NBW Capital LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), NBW Capital LLC reported 111 stock positions worth $463.6 million. Its top holding was Microsoft (MSFT) at 3.9% of the portfolio, followed by Cheniere Energy (LNG, 3.8%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q1 2025, it opened 19 new positions, sold out of 8, added to 47 and reduced 41. The biggest buy was a new position in Exact Sciences (EXAS) and the biggest sale an exit from Masco (MAS).
- Most Recent 13F
- Q2 2025
- Location
- BOSTON, MA
- CIK
- 0001512901
- Portfolio Value
- $463.6M (Q2 2025)
- SEC Filing
- 0001512901-25-000003 ↗ filed Aug 13, 2025
Holdings Value
Holdings 111 stocks · $463.6M
| MSFT Microsoft Corp. | 3.94% | 36,735 | $18.3M | Reduce -0.8% |
| LNG Cheniere Energy Inc. | 3.83% | 72,858 | $17.7M | Reduce -5.6% |
| GOOGL Alphabet Inc. Class A | 3.62% | 95,286 | $16.8M | Add +5.0% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 3.42% | 524,155 | $15.9M | Reduce -2.1% |
| ET Energy Transfer LP | 3.36% | 860,092 | $15.6M | Add +0.6% |
| AAPL Apple Inc. | 3.02% | 68,186 | $14.0M | Reduce -0.3% |
| EPD Enterprise Products Partners | 2.89% | 432,097 | $13.4M | Add +2.7% |
| MPLX MPLX LP | 2.78% | 249,837 | $12.9M | Reduce -3.3% |
| MCD McDonald's Corp. | 2.65% | 42,053 | $12.3M | Reduce -0.8% |
| WES Western Midstream Partners L | 2.60% | 311,118 | $12.0M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 2.49% | 39,883 | $11.6M | Add +0.6% |
| PAA Plains All Amer Pipeline LP | 2.47% | 624,089 | $11.4M | Reduce -4.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.40% | 17,987 | $11.1M | Reduce -1.8% |
| PLMR Palomar Holdings Inc. | 2.28% | 68,657 | $10.6M | Reduce -1.6% |
| PANW Palo Alto Networks Inc. | 1.89% | 42,776 | $8.8M | Add +0.9% |
| ADI Analog Devices Inc. | 1.85% | 36,050 | $8.6M | Reduce -0.9% |
| AVGO Broadcom Inc. | 1.83% | 30,781 | $8.5M | Add +0.7% |
| PATK Patrick Industries Inc. | 1.64% | 82,167 | $7.6M | Reduce -1.0% |
| TYL Tyler Technologies Inc. | 1.60% | 12,539 | $7.4M | Add +13.6% |
| ROP Roper Technologies Inc. | 1.56% | 12,745 | $7.2M | Add +1.1% |
| MRVL Marvell Technology Inc. | 1.54% | 92,290 | $7.1M | Reduce -0.8% |
| VRTX Vertex Pharmaceuticals Inc. | 1.53% | 15,939 | $7.1M | Add +1.9% |
| ITW Illinois Tool Works | 1.48% | 27,692 | $6.8M | Reduce -0.6% |
| GTLS Chart Industries Inc. | 1.42% | 39,921 | $6.6M | Reduce -0.8% |
| WFC Wells Fargo & Co. | 1.37% | 79,332 | $6.4M | Reduce -0.9% |
| ATI Ati Inc. | 1.37% | 73,557 | $6.4M | Reduce -1.1% |
| PGR Progressive Corp. | 1.36% | 23,574 | $6.3M | Add +0.0% |
| IWO iShares Russell 2000 Growth | 1.35% | 21,882 | $6.3M | Reduce -2.0% |
| BSX Boston Scientific Corp. | 1.25% | 53,896 | $5.8M | Add +3.3% |
| AMT American Tower Corp. | 1.23% | 25,721 | $5.7M | Add +36.2% |
| ABBV Abbvie Inc. | 1.23% | 30,614 | $5.7M | Add +0.9% |
| HQY Healthequity Inc. | 1.21% | 53,514 | $5.6M | Add +2.9% |
| STE Steris PLC | 1.21% | 23,254 | $5.6M | Add +7.8% |
