Watershed Asset Management, L.L.C.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Watershed Asset Management, L.L.C. reported 116 stock positions worth $111.8 million. Its top holding was Visa Class A (V) at 4.8% of the portfolio, followed by Vanguard Ftse All-World Ex-U (VEU, 4.7%) and Thermo Fisher Scientific (TMO, 4.1%). Compared with Q1 2026, it opened 27 new positions, sold out of 29, added to 36 and reduced 32. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale an exit from MercadoLibre (MELI).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001315926
Portfolio Value
$111.8M (Q2 2026)
SEC Filing
0000935836-26-000411 ↗ filed Aug 14, 2026

Holdings Value

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

Holdings 116 stocks · $111.8M
V Visa Inc. Class A 4.79% 15,600 $5.4M Add +11.0%
VEU Vanguard Ftse All-World Ex-U 4.73% 63,091 $5.3M Reduce -16.7%
TMO Thermo Fisher Scientific Inc. 4.10% 9,150 $4.6M Add +30.7%
AMZN Amazon.com Inc. 4.01% 18,800 $4.5M Add +28.8%
MCO Moody's Corp. 3.75% 9,250 $4.2M Add +32.1%
EWW iShares MSCI Mexico ETF 3.60% 53,500 $4.0M No change
META Meta Platforms Inc. Class A 3.22% 6,387 $3.6M Add +25.6%
TSM Taiwan Semiconductor-SP ADR 3.16% 7,400 $3.5M New
TAN Invesco Solar ETF 2.86% 54,000 $3.2M Add +50.0%
SE Sea Ltd.-ADR 2.43% 28,300 $2.7M New
AMAT Applied Materials Inc. 2.43% 3,750 $2.7M Reduce -55.9%
RGEN Repligen Corp. 2.29% 18,800 $2.6M New
INDA iShares MSCI India ETF 2.21% 50,000 $2.5M No change
DASH DoorDash Inc. Class A 2.16% 13,100 $2.4M New
ADI Analog Devices Inc. 2.13% 6,000 $2.4M New
SHOP Shopify Inc. Class A 2.05% 20,100 $2.3M New
KLAC KLA Corp. 2.00% 7,400 $2.2M Reduce -52.6%
WRBY Warby Parker Inc. Class A 1.91% 70,500 $2.1M No change
TER Teradyne Inc. 1.88% 4,350 $2.1M Reduce -51.1%
CXT Crane NXT Co. 0.56% 12,218 $625K New
QLYS Qualys Inc. 0.54% 4,366 $600K New
PGY Pagaya Technologies Ltd. Class A 0.54% 32,800 $599K Reduce -17.5%
NSIT Insight Enterprises Inc. 0.53% 4,899 $597K New
RNG Ringcentral Inc. Class A 0.53% 15,297 $596K New
CCSI Consensus Cloud Solution 0.53% 15,592 $595K New
CDW CDW Corp. 0.52% 4,160 $585K Add +16.3%
EEFT Euronet Worldwide Inc. 0.52% 7,950 $582K Add +18.3%
GDDY GoDaddy Inc. Class A 0.52% 6,848 $581K New
FIVN FIVE9 Inc. 0.52% 27,171 $579K New
AMKR Amkor Technology Inc. 0.52% 6,716 $579K Reduce -33.3%
DVA Davita Inc. 0.52% 2,590 $576K Reduce -13.8%
BLKB Blackbaud Inc. 0.51% 19,392 $574K New
WEX Wex Inc. 0.51% 4,043 $570K Add +36.3%
CARG Cargurus Inc. 0.51% 16,686 $569K Add +26.5%
ADBE Adobe Inc. 0.51% 2,759 $566K Add +44.7%
JBL Jabil Inc. 0.50% 1,464 $564K Reduce -13.2%
VMD Viemed Healthcare Inc. 0.50% 49,487 $564K Add +3.7%
PLAB Photronics Inc. 0.50% 17,320 $563K New
CNXN PC Connection Inc. 0.50% 7,680 $561K New
DBD Diebold Nixdorf Inc. 0.50% 6,572 $559K Add +14.6%
PLUS Eplus Inc. 0.50% 6,699 $558K Add +15.8%
