SEC 13F Intelligence

Managers / Q2 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
$81M
Q2 2022
Positions
118
Filings on Record
11
2022–present window
Filed
Aug 5, 2022
original filing

Summary

Watershed Asset Management, L.L.C. reported $81M in U.S.-listed holdings across 118 positions for Q2 2022.

The portfolio is heavily concentrated: EFA alone accounts for 32.8% of reported value.

Compared with Q1 2022, the fund opened 23 new positions and exited 29.

Portfolio Metrics

Turnover
+31.0%
vs prior filed quarter
Top-10 Concentration
+63.1%
share of reported value
Largest Position
+32.8%
Ishares Tr
New / Exited
23 / 29
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: 51.4%ETP: 41.9%REIT: 3.6%Other: 3.2%
  • Common Stock · 51.4% · $41M
  • ETP · 41.9% · $34M
  • REIT · 3.6% · $3M
  • Other · 3.2% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EFAISHARES TRNEW+166.0K166.0K+$10M$10M
EEMISHARES TRNEW+188.0K188.0K+$8M$8M
VGKVANGUARD INTL EQUITY INDEX FNEW+44.0K44.0K+$2M$2M
BKNGBOOKING HOLDINGS INCNEW+1.2K1.2K+$2M$2M
SNOWSNOWFLAKE INCNEW+7.0K7.0K+$973,000$973,000
SCIPLAY CORPORATIONNEW+19.3K19.3K+$270,000$270,000
ONITOCWEN FINL CORPNEW+9.8K9.8K+$268,000$268,000
TAPMOLSON COORS BEVERAGE CONEW+4.9K4.9K+$265,000$265,000

