Watershed Asset Management, L.L.C.

CIK 0001315926 • 3 13F filings • Feb 17, 2026 – Aug 14, 2026

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Filer information

Filed by: Watershed Asset Management, L.L.C., Senior Managing Member
Address: 601 California Street, Suite 1701, San Francisco, CA, 94108
Phone: 415-391-8900
AUM: $107.1M

AUM over time

$111.8M latest

Sector allocation over time

Past 3 quarters

Q4 2025

Q2 2026

Q1 2026

TechnologyHealthcareConsumer DiscretionaryFinancialsCommunicationOther

Holdings by filing

Portfolio value: $107.1M118 positionsView on SEC.gov

			% of Portfolio
ACCEL ENTERTAINMENT INC	COM CL A1	$485K	0.5%Prev: 0.4%	42,535 SH	Increased+4,489 SH
ACM RESH INC	COM CL A	$428K	0.4%	10,845 SH	New
ADT INC DEL	COM	$397K	0.4%	49,250 SH	New
AKAMAI TECHNOLOGIES INC	COM	$474K	0.4%	5,428 SH	New
AMKOR TECHNOLOGY INC	COM	$450K	0.4%Prev: 0.5%	11,402 SH	Decreased+4,686 SH
APPLIED MATLS INC	COM	$427K	0.4%Prev: 2.4%	1,662 SH	Decreased-2,088 SH
ARROW ELECTRS INC	COM	$450K	0.4%Prev: 0.5%	4,083 SH	Decreased+1,703 SH
AT&T INC	COM	$409K	0.4%	16,472 SH	New
AVNET INC	COM	$444K	0.4%Prev: 0.5%	9,226 SH	Decreased+3,232 SH
BANC OF CALIFORNIA INC	COM	$426K	0.4%Prev: 0.4%	22,096 SH	Decreased-2,259 SH
BEACON FINANCIAL CORP.	COM	$402K	0.4%Prev: 0.4%	15,229 SH	Decreased-1,090 SH
BELDEN INC	COM	$469K	0.4%Prev: 0.5%	4,021 SH	Decreased-538 SH
BOYD GAMING CORP	COM	$406K	0.4%Prev: 0.4%	4,766 SH	Decreased-240 SH
CAL MAINE FOODS INC	COM NEW	$391K	0.4%	4,914 SH	New
CAPITOL FED FINL INC	COM	$405K	0.4%Prev: 0.4%	59,415 SH	Decreased+450 SH
CATALYST PHARMACEUTICALS INC	COM	$460K	0.4%	19,712 SH	New
CDW CORP	COM	$433K	0.4%Prev: 0.5%	3,182 SH	Decreased-978 SH
CHEESECAKE FACTORY INC	COM	$502K	0.5%	9,944 SH	New
CIRRUS LOGIC INC	COM	$451K	0.4%Prev: 0.5%	3,802 SH	Decreased+204 SH
CITIGROUP INC	COM NEW	$437K	0.4%	3,744 SH	New
COGNIZANT TECHNOLOGY SOLUTIO	CL A	$439K	0.4%	5,290 SH	New
COLLEGIUM PHARMACEUTICAL INC	COM	$446K	0.4%Prev: 0.5%	9,623 SH	Decreased-5,347 SH
CONCENTRA GROUP HOLDINGS PAR	COMMON STOCK	$444K	0.4%Prev: 0.5%	22,585 SH	Decreased+5,300 SH
CONCENTRIX CORP	COM	$309K	0.3%	7,432 SH	New
CONNECTONE BANCORP INC	COM	$396K	0.4%Prev: 0.4%	15,114 SH	Decreased+212 SH
CORPAY INC	COM SHS	$438K	0.4%Prev: 0.5%	1,455 SH	Decreased-205 SH
CRANE NXT CO	COM	$446K	0.4%Prev: 0.6%	9,471 SH	Decreased-2,747 SH
DELL TECHNOLOGIES INC	CL C	$449K	0.4%	3,564 SH	New
DIEBOLD NIXDORF INC	COM SHS	$444K	0.4%Prev: 0.5%	6,535 SH	Decreased-37 SH
DIODES INC	COM	$422K	0.4%	8,551 SH	New
DIREXION SHS ETF TR	NAS100 EQL WGT	$11.9M	11.1%	116,700 SH	New
DISNEY WALT CO	COM	$441K	0.4%	3,880 SH	New
DOLLAR GEN CORP NEW	COM	$439K	0.4%	3,308 SH	New
DUTCH BROS INC	CL A	$3.5M	3.3%	57,200 SH	New
EL POLLO LOCO HLDGS INC	COM	$493K	0.5%Prev: 0.4%	47,097 SH	Increased+18,499 SH
