Q4 2025 · 13F-HR
Watershed Asset Management, L.L.C.holdings as filed
Filed 2026-02-17 · accession 0000935836-26-000095
$107.1M
Reported value
118
Positions
2025-12-31
Period end
The Brief · Watershed Asset Management, L.L.C. · Q4 2025
AI · grounded in 13F
Watershed Asset Management, L.L.C. established a new position in QQQE worth $11.9M. The fund also opened new stakes in V for $5.4M and EWW for $3.7M. These additions coincided with the complete exit of positions in SPY and DHR, totaling losses of $7.6M and $3.8M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 25459Y207 | QQQE | DIREXION SHS ETF TR | $11.9M | 11.1% | 116,700 | Common | SOLE |
| 922042775 | VEU | VANGUARD INTL EQUITY INDEX F | $5.6M | 5.20% | 75,739 | Common | SOLE |
| 92826C839 | V | VISA INC | $5.4M | 5.08% | 15,500 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $4.5M | 4.20% | 9,300 | Common | SOLE |
| 464286822 | EWW | ISHARES INC | $3.7M | 3.46% | 53,500 | Common | SOLE |
| 26701L100 | BROS | DUTCH BROS INC | $3.5M | 3.27% | 57,200 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $3.2M | 3.03% | 6,200 | Common | SOLE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $3.1M | 2.92% | 5,400 | Common | SOLE |
| M7S64H106 | MNDY | MONDAY COM LTD | $3.1M | 2.86% | 20,750 | Common | SOLE |
| 58733R102 | MELI | MERCADOLIBRE INC | $3.1M | 2.85% | 1,515 | Common | SOLE |
| 958102105 | WDC | WESTERN DIGITAL CORP | $3.0M | 2.80% | 17,400 | Common | SOLE |
| 46429B598 | INDA | ISHARES TR | $2.7M | 2.52% | 50,000 | Common | SOLE |
| 81141R100 | SE | SEA LTD | $2.5M | 2.32% | 19,480 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $2.3M | 2.12% | 3,447 | Common | SOLE |
| 37637K108 | GTLB | GITLAB INC | $2.0M | 1.89% | 54,000 | Common | SOLE |
| 754907103 | RYN | RAYONIER INC | $1.8M | 1.70% | 84,135 | Common | SOLE |
| 55024U109 | LITE | LUMENTUM HLDGS INC | $1.5M | 1.38% | 4,000 | Common | SOLE |
| 93403J106 | WRBY | WARBY PARKER INC | $958,760 | 0.90% | 44,000 | Common | SOLE |
| 71880K101 | PHIN | PHINIA INC | $520,515 | 0.49% | 8,303 | Common | SOLE |
| 71363P106 | PRDO | PERDOCEO ED CORP | $503,391 | 0.47% | 17,163 | Common | SOLE |
| 163072101 | CAKE | CHEESECAKE FACTORY INC | $501,973 | 0.47% | 9,944 | Common | SOLE |
| 268603107 | LOCO | EL POLLO LOCO HLDGS INC | $492,635 | 0.46% | 47,097 | Common | SOLE |
| 989817101 | ZUMZ | ZUMIEZ INC | $487,578 | 0.46% | 18,717 | Common | SOLE |
| 00436Q106 | ACEL | ACCEL ENTERTAINMENT INC | $485,324 | 0.45% | 42,535 | Common | SOLE |
| G81276100 | SIG | SIGNET JEWELERS LIMITED | $483,936 | 0.45% | 5,839 | Common | SOLE |
| 298736109 | EEFT | EURONET WORLDWIDE INC | $475,688 | 0.44% | 6,250 | Common | SOLE |
| 00971T101 | AKAM | AKAMAI TECHNOLOGIES INC | $473,593 | 0.44% | 5,428 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $473,495 | 0.44% | 1,659 | Common | SOLE |
| 747525103 | QCOM | QUALCOMM INC | $468,677 | 0.44% | 2,740 | Common | SOLE |
| 077454106 | BDC | BELDEN INC | $468,648 | 0.44% | 4,021 | Common | SOLE |
| 928881101 | VNT | VONTIER CORPORATION | $465,828 | 0.44% | 12,529 | Common | SOLE |
| 92663R105 | VMD | VIEMED HEALTHCARE INC | $465,512 | 0.43% | 62,653 | Common | SOLE |
| 894164102 | TNL | TRAVEL PLUS LEISURE CO | $464,440 | 0.43% | 6,585 | Common | SOLE |
| 743312100 | PRGS | PROGRESS SOFTWARE CORP | $464,011 | 0.43% | 10,801 | Common | SOLE |
| 668771108 | GEN | GEN DIGITAL INC | $463,916 | 0.43% | 17,062 | Common | SOLE |
