Watershed Asset Management, L.L.C.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), Watershed Asset Management, L.L.C. reported 118 stock positions worth $96.5 million. Its top holding was Vanguard Ftse All-World Ex-U (VEU) at 5.9% of the portfolio, followed by Visa Class A (V, 4.4%) and iShares MSCI Mexico ETF (EWW, 4.2%). Compared with Q4 2025, it opened 39 new positions, sold out of 39, added to 31 and reduced 32. The biggest buy was a new position in Moody's (MCO) and the biggest sale Dirx Nasdaq-100EQ Wi ETF-Usd (QQQE, shares −83%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001315926
Portfolio Value
$96.5M (Q1 2026)
SEC Filing
0000935836-26-000228 ↗ filed May 6, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2025: $107.1M Q4 2025 Q1 2026: $96.5M $96.5M Q1 2026 Q2 2026: $111.8M Q2 2026

Holdings 118 stocks · $96.5M
VEU Vanguard Ftse All-World Ex-U 5.89% 75,739 $5.7M No change
V Visa Inc. Class A 4.40% 14,050 $4.2M Reduce -9.3%
EWW iShares MSCI Mexico ETF 4.17% 53,500 $4.0M No change
TMO Thermo Fisher Scientific Inc. 3.57% 7,000 $3.4M Add +29.6%
MCO Moody's Corp. 3.16% 7,000 $3.1M New
AMZN Amazon.com Inc. 3.15% 14,600 $3.0M New
META Meta Platforms Inc. Class A 3.02% 5,087 $2.9M Add +47.6%
AMAT Applied Materials Inc. 3.01% 8,500 $2.9M Add +411.4%
TER Teradyne Inc. 2.73% 8,900 $2.6M New
MELI MercadoLibre Inc. 2.71% 1,515 $2.6M No change
INDA iShares MSCI India ETF 2.43% 50,000 $2.3M No change
KLAC KLA Corp. 2.38% 1,560 $2.3M New
INTC Intel Corp. 2.09% 45,600 $2.0M New
TAN Invesco Solar ETF 2.08% 36,000 $2.0M New
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 2.06% 20,200 $2.0M Reduce -82.7%
NVDA Nvidia Corp. 1.97% 10,900 $1.9M New
DHR Danaher Corp. 1.85% 9,400 $1.8M New
LITE Lumentum Holdings Inc. 1.60% 2,200 $1.5M Reduce -45.0%
WRBY Warby Parker Inc. Class A 1.54% 70,500 $1.5M Add +60.2%
GTLB Gitlab Inc. Class A 1.44% 64,000 $1.4M Add +18.5%
MAN Manpowergroup Inc. 0.53% 17,458 $514K New
KFY Korn Ferry 0.53% 8,143 $513K Add +30.7%
IIIN Insteel Industries Inc. 0.52% 14,890 $500K Add +10.3%
DELL Dell Technologies -C 0.52% 3,047 $500K Reduce -14.5%
R Ryder System Inc. 0.51% 2,421 $496K No change
CRUS Cirrus Logic Inc. 0.50% 3,366 $487K Reduce -11.5%
ZM Zoom Communications Inc. 0.50% 6,019 $484K Add +15.9%
T AT&T Inc. 0.49% 16,472 $478K No change
INVA Innoviva Inc. 0.49% 20,366 $475K Reduce -11.9%
HUM Humana Inc. 0.49% 2,735 $474K New
SKYW Skywest Inc. 0.49% 5,142 $472K Add +17.8%
EBF Ennis Inc. 0.49% 22,020 $472K New
AKAM Akamai Technologies Inc. 0.49% 4,101 $471K Reduce -24.4%
INGM Ingram Micro Holding Corp. 0.49% 20,184 $470K New
TILE Interface Inc. 0.49% 18,828 $469K Add +18.6%
VZ Verizon Communications Inc. 0.48% 9,292 $466K Reduce -14.8%
GTM Zoominfo Technologies Inc. 0.48% 77,728 $465K New
ADBE Adobe Inc. 0.48% 1,907 $464K New
PGY Pagaya Technologies Ltd. Class A 0.48% 39,762 $463K New
PGC Peapack Gladstone Finl Corp. 0.48% 13,154 $463K New