| DSGX The Descartes Systems Grp | 1.20% | 54,898 | $5.6M | Add +0.7% |
| HASI Ha Sustainable Infrastructur | 1.17% | 202,025 | $5.4M | Add +10.7% |
| PHM Pultegroup Inc. | 1.13% | 49,623 | $5.2M | Add +19.8% |
| AROC Archrock Inc. | 1.12% | 209,698 | $5.2M | Reduce -2.9% |
| CYBR Cyberark Software Ltd./Israel | 1.01% | 11,471 | $4.7M | Add +0.8% |
| PAGP Plains GP Holdings LP | 1.01% | 240,041 | $4.7M | Reduce -8.7% |
| EA Electronic Arts Inc. | 0.97% | 28,287 | $4.5M | Add +3.8% |
| ORLY O'reilly Automotive Inc. | 0.95% | 48,771 | $4.4M | Add +2.3% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.93% | 40,119 | $4.3M | Reduce -32.9% |
| BPMC Blueprint Medicines Corp. | 0.93% | 33,703 | $4.3M | Reduce -2.8% |
| GLP Global Partners LP | 0.91% | 79,794 | $4.2M | Add +1.5% |
| V Visa Inc. Class A | 0.89% | 11,660 | $4.1M | Add +1.7% |
| RJF Raymond James Financial Inc. | 0.89% | 26,801 | $4.1M | Add +0.8% |
| SUN Sunoco LP | 0.88% | 76,009 | $4.1M | Add +1.9% |
| MDY State Street SPDR S&P Midcap | 0.87% | 7,083 | $4.0M | Add +1.8% |
| DKNG Draftkings Inc. Class A | 0.84% | 91,317 | $3.9M | Reduce -1.3% |
| MA Mastercard Inc. Class A | 0.83% | 6,871 | $3.9M | Add +1.6% |
| CDNS Cadence Design SYS Inc. | 0.83% | 12,518 | $3.9M | Reduce -0.9% |
| INDA iShares MSCI India ETF | 0.83% | 68,771 | $3.8M | Add +4.8% |
| DHR Danaher Corp. | 0.82% | 19,315 | $3.8M | Reduce -1.2% |
| WM Waste Management Inc. | 0.82% | 16,617 | $3.8M | Add +1.6% |
| NOC Northrop Grumman Corp. | 0.78% | 7,196 | $3.6M | Reduce -1.0% |
| ARIS WATER SOLUTIONS INC-A | 0.78% | 151,905 | $3.6M | Reduce -24.0% |
| EXAS Exact Sciences Corp. | 0.76% | 66,353 | $3.5M | New |
| VLTO Veralto Corp. | 0.75% | 34,629 | $3.5M | Add +9.3% |
| AM Antero Midstream Corp. | 0.66% | 160,279 | $3.0M | Reduce -47.1% |
| RGEN Repligen Corp. | 0.54% | 20,221 | $2.5M | Reduce -1.0% |
| NKE Nike Inc. Class B | 0.53% | 34,608 | $2.5M | Add +9.8% |
| SONO Sonos Inc. | 0.48% | 204,008 | $2.2M | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 0.46% | 6,761 | $2.1M | Reduce -0.5% |
| ONEW Onewater Marine Inc. Class A | 0.43% | 149,299 | $2.0M | Reduce -2.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 38,705 | $1.8M | Add +0.1% |
| LYTS Lsi Industries Inc. | 0.38% | 102,207 | $1.7M | Reduce -1.1% |
| EIDO iShares MSCI Indonesia ETF | 0.33% | 85,736 | $1.5M | Reduce -0.6% |
| IWM iShares Russell 2000 ETF | 0.27% | 5,759 | $1.2M | Add +36.7% |
| ADBE Adobe Inc. | 0.22% | 2,674 | $1.0M | Reduce -1.0% |
| GLD SPDR Gold Shares | 0.17% | 2,559 | $780K | Reduce -13.1% |
| WCN Waste Connections Inc. | 0.16% | 4,057 | $758K | No change |
| FOXF Fox Factory Holding Corp. | 0.15% | 26,214 | $680K | Reduce -0.9% |
| CVX Chevron Corp. | 0.13% | 4,303 | $616K | Add +3.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.11% | 5,507 | $525K | Reduce -21.3% |
| OKE Oneok Inc. | 0.11% | 6,012 | $491K | Add +18.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.08% | 1,276 | $376K | Add +2.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.08% | 1,192 | $362K | New |
