Watershed Asset Management, L.L.C.

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CIK 1315926

13F portfolio (2026-Q1)

$96M

Positions

118

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

118

Top 5

21.2%

Top 10

35.8%

Effective N

50.9

HHI

0.020

This quarter

39 new · 0 exit →

By sector

Information Technology33.4%

Unclassified16.6%

Financials13.0%

Consumer Discretionary10.9%

Industrials9.8%

Communication Services6.3%

Health Care5.6%

Consumer Staples2.2%

Other2.2%

By market cap

Large ($10–200B)27.3%

Mega (>$200B)22.6%

Mid ($2–10B)20.9%

Unknown17.5%

Small ($300M–2B)11.6%

By region

North America83.4%

Other16.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	16.63%	5
Commercial Services & Supplies	14.16%	11
Technology Hardware & Equipment	13.33%	10
Semiconductors & Semiconductor Equipment	10.73%	11
Banks	7.23%	16
Software & IT Services	7.06%	10
Specialty Retail	5.37%	6
Software	3.25%	5
Distributors	2.29%	5
Health Care Providers & Services	2.26%	5
Communications Equipment	2.02%	2
Pharmaceuticals & Biotechnology	1.82%	4
Health Care Equipment & Supplies	1.54%	1
Diversified Telecommunication Services	1.44%	3
Food Products	1.34%	3
Utilities	1.22%	3
Media & Publishing	0.97%	2
Metals & Mining	0.96%	2
Insurance	0.95%	2
Textiles, Apparel & Luxury Goods	0.93%	2
Automobiles & Components	0.92%	2
Hotels, Restaurants & Leisure	0.90%	2
Food & Staples Retailing	0.86%	2
Airlines	0.49%	1
Media & Entertainment	0.45%	1
Diversified Consumer Services	0.45%	1
Entertainment	0.43%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VEU	VANGUARD INTL EQUITY INDEX F	Unclassified	5.89%
2	V	VISA INC.	Financials	4.40%
3	EWW	ISHARES INC MSCI MEXICO ETF	Unclassified	4.17%
4	TMO	THERMO FISHER SCIENTIFIC INC.	Information Technology	3.57%
5	MCO	MOODYS CORP /DE/	Industrials	3.16%
6	AMZN	AMAZON COM INC	Consumer Discretionary	3.15%
7	META	Meta Platforms, Inc.	Communication Services	3.02%
8	AMAT	APPLIED MATERIALS INC /DE	Information Technology	3.01%
9	TER	TERADYNE, INC	Information Technology	2.73%
10	MELI	MERCADOLIBRE INC	Industrials	2.71%

113/118 names classified · sector 83.4% of weight · industry 83.4% · mkt cap 82.5%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 25 quarters

FinancialsALLY, CUBI, AIG, V, LPLA · other

Information TechnologyMSFT, DHR, TMO, WDC, AMAT · other

MaterialsTROX, GPK, CLW, NPO, NWL · other

IndustrialsMELI, ADT, BKNG, MCO, SPGI · other

Consumer DiscretionaryAMZN, GM, BROS, YETI, INGM · other

Real EstateRYN, OUT, AMH

Communication ServicesMETA, DIS, GOOGL, EBF, T · other

Health CareRGEN, WRBY, INVA, NVO, LLY · other

Consumer StaplesIMKTA, KR, JBSS, VITL, POST · other

UtilitiesNEE, NFG, POR, UTL, ES · other

EnergyHAL, EQT

UnclassifiedVEU, CUMULUS MEDIA INC CL A, AMERICAN RLTY CAP PPTYS INC, AMERICAN CAPITAL LTD., VEREIT INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 83.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (109 classified)Watershed Asset Management, L.L.C. centroid (Mid Core)

Information TechnologyFinancialsConsumer DiscretionaryIndustrialsCommunication ServicesHealth CareConsumer StaplesUtilitiesMaterials

Style box summary for Watershed Asset Management, L.L.C.: centroid Mid Core. Heaviest cells: Large Growth 22.3%, Small Growth 11.6%, Small Core 11.2%.

