Watershed Asset Management, L.L.C.
SEC Form 13F institutional filer · CIK 0001315926
13F-HR · 39 reported holdings · 2026-03-31
Reported long-US-equity value
$0.05B
Top-10 concentration
62.4%
Watershed Asset Management, L.L.C. — $45.7M AUM allocation strategy
Watershed Asset Management, L.L.C. files SEC Form 13F and reports $45.7M of long US equity value across 39 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 34.2%, followed by Financials 20.4% and Health Care 12.5%.
The top 10 holdings account for 62% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
Watershed Asset Management, L.L.C. — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$45.7M
total across 39 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
62% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$AMAT +6.84K sh · +$2.48M+$GEN +5.56K sh · −$38K+$PGR +4.53K sh · −$70.7K
Biggest trims (shares)
−$AKAM −2.66K sh · +$528−$ADP −2.21K sh · −$11.3K−$LITE −1.8K sh · +$71.7K
Exited to nil (held last quarter, gone now)
$MSFT ($4.5M last qtr)$SPGI ($3.24M last qtr)$WDC ($3M last qtr)$KR ($450K last qtr)$FOX ($449K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Semiconductor Materials & Equipment17.2%—
- Life Sciences Tools & Services11.4%—
- Transaction & Payment Processing Services9.3%—
- Semiconductors8.5%—
- Financial Exchanges & Data6.7%—
- Broadline Retail6.7%—
- Interactive Media & Services6.4%—
- Asset Management & Custody Banks4.4%—
- Other holdings29.6%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $V | Visa Inc | 14.1K | $4.25M | -1.45K | 9.3% |
| $TMO | Thermo Fisher Scientific Inc | 7K | $3.44M | +1.6K | 7.5% |
| $MCO | Moody's Corporation | 7K | $3.05M | — | 6.7% |
| $AMZN | Amazon.com Inc | 14.6K | $3.04M | — | 6.6% |
| $META | Meta Platforms Inc | 5.09K | $2.91M | +1.64K | 6.4% |
| $AMAT | Applied Materials Inc | 8.5K | $2.91M | +6.84K | 6.4% |
| $TER | Teradyne Inc | 8.9K | $2.64M | — | 5.8% |
| $KLAC | KLA Corporation | 1.56K | $2.3M | — | 5.0% |
| $INTC | Intel Corporation | 45.6K | $2.01M | — | 4.4% |
| $IVZ | Invesco Ltd | 36K | $2.01M | — | 4.4% |
…and 29 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
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How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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