SEC 13F Intelligence

Managers / Q2 2023 · 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 2023
Positions
116
Filings on Record
11
2022–present window
Filed
Jul 28, 2023
original filing

Summary

Watershed Asset Management, L.L.C. reported $81M in U.S.-listed holdings across 116 positions for Q2 2023.

The portfolio is heavily concentrated: VEU alone accounts for 26.6% of reported value.

Compared with Q1 2023, the fund opened 39 new positions and exited 40.

Portfolio Metrics

Turnover
+26.0%
vs prior filed quarter
Top-10 Concentration
+61.4%
share of reported value
Largest Position
+26.6%
Vanguard Intl Equity Index F
New / Exited
39 / 40
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: 55.7%ETP: 40.6%REIT: 3.0%Other: 0.7%
  • Common Stock · 55.7% · $45M
  • ETP · 40.6% · $33M
  • REIT · 3.0% · $2M
  • Other · 0.7% · $567,270

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INDAISHARES TRNEW+100.0K100.0K+$4M$4M
DHRDANAHER CORPORATIONNEW+8.7K8.7K+$2M$2M
DEDEERE & CONEW+2.9K2.9K+$1M$1M
EQTEQT CORPNEW+25.0K25.0K+$1M$1M
RGENREPLIGEN CORPNEW+7.0K7.0K+$990,220$990,220
EPHEISHARES TRNEW+30.0K30.0K+$781,200$781,200
ARHSARHAUS INCNEW+33.0K33.0K+$344,023$344,023
URIUNITED RENTALS INCNEW+709709+$315,767$315,767