Classified: 80.6% of book weight (109/118 names) · unclassified 19.4%: VEU, EWW, INDA, TAN, QQQE, GTLB, DOX, IMKTA, HVT. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 118 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VEUVANGUARD INTL EQUITY INDEX F	75,739	$6M	5.9%	HOLD
2	VVISA INC	14,050	$4M	4.4%	TRIM −9%
3	EWWISHARES INC MSCI MEXICO ETF	53,500	$4M	4.2%	HOLD
4	TMOTHERMO FISHER SCIENTIFIC INC	7,000	$3M	3.6%	ADD 30%
5	MCOMOODYS CORP	7,000	$3M	3.2%	NEW
6	AMZNAMAZON COM INC	14,600	$3M	3.2%	NEW
7	METAMETA PLATFORMS INC	5,087	$3M	3.0%	ADD 48%
8	AMATAPPLIED MATLS INC	8,500	$3M	3.0%	ADD 411%
9	TERTERADYNE INC	8,900	$3M	2.7%	NEW
10	MELIMERCADOLIBRE INC	1,515	$3M	2.7%	HOLD
11	INDAISHARES TR	50,000	$2M	2.4%	HOLD
12	KLACKLA CORP	1,560	$2M	2.4%	NEW
13	INTCINTEL CORP	45,600	$2M	2.1%	NEW
14	TANINVESCO EXCH TRADED FD TR II	36,000	$2M	2.1%	NEW
15	QQQEDIREXION SHS ETF TR	20,200	$2M	2.1%	TRIM −83%
16	NVDANVIDIA CORPORATION	10,900	$2M	2.0%	NEW
17	DHRDANAHER CORP DEL	9,400	$2M	1.8%	NEW
18	LITELUMENTUM HLDGS INC	2,200	$2M	1.6%	TRIM −45%
19	WRBYWARBY PARKER INC	70,500	$1M	1.5%	ADD 60%
20	GTLBGITLAB INC	64,000	$1M	1.4%	ADD 19%
21	MANMANPOWERGROUP INC WIS	17,458	$514,313	0.5%	NEW
22	KFYKORN FERRY INTL	8,143	$512,602	0.5%	ADD 31%
23	IIININSTEEL INDS INC	14,890	$500,453	0.5%	ADD 10%
24	DELLDELL TECHNOLOGIES INC	3,047	$500,104	0.5%	TRIM −15%
25	RRYDER SYS INC	2,421	$495,603	0.5%	HOLD
26	CRUSCIRRUS LOGIC INC	3,366	$486,791	0.5%	TRIM −11%
27	ZMZOOM COMMUNICATIONS INC	6,019	$483,867	0.5%	ADD 16%
28	TAT&T INC	16,472	$477,523	0.5%	HOLD
29	INVAINNOVIVA INC	20,366	$474,528	0.5%	TRIM −12%
30	HUMHUMANA INC	2,735	$474,222	0.5%	NEW
31	SKYWSKYWEST INC	5,142	$472,190	0.5%	ADD 18%
32	EBFENNIS INC	22,020	$471,668	0.5%	NEW
33	AKAMAKAMAI TECHNOLOGIES INC	4,101	$471,000	0.5%	TRIM −24%
34	INGMINGRAM MICRO HLDG CORP	20,184	$470,489	0.5%	NEW
35	TILEINTERFACE INC	18,828	$469,194	0.5%	ADD 19%
36	VZVERIZON COMMUNICATIONS INC	9,292	$466,458	0.5%	TRIM −15%
37	GTMZOOMINFO TECHNOLOGIES INC	77,728	$464,813	0.5%	NEW
38	ADBEADOBE INC	1,907	$463,554	0.5%	NEW
39	PGYPAGAYA TECHNOLOGIES LTD	39,762	$463,227	0.5%	NEW
40	PGCPEAPACK-GLADSTONE FINL CORP	13,154	$463,152	0.5%	NEW
41	NTAPNetApp Inc.	4,518	$462,598	0.5%	ADD 10%
42	DVADaVita HealthCare Partners, Inc.	3,003	$461,531	0.5%	NEW
43	NWSANEWS CORP NEW	18,478	$460,657	0.5%	NEW