NTAP Netapp Inc. 0.48% 4,518 $463K Add +10.2%
DVA Davita Inc. 0.48% 3,003 $462K New
NWSA News Corp. Class A 0.48% 18,478 $461K New
BYD Boyd Gaming Corp. 0.48% 5,586 $459K Add +17.2%
DIOD Diodes Inc. 0.48% 6,717 $459K Reduce -21.4%
BBT Beacon Financial Corp. 0.47% 15,229 $457K No change
WEX Wex Inc. 0.47% 2,967 $454K New
AMKR Amkor Technology Inc. 0.47% 10,066 $453K Reduce -11.7%
ASO Academy Sports & Outdoors Inc. 0.47% 8,024 $453K New
IBEX Ibex Ltd. 0.47% 16,877 $453K New
MTCH Match Group Inc. 0.47% 14,739 $453K Add +10.6%
BKE The Buckle Inc. 0.47% 8,970 $452K New
CTSH Cognizant Tech Solutions-A 0.47% 7,362 $452K Add +39.2%
FSLR First Solar Inc. 0.47% 2,280 $450K New
CARG Cargurus Inc. 0.47% 13,191 $449K New
BUSE First Busey Corp. 0.47% 17,770 $449K No change
COLL Collegium Pharmaceutical Inc. 0.47% 13,578 $449K Add +41.1%
VITL Vital Farms Inc. 0.47% 31,778 $449K New
HPQ HP Inc. 0.46% 23,328 $448K Add +21.2%
JBL Jabil Inc. 0.46% 1,686 $448K Reduce -11.6%
IDT Idt Corp. Class B 0.46% 9,112 $447K New
PB Prosperity Bancshares Inc. 0.46% 6,644 $446K Add +11.4%
EEFT Euronet Worldwide Inc. 0.46% 6,721 $446K Add +7.5%
CPAY Corpay Inc. 0.46% 1,531 $446K Add +5.2%
SNX TD Synnex Corp. 0.46% 2,640 $445K Reduce -10.4%
KRNY Kearny Financial Corp. 0.46% 58,916 $445K No change
DOX Amdocs Ltd. 0.46% 6,803 $444K New
PHIN Phinia Inc. 0.46% 6,486 $444K Reduce -21.9%
RIGL Rigel Pharmaceuticals Inc. 0.46% 16,385 $443K New
IMKTA Ingles Markets Inc. Class A 0.46% 4,928 $443K New
LEA Lear Corp. 0.46% 3,657 $443K New
CI The Cigna Group 0.46% 1,659 $443K No change
VMD Viemed Healthcare Inc. 0.46% 47,717 $439K Reduce -23.8%
WSBC Wesbanco Inc. 0.46% 12,739 $439K No change
CNOB Connectone Bancorp Inc. 0.45% 16,379 $438K Add +8.4%
FLEX Flex Ltd. filed as FLEXTRONICS INTL LTD 0.45% 6,691 $438K Reduce -0.3%
VNT Vontier Corp. 0.45% 12,335 $438K Reduce -1.6%
EVER Everquote Inc. Class A 0.45% 28,241 $435K Add +64.9%
PLUS Eplus Inc. 0.45% 5,784 $435K Add +9.7%
SIRI Sirius XM Holdings Inc. 0.45% 18,824 $434K New
PYPL PayPal Holdings Inc. 0.45% 9,595 $434K Add +31.4%
PRDO Perdoceo Education Corp. 0.45% 11,662 $434K Reduce -32.0%
CDW CDW Corp. 0.45% 3,577 $433K Add +12.4%
DBD Diebold Nixdorf Inc. 0.45% 5,736 $433K Reduce -12.2%
AVT Avnet Inc. 0.45% 7,015 $432K Reduce -24.0%
PLXS Plexus Corp. 0.45% 2,131 $432K Reduce -25.0%
FRME First Merchants Corp. 0.45% 11,139 $431K New
ARW Arrow Electronics Inc. 0.45% 3,006 $431K Reduce -26.4%
CON Concentra Group Holdings Par 0.45% 20,052 $430K Reduce -11.2%
UHS Universal Health Services-B 0.44% 2,395 $429K Add +20.2%
BANC Banc of California Inc. 0.44% 24,355 $428K Add +10.2%
JBSS John B. Sanfilippo & Son Inc. filed as SANFILIPPO JOHN B & SON INC 0.44% 5,387 $427K Reduce -12.3%
GEN Gen Digital Inc. 0.44% 22,620 $426K Add +32.6%
DV Doubleverify Holdings Inc. 0.44% 44,781 $425K New
BDC Belden Inc. 0.44% 3,698 $425K Reduce -8.0%
MHK Mohawk Industries Inc. 0.44% 4,310 $424K New
