CIK: 0001315926
Total reported value
$96.5M
Reporting period: 2026-03-31 · Number of holdings: 118
Watershed Asset Management, L.L.C. disclosed 118 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $96.5M and a quarterly turnover rate of 85.2%.
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Watershed Asset Management, L.L.C.'s disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 51 equally-sized positions, well below its 118 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.15), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 63% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim QQQE
-82.7% -$9.9M
Add AMAT
+411.4% $2.5M
Add META
+47.6% $635.1K
Trim V
-9.4% -$1.2M
Add WRBY
+60.2% $526.7K
Trim GTLB
+18.5% -$641.7K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 5.89% | — | — | |
| 2 | V | Visa Inc-class A Shares | Stock-Financials | 4.40% | -0.68% | -9.35% | |
| 3 | EWW | Ishares Msci Mexico ETF | ETF-Other | 4.17% | — | — | |
| 4 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 3.57% | — | +29.63% | |
| 5 | MCO | Moody's CORP | Stock-Financials | 3.16% | +3.16% | NEW | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.15% | +3.15% | NEW | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 3.02% | +0.90% | +47.58% | |
| 8 | AMAT | Applied Materials INC | Stock-Tech | 3.01% | +2.61% | +411.43% | |
| 9 | TER | Teradyne INC | Stock-Tech | 2.73% | +2.73% | NEW | |
| 10 | MELI | Mercadolibre INC | Stock-Consumer Disc | 2.71% | — | — | |
| 11 | INDA | Ishares Msci India ETF | ETF-Other | 2.43% | — | — | |
| 12 | KLAC | Kla CORP | Stock-Tech | 2.38% | +2.38% | NEW | |
| 13 | INTC | Intel CORP | Stock-Tech | 2.09% | +2.09% | NEW | |
| 14 | TAN | Invesco Solar ETF | ETF-Other | 2.08% | +2.08% | NEW | |
| 15 | QQQE | Dirx Nasdaq-100eq Wi Etf-usd | ETF-Tech | 2.06% | -9.09% | -82.69% | |
| 16 | NVDA | Nvidia CORP | Stock-Tech | 1.97% | +1.97% | NEW | |
| 17 | DHR | Danaher CORP | Stock-Healthcare | 1.85% | +1.85% | NEW | |
| 18 | LITE | Lumentum Holdings INC | Stock-Tech | 1.60% | — | -45.00% | |
| 19 | WRBY | Warby Parker Inc-class A | Stock-Other | 1.54% | +0.64% | +60.23% | |
| 20 | GTLB | Gitlab Inc-cl A | Stock-Tech | 1.44% | -0.45% | +18.52% | |
| 21 | MAN | Manpowergroup INC | Stock-Industrials | 0.53% | +0.53% | NEW | |
| 22 | KFY | Korn Ferry | Stock-Industrials | 0.53% | — | +30.73% | |
| 23 | IIIN | Insteel Industries INC | Stock-Other | 0.52% | — | +10.29% | |
| 24 | DELL | Dell Technologies -c | Stock-Tech | 0.52% | — | -14.51% | |
| 25 | R | Ryder System INC | Stock-Industrials | 0.51% | — | — | |
| 26 | CRUS | Cirrus Logic INC | Stock-Tech | 0.50% | — | -11.47% | |
| 27 | ZM | Zoom Communications INC | Stock-Tech | 0.50% | — | +15.93% | |
| 28 | T | At&t INC | Stock-Comm Services | 0.49% | — | — | |
| 29 | INVA | Innoviva INC | Stock-Other | 0.49% | — | -11.92% | |
| 30 | HUM | Humana INC | Stock-Healthcare | 0.49% | +0.49% | NEW | |