EPLUS INC	COM	$462K	0.4%Prev: 0.5%	5,271 SH	Decreased-1,428 SH
EURONET WORLDWIDE INC	COM	$476K	0.4%Prev: 0.5%	6,250 SH	Decreased-1,700 SH
EVERQUOTE INC	COM CL A	$462K	0.4%Prev: 0.4%	17,129 SH	Decreased-3,187 SH
F N B CORP	COM	$426K	0.4%Prev: 0.4%	24,888 SH	Decreased
FIDELITY NATL INFORMATION SV	COM	$446K	0.4%	6,713 SH	New
FIRST BUSEY CORP	COM NEW	$423K	0.4%Prev: 0.5%	17,770 SH	Decreased
FIRST MID ILL BANCSHARES INC	COM	$425K	0.4%	10,907 SH	New
FLEX LTD	ORD	$405K	0.4%	6,709 SH	New
FLUSHING FINL CORP	COM	$388K	0.4%	25,570 SH	New
FOX CORP	CL A COM	$449K	0.4%	6,148 SH	New
GEN DIGITAL INC	COM	$464K	0.4%Prev: 0.5%	17,062 SH	Decreased-4,356 SH
GITLAB INC	CLASS A COM	$2.0M	1.9%	54,000 SH	New
HARMONY BIOSCIENCES HLDGS IN	COM	$422K	0.4%	11,285 SH	New
HNI CORP	COM	$451K	0.4%	10,736 SH	New
HOPE BANCORP INC	COM	$402K	0.4%Prev: 0.4%	36,654 SH	Decreased
HP INC	COM	$429K	0.4%Prev: 0.4%	19,250 SH	Decreased-2,453 SH
INNOVIVA INC	COM	$462K	0.4%Prev: 0.4%	23,123 SH	Decreased+2,757 SH
INSTEEL INDS INC	COM	$428K	0.4%	13,501 SH	New
INTERDIGITAL INC	COM	$388K	0.4%	1,219 SH	New
INTERFACE INC	COM	$443K	0.4%Prev: 0.5%	15,879 SH	Decreased+1,135 SH
ISHARES INC	MSCI MEXICO ETF	$3.7M	3.5%Prev: 3.6%	53,500 SH	Decreased
ISHARES TR	MSCI INDIA ETF	$2.7M	2.5%Prev: 2.2%	50,000 SH	Increased
JABIL INC	COM	$435K	0.4%Prev: 0.5%	1,908 SH	Decreased+444 SH
KEARNY FINL CORP MD	COM	$437K	0.4%Prev: 0.5%	58,916 SH	Decreased
KORN FERRY	COM NEW	$411K	0.4%Prev: 0.4%	6,229 SH	Decreased-1,081 SH
KROGER CO	COM	$450K	0.4%	7,202 SH	New
LIFEVANTAGE CORP	COM NEW	$4K	0.0%	600 SH	New
LUMENTUM HLDGS INC	COM	$1.5M	1.4%	4,000 SH	New
MATCH GROUP INC NEW	COM	$430K	0.4%Prev: 0.5%	13,321 SH	Decreased-85 SH
MERCADOLIBRE INC	COM	$3.1M	2.8%	1,515 SH	New
MERCK & CO INC	COM	$444K	0.4%	4,214 SH	New
META PLATFORMS INC	CL A	$2.3M	2.1%Prev: 3.2%	3,447 SH	Decreased-2,940 SH
MICRON TECHNOLOGY INC	COM	$473K	0.4%	1,659 SH	New
MICROSOFT CORP	COM	$4.5M	4.2%	9,300 SH	New
MKS INC.	COM	$464K	0.4%	2,902 SH	New
MONDAY COM LTD	SHS	$3.1M	2.9%	20,750 SH	New
NATIONAL FUEL GAS CO	COM	$338K	0.3%Prev: 0.3%	4,228 SH	Decreased-444 SH
NETAPP INC	COM	$439K	0.4%Prev: 0.5%	4,099 SH	Decreased+674 SH
OGE ENERGY CORP	COM	$347K	0.3%	8,135 SH	New
OMNICOM GROUP INC	COM	$441K	0.4%	5,460 SH	New
PAYPAL HLDGS INC	COM	$426K	0.4%	7,300 SH	New
PENGUIN SOLUTIONS INC	COM	$438K	0.4%	22,415 SH	New
PERDOCEO ED CORP	COM	$503K	0.5%Prev: 0.4%	17,163 SH	Increased+4,076 SH
PHINIA INC	COMMON STOCK	$521K	0.5%Prev: 0.4%	8,303 SH	Increased+2,993 SH
PLEXUS CORP	COM	$418K	0.4%	2,841 SH	New
PORTLAND GEN ELEC CO	COM NEW	$344K	0.3%	7,176 SH	New
PROGRESS SOFTWARE CORP	COM	$464K	0.4%	10,801 SH	New
PROSPERITY BANCSHARES INC	COM	$412K	0.4%Prev: 0.4%	5,966 SH	Decreased-678 SH
QUALCOMM INC	COM	$469K	0.4%	2,740 SH	New
RAYONIER INC	COM	$1.8M	1.7%	84,135 SH	New
