# EDGAR Filing Document

**Accession Number:** 0001315926
**File Stem:** 0000950123-23-000691
**Filing Date:** 2023-2
**Character Count:** 14549
**Document Hash:** adf1edb2874349fbe8aed98867fc50c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-000691.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0000950123-23-000691

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Watershed Asset Management, L.L.C.
- **CENTRAL INDEX KEY:** 0001315926
- **IRS NUMBER:** 300012121
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11095
- **FILM NUMBER:** 23583624

**BUSINESS ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET, SUITE 1701
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108
- **BUSINESS PHONE:** (415) 391-8900

**MAIL ADDRESS:**
- **STREET 1:** 601 CALIFORNIA STREET, SUITE 1701
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Watershed Asset Management L.L.C.<br>**Address:** 601 California Street Suite 1701<br>San Francisco, CA 94108

**Form 13F File Number:** 028-11095

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Meridee Moore<br>**Title:** Senior Managing Member<br>**Phone:** 415-391-8900

**Signature, Place, and Date of Signing:**

/s/ Meridee Moore  San Francisco, CA  02-03-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 115

**Form 13F Information Table Value Total:** $78907653

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 280717 | 1737 | SH |  | SOLE |  | 1737 | 0 | 0 |
| ACM RESH INC | COM CL A | 00108J109 |  | 227299 | 29481 | SH |  | SOLE |  | 29481 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1092000 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| AMKOR TECHNOLOGY INC | COM | 031652100 |  | 224860 | 9377 | SH |  | SOLE |  | 9377 | 0 | 0 |
| AMN HEALTHCARE SVCS INC | COM | 001744101 |  | 211398 | 2056 | SH |  | SOLE |  | 2056 | 0 | 0 |
| AMPHASTAR PHARMACEUTICALS IN | COM | 03209R103 |  | 267731 | 9555 | SH |  | SOLE |  | 9555 | 0 | 0 |
| ANDERSONS INC | COM | 034164103 |  | 252803 | 7225 | SH |  | SOLE |  | 7225 | 0 | 0 |
| ARCBEST CORP | COM | 03937C105 |  | 220486 | 3148 | SH |  | SOLE |  | 3148 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 266131 | 2545 | SH |  | SOLE |  | 2545 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 250457 | 10847 | SH |  | SOLE |  | 10847 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 246008 | 2169 | SH |  | SOLE |  | 2169 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 1261064 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 243035 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| AVANOS MED INC | COM | 05350V106 |  | 275038 | 10164 | SH |  | SOLE |  | 10164 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 260041 | 6254 | SH |  | SOLE |  | 6254 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 250815 | 5510 | SH |  | SOLE |  | 5510 | 0 | 0 |
| BENCHMARK ELECTRS INC | COM | 08160H101 |  | 254649 | 9541 | SH |  | SOLE |  | 9541 | 0 | 0 |
| BLACKROCK CAP INVT CORP | COM | 092533108 |  | 687358 | 189878 | SH |  | SOLE |  | 189878 | 0 | 0 |
| BLUE FOUNDRY BANCORP | COM | 09549B104 |  | 252644 | 19661 | SH |  | SOLE |  | 19661 | 0 | 0 |
| CARS COM INC | COM | 14575E105 |  | 267138 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| CARTER BANKSHARES INC | COM NEW | 146103106 |  | 226736 | 13667 | SH |  | SOLE |  | 13667 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 |  | 291965 | 6372 | SH |  | SOLE |  | 6372 | 0 | 0 |
| CHICOS FAS INC | COM | 168615102 |  | 242030 | 49193 | SH |  | SOLE |  | 49193 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 287603 | 868 | SH |  | SOLE |  | 868 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 262677 | 6672 | SH |  | SOLE |  | 6672 | 0 | 0 |
| COCA COLA CONS INC | COM | 191098102 |  | 270526 | 528 | SH |  | SOLE |  | 528 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 267020 | 4669 | SH |  | SOLE |  | 4669 | 0 | 0 |
| CONCENTRIX CORP | COM | 20602D101 |  | 290156 | 2179 | SH |  | SOLE |  | 2179 | 0 | 0 |