| LLY Eli Lilly & Co. | 0.08% | 464 | $362K | Reduce -25.0% |
| RSP Invesco S&P 500 Equal Weight | 0.08% | 1,926 | $350K | New |
| AMLP Alerian MLP ETF | 0.07% | 6,400 | $313K | New |
| MS Morgan Stanley | 0.06% | 2,129 | $300K | Add +21.8% |
| SYRE Spyre Therapeutics Inc. | 0.06% | 19,430 | $291K | No change |
| MDLZ Mondelez International Inc. Class A | 0.06% | 4,134 | $279K | New |
| CL Colgate-Palmolive Co. | 0.06% | 2,989 | $272K | New |
| PM Philip Morris International | 0.06% | 1,488 | $271K | No change |
| PEP Pepsico Inc. | 0.06% | 2,028 | $268K | Add +15.2% |
| PLD Prologis Inc. | 0.06% | 2,515 | $264K | New |
| CSCO Cisco Systems Inc. | 0.05% | 3,635 | $252K | Add +11.9% |
| KMI Kinder Morgan Inc. | 0.05% | 8,035 | $236K | New |
| IVV iShares Core S&P 500 ETF | 0.05% | 380 | $236K | No change |
| NEE Nextera Energy Inc. | 0.05% | 3,382 | $235K | New |
| DUK Duke Energy Corp. | 0.05% | 1,955 | $231K | Add +8.5% |
| KO The Coca-Cola Co. | 0.05% | 3,242 | $229K | Add +5.6% |
| SO The Southern Co. | 0.05% | 2,452 | $225K | Reduce -6.3% |
| MET Metlife Inc. | 0.05% | 2,760 | $222K | New |
| XLE SS Energy Select Sector | 0.05% | 2,614 | $222K | Add +2.9% |
| MDT Medtronic PLC | 0.05% | 2,540 | $221K | Add +6.4% |
| LMT Lockheed Martin Corp. | 0.05% | 477 | $221K | New |
| AEP American Electric Power | 0.05% | 2,125 | $220K | New |
| GILD Gilead Sciences Inc. | 0.05% | 1,971 | $219K | Reduce -3.0% |
Portfolio Sells Q1 2025 → Q2 2025
| MAS Masco Corp. | Sold out | 0.00% | −1.04 |
| ARIS WATER SOLUTIONS INC-A | Reduce -24.0% | 0.78% | −0.64 |
| BJ Bj's Wholesale Club Holdings | Reduce -32.9% | 0.93% | −0.58 |
| AM Antero Midstream Corp. | Reduce -47.1% | 0.66% | −0.55 |
| NGL NGL Energy Partners LP | Sold out | 0.00% | −0.52 |
| PAA Plains All Amer Pipeline LP | Reduce -4.8% | 2.47% | −0.44 |
| AMJB Alerian MLP ETN2044 | Reduce -2.1% | 3.42% | −0.43 |
| AAPL Apple Inc. | Reduce -0.3% | 3.02% | −0.35 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.35 |
| UNH Unitedhealth Group Inc. | Reduce -0.5% | 0.46% | −0.33 |
| MPLX MPLX LP | Reduce -3.3% | 2.78% | −0.29 |
| MCD McDonald's Corp. | Reduce -0.8% | 2.65% | −0.29 |
| PAGP Plains GP Holdings LP | Reduce -8.7% | 1.01% | −0.24 |
| WES Western Midstream Partners L | Reduce -0.3% | 2.60% | −0.24 |
| AROC Archrock Inc. | Reduce -2.9% | 1.12% | −0.13 |
| LNG Cheniere Energy Inc. | Reduce -5.6% | 3.83% | −0.13 |
| ONEW Onewater Marine Inc. Class A | Reduce -2.1% | 0.43% | −0.12 |
| DHR Danaher Corp. | Reduce -1.2% | 0.82% | −0.07 |
| ITW Illinois Tool Works | Reduce -0.6% | 1.48% | −0.05 |
| T AT&T Inc. | Sold out | 0.00% | −0.05 |
| NOC Northrop Grumman Corp. | Reduce -1.0% | 0.78% | −0.05 |
| COP Conocophillips | Sold out | 0.00% | −0.05 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.05 |
| BNY Bank of New York Mellon Corp. | Sold out | 0.00% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -25.0% | 0.08% | −0.04 |