| 31 | SKYW | Skywest INC | Stock-Industrials | 0.49% | — | +17.80% | |
| 32 | EBF | Ennis INC | Stock-Other | 0.49% | +0.49% | NEW | |
| 33 | AKAM | Akamai Technologies INC | Stock-Tech | 0.49% | — | -24.45% | |
| 34 | INGM | Ingram Micro Holding CORP | Stock-Other | 0.49% | +0.49% | NEW | |
| 35 | TILE | Interface INC | Stock-Other | 0.49% | — | +18.57% | |
| 36 | VZ | Verizon Communications INC | Stock-Comm Services | 0.48% | — | -14.77% | |
| 37 | GTM | Zoominfo Technologies INC | Stock-Tech | 0.48% | +0.48% | NEW | |
| 38 | ADBE | Adobe INC | Stock-Tech | 0.48% | +0.48% | NEW | |
| 39 | ✓ | Pagaya Technologies LTD | Stock-Other | 0.48% | +0.48% | NEW | |
| 40 | PGC | Peapack Gladstone Finl CORP | Stock-Other | 0.48% | +0.48% | NEW | |
| 41 | NTAP | Netapp INC | Stock-Tech | 0.48% | — | +10.22% | |
| 42 | DVA | Davita INC | Stock-Healthcare | 0.48% | +0.48% | NEW | |
| 43 | NWSA | News CORP - Class A | Stock-Comm Services | 0.48% | +0.48% | NEW | |
| 44 | BYD | Boyd Gaming CORP | Stock-Consumer Disc | 0.48% | — | +17.21% | |
| 45 | DIOD | Diodes INC | Stock-Other | 0.48% | — | -21.45% | |
| 46 | BBT | Beacon Financial CORP | Stock-Other | 0.47% | — | — | |
| 47 | WEX | Wex INC | Stock-Tech | 0.47% | +0.47% | NEW | |
| 48 | AMKR | Amkor Technology INC | Stock-Tech | 0.47% | — | -11.72% | |
| 49 | ASO | Academy Sports & Outdoors In | Stock-Consumer Disc | 0.47% | +0.47% | NEW | |
| 50 | IBEX | IBEX Limited | Stock-Other | 0.47% | +0.47% | NEW |
Performance for Q3 2026
+7.7%
Performance Last 4 Quarters
+31.9%
Based on 85% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 118 | $96.5M | 85 | |
| 2025-12-31 | 118 | $107.1M | 100 | |
| 2023-12-31 | 118 | $86.1M | 0 | |
| 2023-09-30 | 120 | $84.9M | 0 | |
| 2023-06-30 | 116 | $80.7M | 0 | |
| 2023-03-31 | 117 | $82.5M | 0 | |
| 2022-12-31 | 115 | $78.9M | 0 | |
| 2022-09-30 | 120 | $76.7M | 0 | |
| 2022-06-30 | 118 | $80.8M | 0 | |
| 2022-03-31 | 124 | $99.6M | 0 | |
| 2021-12-31 | 122 | $111.0M | 0 | |
| 2016-09-30 | 3 | $41.0M | 29 | |
| 2016-06-30 | 5 | $45.7M | 71 | |
| 2016-03-31 | 5 | $95.8M | 41 | |
| 2015-12-31 | 8 | $72.8M | 100 | |
| 2015-09-30 | 20 | $237.6M | 45 | |
| 2015-06-30 | 23 | $324.1M | 42 | |
| 2015-03-31 | 21 | $247.2M | 47 | |
| 2014-12-31 | 22 | $243.5M | 89 | |
| 2014-09-30 | 20 | $470.5M | 84 | |
| 2014-06-30 | 26 | $262.9M | 53 | |
| 2014-03-31 | 32 | $302.6M | 78 | |
| 2013-12-31 | 27 | $180.8M | 64 | |
| 2013-09-30 | 26 | $228.2M | 32 | |
| 2013-06-30 | 23 | $230.5M | — |
Watershed Asset Management, L.L.C.'s most significant position changes for 2026-03-31: Sold out: Microsoft CORP (MSFT); Sold out: Dutch Bros Inc-class A (BROS); Sold out: S&p Global INC (SPGI); Sold out: monday.com Ltd. (MNDY); New buy: Moody's CORP (MCO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMAT | Applied Materials INC | +2.6% | +411.43% | Add |
| 2 | META | Meta Platforms Inc-class A | +0.9% | +47.58% | Add |
| 3 | WRBY | Warby Parker Inc-class A | +0.6% | +60.23% | Add |
