SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Watershed Asset Management, L.L.C.

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

Reported Value
$107M
Q4 2025
Positions
118
Filings on Record
11
2022–present window
Filed
Feb 17, 2026
original filing

Summary

Watershed Asset Management, L.L.C. reported $107M in U.S.-listed holdings across 118 positions for Q4 2025.

Its largest position, QQQE, represents 11.1% of the portfolio.

Compared with Q4 2023, the fund opened 97 new positions and exited 96.

Portfolio Metrics

Turnover
+69.8%
vs prior filed quarter
Top-10 Concentration
+44.0%
share of reported value
Largest Position
+11.1%
Direxion Shs Etf Tr
New / Exited
97 / 96
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: 73.3%ETP: 22.3%ADR: 2.3%REIT: 1.7%Other: 0.4%
  • Common Stock · 73.3% · $78M
  • ETP · 22.3% · $24M
  • ADR · 2.3% · $2M
  • REIT · 1.7% · $2M
  • Other · 0.4% · $405,358

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline) · note: prior filed quarter, not the immediately preceding one

IssuerMoveShare ΔShares nowValue ΔValue now
QQQEDIREXION SHS ETF TRNEW+116.7K116.7K+$12M$12M
VVISA INCNEW+15.5K15.5K+$5M$5M
EWWISHARES INCNEW+53.5K53.5K+$4M$4M
BROSDUTCH BROS INCNEW+57.2K57.2K+$4M$4M
SPGIS&P GLOBAL INCNEW+6.2K6.2K+$3M$3M
TMOTHERMO FISHER SCIENTIFIC INCNEW+5.4K5.4K+$3M$3M
MNDYMONDAY COM LTDNEW+20.8K20.8K+$3M$3M
MELIMERCADOLIBRE INCNEW+1.5K1.5K+$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 2025

