# Watershed Asset Management, L.L.C.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1315926. Source: https://holderbook.com/funds/1315926-watershed-asset-management-l-l-c/

- Reported value: $111.8M
- Positions: 116
- Weight of the ten largest: 36.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.4M | 15,600 | 4.8% | 3 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $5.3M | 63,091 | 4.7% | 8 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.6M | 9,150 | 4.1% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $4.5M | 18,800 | 4.0% | 2 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $4.2M | 9,250 | 3.7% | 2 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $4.0M | 53,500 | 3.6% | 3 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $3.6M | 6,387 | 3.2% | 6 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $3.5M | 7,400 | 3.2% | 1 |
| INVESCO EXCH TRADED FD TR II | [TAN](https://holderbook.com/stocks/TAN/) | $3.2M | 54,000 | 2.9% | 2 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $2.7M | 28,300 | 2.4% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $2.7M | 3,750 | 2.4% | 3 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $2.6M | 18,800 | 2.3% | 1 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $2.5M | 50,000 | 2.2% | 6 |
| DOORDASH INC | [DASH](https://holderbook.com/stocks/DASH/) | $2.4M | 13,100 | 2.2% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.4M | 6,000 | 2.1% | 1 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $2.3M | 20,100 | 2.1% | 1 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $2.2M | 7,400 | 2.0% | 2 |
| WARBY PARKER INC | [WRBY](https://holderbook.com/stocks/WRBY/) | $2.1M | 70,500 | 1.9% | 3 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $2.1M | 4,350 | 1.9% | 2 |
| CRANE NXT CO | [CXT](https://holderbook.com/stocks/CXT/) | $625.1K | 12,218 | 0.6% | 1 |
| QUALYS INC | [QLYS](https://holderbook.com/stocks/QLYS/) | $600.3K | 4,366 | 0.5% | 1 |
| PAGAYA TECHNOLOGIES LTD | [PGY](https://holderbook.com/stocks/PGY/) | $598.6K | 32,800 | 0.5% | 2 |
| INSIGHT ENTERPRISES INC | [NSIT](https://holderbook.com/stocks/NSIT/) | $596.7K | 4,899 | 0.5% | 1 |
| RINGCENTRAL INC | [RNG](https://holderbook.com/stocks/RNG/) | $596.3K | 15,297 | 0.5% | 1 |
| CONSENSUS CLOUD SOLUTIONS IN | [CCSI](https://holderbook.com/stocks/CCSI/) | $594.8K | 15,592 | 0.5% | 1 |
| CDW CORP | [CDW](https://holderbook.com/stocks/CDW/) | $585.1K | 4,160 | 0.5% | 3 |
| EURONET WORLDWIDE INC | [EEFT](https://holderbook.com/stocks/EEFT/) | $581.9K | 7,950 | 0.5% | 8 |
| GODADDY INC | [GDDY](https://holderbook.com/stocks/GDDY/) | $581.3K | 6,848 | 0.5% | 1 |
| FIVE9 INC | [FIVN](https://holderbook.com/stocks/FIVN/) | $579.3K | 27,171 | 0.5% | 1 |
| AMKOR TECHNOLOGY INC | [AMKR](https://holderbook.com/stocks/AMKR/) | $579.1K | 6,716 | 0.5% | 3 |
| DAVITA INC | [DVA](https://holderbook.com/stocks/DVA/) | $576.2K | 2,590 | 0.5% | 2 |
| BLACKBAUD INC | [BLKB](https://holderbook.com/stocks/BLKB/) | $574.4K | 19,392 | 0.5% | 1 |
| WEX INC | [WEX](https://holderbook.com/stocks/WEX/) | $570.4K | 4,043 | 0.5% | 2 |
| CARGURUS INC | [CARG](https://holderbook.com/stocks/CARG/) | $568.8K | 16,686 | 0.5% | 2 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $565.6K | 2,759 | 0.5% | 2 |
| JABIL INC | [JBL](https://holderbook.com/stocks/JBL/) | $564.3K | 1,464 | 0.5% | 3 |