THC Tenet Healthcare Corp. 0.44% 2,237 $422K Reduce -0.5%
CFFN Capitol Federal Financial Inc. 0.44% 58,965 $420K Reduce -0.8%
MKSI MKS Inc. 0.44% 1,827 $420K Reduce -37.0%
POST Post Holdings Inc. filed as POST HLDGS INC 0.43% 4,213 $416K New
FNB FNB Corp. 0.43% 24,888 $416K No change
ACEL Accel Entertainment Inc. 0.43% 38,046 $415K Reduce -10.6%
FIS Fidelity National Info Serv 0.43% 8,810 $413K Add +31.2%
RNST Renasant Corp. 0.43% 11,430 $413K No change
HOPE Hope Bancorp Inc. 0.42% 36,654 $409K No change
VLY Valley National Bancorp 0.42% 33,334 $409K Reduce -3.7%
LOCO El Pollo Loco Holdings Inc. 0.42% 29,441 $408K Reduce -37.5%
QCOM Qualcomm Inc. 0.42% 3,161 $407K Add +15.4%
HVT Haverty Furniture 0.42% 19,188 $406K New
ES Eversource Energy 0.42% 5,847 $405K New
ZUMZ Zumiez Inc. 0.41% 18,054 $400K Reduce -3.5%
NFG National Fuel Gas Co. 0.41% 4,228 $397K No change
PRGS Progress Software Corp. 0.41% 15,335 $393K Add +42.0%
NATR Natures Sunshine Prods Inc. 0.40% 16,276 $390K New
NGVC Natural Grocers BY Vitamin C 0.40% 15,080 $390K New
POR Portland General Electric Co. 0.39% 7,176 $379K No change
MU Micron Technology Inc. 0.38% 1,086 $367K Reduce -34.5%
TASK Taskus Inc. Class A 0.32% 46,422 $311K Add +19.5%

Portfolio Sells Q4 2025 → Q1 2026
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Reduce -82.7% 2.06% −9.09
MSFT Microsoft Corp. Sold out 0.00% −4.20
BROS Dutch Bros Inc. Class A Sold out 0.00% −3.27
SPGI S&P Global Inc. Sold out 0.00% −3.03
MNDY Monday.com Ltd. Sold out 0.00% −2.86
WDC Western Digital Corp. Sold out 0.00% −2.80
SE Sea Ltd.-ADR Sold out 0.00% −2.32
RYN Rayonier Inc. Sold out 0.00% −1.70
V Visa Inc. Class A Reduce -9.3% 4.40% −0.68
CAKE The Cheesecake Factory Inc. Sold out 0.00% −0.47
SIG Signet Jewelers Ltd. Sold out 0.00% −0.45
TNL Travel + Leisure Co. Sold out 0.00% −0.43
CPRX Catalyst Pharmaceuticals Inc. Sold out 0.00% −0.43
SEB Seaboard Corp. Sold out 0.00% −0.42
ZD Ziff Davis Inc. Sold out 0.00% −0.42
HNI Hni Corp. Sold out 0.00% −0.42
KR Kroger Co. Sold out 0.00% −0.42
FOXA Fox Corp. Class A Sold out 0.00% −0.42
CXT Crane NXT Co. Sold out 0.00% −0.42
YELP Yelp Inc. Sold out 0.00% −0.42
MRK Merck & Co. Inc. Sold out 0.00% −0.41
VRSN Verisign Inc. Sold out 0.00% −0.41
DIS The Walt Disney Co. Sold out 0.00% −0.41
OMC Omnicom Group Sold out 0.00% −0.41
DG Dollar General Corp. Sold out 0.00% −0.41
PENG Penguin Solutions Inc. Sold out 0.00% −0.41
C Citigroup Inc. Sold out 0.00% −0.41
SNCY Sun Country Airlines Holding Sold out 0.00% −0.41
ACMR Acm Research Inc. Class A Sold out 0.00% −0.40
ZBRA Zebra Technologies Corp. Class A Sold out 0.00% −0.40
FMBH First Mid Bancshares Inc. Sold out 0.00% −0.40
HRMY Harmony Biosciences Holdings Sold out 0.00% −0.39
ADT Adt Inc. Sold out 0.00% −0.37
TMUS T-Mobile US Inc. Sold out 0.00% −0.37
CALM Cal-Maine Foods Inc. Sold out 0.00% −0.37
IDCC Interdigital Inc. Sold out 0.00% −0.36
