SEC 13F Intelligence

Managers / Q4 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
$79M
Q4 2022
Positions
115
Filings on Record
11
2022–present window
Filed
Feb 3, 2023
original filing

Summary

Watershed Asset Management, L.L.C. reported $79M in U.S.-listed holdings across 115 positions for Q4 2022.

The portfolio is heavily concentrated: VEU alone accounts for 31.3% of reported value.

Compared with Q3 2022, the fund opened 40 new positions and exited 45.

Portfolio Metrics

Turnover
+58.5%
vs prior filed quarter
Top-10 Concentration
+63.5%
share of reported value
Largest Position
+31.3%
Vanguard Intl Equity Index F
New / Exited
40 / 45
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: 49.6%ETP: 46.1%REIT: 3.2%Other: 1.1%
  • Common Stock · 49.6% · $39M
  • ETP · 46.1% · $36M
  • REIT · 3.2% · $3M
  • Other · 1.1% · $861,940

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VEUVANGUARD INTL EQUITY INDEX FNEW+440.0K440.0K+$22M$22M
SPYSPDR S&P 500 ETF TRNEW+13.9K13.9K+$5M$5M
VWOVANGUARD INTL EQUITY INDEX FNEW+67.0K67.0K+$3M$3M
J P MORGAN EXCHANGE TRADED FNEW+50.0K50.0K+$2M$2M
CROXCROCS INCNEW+12.2K12.2K+$1M$1M
TEAMATLASSIAN CORPORATIONNEW+9.8K9.8K+$1M$1M
FRONTLINE LTDNEW+71.0K71.0K+$861,940$861,940
CNXCCONCENTRIX CORPNEW+2.2K2.2K+$290,156$290,156

