Carmel Capital Management L.L.C.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Carmel Capital Management L.L.C. reported 25 stock positions worth $329.0 million. Its top holding was Vistra (VST) at 15.2% of the portfolio, followed by Broadcom (AVGO, 14.8%) and JPMorgan Chase (JPM, 5.9%). Compared with Q2 2025, it added to 20 and reduced 3. The biggest buy was Teradyne (TER, shares +4%) and the biggest sale Fiserv (FISV, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, CA
- CIK
- 0001878547
- Portfolio Value
- $329.0M (Q3 2025)
- SEC Filing
- 0001754960-25-000776 ↗ filed Nov 12, 2025
Holdings Value
Holdings 25 stocks · $329.0M
| VST Vistra Corp. | 15.24% | 255,907 | $50.1M | Add +0.5% |
| AVGO Broadcom Inc. | 14.79% | 147,450 | $48.6M | Reduce -5.3% |
| JPM JPMorgan Chase & Co. | 5.88% | 61,377 | $19.4M | Add +0.2% |
| AMAT Applied Materials Inc. | 5.72% | 91,833 | $18.8M | Add +5.5% |
| C Citigroup Inc. | 5.44% | 176,349 | $17.9M | Add +1.2% |
| KLAC KLA Corp. | 4.44% | 13,532 | $14.6M | Add +1.7% |
| NXPI NXP Semiconductors NV | 4.20% | 60,652 | $13.8M | Add +3.5% |
| ASML ASML Holding NV-NY Reg SHS | 4.18% | 14,198 | $13.7M | Add +1.6% |
| RTX RTX Corp. | 4.13% | 81,141 | $13.6M | Add +2.5% |
| EWBC East West Bancorp Inc. | 4.08% | 126,000 | $13.4M | Add +3.4% |
| AAPL Apple Inc. | 3.83% | 49,542 | $12.6M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.74% | 24,475 | $12.3M | Add +2.5% |
| AZO AutoZone Inc. | 3.32% | 2,548 | $10.9M | Add +1.8% |
| RSPN Invesco S&P 500 Equal Weight | 2.88% | 168,935 | $9.5M | Add +0.4% |
| VLO Valero Energy Corp. | 2.65% | 51,136 | $8.7M | Add +5.8% |
| TER Teradyne Inc. | 2.49% | 59,584 | $8.2M | Add +4.2% |
| RBC RBC Bearings Inc. | 2.34% | 19,723 | $7.7M | Add +0.0% |
| ENS Enersys | 2.28% | 66,295 | $7.5M | Add +0.3% |
| ROBO Robo Global Robotics and Aut filed as EXCHANGE TRADED CONCEPTS TRU | 1.96% | 98,140 | $6.4M | Add +0.3% |
| GPK Graphic Packaging Holding Co. | 1.83% | 308,050 | $6.0M | Reduce -18.0% |
| FISV Fiserv Inc. | 1.82% | 46,410 | $6.0M | Reduce -1.0% |
| EPI Wisdomtree India Earnings | 1.75% | 130,355 | $5.8M | Add +0.7% |
| SMH Vaneck Semiconductor ETF | 0.50% | 5,062 | $1.7M | No change |
| MSFT Microsoft Corp. | 0.40% | 2,539 | $1.3M | No change |
| GLD SPDR Gold Shares | 0.12% | 1,120 | $398K | Add +17.3% |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| TER Teradyne Inc. | Add +4.2% | 2.49% | +0.76 |
| VLO Valero Energy Corp. | Add +5.8% | 2.65% | +0.46 |
| C Citigroup Inc. | Add +1.2% | 5.44% | +0.44 |
| KLAC KLA Corp. | Add +1.7% | 4.44% | +0.42 |
| AAPL Apple Inc. | Add +0.1% | 3.83% | +0.41 |
| ASML ASML Holding NV-NY Reg SHS | Add +1.6% | 4.18% | +0.40 |
| ENS Enersys | Add +0.3% | 2.28% | +0.36 |
| AMAT Applied Materials Inc. | Add +5.5% | 5.72% | +0.34 |
| RTX RTX Corp. | Add +2.5% | 4.13% | +0.23 |
| AZO AutoZone Inc. | Add +1.8% | 3.32% | +0.19 |
| GLD SPDR Gold Shares | Add +17.3% | 0.12% | +0.02 |
| ROBO Robo Global Robotics and Aut | Add +0.3% | 1.96% | −0.02 |
| EWBC East West Bancorp Inc. | Add +3.4% | 4.08% | −0.07 |
| JPM JPMorgan Chase & Co. | Add +0.2% | 5.88% | −0.11 |
| NXPI NXP Semiconductors NV | Add +3.5% | 4.20% | −0.12 |
| RSPN Invesco S&P 500 Equal Weight | Add +0.4% | 2.88% | −0.16 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.5% | 3.74% | −0.17 |
| RBC RBC Bearings Inc. | Add +0.0% | 2.34% | −0.22 |
| EPI Wisdomtree India Earnings | Add +0.7% | 1.75% | −0.32 |
| VST Vistra Corp. | Add +0.5% | 15.24% | −1.41 |
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 |