| VIEMED HEALTHCARE INC | [VMD](https://holderbook.com/stocks/VMD/) | $564.2K | 49,487 | 0.5% | 3 |
| PHOTRONICS INC | [PLAB](https://holderbook.com/stocks/PLAB/) | $563.4K | 17,320 | 0.5% | 1 |
| PC CONNECTION INC | [CNXN](https://holderbook.com/stocks/CNXN/) | $560.6K | 7,680 | 0.5% | 1 |
| DIEBOLD NIXDORF INC | [DBD](https://holderbook.com/stocks/DBD/) | $558.8K | 6,572 | 0.5% | 3 |
| EPLUS INC | [PLUS](https://holderbook.com/stocks/PLUS/) | $557.6K | 6,699 | 0.5% | 7 |
| KEARNY FINL CORP MD | [KRNY](https://holderbook.com/stocks/KRNY/) | $557.3K | 58,916 | 0.5% | 3 |
| CASS INFORMATION SYS INC | [CASS](https://holderbook.com/stocks/CASS/) | $554.6K | 10,807 | 0.5% | 1 |
| CORPAY INC | [CPAY](https://holderbook.com/stocks/CPAY/) | $553.2K | 1,660 | 0.5% | 3 |
| IBEX LTD | [IBEX](https://holderbook.com/stocks/IBEX/) | $547.2K | 18,017 | 0.5% | 2 |
| BELDEN INC | [BDC](https://holderbook.com/stocks/BDC/) | $546.7K | 4,559 | 0.5% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $546.4K | 3,488 | 0.5% | 1 |
| SKYWEST INC | [SKYW](https://holderbook.com/stocks/SKYW/) | $545.5K | 5,492 | 0.5% | 3 |
| OSI SYSTEMS INC | [OSIS](https://holderbook.com/stocks/OSIS/) | $543.5K | 2,485 | 0.5% | 1 |
| COLLEGIUM PHARMACEUTICAL INC | [COLL](https://holderbook.com/stocks/COLL/) | $541.9K | 14,970 | 0.5% | 6 |
| EPAM SYS INC | [EPAM](https://holderbook.com/stocks/EPAM/) | $539.1K | 6,794 | 0.5% | 1 |
| CARS COM INC | [CARS](https://holderbook.com/stocks/CARS/) | $535.9K | 48,984 | 0.5% | 1 |
| ZOOM COMMUNICATIONS INC | [ZM](https://holderbook.com/stocks/ZM/) | $535.6K | 6,205 | 0.5% | 3 |
| CIRRUS LOGIC INC | [CRUS](https://holderbook.com/stocks/CRUS/) | $534.4K | 3,598 | 0.5% | 3 |
| GEN DIGITAL INC | [GEN](https://holderbook.com/stocks/GEN/) | $533.1K | 21,418 | 0.5% | 5 |
| AVNET INC | [AVT](https://holderbook.com/stocks/AVT/) | $532.4K | 5,994 | 0.5% | 3 |
| ENNIS INC | [EBF](https://holderbook.com/stocks/EBF/) | $531.7K | 25,020 | 0.5% | 2 |
| NETAPP INC | [NTAP](https://holderbook.com/stocks/NTAP/) | $530.1K | 3,425 | 0.5% | 3 |
| IDT CORP | [IDT](https://holderbook.com/stocks/IDT/) | $530.0K | 9,112 | 0.5% | 2 |
| INTERFACE INC | [TILE](https://holderbook.com/stocks/TILE/) | $528.4K | 14,744 | 0.5% | 3 |
| RYDER SYS INC | [R](https://holderbook.com/stocks/R/) | $527.3K | 1,999 | 0.5% | 3 |
| FIRST BUSEY CORP | [BUSE](https://holderbook.com/stocks/BUSE/) | $524.2K | 17,770 | 0.5% | 3 |
| VONTIER CORPORATION | [VNT](https://holderbook.com/stocks/VNT/) | $522.6K | 18,020 | 0.5% | 3 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $519.4K | 6,275 | 0.5% | 1 |
| TD SYNNEX CORPORATION | [SNX](https://holderbook.com/stocks/SNX/) | $519.4K | 1,943 | 0.5% | 3 |
| INGRAM MICRO HLDG CORP | [INGM](https://holderbook.com/stocks/INGM/) | $517.9K | 18,880 | 0.5% | 2 |
| CONCENTRA GROUP HOLDINGS PAR | [CON](https://holderbook.com/stocks/CON/) | $514.2K | 17,285 | 0.5% | 3 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $514.1K | 2,748 | 0.5% | 3 |
| MANPOWERGROUP INC WIS | [MAN](https://holderbook.com/stocks/MAN/) | $513.7K | 15,211 | 0.5% | 2 |
| UNIVERSAL HLTH SVCS INC | [UHS](https://holderbook.com/stocks/UHS/) | $512.7K | 3,448 | 0.5% | 6 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $511.1K | 4,067 | 0.5% | 1 |
| WEIS MKTS INC | [WMK](https://holderbook.com/stocks/WMK/) | $510.8K | 6,523 | 0.5% | 1 |
| MATCH GROUP INC NEW | [MTCH](https://holderbook.com/stocks/MTCH/) | $510.1K | 13,406 | 0.5% | 4 |