118 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1QQQEDIREXION SHS ETF TRhistory →NAS100 EQL WGT11.15%$12M116.7K
2VEUVANGUARD INTL EQUITY INDEX Fhistory →ALLWRLD EX US5.20%$6M75.7K
3VVISA INChistory →COM CL A5.08%$5M15.5K
4MSFTMICROSOFT CORPhistory →COM4.20%$4M9.3K
5EWWISHARES INChistory →MSCI MEXICO ETF3.46%$4M53.5K
6BROSDUTCH BROS INChistory →CL A3.27%$4M57.2K
7SPGIS&P GLOBAL INChistory →COM3.03%$3M6.2K
8TMOTHERMO FISHER SCIENTIFIC INChistory →COM2.92%$3M5.4K
9MNDYMONDAY COM LTDhistory →SHS2.86%$3M20.8K
10MELIMERCADOLIBRE INChistory →COM2.85%$3M1.5K
11WDCWESTERN DIGITAL CORPhistory →COM2.80%$3M17.4K
12INDAISHARES TRhistory →MSCI INDIA ETF2.52%$3M50.0K
13SESEA LTDhistory →SPONSORD ADS2.32%$2M19.5K
14METAMETA PLATFORMS INChistory →CL A2.12%$2M3.4K
15GTLBGITLAB INChistory →CLASS A COM1.89%$2M54.0K
16RYNRAYONIER INChistory →COM1.70%$2M84.1K
17LITELUMENTUM HLDGS INChistory →COM1.38%$1M4.0K
18WRBYWARBY PARKER INCCL A COM0.90%$958,76044.0K
19PHINPHINIA INCCOMMON STOCK0.49%$520,5158.3K
20PRDOPERDOCEO ED CORPCOM0.47%$503,39117.2K
21CAKECHEESECAKE FACTORY INCCOM0.47%$501,9739.9K
22LOCOEL POLLO LOCO HLDGS INCCOM0.46%$492,63547.1K
23ZUMZZUMIEZ INCCOM0.46%$487,57818.7K
24ACELACCEL ENTERTAINMENT INCCOM CL A10.45%$485,32442.5K
25SIGSIGNET JEWELERS LIMITEDSHS0.45%$483,9365.8K
26EEFTEURONET WORLDWIDE INCCOM0.44%$475,6886.3K
27AKAMAKAMAI TECHNOLOGIES INCCOM0.44%$473,5935.4K
28MUMICRON TECHNOLOGY INCCOM0.44%$473,4951.7K
29QCOMQUALCOMM INCCOM0.44%$468,6772.7K
30BDCBELDEN INCCOM0.44%$468,6484.0K
31VNTVONTIER CORPORATIONCOM0.44%$465,82812.5K
32VMDVIEMED HEALTHCARE INCCOM0.43%$465,51262.7K
33TNLTRAVEL PLUS LEISURE COCOM0.43%$464,4406.6K
34PRGSPROGRESS SOFTWARE CORPCOM0.43%$464,01110.8K
35GENGEN DIGITAL INCCOM0.43%$463,91617.1K
36MKSIMKS INC.COM0.43%$463,7402.9K
37RRYDER SYS INCCOM0.43%$463,3552.4K
38EVEREVERQUOTE INCCOM CL A0.43%$462,48317.1K
39PLUSEPLUS INCCOM0.43%$462,2675.3K
40INVAINNOVIVA INCCOM0.43%$462,22923.1K
41CN2CATALYST PHARMACEUTICALS INCCOM0.43%$460,07819.7K
42TASKTASKUS INCCLASS A COM0.43%$457,84138.8K
43CITHE CIGNA GROUPCOM0.43%$456,6071.7K
44SEBSEABOARD CORP DELCOM0.42%$453,372102
45ZDZIFF DAVIS INCCOM0.42%$452,83712.9K
46HNIHNI CORPCOM0.42%$451,34110.7K
47CRUSCIRRUS LOGIC INCCOM0.42%$450,5373.8K
48AMKRAMKOR TECHNOLOGY INCCOM0.42%$450,15111.4K
49KRKROGER COCOM0.42%$449,9817.2K
50ARWARROW ELECTRS INCCOM0.42%$449,8654.1K
51FOXAFOX CORPCL A COM0.42%$449,2346.1K
52DELLDELL TECHNOLOGIES INCCL C0.42%$448,6363.6K
53ZMZOOM COMMUNICATIONS INCCL A0.42%$448,0185.2K
54THCTENET HEALTHCARE CORPCOM NEW0.42%$446,5242.2K
55FISFIDELITY NATL INFORMATION SVCOM0.42%$446,1466.7K
56CXTCRANE NXT COCOM0.42%$445,8009.5K
57COLLCOLLEGIUM PHARMACEUTICAL INCCOM0.42%$445,5459.6K
58YELPYELP INCCL A0.42%$444,60614.6K
59CONCONCENTRA GROUP HOLDINGS PARCOMMON STOCK0.42%$444,47322.6K
60VZVERIZON COMMUNICATIONS INCCOM0.41%$444,03810.9K
61DBDDIEBOLD NIXDORF INCCOM SHS0.41%$443,6616.5K
62AVTAVNET INCCOM0.41%$443,5869.2K
63MRKMERCK & CO INCCOM0.41%$443,5664.2K
64TILEINTERFACE INCCOM0.41%$443,34215.9K
65SNXTD SYNNEX CORPORATIONCOM0.41%$442,4272.9K
66VRSNVERISIGN INCCOM0.41%$441,9261.8K
67DISDISNEY WALT COCOM0.41%$441,4283.9K
68OMCOMNICOM GROUP INCCOM0.41%$440,8955.5K
69DGDOLLAR GEN CORP NEWCOM0.41%$439,2033.3K
70CTSHCOGNIZANT TECHNOLOGY SOLUTIOCL A0.41%$439,0705.3K
71NTAPNETAPP INCCOM0.41%$438,9624.1K
72PENGPENGUIN SOLUTIONS INCCOM0.41%$438,43722.4K
73SKYWSKYWEST INCCOM0.41%$438,2904.4K
74CPAYCORPAY INCCOM SHS0.41%$437,8531.5K
75CCITIGROUP INCCOM NEW0.41%$436,8873.7K
76KRNYKEARNY FINL CORP MDCOM0.41%$436,56858.9K
77SNCYSUN CTRY AIRLS HLDGS INCCOM0.41%$435,11030.2K
78JBLJABIL INCCOM0.41%$435,0621.9K
79UHSUNIVERSAL HLTH SVCS INCCL B0.41%$434,2962.0K
80JBSSSANFILIPPO JOHN B & SON INCCOM0.40%$433,4846.1K
81CDWCDW CORPCOM0.40%$433,3883.2K
82MTCHMATCH GROUP INC NEWCOM0.40%$430,13513.3K
83HPQHP INCCOM0.40%$428,89019.3K
84ACMRACM RESH INCCOM CL A0.40%$427,83510.8K
85IIININSTEEL INDS INCCOM0.40%$427,57713.5K
86ZBRAZEBRA TECHNOLOGIES CORPORATICL A0.40%$427,1201.8K
87AMATAPPLIED MATLS INCCOM0.40%$427,1171.7K
88BANCBANC OF CALIFORNIA INCCOM0.40%$426,23222.1K
89PYPLPAYPAL HLDGS INCCOM0.40%$426,1747.3K
90FNBF N B CORPCOM0.40%$425,58524.9K
91FMBHFIRST MID ILL BANCSHARES INCCOM0.40%$425,37310.9K
92WSBCWESBANCO INCCOM0.40%$423,44412.7K
93BUSEFIRST BUSEY CORPCOM NEW0.39%$422,74817.8K
94HRMYHARMONY BIOSCIENCES HLDGS INCOM0.39%$422,28511.3K
95DIODDIODES INCCOM0.39%$421,9068.6K
96PLXSPLEXUS CORPCOM0.39%$417,6272.8K
97PBPROSPERITY BANCSHARES INCCOM0.39%$412,3106.0K
98KFYKORN FERRYCOM NEW0.38%$411,2396.2K
99TAT&T INCCOM0.38%$409,16416.5K
100BYDBOYD GAMING CORPCOM0.38%$406,2544.8K

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 ↗.