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

Holdings — Q2 2023

114 positions (from 116 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF26.63%$21M412.0K
2SPYSPDR S&P 500 ETF TRhistory →TR UNIT7.64%$6M13.9K
3INDAISHARES TRMSCI INDIA ETF · MSCI PHILIPS ETF6.38%$5M130.0K
4MAMASTERCARD INCORPORATEDhistory →CL A3.91%$3M8.0K
5VVISA INChistory →COM CL A3.50%$3M11.9K
6MSFTMICROSOFT CORPhistory →COM3.50%$3M8.3K
7RYNRAYONIER INChistory →COM3.00%$2M77.0K
8DHRDANAHER CORPORATIONhistory →COM2.59%$2M8.7K
9EQUITY COMWLTHCOM SH BEN INT2.51%$2M100.0K
10MELIMERCADOLIBRE INChistory →COM1.70%$1M1.2K
11DEDEERE & COhistory →COM1.43%$1M2.9K
12EQTEQT CORPhistory →COM1.27%$1M25.0K
13RGENREPLIGEN CORPhistory →COM1.23%$990,2207.0K
14SITMSITIME CORPhistory →COM1.13%$908,3697.7K
15BLACKROCK CAP INVT CORPCOM0.77%$622,800189.9K
16ARHSARHAUS INCCOM CL A0.43%$344,02333.0K
17MHOM/I HOMES INCCOM0.41%$328,4453.8K
18VSHVISHAY INTERTECHNOLOGY INCCOM0.39%$318,02010.8K
19URIUNITED RENTALS INCCOM0.39%$315,767709
20AVTAVNET INCCOM0.39%$315,5146.3K
21BHEBENCHMARK ELECTRS INCCOM0.39%$311,38112.1K
22SANMSANMINA CORPORATIONCOM0.38%$310,5715.2K
23KEKIMBALL ELECTRONICS INCCOM0.38%$307,24611.1K
24FFORD MTR CO DELCOM0.38%$306,83620.3K
25METAMETA PLATFORMS INCCL A0.38%$304,7731.1K
26JBLJABIL INCCOM0.38%$303,3912.8K
27GMGENERAL MTRS COCOM0.37%$302,1187.8K
28DOXAMDOCS LTDSHS0.37%$301,3943.0K
29PCARPACCAR INCCOM0.37%$299,9693.6K
30UALUNITED AIRLS HLDGS INCCOM0.37%$299,3165.5K
31AGCOAGCO CORPCOM0.37%$298,5862.3K
32PHMPULTE GROUP INCCOM0.37%$297,8253.8K
33FLEETCOR TECHNOLOGIES INCCOM0.37%$297,7811.2K
34HPEHEWLETT PACKARD ENTERPRISE CCOM0.37%$297,67917.7K
35BDCBELDEN INCCOM0.37%$297,6633.1K
36MCHPMICROCHIP TECHNOLOGY INC.COM0.37%$297,5283.3K
37EEFTEURONET WORLDWIDE INCCOM0.37%$296,5942.5K
38BBWBUILD-A-BEAR WORKSHOP INCCOM0.36%$294,46113.7K
39VPGVISHAY PRECISION GROUP INCCOM0.36%$294,4517.9K
40CLMBCLIMB GLOBAL SOLUTIONS INCCOM0.36%$294,1006.1K
41KLACKLA CORPCOM NEW0.36%$293,922606
42BLMNBLOOMIN BRANDS INCCOM0.36%$293,55810.9K
43IMXIINTERNATIONAL MNY EXPRESS INCOM0.36%$292,96211.9K
44PYPLPAYPAL HLDGS INCCOM0.36%$292,9454.4K
45YELPYELP INCCL A0.36%$291,4988.0K
46FLEX LTDORD0.36%$290,96610.5K
47CARSCARS COM INCCOM0.36%$289,70914.6K
48PLUSEPLUS INCCOM0.36%$288,8755.1K
49AVNWAVIAT NETWORKS INCCOM NEW0.36%$286,7158.6K
50CSCOCISCO SYS INCCOM0.35%$286,1745.5K
51NTCTNETSCOUT SYS INCCOM0.35%$285,7309.2K
52PLXSPLEXUS CORPCOM0.35%$285,2892.9K
53H & E EQUIPMENT SERVICES INCCOM0.35%$284,7026.2K
54JNPJUNIPER NETWORKS INCCOM0.35%$283,6939.1K
55TRIPTRIPADVISOR INCCOM0.35%$283,13317.2K
56FOXAFOX CORPCL A COM0.35%$282,3708.3K
57GMS INCCOM0.34%$276,8004.0K
58PRDOPERDOCEO ED CORPCOM0.34%$276,75022.6K
59CAMBIUM NETWORKS CORPSHS0.34%$276,30418.2K
60OMCOMNICOM GROUP INCCOM0.34%$276,2202.9K
61CLFDCLEARFIELD INCCOM0.34%$275,9565.8K
62SGRYSURGERY PARTNERS INCCOM0.34%$275,5646.1K
63FFIVF5 INCCOM0.34%$273,0671.9K
64CITHE CIGNA GROUPCOM0.34%$272,743972
65TWITITAN INTL INC ILLCOM0.34%$272,65023.8K
66CNKCINEMARK HLDGS INCCOM0.33%$267,74616.2K
67EBFENNIS INCCOM0.33%$266,14213.1K
68AMPHAMPHASTAR PHARMACEUTICALS INCOM0.33%$265,9144.6K
69SFMSPROUTS FMRS MKT INCCOM0.33%$265,5217.2K
70LZBLA Z BOY INCCOM0.33%$265,0359.3K
71WNCWABASH NATL CORPCOM0.33%$264,50210.3K
72HCAHCA HEALTHCARE INCCOM0.33%$263,724869
73THTARGET HOSPITALITY CORPCOM0.33%$262,93819.6K
74UHSUNIVERSAL HLTH SVCS INCCL B0.33%$262,5291.7K
75MCSMARCUS CORP DELCOM0.32%$262,12017.7K
76NWNNORTHWEST NAT HLDG COCOM0.32%$255,7175.9K
77MOHMOLINA HEALTHCARE INCCOM0.31%$251,837836
78OGEOGE ENERGY CORPCOM0.31%$250,7957.0K
79ENSGENSIGN GROUP INCCOM0.31%$249,5322.6K
80ELVELEVANCE HEALTH INCCOM0.31%$247,914558
81KRKROGER COCOM0.31%$247,8785.3K
82UTHRUNITED THERAPEUTICS CORP DELCOM0.31%$247,6821.1K
83IRWDIRONWOOD PHARMACEUTICALS INCCOM CL A0.30%$245,86923.1K
84WMKWEIS MKTS INCCOM0.30%$245,8603.8K
85LLOEWS CORPCOM0.30%$245,2994.1K
86CARECARTER BANKSHARES INCCOM NEW0.30%$244,37516.5K
87SMLRSEMLER SCIENTIFIC INCCOM0.30%$244,3479.3K
88VECTOR GROUP LTDCOM0.30%$242,71118.9K
89FULTFULTON FINL CORP PACOM0.30%$242,27420.3K
90ONBOLD NATL BANCORP INDCOM0.30%$242,19417.4K
91SEBSEABOARD CORP DELCOM0.30%$242,12968
92SSTKSHUTTERSTOCK INCCOM0.30%$241,6955.0K
93INGRINGREDION INCCOM0.30%$241,0362.3K
94UNMUNUM GROUPCOM0.30%$240,0745.0K
95HUMHUMANA INCCOM0.30%$239,215535
96COLLCOLLEGIUM PHARMACEUTICAL INCCOM0.29%$236,69111.0K
97PBHPRESTIGE CONSMR HEALTHCARE ICOM0.29%$236,4134.0K
98HRMYHARMONY BIOSCIENCES HLDGS INCOM0.29%$235,1756.7K
99UTMDUTAH MED PRODS INCCOM0.29%$234,3982.5K
100OCFCOCEANFIRST FINL CORPCOM0.29%$233,91015.0K

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 ↗.