORP INDCOM0.28%$277,0004.2K
44VECTOR GROUP LTDCOM0.28%$277,00023.0K
45NSITINSIGHT ENTERPRISES INCCOM0.28%$275,0002.6K
46ABBVABBVIE INCCOM0.28%$274,0001.7K
47CHICOS FAS INCCOM0.28%$274,00057.1K
48AHCOADAPTHEALTH CORPCOMMON STOCK0.27%$272,00016.9K
49PNWPINNACLE WEST CAP CORPCOM0.27%$272,0003.5K
50AVNWAVIAT NETWORKS INCCOM NEW0.27%$272,0008.9K
51CDKCDK GLOBAL INCCOM0.27%$272,0005.6K
52ENCORE WIRE CORPCOM0.27%$271,0002.4K
53HCAHCA HEALTHCARE INCCOM0.27%$271,0001.1K
54METMETLIFE INCCOM0.27%$269,0003.8K
55STRLSTERLING CONSTR INCCOM0.27%$269,00010.0K
56WUWESTERN UN COCOM0.27%$268,00014.3K
57SANMSANMINA CORPORATIONCOM0.27%$268,0006.6K
58BHFBRIGHTHOUSE FINL INCCOM0.27%$268,0005.2K
59DXLGDESTINATION XL GROUP INCCOM0.27%$266,00054.4K
60PROASSURANCE CORPCOM0.27%$266,0009.9K
61AIGAMERICAN INTL GROUP INCCOM NEW0.27%$266,0004.2K
62ANDEANDERSONS INCCOM0.27%$266,0005.3K
63MUMICRON TECHNOLOGY INCCOM0.27%$265,0003.4K
64UGIUGI CORP NEWCOM0.26%$263,0007.3K
65HOPEHOPE BANCORP INCCOM0.26%$262,00016.3K
66CATOCATO CORP NEWCL A0.26%$262,00017.9K
67HPEHEWLETT PACKARD ENTERPRISE CCOM0.26%$261,00015.6K
68ARCBARCBEST CORPCOM0.26%$261,0003.2K
69RRYDER SYS INCCOM0.26%$261,0003.3K
70HPQHP INCCOM0.26%$261,0007.2K
71CNOCNO FINL GROUP INCCOM0.26%$261,00010.4K
72NGVCNATURAL GROCERS BY VITAMIN CCOM0.26%$261,00013.3K
73JBLJABIL INCCOM0.26%$260,0004.2K
74FNBF N B CORPCOM0.26%$259,00020.8K
75WNEBWESTERN NEW ENG BANCORP INCCOM0.26%$258,00028.9K
76MPBMID PENN BANCORP INCCOM0.26%$257,0009.6K
77OTTROTTER TAIL CORPCOM0.26%$257,0004.1K
78PLUSEPLUS INCCOM0.26%$257,0004.6K
79NATIONAL WESTN LIFE GROUP INCL A0.26%$256,0001.2K
80CCSCENTURY CMNTYS INCCOM0.26%$256,0004.8K
81AOSLALPHA & OMEGA SEMICONDUCTORSHS0.26%$255,0004.7K
82MTHMERITAGE HOMES CORPCOM0.26%$255,0003.2K
83CASSCASS INFORMATION SYS INCCOM0.26%$255,0006.9K
84INBKFIRST INTERNET BANCORPCOM0.26%$255,0005.9K
85SMART GLOBAL HLDGS INCSHS0.25%$253,0009.8K
86HZOMARINEMAX INCCOM0.25%$252,0006.3K
87WDCWESTERN DIGITAL CORP.COM0.25%$252,0005.1K
88PLABPHOTRONICS INCCOM0.25%$251,00014.8K
89VSHVISHAY INTERTECHNOLOGY INCCOM0.25%$251,00012.8K
90SCSCSCANSOURCE INCCOM0.25%$251,0007.2K
91IMXIINTERNATIONAL MNY EXPRESS INCOM0.25%$251,00012.2K
92ARWARROW ELECTRS INCCOM0.25%$251,0002.1K
93OMCOMNICOM GROUP INCCOM0.25%$251,0003.0K
94ETDETHAN ALLEN INTERIORS INCCOM0.25%$250,0009.6K
95HAFCHANMI FINL CORPCOM NEW0.25%$250,00010.2K
96OSISOSI SYSTEMS INCCOM0.25%$250,0002.9K
97SUPER MICRO COMPUTER INCCOM0.25%$250,0006.6K
98AMKRAMKOR TECHNOLOGY INCCOM0.25%$249,00011.5K
99MMACYS INCCOM0.25%$249,00010.2K
100DELLDELL TECHNOLOGIES INCCL C0.25%$249,0005.0K

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 ↗.