| COVENANT LOGISTICS GROUP INC | CL A | 22284P105 |  | 233520 | 6755 | SH |  | SOLE |  | 6755 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 1322846 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| CROSS CTRY HEALTHCARE INC | COM | 227483104 |  | 193669 | 7289 | SH |  | SOLE |  | 7289 | 0 | 0 |
| DIODES INC | COM | 254543101 |  | 250881 | 3295 | SH |  | SOLE |  | 3295 | 0 | 0 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 231963 | 21801 | SH |  | SOLE |  | 21801 | 0 | 0 |
| EAGLE PHARMACEUTICALS INC | COM | 269796108 |  | 267396 | 9148 | SH |  | SOLE |  | 9148 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 265205 | 517 | SH |  | SOLE |  | 517 | 0 | 0 |
| ENCORE WIRE CORP | COM | 292562105 |  | 250222 | 1819 | SH |  | SOLE |  | 1819 | 0 | 0 |
| ENSIGN GROUP INC | COM | 29358P101 |  | 280235 | 2962 | SH |  | SOLE |  | 2962 | 0 | 0 |
| ETHAN ALLEN INTERIORS INC | COM | 297602104 |  | 251096 | 9504 | SH |  | SOLE |  | 9504 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 275778 | 2922 | SH |  | SOLE |  | 2922 | 0 | 0 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 134221 | 10176 | SH |  | SOLE |  | 10176 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 248903 | 19073 | SH |  | SOLE |  | 19073 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 265950 | 8757 | SH |  | SOLE |  | 8757 | 0 | 0 |
| FRONTLINE LTD | SHS NEW | G3682E192 |  | 861940 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 225960 | 6717 | SH |  | SOLE |  | 6717 | 0 | 0 |
| HANMI FINL CORP | COM NEW | 410495204 |  | 251064 | 10144 | SH |  | SOLE |  | 10144 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 272803 | 17726 | SH |  | SOLE |  | 17726 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 274129 | 17176 | SH |  | SOLE |  | 17176 | 0 | 0 |
| ICHOR HOLDINGS | SHS | G4740B105 |  | 255058 | 9510 | SH |  | SOLE |  | 9510 | 0 | 0 |
| IHEARTMEDIA INC | COM CL A | 45174J509 |  | 54680 | 8920 | SH |  | SOLE |  | 8920 | 0 | 0 |
| INSIGHT ENTERPRISES INC | COM | 45765U103 |  | 285870 | 2851 | SH |  | SOLE |  | 2851 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 278110 | 11412 | SH |  | SOLE |  | 11412 | 0 | 0 |
| IRONWOOD PHARMACEUTICALS INC | COM CL A | 46333X108 |  | 289505 | 23366 | SH |  | SOLE |  | 23366 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 3946136 | 41200 | SH |  | SOLE |  | 41200 | 0 | 0 |
| JABIL INC | COM | 466313103 |  | 272391 | 3994 | SH |  | SOLE |  | 3994 | 0 | 0 |
| JAKKS PAC INC | COM NEW | 47012E403 |  | 210562 | 12039 | SH |  | SOLE |  | 12039 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS EUR | 46641Q191 |  | 2425000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| KIMBALL ELECTRONICS INC | COM | 49428J109 |  | 270515 | 11975 | SH |  | SOLE |  | 11975 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 231326 | 5189 | SH |  | SOLE |  | 5189 | 0 | 0 |
| LA Z BOY INC | COM | 505336107 |  | 239633 | 10501 | SH |  | SOLE |  | 10501 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 261002 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 263652 | 4520 | SH |  | SOLE |  | 4520 | 0 | 0 |
| M/I HOMES INC | COM | 55305B101 |  | 261425 | 5661 | SH |  | SOLE |  | 5661 | 0 | 0 |
| MARCUS CORP DEL | COM | 566330106 |  | 243637 | 16931 | SH |  | SOLE |  | 16931 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 3781564 | 10875 | SH |  | SOLE |  | 10875 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 880090 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 262862 | 2851 | SH |  | SOLE |  | 2851 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3249561 | 13550 | SH |  | SOLE |  | 13550 | 0 | 0 |
| MIDLAND STATES BANCORP INC | COM | 597742105 |  | 238489 | 8959 | SH |  | SOLE |  | 8959 | 0 | 0 |
| MODIVCARE INC | COM | 60783X104 |  | 284534 | 3171 | SH |  | SOLE |  | 3171 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 281678 | 853 | SH |  | SOLE |  | 853 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 275608 | 4354 | SH |  | SOLE |  | 4354 | 0 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 234488 | 27266 | SH |  | SOLE |  | 27266 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 264995 | 1514 | SH |  | SOLE |  | 1514 | 0 | 0 |