| 55306N104 | MKSI | MKS INC. | $463,740 | 0.43% | 2,902 | Common | SOLE |
| 783549108 | R | RYDER SYS INC | $463,355 | 0.43% | 2,421 | Common | SOLE |
| 30041R108 | EVER | EVERQUOTE INC | $462,483 | 0.43% | 17,129 | Common | SOLE |
| 294268107 | PLUS | EPLUS INC | $462,267 | 0.43% | 5,271 | Common | SOLE |
| 45781M101 | INVA | INNOVIVA INC | $462,229 | 0.43% | 23,123 | Common | SOLE |
| 14888U101 | CPRX | CATALYST PHARMACEUTICALS INC | $460,078 | 0.43% | 19,712 | Common | SOLE |
| 87652V109 | TASK | TASKUS INC | $457,841 | 0.43% | 38,833 | Common | SOLE |
| 125523100 | CI | THE CIGNA GROUP | $456,607 | 0.43% | 1,659 | Common | SOLE |
| 811543107 | SEB | SEABOARD CORP DEL | $453,372 | 0.42% | 102 | Common | SOLE |
| 48123V102 | ZD | ZIFF DAVIS INC | $452,837 | 0.42% | 12,883 | Common | SOLE |
| 404251100 | HNI | HNI CORP | $451,341 | 0.42% | 10,736 | Common | SOLE |
| 172755100 | CRUS | CIRRUS LOGIC INC | $450,537 | 0.42% | 3,802 | Common | SOLE |
| 031652100 | AMKR | AMKOR TECHNOLOGY INC | $450,151 | 0.42% | 11,402 | Common | SOLE |
| 501044101 | KR | KROGER CO | $449,981 | 0.42% | 7,202 | Common | SOLE |
| 042735100 | ARW | ARROW ELECTRS INC | $449,865 | 0.42% | 4,083 | Common | SOLE |
| 35137L105 | FOXA | FOX CORP | $449,234 | 0.42% | 6,148 | Common | SOLE |
| 24703L202 | DELL | DELL TECHNOLOGIES INC | $448,636 | 0.42% | 3,564 | Common | SOLE |
| 98980L101 | ZNGA | ZOOM COMMUNICATIONS INC | $448,018 | 0.42% | 5,192 | Common | SOLE |
| 88033G407 | THC | TENET HEALTHCARE CORP | $446,524 | 0.42% | 2,247 | Common | SOLE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $446,146 | 0.42% | 6,713 | Common | SOLE |
| 224441105 | CXT | CRANE NXT CO | $445,800 | 0.42% | 9,471 | Common | SOLE |
| 19459J104 | COLL | COLLEGIUM PHARMACEUTICAL INC | $445,545 | 0.42% | 9,623 | Common | SOLE |
| 985817105 | YELP | YELP INC | $444,606 | 0.42% | 14,630 | Common | SOLE |
| 20603L102 | CON | CONCENTRA GROUP HOLDINGS PAR | $444,473 | 0.42% | 22,585 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $444,038 | 0.41% | 10,902 | Common | SOLE |
| 253651202 | DBD | DIEBOLD NIXDORF INC | $443,661 | 0.41% | 6,535 | Common | SOLE |
| 053807103 | AVT | AVNET INC | $443,586 | 0.41% | 9,226 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $443,566 | 0.41% | 4,214 | Common | SOLE |
| 458665304 | TILE | INTERFACE INC | $443,342 | 0.41% | 15,879 | Common | SOLE |
| 87162W100 | SNX | TD SYNNEX CORPORATION | $442,427 | 0.41% | 2,945 | Common | SOLE |
| 92343E102 | VRSN | VERISIGN INC | $441,926 | 0.41% | 1,819 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $441,428 | 0.41% | 3,880 | Common | SOLE |
| 681919106 | OMC | OMNICOM GROUP INC | $440,895 | 0.41% | 5,460 | Common | SOLE |
| 256677105 | DG | DOLLAR GEN CORP NEW | $439,203 | 0.41% | 3,308 | Common | SOLE |
| 192446102 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | $439,070 | 0.41% | 5,290 | Common | SOLE |
| 64110D104 | NTAP | NETAPP INC | $438,962 | 0.41% | 4,099 | Common | SOLE |
| 706915105 | PENG | PENGUIN SOLUTIONS INC | $438,437 | 0.41% | 22,415 | Common | SOLE |
| 830879102 | SKYW | SKYWEST INC | $438,290 | 0.41% | 4,365 | Common | SOLE |
| 219948106 | CPAY | CORPAY INC | $437,853 | 0.41% | 1,455 | Common | SOLE |
| 172967424 | C | CITIGROUP INC | $436,887 | 0.41% | 3,744 | Common | SOLE |
| 48716P108 | KRNY | KEARNY FINL CORP MD | $436,568 | 0.41% | 58,916 | Common | SOLE |
| 866683105 | SNCY | SUN CTRY AIRLS HLDGS INC | $435,110 | 0.41% | 30,237 | Common | SOLE |