RENASANT CORP	COM	$403K	0.4%Prev: 0.4%	11,430 SH	Decreased
RYDER SYS INC	COM	$463K	0.4%Prev: 0.5%	2,421 SH	Decreased+422 SH
S&P GLOBAL INC	COM	$3.2M	3.0%	6,200 SH	New
SANFILIPPO JOHN B & SON INC	COM	$433K	0.4%	6,140 SH	New
SEA LTD	SPONSORD ADS	$2.5M	2.3%Prev: 2.4%	19,480 SH	Decreased-8,820 SH
SEABOARD CORP DEL	COM	$453K	0.4%	102 SH	New
SIGNET JEWELERS LIMITED	SHS	$484K	0.5%	5,839 SH	New
SKYWEST INC	COM	$438K	0.4%Prev: 0.5%	4,365 SH	Decreased-1,127 SH
SUN CTRY AIRLS HLDGS INC	COM	$435K	0.4%	30,237 SH	New
T-MOBILE US INC	COM	$393K	0.4%	1,937 SH	New
TAPESTRY INC	COM	$383K	0.4%	3,000 SH	New
TASKUS INC	CLASS A COM	$458K	0.4%	38,833 SH	New
TD SYNNEX CORPORATION	COM	$442K	0.4%Prev: 0.5%	2,945 SH	Decreased+1,002 SH
TENET HEALTHCARE CORP	COM NEW	$447K	0.4%Prev: 0.5%	2,247 SH	Decreased-501 SH
THE CIGNA GROUP	COM	$457K	0.4%Prev: 0.4%	1,659 SH	Decreased-164 SH
THERMO FISHER SCIENTIFIC INC	COM	$3.1M	2.9%Prev: 4.1%	5,400 SH	Decreased-3,750 SH
TRAVEL PLUS LEISURE CO	COM	$464K	0.4%	6,585 SH	New
UNIVERSAL HLTH SVCS INC	CL B	$434K	0.4%Prev: 0.5%	1,992 SH	Decreased-1,456 SH
VALLEY NATL BANCORP	COM	$404K	0.4%Prev: 0.4%	34,619 SH	Decreased+1,285 SH
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	$5.6M	5.2%Prev: 4.7%	75,739 SH	Increased+12,648 SH
VERISIGN INC	COM	$442K	0.4%	1,819 SH	New
VERIZON COMMUNICATIONS INC	COM	$444K	0.4%Prev: 0.4%	10,902 SH	Decreased-15 SH
VIEMED HEALTHCARE INC	COM	$466K	0.4%Prev: 0.5%	62,653 SH	Decreased+13,166 SH
VISA INC	COM CL A	$5.4M	5.1%Prev: 4.8%	15,500 SH	Increased-100 SH
VONTIER CORPORATION	COM	$466K	0.4%Prev: 0.5%	12,529 SH	Decreased-5,491 SH
WARBY PARKER INC	CL A COM	$959K	0.9%Prev: 1.9%	44,000 SH	Decreased-26,500 SH
WESBANCO INC	COM	$423K	0.4%Prev: 0.4%	12,739 SH	Decreased
WESTERN DIGITAL CORP	COM	$3.0M	2.8%	17,400 SH	New
YELP INC	CL A	$445K	0.4%	14,630 SH	New
ZEBRA TECHNOLOGIES CORPORATI	CL A	$427K	0.4%	1,759 SH	New
ZIFF DAVIS INC	COM	$453K	0.4%	12,883 SH	New
ZOOM COMMUNICATIONS INC	CL A	$448K	0.4%Prev: 0.5%	5,192 SH	Decreased-1,013 SH
ZUMIEZ INC	COM	$488K	0.5%Prev: 0.3%	18,717 SH	Increased+663 SH

Sold (vs prior filing)

ACADEMY SPORTS & OUTDOORS IN — $413K
ADOBE INC — $566K
AMAZON COM INC — $4.5M
AMDOCS LTD — $464K
ANALOG DEVICES INC — $2.4M
ANI PHARMACEUTICALS INC — $519K
BLACKBAUD INC — $574K
BUCKLE INC — $379K
CARGURUS INC — $569K
CARS COM INC — $536K
CASS INFORMATION SYS INC — $555K
CONSENSUS CLOUD SOLUTIONS IN — $595K
DAVITA INC — $576K
DELUXE CORP MEDIUM TERM NTS — $462K
DOORDASH INC — $2.4M
DOUBLEVERIFY HLDGS INC — $488K
ENNIS INC — $532K
EPAM SYS INC — $539K
EVERSOURCE ENERGY — $355K
FIRST MERCHANTS CORP — $487K
… and 36 more

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Feb 17, 2026	Q4 2025	13F-HR	0000935836-26-000095	$107.1M	View
Aug 14, 2026	Q2 2026	13F-HR	0000935836-26-000411	$111.8M	View
May 6, 2026	Q1 2026