KRNY Kearny Financial Corp. 0.50% 58,916 $557K No change
CASS Cass Information Systems Inc. 0.50% 10,807 $555K New
CPAY Corpay Inc. 0.49% 1,660 $553K Add +8.4%
IBEX Ibex Ltd. 0.49% 18,017 $547K Add +6.8%
BDC Belden Inc. 0.49% 4,559 $547K Add +23.3%
CRM Salesforce Inc. 0.49% 3,488 $546K New
SKYW Skywest Inc. 0.49% 5,492 $546K Add +6.8%
OSIS Osi Systems Inc. 0.49% 2,485 $543K New
COLL Collegium Pharmaceutical Inc. 0.48% 14,970 $542K Add +10.3%
EPAM Epam Systems Inc. 0.48% 6,794 $539K New
CARS Cars.com Inc. 0.48% 48,984 $536K New
ZM Zoom Communications Inc. 0.48% 6,205 $536K Add +3.1%
CRUS Cirrus Logic Inc. 0.48% 3,598 $534K Add +6.9%
GEN Gen Digital Inc. 0.48% 21,418 $533K Reduce -5.3%
AVT Avnet Inc. 0.48% 5,994 $532K Reduce -14.6%
EBF Ennis Inc. 0.48% 25,020 $532K Add +13.6%
NTAP Netapp Inc. 0.47% 3,425 $530K Reduce -24.2%
IDT Idt Corp. Class B 0.47% 9,112 $530K No change
TILE Interface Inc. 0.47% 14,744 $528K Reduce -21.7%
R Ryder System Inc. 0.47% 1,999 $527K Reduce -17.4%
BUSE First Busey Corp. 0.47% 17,770 $524K No change
VNT Vontier Corp. 0.47% 18,020 $523K Add +46.1%
ANIP Ani Pharmaceuticals Inc. 0.46% 6,275 $519K New
SNX TD Synnex Corp. 0.46% 1,943 $519K Reduce -26.4%
INGM Ingram Micro Holding Corp. 0.46% 18,880 $518K Reduce -6.5%
CON Concentra Group Holdings Par 0.46% 17,285 $514K Reduce -13.8%
THC Tenet Healthcare Corp. 0.46% 2,748 $514K Add +22.8%
MAN Manpowergroup Inc. 0.46% 15,211 $514K Reduce -12.9%
UHS Universal Health Services-B 0.46% 3,448 $513K Add +44.0%
PAYC Paycom Software Inc. 0.46% 4,067 $511K New
WMK Weis Markets Inc. filed as WEIS MKTS INC 0.46% 6,523 $511K New
MTCH Match Group Inc. 0.46% 13,406 $510K Reduce -9.0%
IMKTA Ingles Markets Inc. Class A 0.46% 5,745 $509K Add +16.6%
ARW Arrow Electronics Inc. 0.45% 2,380 $508K Reduce -20.8%
NGVC Natural Grocers BY Vitamin C 0.45% 16,303 $506K Add +8.1%
CI The Cigna Group 0.45% 1,823 $503K Add +9.9%
CFFN Capitol Federal Financial Inc. 0.45% 58,965 $502K No change
SIRI Sirius XM Holdings Inc. 0.45% 16,982 $502K Reduce -9.8%
HOPE Hope Bancorp Inc. 0.45% 36,654 $501K No change
CNOB Connectone Bancorp Inc. 0.45% 14,902 $498K Reduce -9.0%
BANC Banc of California Inc. 0.45% 24,355 $498K No change
WSBC Wesbanco Inc. 0.44% 12,739 $497K No change
BBT Beacon Financial Corp. 0.44% 16,319 $497K Add +7.2%
DV Doubleverify Holdings Inc. 0.44% 45,053 $488K Add +0.6%
VLY Valley National Bancorp 0.44% 33,334 $488K No change
NATR Natures Sunshine Prods Inc. 0.44% 22,376 $488K Add +37.5%
KFY Korn Ferry 0.44% 7,310 $487K Reduce -10.2%
FRME First Merchants Corp. 0.44% 11,139 $487K No change
RNST Renasant Corp. 0.43% 11,430 $486K No change
PB Prosperity Bancshares Inc. 0.43% 6,644 $485K No change
LOCO El Pollo Loco Holdings Inc. 0.43% 28,598 $485K Reduce -2.9%
EVER Everquote Inc. Class A 0.43% 20,316 $483K Reduce -28.1%
ACEL Accel Entertainment Inc. 0.43% 38,046 $480K No change