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

Holdings — Q2 2022

115 positions (from 118 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1EFAISHARES TRMSCI EAFE ETF · MSCI EMG MKT ETF · EAFE VALUE ETF · 7-10 YR TRSY BD32.77%$26M495.2K
2MAMASTERCARD INCORPORATEDhistory →CL A4.52%$4M11.6K
3MSFTMICROSOFT CORPhistory →COM3.82%$3M12.0K
4RYNRAYONIER INChistory →COM3.56%$3M77.0K
5DBAINVESCO DB MULTI-SECTOR COMMhistory →AGRICULTURE FD3.43%$3M135.9K
6AMZNAMAZON COM INChistory →COM3.16%$3M24.0K
7PERSHING SQUARE TONTINE HLDGCOM CL A3.11%$3M125.9K
8VVISA INChistory →COM CL A3.05%$2M12.5K
9VGKVANGUARD INTL EQUITY INDEX Fhistory →FTSE EUROPE ETF2.88%$2M44.0K
10EMXCISHARES INChistory →MSCI EMRG CHN2.84%$2M48.0K
11BKNGBOOKING HOLDINGS INChistory →COM2.51%$2M1.2K
12ATLASSIAN CORP PLCCL A2.16%$2M9.3K
13SNOWSNOWFLAKE INChistory →CL A1.20%$973,0007.0K
14BLACKROCK CAP INVT CORPCOM0.86%$697,000189.9K
15MELIMERCADOLIBRE INCCOM0.85%$685,0001.1K
16MRNAMODERNA INCCOM0.35%$281,0002.0K
17OTTROTTER TAIL CORPCOM0.34%$276,0004.1K
18AHCOADAPTHEALTH CORPCOMMON STOCK0.34%$276,00015.3K
19ABBVABBVIE INCCOM0.34%$275,0001.8K
20CICIGNA CORP NEWCOM0.34%$275,0001.0K
21NXSTNEXSTAR MEDIA GROUP INCCL A0.34%$271,0001.7K
22SCIPLAY CORPORATIONCL A0.33%$270,00019.3K
23ONITOCWEN FINL CORPCOM NEW0.33%$268,0009.8K
24INVAINNOVIVA INCCOM0.33%$267,00018.1K
25IMXIINTERNATIONAL MNY EXPRESS INCOM0.33%$267,00013.0K
26NWSANEWS CORP NEWCL A0.33%$265,00017.0K
27TAPMOLSON COORS BEVERAGE COCL B0.33%$265,0004.9K
28CHTRCHARTER COMMUNICATIONS INC NCL A0.33%$263,000561
29CMCSACOMCAST CORP NEWCL A0.32%$262,0006.7K
30IMKTAINGLES MKTS INCCL A0.32%$260,0003.0K
31ELVELEVANCE HEALTH INCCOM0.32%$260,000538
32UGIUGI CORP NEWCOM0.32%$259,0006.7K
33NFGNATIONAL FUEL GAS COCOM0.32%$259,0003.9K
34OSISOSI SYSTEMS INCCOM0.32%$258,0003.0K
35EGRXEAGLE PHARMACEUTICALS INCCOM0.32%$256,0005.8K
36QDELQUIDELORTHO CORPCOM0.32%$255,0002.6K
37IPGINTERPUBLIC GROUP COS INCCOM0.31%$252,0009.2K
38STRLSTERLING INFRASTRUCTURE INCCOM0.31%$252,00011.5K
39ARCBARCBEST CORPCOM0.31%$252,0003.6K
40DVAXDYNAVAX TECHNOLOGIES CORPCOM NEW0.31%$251,00019.9K
41HAFCHANMI FINL CORPCOM NEW0.31%$250,00011.1K
42CASSCASS INFORMATION SYS INCCOM0.31%$249,0007.4K
43XXYCROSS CTRY HEALTHCARE INCCOM0.31%$249,00011.9K
44PROASSURANCE CORPCOM0.31%$247,00010.5K
45HOPEHOPE BANCORP INCCOM0.31%$247,00017.9K
46MTHMERITAGE HOMES CORPCOM0.31%$247,0003.4K
47EAGLE BULK SHIPPING INCCOM0.30%$246,0004.8K
48COKECOCA COLA CONS INCCOM0.30%$246,000436
49WGOWINNEBAGO INDS INCCOM0.30%$246,0005.1K
50IDCCINTERDIGITAL INCCOM0.30%$245,0004.0K
51CCSCENTURY CMNTYS INCCOM0.30%$245,0005.5K
52BMYBRISTOL-MYERS SQUIBB COCOM0.30%$245,0003.2K
53ENSGENSIGN GROUP INCCOM0.30%$245,0003.3K
54MHOM/I HOMES INCCOM0.30%$245,0006.2K
55TSNTYSON FOODS INCCL A0.30%$244,0002.8K
56REGNREGENERON PHARMACEUTICALSCOM0.30%$244,000413
57RBBRBB BANCORPCOM0.30%$244,00011.8K
58PLUSEPLUS INCCOM0.30%$243,0004.6K
59UTHRUNITED THERAPEUTICS CORP DELCOM0.30%$242,0001.0K
60INBKFIRST INTERNET BANCORPCOM0.30%$242,0006.6K
61UCTTULTRA CLEAN HLDGS INCCOM0.30%$241,0008.1K
62NEW YORK CMNTY BANCORP INCCOM0.30%$241,00026.4K
63METMETLIFE INCCOM0.30%$240,0003.8K
64SANMSANMINA CORPORATIONCOM0.30%$240,0005.9K
65SCSCSCANSOURCE INCCOM0.30%$240,0007.7K
66MATXMATSON INCCOM0.30%$240,0003.3K
67AVTAVNET INCCOM0.30%$239,0005.6K
68CYBEROPTICS CORPCOM0.30%$239,0006.9K
69OMCOMNICOM GROUP INCCOM0.29%$238,0003.7K
70BHEBENCHMARK ELECTRS INCCOM0.29%$238,00010.6K
71BFHBREAD FINANCIAL HOLDINGS INCCOM0.29%$238,0006.4K
72CNXCCONCENTRIX CORPCOM0.29%$238,0001.8K
73ECHOECHOSTAR CORPCL A0.29%$238,00012.3K
74ONBOLD NATL BANCORP INDCOM0.29%$238,00016.1K
75MSBIMIDLAND STS BANCORP INC ILLCOM0.29%$237,0009.9K
76ARWARROW ELECTRS INCCOM0.29%$237,0002.1K
77RGAREINSURANCE GRP OF AMERICA ICOM NEW0.29%$236,0002.0K
78HSIHEIDRICK & STRUGGLES INTL INCOM0.29%$236,0007.3K
79SUPER MICRO COMPUTER INCCOM0.29%$236,0005.9K
80CORNERSTONE BLDG BRANDS INCCOM0.29%$236,0009.6K
81MLIMUELLER INDS INCCOM0.29%$235,0004.4K
82AOSLALPHA & OMEGA SEMICONDUCTORSHS0.29%$234,0007.0K
83VECTOR GROUP LTDCOM0.29%$234,00022.3K
84BHFBRIGHTHOUSE FINL INCCOM0.29%$234,0005.7K
85AIGAMERICAN INTL GROUP INCCOM NEW0.29%$232,0004.5K
86SSNCSS&C TECHNOLOGIES HLDGS INCCOM0.29%$232,0004.0K
87NGVCNATURAL GROCERS BY VITAMIN CCOM0.29%$231,00014.5K
88SMART GLOBAL HLDGS INCSHS0.29%$231,00014.1K
89SEBSEABOARD CORP DELCOM0.28%$229,00059
90VSHVISHAY INTERTECHNOLOGY INCCOM0.28%$229,00012.8K
91PLABPHOTRONICS INCCOM0.28%$228,00011.7K
92HPQHP INCCOM0.28%$225,0006.9K
93GIIIG III APPAREL GROUP LTDCOM0.28%$225,00011.1K
94DELLDELL TECHNOLOGIES INCCL C0.28%$225,0004.9K
95BKEBUCKLE INCCOM0.28%$225,0008.1K
96HPEHEWLETT PACKARD ENTERPRISE CCOM0.28%$225,00017.0K
97MUMICRON TECHNOLOGY INCCOM0.28%$223,0004.0K
98CNOCNO FINL GROUP INCCOM0.28%$223,00012.3K
99AMKRAMKOR TECHNOLOGY INCCOM0.27%$221,00013.0K
100NSITINSIGHT ENTERPRISES INCCOM0.27%$221,0002.6K

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 ↗.