| OCEANFIRST FINL CORP | COM | 675234108 |  | 245884 | 11571 | SH |  | SOLE |  | 11571 | 0 | 0 |
| OCWEN FINL CORP | COM NEW | 675746606 |  | 237117 | 7754 | SH |  | SOLE |  | 7754 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 250030 | 13906 | SH |  | SOLE |  | 13906 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 270405 | 3315 | SH |  | SOLE |  | 3315 | 0 | 0 |
| OTTER TAIL CORP | COM | 689648103 |  | 266837 | 4545 | SH |  | SOLE |  | 4545 | 0 | 0 |
| OWENS CORNING NEW | COM | 690742101 |  | 259312 | 3040 | SH |  | SOLE |  | 3040 | 0 | 0 |
| PC CONNECTION INC | COM | 69318J100 |  | 228731 | 4877 | SH |  | SOLE |  | 4877 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 241931 | 14375 | SH |  | SOLE |  | 14375 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 230917 | 9731 | SH |  | SOLE |  | 9731 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 301693 | 6157 | SH |  | SOLE |  | 6157 | 0 | 0 |
| PRICESMART INC | COM | 741511109 |  | 243059 | 3999 | SH |  | SOLE |  | 3999 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 258201 | 5671 | SH |  | SOLE |  | 5671 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 245716 | 2235 | SH |  | SOLE |  | 2235 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 2537920 | 77000 | SH |  | SOLE |  | 77000 | 0 | 0 |
| RBB BANCORP | COM | 74930B105 |  | 249137 | 11949 | SH |  | SOLE |  | 11949 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 255473 | 3057 | SH |  | SOLE |  | 3057 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 249040 | 4347 | SH |  | SOLE |  | 4347 | 0 | 0 |
| SCANSOURCE INC | COM | 806037107 |  | 260496 | 8915 | SH |  | SOLE |  | 8915 | 0 | 0 |
| SEABOARD CORP DEL | COM | 811543107 |  | 252939 | 67 | SH |  | SOLE |  | 67 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 236498 | 7024 | SH |  | SOLE |  | 7024 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5318072 | 13906 | SH |  | SOLE |  | 13906 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM | 86800U104 |  | 263952 | 3215 | SH |  | SOLE |  | 3215 | 0 | 0 |
| SURGERY PARTNERS INC | COM | 86881A100 |  | 276511 | 9925 | SH |  | SOLE |  | 9925 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 264354 | 2778 | SH |  | SOLE |  | 2778 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 256916 | 14289 | SH |  | SOLE |  | 14289 | 0 | 0 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 277216 | 18383 | SH |  | SOLE |  | 18383 | 0 | 0 |
| ULTRA CLEAN HLDGS INC | COM | 90385V107 |  | 267719 | 8076 | SH |  | SOLE |  | 8076 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 274197 | 986 | SH |  | SOLE |  | 986 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 246960 | 6019 | SH |  | SOLE |  | 6019 | 0 | 0 |
| UTAH MED PRODS INC | COM | 917488108 |  | 272637 | 2712 | SH |  | SOLE |  | 2712 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 22061600 | 440000 | SH |  | SOLE |  | 440000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 2611660 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| VECTOR GROUP LTD | COM | 92240M108 |  | 274559 | 23150 | SH |  | SOLE |  | 23150 | 0 | 0 |
| VERITIV CORP | COM | 923454102 |  | 244515 | 2009 | SH |  | SOLE |  | 2009 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1568588 | 7550 | SH |  | SOLE |  | 7550 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | COM | 928298108 |  | 251247 | 11648 | SH |  | SOLE |  | 11648 | 0 | 0 |
| VISHAY PRECISION GROUP INC | COM | 92835K103 |  | 260230 | 6733 | SH |  | SOLE |  | 6733 | 0 | 0 |
| WEIS MKTS INC | COM | 948849104 |  | 242591 | 2948 | SH |  | SOLE |  | 2948 | 0 | 0 |
| WESTERN NEW ENG BANCORP INC | COM | 958892101 |  | 254370 | 26889 | SH |  | SOLE |  | 26889 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 279842 | 1710 | SH |  | SOLE |  | 1710 | 0 | 0 |
| WINNEBAGO INDS INC | COM | 974637100 |  | 228560 | 4337 | SH |  | SOLE |  | 4337 | 0 | 0 |
| YELP INC | CL A | 985817105 |  | 259484 | 9491 | SH |  | SOLE |  | 9491 | 0 | 0 |

---