FFIC Flushing Financial Corp. Sold out 0.00% −0.36
TPR Tapestry Inc. Sold out 0.00% −0.36
OGE Oge Energy Corp. Sold out 0.00% −0.32
CNXC Concentrix Corp. Sold out 0.00% −0.29
MU Micron Technology Inc. Reduce -34.5% 0.38% −0.06
ZUMZ Zumiez Inc. Reduce -3.5% 0.41% −0.04
LOCO El Pollo Loco Holdings Inc. Reduce -37.5% 0.42% −0.04
PHIN Phinia Inc. Reduce -21.9% 0.46% −0.03
ACEL Accel Entertainment Inc. Reduce -10.6% 0.43% −0.02
PRDO Perdoceo Education Corp. Reduce -32.0% 0.45% −0.02
LFVN Lifevantage Corp. Sold out 0.00% −0.00
MKSI MKS Inc. Reduce -37.0% 0.44% +0.00
BDC Belden Inc. Reduce -8.0% 0.44% +0.00
VNT Vontier Corp. Reduce -1.6% 0.45% +0.02

Portfolio Buys Q4 2025 → Q1 2026
MCO Moody's Corp. New 3.16% +3.16
AMZN Amazon.com Inc. New 3.15% +3.15
TER Teradyne Inc. New 2.73% +2.73
AMAT Applied Materials Inc. Add +411.4% 3.01% +2.61
KLAC KLA Corp. New 2.38% +2.38
INTC Intel Corp. New 2.09% +2.09
TAN Invesco Solar ETF New 2.08% +2.08
NVDA Nvidia Corp. New 1.97% +1.97
DHR Danaher Corp. New 1.85% +1.85
META Meta Platforms Inc. Class A Add +47.6% 3.02% +0.89
WRBY Warby Parker Inc. Class A Add +60.2% 1.54% +0.64
TMO Thermo Fisher Scientific Inc. Add +29.6% 3.57% +0.64
MAN Manpowergroup Inc. New 0.53% +0.53
HUM Humana Inc. New 0.49% +0.49
EBF Ennis Inc. New 0.49% +0.49
INGM Ingram Micro Holding Corp. New 0.49% +0.49
GTM Zoominfo Technologies Inc. New 0.48% +0.48
ADBE Adobe Inc. New 0.48% +0.48
PGC Peapack Gladstone Finl Corp. New 0.48% +0.48
PGY Pagaya Technologies Ltd. Class A New 0.48% +0.48
DVA Davita Inc. New 0.48% +0.48
NWSA News Corp. Class A New 0.48% +0.48
WEX Wex Inc. New 0.47% +0.47
ASO Academy Sports & Outdoors Inc. New 0.47% +0.47
IBEX Ibex Ltd. New 0.47% +0.47
BKE The Buckle Inc. New 0.47% +0.47
FSLR First Solar Inc. New 0.47% +0.47
CARG Cargurus Inc. New 0.47% +0.47
VITL Vital Farms Inc. New 0.47% +0.47
IDT Idt Corp. Class B New 0.46% +0.46
DOX Amdocs Ltd. New 0.46% +0.46
IMKTA Ingles Markets Inc. Class A New 0.46% +0.46
RIGL Rigel Pharmaceuticals Inc. New 0.46% +0.46
LEA Lear Corp. New 0.46% +0.46
SIRI Sirius XM Holdings Inc. New 0.45% +0.45
FRME First Merchants Corp. New 0.45% +0.45
DV Doubleverify Holdings Inc. New 0.44% +0.44
MHK Mohawk Industries Inc. New 0.44% +0.44
POST Post Holdings Inc. New 0.43% +0.43
HVT Haverty Furniture New 0.42% +0.42
ES Eversource Energy New 0.42% +0.42
NATR Natures Sunshine Prods Inc. New 0.40% +0.40
NGVC Natural Grocers BY Vitamin C New 0.40% +0.40
KFY Korn Ferry Add +30.7% 0.53% +0.15
IIIN Insteel Industries Inc. Add +10.3% 0.52% +0.12
BYD Boyd Gaming Corp. Add +17.2% 0.48% +0.10
CNOB Connectone Bancorp Inc. Add +8.4% 0.45% +0.08
ZM Zoom Communications Inc. Add +15.9% 0.50% +0.08
SKYW Skywest Inc. Add +17.8% 0.49% +0.08
PB Prosperity Bancshares Inc. Add +11.4% 0.46% +0.08

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 116$111.8MV, VEU, TMO, AMZN, MCO
Q1 2026 118$96.5MVEU, V, EWW, TMO, MCO
Q4 2025 118$107.1MQQQE, VEU, V, MSFT, EWW