| 466313103 | JBL | JABIL INC | $435,062 | 0.41% | 1,908 | Common | SOLE |
| 913903100 | UHS | UNIVERSAL HLTH SVCS INC | $434,296 | 0.41% | 1,992 | Common | SOLE |
| 800422107 | JBSS | SANFILIPPO JOHN B & SON INC | $433,484 | 0.40% | 6,140 | Common | SOLE |
| 12514G108 | CDW | CDW CORP | $433,388 | 0.40% | 3,182 | Common | SOLE |
| 57667L107 | MTCH | MATCH GROUP INC NEW | $430,135 | 0.40% | 13,321 | Common | SOLE |
| 40434L105 | HPQ | HP INC | $428,890 | 0.40% | 19,250 | Common | SOLE |
| 00108J109 | ACMR | ACM RESH INC | $427,835 | 0.40% | 10,845 | Common | SOLE |
| 45774W108 | IIIN | INSTEEL INDS INC | $427,577 | 0.40% | 13,501 | Common | SOLE |
| 989207105 | ZBRA | ZEBRA TECHNOLOGIES CORPORATI | $427,120 | 0.40% | 1,759 | Common | SOLE |
| 038222105 | AMAT | APPLIED MATLS INC | $427,117 | 0.40% | 1,662 | Common | SOLE |
| 05990K106 | BANC | BANC OF CALIFORNIA INC | $426,232 | 0.40% | 22,096 | Common | SOLE |
| 70450Y103 | PYPL | PAYPAL HLDGS INC | $426,174 | 0.40% | 7,300 | Common | SOLE |
| 302520101 | FNB | F N B CORP | $425,585 | 0.40% | 24,888 | Common | SOLE |
| 320866106 | FMBH | FIRST MID ILL BANCSHARES INC | $425,373 | 0.40% | 10,907 | Common | SOLE |
| 950810101 | WSBC | WESBANCO INC | $423,444 | 0.40% | 12,739 | Common | SOLE |
| 319383204 | BUSE | FIRST BUSEY CORP | $422,748 | 0.39% | 17,770 | Common | SOLE |
| 413197104 | HRMY | HARMONY BIOSCIENCES HLDGS IN | $422,285 | 0.39% | 11,285 | Common | SOLE |
| 254543101 | DIOD | DIODES INC | $421,906 | 0.39% | 8,551 | Common | SOLE |
| 729132100 | PLXS | PLEXUS CORP | $417,627 | 0.39% | 2,841 | Common | SOLE |
| 743606105 | PB | PROSPERITY BANCSHARES INC | $412,310 | 0.39% | 5,966 | Common | SOLE |
| 500643200 | KFY | KORN FERRY | $411,239 | 0.38% | 6,229 | Common | SOLE |
| 00206R102 | T | AT&T INC | $409,164 | 0.38% | 16,472 | Common | SOLE |
| 103304101 | BYD | BOYD GAMING CORP | $406,254 | 0.38% | 4,766 | Common | SOLE |
| Y2573F102 | FLEX | FLEX LTD | $405,358 | 0.38% | 6,709 | Common | SOLE |
| 14057J101 | CFFN | CAPITOL FED FINL INC | $404,616 | 0.38% | 59,415 | Common | SOLE |
| 919794107 | VLY | VALLEY NATL BANCORP | $404,350 | 0.38% | 34,619 | Common | SOLE |
| 75970E107 | RNST | RENASANT CORP | $402,565 | 0.38% | 11,430 | Common | SOLE |
| 43940T109 | HOPE | HOPE BANCORP INC | $401,728 | 0.38% | 36,654 | Common | SOLE |
| 084680107 | BBT | BEACON FINANCIAL CORP. | $401,589 | 0.38% | 15,229 | Common | SOLE |
| 00090Q103 | ADT | ADT INC DEL | $397,448 | 0.37% | 49,250 | Common | SOLE |
| 20786W107 | CNOB | CONNECTONE BANCORP INC | $396,289 | 0.37% | 15,114 | Common | SOLE |
| 872590104 | TMUS | T-MOBILE US INC | $393,288 | 0.37% | 1,937 | Common | SOLE |
| 128030202 | CALM | CAL MAINE FOODS INC | $391,007 | 0.37% | 4,914 | Common | SOLE |
| 45867G101 | IDCC | INTERDIGITAL INC | $388,105 | 0.36% | 1,219 | Common | SOLE |
| 343873105 | FFIC | FLUSHING FINL CORP | $387,897 | 0.36% | 25,570 | Common | SOLE |
| 876030107 | TPR | TAPESTRY INC | $383,310 | 0.36% | 3,000 | Common | SOLE |
| 670837103 | OGE | OGE ENERGY CORP | $347,365 | 0.32% | 8,135 | Common | SOLE |
| 736508847 | POR | PORTLAND GEN ELEC CO | $344,376 | 0.32% | 7,176 | Common | SOLE |
| 636180101 | NFG | NATIONAL FUEL GAS CO | $338,494 | 0.32% | 4,228 | Common | SOLE |
| 20602D101 | CNXC | CONCENTRIX CORP | $309,023 | 0.29% | 7,432 | Common | SOLE |
| 53222K205 | LFVN | LIFEVANTAGE CORP | $3,696 | 0.00% | 600 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.