| 4 | GTLB | Gitlab Inc-cl A | -0.5% | +18.52% | Add |
| 5 | V | Visa Inc-class A Shares | -0.7% | -9.35% | Trim |
| 6 | QQQE | Dirx Nasdaq-100eq Wi Etf-usd | -9.1% | -82.69% | Trim |
| 7 | MSFT | Microsoft CORP | — | EXIT | Sold out |
| 8 | BROS | Dutch Bros Inc-class A | — | EXIT | Sold out |
| 9 | SPGI | S&p Global INC | — | EXIT | Sold out |
| 10 | MNDY | monday.com Ltd. | — | EXIT | Sold out |
| 11 | MCO | Moody's CORP | — | NEW | New buy |
| 12 | AMZN | Amazon.com INC | — | NEW | New buy |
| 13 | WDC | Western Digital CORP | — | EXIT | Sold out |
| 14 | TER | Teradyne INC | — | NEW | New buy |
| 15 | SE | Sea Ltd-adr | — | EXIT | Sold out |
| 16 | KLAC | Kla CORP | — | NEW | New buy |
| 17 | INTC | Intel CORP | — | NEW | New buy |
| 18 | TAN | Invesco Solar ETF | — | NEW | New buy |
| 19 | NVDA | Nvidia CORP | — | NEW | New buy |
| 20 | RYN | Rayonier INC | — | EXIT | Sold out |
| 21 | DHR | Danaher CORP | — | NEW | New buy |
| 22 | MAN | Manpowergroup INC | — | NEW | New buy |
| 23 | CAKE | Cheesecake Factory Inc/the | — | EXIT | Sold out |
| 24 | SIG | Signet Jewelers Limited | — | EXIT | Sold out |
| 25 | HUM | Humana INC | — | NEW | New buy |
| 26 | EBF | Ennis INC | — | NEW | New buy |
| 27 | INGM | Ingram Micro Holding CORP | — | NEW | New buy |
| 28 | GTM | Zoominfo Technologies INC | — | NEW | New buy |
| 29 | TNL | Travel + Leisure Co | — | EXIT | Sold out |
| 30 | ADBE | Adobe INC | — | NEW | New buy |
| 31 | ✓ | Pagaya Technologies LTD | — | NEW | New buy |
| 32 | PGC | Peapack Gladstone Finl CORP | — | NEW | New buy |
| 33 | DVA | Davita INC | — | NEW | New buy |
| 34 | NWSA | News CORP - Class A | — | NEW | New buy |
| 35 | CPRX | Catalyst Pharmaceuticals INC | — | EXIT | Sold out |
| 36 | WEX | Wex INC | — | NEW | New buy |
| 37 | SEB | Seaboard CORP | — | EXIT | Sold out |
| 38 | ASO | Academy Sports & Outdoors In | — | NEW | New buy |
| 39 | ZD | Ziff Davis INC | — | EXIT | Sold out |
| 40 | IBEX | IBEX Limited | — | NEW | New buy |
| 41 | BKE | Buckle Inc/the | — | NEW | New buy |
| 42 | HNI | Hni CORP | — | EXIT | Sold out |
| 43 | KR | Kroger Co | — | EXIT | Sold out |
| 44 | FSLR | First Solar INC | — | NEW | New buy |
| 45 | FOXA | Fox CORP - Class A | — | EXIT | Sold out |
| 46 | CARG | Cargurus INC | — | NEW | New buy |
| 47 | VITL | Vital Farms INC | — | NEW | New buy |
| 48 | IDT | Idt Corp-class B | — | NEW | New buy |
| 49 | CXT | Crane Nxt Co | — | EXIT | Sold out |
| 50 | YELP | Yelp INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-06 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-02 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-30 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-28 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-05 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-04-08 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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