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

Holdings — Q4 2022

114 positions (from 115 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF31.27%$25M507.0K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT6.74%$5M13.9K
3IEFISHARES TRhistory →7-10 YR TRSY BD5.00%$4M41.2K
4MAMASTERCARD INCORPORATEDhistory →CL A4.79%$4M10.9K
5MSFTMICROSOFT CORPhistory →COM4.12%$3M13.6K
6RYNRAYONIER INChistory →COM3.22%$3M77.0K
7J P MORGAN EXCHANGE TRADED FBETABUILDERS EUR3.07%$2M50.0K
8VVISA INChistory →COM CL A1.99%$2M7.5K
9CROXCROCS INChistory →COM1.68%$1M12.2K
10TEAMATLASSIAN CORPORATIONhistory →CL A1.60%$1M9.8K
11AMZNAMAZON COM INChistory →COM1.38%$1M13.0K
12MELIMERCADOLIBRE INChistory →COM1.12%$880,0901.0K
13FRONTLINE LTDSHS NEW1.09%$861,94071.0K
14BLACKROCK CAP INVT CORPCOM0.87%$687,358189.9K
15PORPORTLAND GEN ELEC COCOM NEW0.38%$301,6936.2K
16CASSCASS INFORMATION SYS INCCOM0.37%$291,9656.4K
17CNXCCONCENTRIX CORPCOM0.37%$290,1562.2K
18IRWDIRONWOOD PHARMACEUTICALS INCCOM CL A0.37%$289,50523.4K
19CICIGNA CORP NEWCOM0.36%$287,603868
20NSITINSIGHT ENTERPRISES INCCOM0.36%$285,8702.9K
21MODVQMODIVCARE INCCOM0.36%$284,5343.2K
22MOHMOLINA HEALTHCARE INCCOM0.36%$281,678853
23ABBVABBVIE INCCOM0.36%$280,7171.7K
24ENSGENSIGN GROUP INCCOM0.36%$280,2353.0K
25WEXWEX INCCOM0.35%$279,8421.7K
26IMXIINTERNATIONAL MNY EXPRESS INCOM0.35%$278,11011.4K
27TTMITTM TECHNOLOGIES INCCOM0.35%$277,21618.4K
28SGRYSURGERY PARTNERS INCCOM0.35%$276,5119.9K
29EEFTEURONET WORLDWIDE INCCOM0.35%$275,7782.9K
30NFGNATIONAL FUEL GAS COCOM0.35%$275,6084.4K
31AVNSAVANOS MED INCCOM0.35%$275,03810.2K
32VECTOR GROUP LTDCOM0.35%$274,55923.1K
33UTHRUNITED THERAPEUTICS CORP DELCOM0.35%$274,197986
34HPEHEWLETT PACKARD ENTERPRISE CCOM0.35%$274,12917.2K
35HTZHERTZ GLOBAL HLDGS INCCOM NEW0.35%$272,80317.7K
36UTMDUTAH MED PRODS INCCOM0.35%$272,6372.7K
37JBLJABIL INCCOM0.35%$272,3914.0K
38COKECOCA COLA CONS INCCOM0.34%$270,526528
39KEKIMBALL ELECTRONICS INCCOM0.34%$270,51512.0K
40OMCOMNICOM GROUP INCCOM0.34%$270,4053.3K
41AMPHAMPHASTAR PHARMACEUTICALS INCOM0.34%$267,7319.6K
42UCTTULTRA CLEAN HLDGS INCCOM0.34%$267,7198.1K
43EGRXEAGLE PHARMACEUTICALS INCCOM0.34%$267,3969.1K
44CARSCARS COM INCCOM0.34%$267,13819.4K
45CTSHCOGNIZANT TECHNOLOGY SOLUTIOCL A0.34%$267,0204.7K
46OTTROTTER TAIL CORPCOM0.34%$266,8374.5K
47ARWARROW ELECTRS INCCOM0.34%$266,1312.5K
48FOXAFOX CORPCL A COM0.34%$265,9508.8K
49ELVELEVANCE HEALTH INCCOM0.34%$265,205517
50NXSTNEXSTAR MEDIA GROUP INCCOMMON STOCK0.34%$264,9951.5K
51SYNASYNAPTICS INCCOM0.34%$264,3542.8K
52SUPER MICRO COMPUTER INCCOM0.33%$263,9523.2K
53LLOEWS CORPCOM0.33%$263,6524.5K
54MTHMERITAGE HOMES CORPCOM0.33%$262,8622.9K
55CFGCITIZENS FINL GROUP INCCOM0.33%$262,6776.7K
56MHOM/I HOMES INCCOM0.33%$261,4255.7K
57LENLENNAR CORPCL A0.33%$261,0022.9K
58SCSCSCANSOURCE INCCOM0.33%$260,4968.9K
59VPGVISHAY PRECISION GROUP INCCOM0.33%$260,2306.7K
60AVTAVNET INCCOM0.33%$260,0416.3K
61YELPYELP INCCL A0.33%$259,4849.5K
62OCOWENS CORNING NEWCOM0.33%$259,3123.0K
63PHMPULTE GROUP INCCOM0.33%$258,2015.7K
64TRIPTRIPADVISOR INCCOM0.33%$256,91614.3K
65RRYDER SYS INCCOM0.32%$255,4733.1K
66ICHRICHOR HOLDINGSSHS0.32%$255,0589.5K
67BHEBENCHMARK ELECTRS INCCOM0.32%$254,6499.5K
68WNEBWESTERN NEW ENG BANCORP INCCOM0.32%$254,37026.9K
69SEBSEABOARD CORP DELCOM0.32%$252,93967
70ANDEANDERSONS INCCOM0.32%$252,8037.2K
71BLFYBLUE FOUNDRY BANCORPCOM0.32%$252,64419.7K
72VSHVISHAY INTERTECHNOLOGY INCCOM0.32%$251,24711.6K
73ETDETHAN ALLEN INTERIORS INCCOM0.32%$251,0969.5K
74HAFCHANMI FINL CORPCOM NEW0.32%$251,06410.1K
75DIODDIODES INCCOM0.32%$250,8813.3K
76BNYBANK NEW YORK MELLON CORPCOM0.32%$250,8155.5K
77ASBASSOCIATED BANC CORPCOM0.32%$250,45710.8K
78ENCORE WIRE CORPCOM0.32%$250,2221.8K
79ONBOLD NATL BANCORP INDCOM0.32%$250,03013.9K
80RBBRBB BANCORPCOM0.32%$249,13711.9K
81SANMSANMINA CORPORATIONCOM0.32%$249,0404.3K
82FNBF N B CORPCOM0.32%$248,90319.1K
83UNMUNUM GROUPCOM0.31%$246,9606.0K
84ATKRATKORE INCCOM0.31%$246,0082.2K
85OCFCOCEANFIRST FINL CORPCOM0.31%$245,88411.6K
86QCOMQUALCOMM INCCOM0.31%$245,7162.2K
87VERITIV CORPCOM0.31%$244,5152.0K
88MCSMARCUS CORP DELCOM0.31%$243,63716.9K
89PSMTPRICESMART INCCOM0.31%$243,0594.0K
90ANAUTONATION INCCOM0.31%$243,0352.3K
91WMKWEIS MKTS INCCOM0.31%$242,5912.9K
92CHICOS FAS INCCOM0.31%$242,03049.2K
93PLABPHOTRONICS INCCOM0.31%$241,93114.4K
94LZBLA Z BOY INCCOM0.30%$239,63310.5K
95MSBIMIDLAND STATES BANCORP INCCOM0.30%$238,4899.0K
96ONITOCWEN FINL CORPCOM NEW0.30%$237,1177.8K
97LUVSOUTHWEST AIRLS COCOM0.30%$236,4987.0K
98NEW YORK CMNTY BANCORP INCCOM0.30%$234,48827.3K
99CVLGCOVENANT LOGISTICS GROUP INCCL A0.30%$233,5206.8K
100DVAXDYNAVAX TECHNOLOGIES CORPCOM NEW0.29%$231,96321.8K

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 ↗.