44	BYDBOYD GAMING CORP	5,586	$459,057	0.5%	ADD 17%
45	DIODDIODES INC	6,717	$458,502	0.5%	TRIM −21%
46	BBTBERKSHIRE HILLS BANCORP INC	15,229	$456,870	0.5%	HOLD
47	WEXWEX INC	2,967	$454,070	0.5%	NEW
48	AMKRAMKOR TECHNOLOGY INC	10,066	$453,272	0.5%	TRIM −12%
49	ASOACADEMY SPORTS & OUTDOORS IN	8,024	$452,955	0.5%	NEW
50	IBEXIBEX LTD	16,877	$452,641	0.5%	NEW
51	MTCHMATCH GROUP INC NEW	14,739	$452,635	0.5%	ADD 11%
52	BKEBUCKLE INC	8,970	$451,729	0.5%	NEW
53	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	7,362	$451,659	0.5%	ADD 39%
54	FSLRFIRST SOLAR INC	2,280	$449,753	0.5%	NEW
55	CARGCARGURUS INC	13,191	$449,154	0.5%	NEW
56	BUSEFIRST BUSEY CORP	17,770	$449,048	0.5%	HOLD
57	COLLCOLLEGIUM PHARMACEUTICAL INC	13,578	$449,024	0.5%	ADD 41%
58	VITLVITAL FARMS INC	31,778	$448,705	0.5%	NEW
59	HPQHP INC	23,328	$448,131	0.5%	ADD 21%
60	JBLJabil Circuit, Inc.	1,686	$447,852	0.5%	TRIM −12%
61	IDTIDT CORP	9,112	$447,399	0.5%	NEW
62	PBPROSPERITY BANCSHARES INC	6,644	$446,344	0.5%	ADD 11%
63	EEFTEURONET WORLDWIDE INC	6,721	$446,073	0.5%	ADD 8%
64	CPAYCORPAY INC	1,531	$445,506	0.5%	ADD 5%
65	SNXSYNNEX CORP	2,640	$445,394	0.5%	TRIM −10%
66	KRNYKEARNY FINL CORP MD	58,916	$444,816	0.5%	HOLD
67	DOXAMDOCS LTD	6,803	$443,964	0.5%	NEW
68	PHINPHINIA INC	6,486	$443,902	0.5%	TRIM −22%
69	RIGLRIGEL PHARMACEUTICALS INC	16,385	$443,050	0.5%	NEW
70	IMKTAINGLES MKTS INC	4,928	$442,978	0.5%	NEW
71	LEALEAR CORP	3,657	$442,790	0.5%	NEW
72	CITHE CIGNA GROUP	1,659	$442,538	0.5%	HOLD
73	VMDVIEMED HEALTHCARE INC	47,717	$439,474	0.5%	TRIM −24%
74	WSBCWESBANCO INC	12,739	$439,368	0.5%	HOLD
75	CNOBCONNECTONE BANCORP INC	16,379	$438,466	0.5%	ADD 8%
76	FLEXFlextronics Internat'l. Ltd.	6,691	$437,993	0.5%	HOLD
77	VNTVONTIER CORPORATION	12,335	$437,522	0.5%	HOLD
78	EVEREVERQUOTE INC	28,241	$435,476	0.5%	ADD 65%
79	PLUSEPLUS INC	5,784	$435,246	0.5%	ADD 10%
80	SIRISIRIUSXM HOLDINGS INC	18,824	$434,458	0.5%	NEW
81	PYPLPAYPAL HLDGS INC	9,595	$433,982	0.4%	ADD 31%
82	PRDOPERDOCEO ED CORP	11,662	$433,943	0.4%	TRIM −32%
83	CDWCDW CORP	3,577	$432,889	0.4%	ADD 12%
84	DBDDIEBOLD NIXDORF INC	5,736	$432,724	0.4%	TRIM −12%
85	AVTAVNET INC	7,015	$432,264	0.4%	TRIM −24%
86	PLXSPLEXUS CORP	2,131	$431,613	0.4%	TRIM −25%
87	FRMEFIRST MERCHANTS CORP	11,139	$431,413	0.4%	NEW
88	ARWArrow Electronics	3,006	$431,090	0.4%	TRIM −26%
