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Livermore
Livermore
ZHEN

Watershed Asset Management, L.L.C.

SEC CIK
0001315926
Latest filing
Aug 14, 2026

The latest 13F from Watershed Asset Management, L.L.C. covers Q2 2026 (filed Aug 14, 2026): 116 long positions worth $111.8M. The top 10 holdings make up 36.6% of the portfolio, and the largest is Visa Inc. (V) at 4.8%. Livermore has 12 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
27
Est. +$27.4M
Added
36
Est. +$7.64M
Reduced
32
Est. −$11.8M
Sold out
29
Est. −$22.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. VVisa Inc.
    4.8%$5.35MHistory
  2. Vanguard Ftse All-World Ex-US Index Fund922042775
    4.7%$5.28M
  3. TMOThermo Fisher Scientific Inc.
    4.1%$4.59MHistory
  4. AMZNAmazon Com Inc
    4.0%$4.48MHistory
  5. MCOMoodys Corp
    3.7%$4.19MHistory

Share of portfolio

Top 5 holdings and the other 111 positions, by share of portfolio value

  1. V4.8%
  2. Vanguard Ftse All-World Ex-US Index Fund4.7%
  3. TMO4.1%
  4. AMZN4.0%
  5. MCO3.7%
  6. Other 111 positions78.6%

Biggest buys

New and added positions, by estimated amount bought

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +$3.53MNewHistory
  2. SESea Ltd
    +$2.71MNewHistory
  3. RGENRepligen Corp
    +$2.57MNewHistory
  4. DASHDoorDash, Inc.
    +$2.42MNewHistory
  5. ADIAnalog Devices Inc
    +$2.38MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +3.16 pp0.0% → 3.2%History
  2. SESea Ltd
    +2.43 pp0.0% → 2.4%History
  3. RGENRepligen Corp
    +2.29 pp0.0% → 2.3%History
  4. DASHDoorDash, Inc.
    +2.16 pp0.0% → 2.2%History
  5. ADIAnalog Devices Inc
    +2.13 pp0.0% → 2.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMATApplied Materials Inc
    −$3.43MReducedHistory
  2. MELIMercadolibre Inc
    −$2.62MSold outHistory
  3. KLACKLA Corp
    −$2.47MReducedConverted for a 10-for-1 splitHistory
  4. TERTeradyne, Inc
    −$2.20MReducedHistory
  5. INTCIntel Corp
    −$2.01MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MELIMercadolibre Inc
    −2.71 pp2.7% → 0.0%History
  2. INTCIntel Corp
    −2.09 pp2.1% → 0.0%History
  3. Direxion Shares ETF Trust25459Y207
    −2.06 pp2.1% → 0.0%
  4. NVDANVIDIA Corp
    −1.97 pp2.0% → 0.0%History
  5. DHRDanaher Corp
    −1.85 pp1.8% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$111.8M
+$15.3M (+15.9%) vs. prior quarter
Positions
116
−2 vs. prior quarter
Top 10 concentration
36.6%
Top 10 as share of value
Turnover
33.2%
Q2 2026, one quarter
Average holding period
2.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

12 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $111.8M (Q2 2026)

Q4 2021: $111.0MQ1 2022: $98.8MQ2 2022: $80.8MQ3 2022: $76.7MQ4 2022: $78.9MQ1 2023: $82.5MQ2 2023: $80.7MQ3 2023: $83.5MQ4 2023: $85.7MQ4 2025: $107.1MQ1 2026: $96.5MQ2 2026: $111.8M
Q4 2021Q2 2026
13F filings of Watershed Asset Management, L.L.C. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026116$111.8MVVanguard Ftse All-World Ex-US Index FundTMOvs. Q1 2026SEC
Q1 2026May 6, 2026118$96.5MVanguard Ftse All-World Ex-US Index FundViShares Incvs. Q4 2025SEC
Q4 2025Feb 17, 2026118$107.1MDirexion Shares ETF TrustVanguard Ftse All-World Ex-US Index FundV–SEC
Q4 2023Feb 2, 2024116$85.7MVanguard Ftse All-World Ex-US Index FundSPYiShares MSCI India ETFvs. Q3 2023SEC
Q3 2023Oct 30, 2023119$83.5MVanguard Ftse All-World Ex-US Index FundSPYiShares MSCI India ETFvs. Q2 2023SEC
Q2 2023Jul 28, 2023116$80.7MVanguard Ftse All-World Ex-US Index FundSPYiShares MSCI India ETFvs. Q1 2023SEC
Q1 2023May 5, 2023117$82.5MVanguard Ftse All-World Ex-US Index FundSPYMSFTvs. Q4 2022SEC
Q4 2022Feb 3, 2023115$78.9MVanguard Ftse All-World Ex-US Index FundSPYiShares Trvs. Q3 2022SEC
Q3 2022Nov 14, 2022120$76.7MiShares MSCI Eafe ETFiShares TriShares Russell 2000 ETFvs. Q2 2022SEC
Q2 2022Aug 5, 2022118$80.8MiShares MSCI Eafe ETFiShares TriShares Trvs. Q1 2022SEC
Q1 2022May 13, 2022123$98.8MVanguard Ftse All-World Ex-US Index FundiShares TriShares Trvs. Q4 2021SEC
Q4 2021Feb 11, 2022122$111.0MVanguard Ftse All-World Ex-US Index FundVanguard S&P 500 ETFiShares Tr–SEC