HPQ HP Inc. 0.43% 21,703 $476K Reduce -7.0%
FNB FNB Corp. 0.42% 24,888 $475K No change
DOX Amdocs Ltd. 0.42% 9,183 $464K Add +35.0%
INVA Innoviva Inc. 0.41% 20,366 $463K No change
VZ Verizon Communications Inc. 0.41% 10,917 $462K Add +17.5%
DLX Deluxe Corp. 0.41% 19,341 $462K New
MCS Marcus Corporation 0.41% 19,627 $460K New
NWSA News Corp. Class A 0.41% 18,478 $459K No change
HVT Haverty Furniture 0.41% 17,777 $454K Reduce -7.3%
MHK Mohawk Industries Inc. 0.40% 3,697 $449K Reduce -14.2%
BYD Boyd Gaming Corp. 0.40% 5,006 $442K Reduce -10.4%
PCG P G & E Corp. 0.39% 26,117 $439K New
PHIN Phinia Inc. 0.39% 5,310 $437K Reduce -18.1%
FSLR First Solar Inc. 0.39% 1,850 $437K Reduce -18.9%
PRDO Perdoceo Education Corp. 0.37% 13,087 $419K Add +12.2%
LEA Lear Corp. 0.37% 3,119 $418K Reduce -14.7%
ASO Academy Sports & Outdoors Inc. 0.37% 8,762 $413K Add +9.2%
BKE The Buckle Inc. 0.34% 8,970 $379K No change
POST Post Holdings Inc. filed as POST HLDGS INC 0.33% 4,213 $372K No change
NFG National Fuel Gas Co. 0.32% 4,672 $361K Add +10.5%
ES Eversource Energy 0.32% 4,907 $355K Reduce -16.1%
ZUMZ Zumiez Inc. 0.29% 18,054 $321K No change

Portfolio Sells Q1 2026 → Q2 2026
MELI MercadoLibre Inc. Sold out 0.00% −2.71
INTC Intel Corp. Sold out 0.00% −2.09
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Sold out 0.00% −2.06
NVDA Nvidia Corp. Sold out 0.00% −1.97
DHR Danaher Corp. Sold out 0.00% −1.85
LITE Lumentum Holdings Inc. Sold out 0.00% −1.60
GTLB Gitlab Inc. Class A Sold out 0.00% −1.44
VEU Vanguard Ftse All-World Ex-U Reduce -16.7% 4.73% −1.17
TER Teradyne Inc. Reduce -51.1% 1.88% −0.85
AMAT Applied Materials Inc. Reduce -55.9% 2.43% −0.59
IIIN Insteel Industries Inc. Sold out 0.00% −0.52
DELL Dell Technologies -C Sold out 0.00% −0.52
T AT&T Inc. Sold out 0.00% −0.49
HUM Humana Inc. Sold out 0.00% −0.49
AKAM Akamai Technologies Inc. Sold out 0.00% −0.49
GTM Zoominfo Technologies Inc. Sold out 0.00% −0.48
PGC Peapack Gladstone Finl Corp. Sold out 0.00% −0.48
DIOD Diodes Inc. Sold out 0.00% −0.48
CTSH Cognizant Tech Solutions-A Sold out 0.00% −0.47
VITL Vital Farms Inc. Sold out 0.00% −0.47
RIGL Rigel Pharmaceuticals Inc. Sold out 0.00% −0.46
FLEX Flex Ltd. Sold out 0.00% −0.45
PYPL PayPal Holdings Inc. Sold out 0.00% −0.45
PLXS Plexus Corp. Sold out 0.00% −0.45
JBSS John B. Sanfilippo & Son Inc. Sold out 0.00% −0.44
MKSI MKS Inc. Sold out 0.00% −0.44
FIS Fidelity National Info Serv Sold out 0.00% −0.43
QCOM Qualcomm Inc. Sold out 0.00% −0.42
PRGS Progress Software Corp. Sold out 0.00% −0.41
POR Portland General Electric Co. Sold out 0.00% −0.39
KLAC KLA Corp. Reduce -52.6% 2.00% −0.38
MU Micron Technology Inc. Sold out 0.00% −0.38
TASK Taskus Inc. Class A Sold out 0.00% −0.32
ES Eversource Energy Reduce -16.1% 0.32% −0.10
KFY Korn Ferry Reduce -10.2% 0.44% −0.10
LEA Lear Corp. Reduce -14.7% 0.37% −0.08
