Carmel Capital Management L.L.C.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Carmel Capital Management L.L.C. reported 25 stock positions worth $296.5 million. Its top holding was Vistra (VST) at 16.7% of the portfolio, followed by Broadcom (AVGO, 14.5%) and JPMorgan Chase (JPM, 6.0%). Compared with Q1 2025, it added to 7 and reduced 12. The biggest buy was KLA (KLAC, shares +0%) and the biggest sale Apple (AAPL, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, CA
- CIK
- 0001878547
- Portfolio Value
- $296.5M (Q2 2025)
- SEC Filing
- 0001754960-25-000538 ↗ filed Aug 5, 2025
Holdings Value
Holdings 25 stocks · $296.5M
| VST Vistra Corp. | 16.65% | 254,764 | $49.4M | Reduce -0.2% |
| AVGO Broadcom Inc. | 14.47% | 155,660 | $42.9M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 5.99% | 61,272 | $17.8M | Reduce -0.2% |
| AMAT Applied Materials Inc. | 5.38% | 87,085 | $15.9M | No change |
| C Citigroup Inc. | 5.00% | 174,225 | $14.8M | Add +0.3% |
| NXPI NXP Semiconductors NV | 4.32% | 58,577 | $12.8M | Reduce -0.1% |
| EWBC East West Bancorp Inc. | 4.15% | 121,895 | $12.3M | Add +0.3% |
| KLAC KLA Corp. | 4.02% | 13,303 | $11.9M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.91% | 23,885 | $11.6M | Reduce -0.6% |
| RTX RTX Corp. | 3.90% | 79,196 | $11.6M | No change |
| ASML ASML Holding NV-NY Reg SHS | 3.78% | 13,973 | $11.2M | Reduce -0.1% |
| AAPL Apple Inc. | 3.42% | 49,492 | $10.2M | Reduce -10.5% |
| AZO AutoZone Inc. | 3.13% | 2,503 | $9.3M | Reduce -0.1% |
| RSPN Invesco S&P 500 Equal Weight | 3.04% | 168,260 | $9.0M | Add +0.4% |
| FISV Fiserv Inc. | 2.72% | 46,860 | $8.1M | Add +0.5% |
| GPK Graphic Packaging Holding Co. | 2.67% | 375,675 | $7.9M | Add +0.5% |
| RBC RBC Bearings Inc. | 2.56% | 19,718 | $7.6M | Reduce -0.1% |
| VLO Valero Energy Corp. | 2.19% | 48,311 | $6.5M | No change |
| EPI Wisdomtree India Earnings | 2.07% | 129,405 | $6.1M | Add +0.3% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 1.97% | 97,890 | $5.9M | Reduce -0.1% |
| ENS Enersys | 1.91% | 66,095 | $5.7M | Reduce -0.3% |
| TER Teradyne Inc. | 1.73% | 57,159 | $5.1M | No change |
| SMH Vaneck Semiconductor ETF | 0.48% | 5,062 | $1.4M | No change |
| MSFT Microsoft Corp. | 0.43% | 2,539 | $1.3M | No change |
| GLD SPDR Gold Shares | 0.10% | 955 | $291K | Reduce -5.0% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -10.5% | 3.42% | −1.56 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 3.91% | −1.28 |
| AZO AutoZone Inc. | Reduce -0.1% | 3.13% | −0.75 |
| ENS Enersys | Reduce -0.3% | 1.91% | −0.55 |
| NXPI NXP Semiconductors NV | Reduce -0.1% | 4.32% | −0.21 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 5.99% | −0.12 |
| ROBO Robo Global Robotics and Aut | Reduce -0.1% | 1.97% | −0.07 |
| GLD SPDR Gold Shares | Reduce -5.0% | 0.10% | −0.02 |
| RBC RBC Bearings Inc. | Reduce -0.1% | 2.56% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -0.1% | 3.78% | +0.01 |
| AVGO Broadcom Inc. | Reduce -0.0% | 14.47% | +3.88 |
| VST Vistra Corp. | Reduce -0.2% | 16.65% | +4.48 |
Portfolio Buys Q1 2025 → Q2 2025
| KLAC KLA Corp. | Add +0.2% | 4.02% | +0.36 |
| C Citigroup Inc. | Add +0.3% | 5.00% | −0.01 |
| EPI Wisdomtree India Earnings | Add +0.3% | 2.07% | −0.22 |
| EWBC East West Bancorp Inc. | Add +0.3% | 4.15% | −0.28 |
| RSPN Invesco S&P 500 Equal Weight | Add +0.4% | 3.04% | −0.29 |
| GPK Graphic Packaging Holding Co. | Add +0.5% | 2.67% | −1.27 |
| FISV Fiserv Inc. | Add +0.5% | 2.72% | −1.45 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 28 | $456.4M | AMAT, AVGO, VST, ASML, KLAC |
| Q1 2026 | 25 | $349.2M | AVGO, VST, AMAT, C, ASML |
| Q4 2025 | 23 | $330.0M | AVGO, VST, AMAT, C, JPM |
| Q3 2025 | 25 | $329.0M | VST, AVGO, JPM, AMAT, C |
| Q2 2025 | 25 | $296.5M | VST, AVGO, JPM, AMAT, C |
| Q1 2025 | 25 | $246.3M | VST, AVGO, JPM, BRK.B, AMAT |
| Q4 2024 | 26 | $264.7M | AVGO, VST, JPM, AMAT, AAPL |
| Q3 2024 | 28 | $266.6M | VST, AVGO, AMAT, NXPI, AAPL |
| Q2 2024 | 27 | $256.7M | AVGO, VST, AMAT, NXPI, ASML |
| Q1 2024 | 30 | $243.4M | AVGO, VST, AMAT, NXPI, ASML |