| INGLES MKTS INC | [IMKTA](https://holderbook.com/stocks/IMKTA/) | $508.9K | 5,745 | 0.5% | 2 |
| ARROW ELECTRS INC | [ARW](https://holderbook.com/stocks/ARW/) | $507.9K | 2,380 | 0.5% | 3 |
| NATURAL GROCERS BY VITAMIN | [NGVC](https://holderbook.com/stocks/NGVC/) | $505.7K | 16,303 | 0.5% | 2 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $502.6K | 1,823 | 0.4% | 12 |
| CAPITOL FED FINL INC | [CFFN](https://holderbook.com/stocks/CFFN/) | $501.8K | 58,965 | 0.4% | 3 |
| SIRIUSXM HOLDINGS INC | [SIRI](https://holderbook.com/stocks/SIRI/) | $501.6K | 16,982 | 0.4% | 2 |
| HOPE BANCORP INC | [HOPE](https://holderbook.com/stocks/HOPE/) | $501.4K | 36,654 | 0.4% | 3 |
| CONNECTONE BANCORP INC | [CNOB](https://holderbook.com/stocks/CNOB/) | $498.3K | 14,902 | 0.4% | 3 |
| BANC OF CALIFORNIA INC | [BANC](https://holderbook.com/stocks/BANC/) | $497.6K | 24,355 | 0.4% | 3 |
| WESBANCO INC | [WSBC](https://holderbook.com/stocks/WSBC/) | $497.2K | 12,739 | 0.4% | 3 |
| BEACON FINANCIAL CORP. | [BBT](https://holderbook.com/stocks/BBT/) | $496.9K | 16,319 | 0.4% | 3 |
| DOUBLEVERIFY HLDGS INC | [DV](https://holderbook.com/stocks/DV/) | $488.4K | 45,053 | 0.4% | 2 |
| VALLEY NATL BANCORP | [VLY](https://holderbook.com/stocks/VLY/) | $488.3K | 33,334 | 0.4% | 3 |
| NATURES SUNSHINE PRODS INC | [NATR](https://holderbook.com/stocks/NATR/) | $487.8K | 22,376 | 0.4% | 2 |
| KORN FERRY | [KFY](https://holderbook.com/stocks/KFY/) | $486.7K | 7,310 | 0.4% | 3 |
| FIRST MERCHANTS CORP | [FRME](https://holderbook.com/stocks/FRME/) | $486.7K | 11,139 | 0.4% | 2 |
| RENASANT CORP | [RNST](https://holderbook.com/stocks/RNST/) | $486.2K | 11,430 | 0.4% | 7 |
| PROSPERITY BANCSHARES INC | [PB](https://holderbook.com/stocks/PB/) | $485.2K | 6,644 | 0.4% | 3 |
| EL POLLO LOCO HLDGS INC | [LOCO](https://holderbook.com/stocks/LOCO/) | $485.0K | 28,598 | 0.4% | 3 |
| EVERQUOTE INC | [EVER](https://holderbook.com/stocks/EVER/) | $483.3K | 20,316 | 0.4% | 3 |
| ACCEL ENTERTAINMENT INC | [ACEL](https://holderbook.com/stocks/ACEL/) | $479.8K | 38,046 | 0.4% | 3 |
| HP INC | [HPQ](https://holderbook.com/stocks/HPQ/) | $476.2K | 21,703 | 0.4% | 3 |
| F N B CORP | [FNB](https://holderbook.com/stocks/FNB/) | $474.9K | 24,888 | 0.4% | 8 |
| AMDOCS LTD | [DOX](https://holderbook.com/stocks/DOX/) | $464.1K | 9,183 | 0.4% | 2 |
| INNOVIVA INC | [INVA](https://holderbook.com/stocks/INVA/) | $462.5K | 20,366 | 0.4% | 3 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $462.2K | 10,917 | 0.4% | 3 |
| DELUXE CORP MEDIUM TERM NTS | [DLX](https://holderbook.com/stocks/DLX/) | $461.9K | 19,341 | 0.4% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +25.4% | +14.8% | +10.6% | 100% |
| Q1 2026 | -4.3% | -4.6% | +0.4% | 100% |
| Q1 2024 | +6.2% | +10.0% | -3.9% | 99% |
| Q4 2023 | +8.3% | +11.2% | -2.9% | 100% |
| Q3 2023 | -3.5% | -3.6% | +0.0% | 100% |
| Q2 2023 | +2.4% | +8.3% | -5.8% | 100% |
| Q1 2023 | +7.8% | +7.0% | +0.7% | 100% |
| Q4 2022 | +9.9% | +7.1% | +2.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $111.8M | 116 |
| Q1 2026 | $96.5M | 118 |
| Q4 2025 | $107.1M | 118 |
| Q4 2023 | $86.1M | 117 |
| Q3 2023 | $84.9M | 120 |
| Q2 2023 | $80.7M | 116 |
| Q1 2023 | $82.5M | 117 |
| Q4 2022 | $78.9M | 115 |
| Q3 2022 | $76.7M | 120 |
| Q2 2022 | $80.8M | 118 |
| Q1 2022 | $99.6M | 124 |
| Q4 2021 | $111.0M | 122 |