BYD Boyd Gaming Corp. Reduce -10.4% 0.40% −0.08
FSLR First Solar Inc. Reduce -18.9% 0.39% −0.08
MAN Manpowergroup Inc. Reduce -12.9% 0.46% −0.07
PHIN Phinia Inc. Reduce -18.1% 0.39% −0.07
R Ryder System Inc. Reduce -17.4% 0.47% −0.04
HPQ HP Inc. Reduce -7.0% 0.43% −0.04
MHK Mohawk Industries Inc. Reduce -14.2% 0.40% −0.04
INGM Ingram Micro Holding Corp. Reduce -6.5% 0.46% −0.02
EVER Everquote Inc. Class A Reduce -28.1% 0.43% −0.02
HVT Haverty Furniture Reduce -7.3% 0.41% −0.02
TILE Interface Inc. Reduce -21.7% 0.47% −0.01
MTCH Match Group Inc. Reduce -9.0% 0.46% −0.01
CNOB Connectone Bancorp Inc. Reduce -9.0% 0.45% −0.01
NTAP Netapp Inc. Reduce -24.2% 0.47% −0.01

Portfolio Buys Q1 2026 → Q2 2026
TSM Taiwan Semiconductor-SP ADR New 3.16% +3.16
SE Sea Ltd.-ADR New 2.43% +2.43
RGEN Repligen Corp. New 2.29% +2.29
DASH DoorDash Inc. Class A New 2.16% +2.16
ADI Analog Devices Inc. New 2.13% +2.13
SHOP Shopify Inc. Class A New 2.05% +2.05
AMZN Amazon.com Inc. Add +28.8% 4.01% +0.86
TAN Invesco Solar ETF Add +50.0% 2.86% +0.78
MCO Moody's Corp. Add +32.1% 3.75% +0.58
CXT Crane NXT Co. New 0.56% +0.56
TMO Thermo Fisher Scientific Inc. Add +30.7% 4.10% +0.54
QLYS Qualys Inc. New 0.54% +0.54
NSIT Insight Enterprises Inc. New 0.53% +0.53
RNG Ringcentral Inc. Class A New 0.53% +0.53
CCSI Consensus Cloud Solution New 0.53% +0.53
GDDY GoDaddy Inc. Class A New 0.52% +0.52
FIVN FIVE9 Inc. New 0.52% +0.52
BLKB Blackbaud Inc. New 0.51% +0.51
PLAB Photronics Inc. New 0.50% +0.50
CNXN PC Connection Inc. New 0.50% +0.50
CASS Cass Information Systems Inc. New 0.50% +0.50
CRM Salesforce Inc. New 0.49% +0.49
OSIS Osi Systems Inc. New 0.49% +0.49
EPAM Epam Systems Inc. New 0.48% +0.48
CARS Cars.com Inc. New 0.48% +0.48
ANIP Ani Pharmaceuticals Inc. New 0.46% +0.46
PAYC Paycom Software Inc. New 0.46% +0.46
WMK Weis Markets Inc. New 0.46% +0.46
DLX Deluxe Corp. New 0.41% +0.41
MCS Marcus Corporation New 0.41% +0.41
PCG P G & E Corp. New 0.39% +0.39
V Visa Inc. Class A Add +11.0% 4.79% +0.39
META Meta Platforms Inc. Class A Add +25.6% 3.22% +0.20
CDW CDW Corp. Add +16.3% 0.52% +0.07
EEFT Euronet Worldwide Inc. Add +18.3% 0.52% +0.06
DBD Diebold Nixdorf Inc. Add +14.6% 0.50% +0.05
VMD Viemed Healthcare Inc. Add +3.7% 0.50% +0.05
BDC Belden Inc. Add +23.3% 0.49% +0.05
NGVC Natural Grocers BY Vitamin C Add +8.1% 0.45% +0.05
PLUS Eplus Inc. Add +15.8% 0.50% +0.05
CARG Cargurus Inc. Add +26.5% 0.51% +0.04
WEX Wex Inc. Add +36.3% 0.51% +0.04
CPAY Corpay Inc. Add +8.4% 0.49% +0.03
NATR Natures Sunshine Prods Inc. Add +37.5% 0.44% +0.03
ADBE Adobe Inc. Add +44.7% 0.51% +0.03
THC Tenet Healthcare Corp. Add +22.8% 0.46% +0.02
IBEX Ibex Ltd. Add +6.8% 0.49% +0.02
COLL Collegium Pharmaceutical Inc. Add +10.3% 0.48% +0.02
UHS Universal Health Services-B Add +44.0% 0.46% +0.01
VNT Vontier Corp. Add +46.1% 0.47% +0.01

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