89	CONCONCENTRA GROUP HOLDINGS PAR	20,052	$430,115	0.4%	TRIM −11%
90	UHSUniversal Health Svcs., Cl. B	2,395	$428,633	0.4%	ADD 20%
91	BANCBANC OF CALIFORNIA INC	24,355	$428,161	0.4%	ADD 10%
92	JBSSSANFILIPPO JOHN B & SON INC	5,387	$427,351	0.4%	TRIM −12%
93	GENGen Digital Inc.	22,620	$425,935	0.4%	ADD 33%
94	DVDOUBLEVERIFY HLDGS INC	44,781	$425,420	0.4%	NEW
95	BDCBELDEN INC	3,698	$424,641	0.4%	TRIM −8%
96	MHKMOHAWK INDS INC	4,310	$424,363	0.4%	NEW
97	THCTenet Healthcare Corp.	2,237	$422,144	0.4%	HOLD
98	CFFNCAPITOL FED FINL INC	58,965	$420,420	0.4%	HOLD
99	MKSIMKS INSTRUMENT INC	1,827	$419,863	0.4%	TRIM −37%
100	POSTPOST HLDGS INC	4,213	$416,497	0.4%	NEW
101	FNBF N B CORP	24,888	$416,127	0.4%	HOLD
102	ACELACCEL ENTERTAINMENT INC	38,046	$415,082	0.4%	TRIM −11%
103	FISFIDELITY NATL INFORMATION SV	8,810	$413,277	0.4%	ADD 31%
104	RNSTRENASANT CORP	11,430	$412,966	0.4%	HOLD
105	HOPEHOPE BANCORP INC	36,654	$409,425	0.4%	HOLD
106	VLYVALLEY NATL BANCORP	33,334	$409,342	0.4%	TRIM −4%
107	LOCOEL POLLO LOCO HLDGS INC	29,441	$408,052	0.4%	TRIM −37%
108	QCOMQUALCOMM INC	3,161	$407,074	0.4%	ADD 15%
109	HVTHAVERTY FURNITURE COS INC	19,188	$406,402	0.4%	NEW
110	ESEVERSOURCE ENERGY	5,847	$405,080	0.4%	NEW
111	ZUMZZUMIEZ INC	18,054	$400,077	0.4%	TRIM −4%
112	NFGNATIONAL FUEL GAS CO	4,228	$397,263	0.4%	HOLD
113	PRGSPROGRESS SOFTWARE CORP	15,335	$393,343	0.4%	ADD 42%
114	NATRNATURES SUNSHINE PRODS INC	16,276	$390,461	0.4%	NEW
115	NGVCNATURAL GROCERS BY VITAMIN C	15,080	$389,818	0.4%	NEW
116	PORPORTLAND GEN ELEC CO	7,176	$378,678	0.4%	HOLD
117	MUMICRON TECHNOLOGY INC	1,086	$366,894	0.4%	TRIM −35%
118	TASKTASKUS INC	46,422	$311,492	0.3%	ADD 20%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

VEUVANGUARD INTL EQUITY INDEX F

—

76K

$6M

VVISA INC

—

16K

14K

$4M

EWWISHARES INC MSCI MEXICO ETF

—

54K

$4M

TMOTHERMO FISHER SCIENTIFIC INC

—

$3M

MCOMOODYS CORP

—

$3M

AMZNAMAZON COM INC

—

15K

$3M

METAMETA PLATFORMS INC

—

$3M

AMATAPPLIED MATLS INC

—

$3M

TERTERADYNE INC

—

$3M

MELIMERCADOLIBRE INC

—

$3M

INDAISHARES TR

—

50K

$2M

KLACKLA CORP

—

$2M

INTCINTEL CORP

—

46K

$2M

TANINVESCO EXCH TRADED FD TR II

—

36K

$2M

QQQEDIREXION SHS ETF TR

—

117K

20K

$2M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Watershed Asset Management, L.L.C.