| RGEN Repligen Corp. | Reduce -1.0% | 0.54% | −0.03 |
| GLD SPDR Gold Shares | Reduce -13.1% | 0.17% | −0.02 |
| LYTS Lsi Industries Inc. | Reduce -1.1% | 0.38% | −0.01 |
| SONO Sonos Inc. | Reduce -1.4% | 0.48% | −0.01 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -21.3% | 0.11% | −0.01 |
| ADBE Adobe Inc. | Reduce -1.0% | 0.22% | −0.01 |
| SO The Southern Co. | Reduce -6.3% | 0.05% | −0.00 |
| GILD Gilead Sciences Inc. | Reduce -3.0% | 0.05% | −0.00 |
| FOXF Fox Factory Holding Corp. | Reduce -0.9% | 0.15% | +0.01 |
| EIDO iShares MSCI Indonesia ETF | Reduce -0.6% | 0.33% | +0.01 |
| PATK Patrick Industries Inc. | Reduce -1.0% | 1.64% | +0.08 |
| IWO iShares Russell 2000 Growth | Reduce -2.0% | 1.35% | +0.08 |
| WFC Wells Fargo & Co. | Reduce -0.9% | 1.37% | +0.10 |
| CDNS Cadence Design SYS Inc. | Reduce -0.9% | 0.83% | +0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.8% | 2.40% | +0.13 |
| GTLS Chart Industries Inc. | Reduce -0.8% | 1.42% | +0.13 |
| DKNG Draftkings Inc. Class A | Reduce -1.3% | 0.84% | +0.16 |
| PLMR Palomar Holdings Inc. | Reduce -1.6% | 2.28% | +0.16 |
| ADI Analog Devices Inc. | Reduce -0.9% | 1.85% | +0.22 |
| BPMC Blueprint Medicines Corp. | Reduce -2.8% | 0.93% | +0.25 |
| MRVL Marvell Technology Inc. | Reduce -0.8% | 1.54% | +0.27 |
| ATI Ati Inc. | Reduce -1.1% | 1.37% | +0.51 |
| MSFT Microsoft Corp. | Reduce -0.8% | 3.94% | +0.86 |
Portfolio Buys Q1 2025 → Q2 2025
| EXAS Exact Sciences Corp. | New | 0.76% | +0.76 |
| AVGO Broadcom Inc. | Add +0.7% | 1.83% | +0.70 |
| GOOGL Alphabet Inc. Class A | Add +5.0% | 3.62% | +0.51 |
| JPM JPMorgan Chase & Co. | Add +0.6% | 2.49% | +0.34 |
| AMT American Tower Corp. | Add +36.2% | 1.23% | +0.32 |
| PANW Palo Alto Networks Inc. | Add +0.9% | 1.89% | +0.28 |
| HQY Healthequity Inc. | Add +2.9% | 1.21% | +0.19 |
| PHM Pultegroup Inc. | Add +19.8% | 1.13% | +0.18 |
| TYL Tyler Technologies Inc. | Add +13.6% | 1.60% | +0.18 |
| CYBR Cyberark Software Ltd./Israel | Add +0.8% | 1.01% | +0.15 |
| STE Steris PLC | Add +7.8% | 1.21% | +0.12 |
| EA Electronic Arts Inc. | Add +3.8% | 0.97% | +0.10 |
| NKE Nike Inc. Class B | Add +9.8% | 0.53% | +0.09 |
| IWM iShares Russell 2000 ETF | Add +36.7% | 0.27% | +0.08 |
| BSX Boston Scientific Corp. | Add +3.3% | 1.25% | +0.08 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.08% | +0.08 |
| INDA iShares MSCI India ETF | Add +4.8% | 0.83% | +0.08 |
| RSP Invesco S&P 500 Equal Weight | New | 0.08% | +0.08 |
| VLTO Veralto Corp. | Add +9.3% | 0.75% | +0.07 |
| RJF Raymond James Financial Inc. | Add +0.8% | 0.89% | +0.07 |
| AMLP Alerian MLP ETF | New | 0.07% | +0.07 |
| MDLZ Mondelez International Inc. Class A | New | 0.06% | +0.06 |
| CL Colgate-Palmolive Co. | New | 0.06% | +0.06 |
| PLD Prologis Inc. | New | 0.06% | +0.06 |
| KMI Kinder Morgan Inc. | New | 0.05% | +0.05 |
| NEE Nextera Energy Inc. | New | 0.05% | +0.05 |
| MET Metlife Inc. | New | 0.05% | +0.05 |
| LMT Lockheed Martin Corp. | New | 0.05% | +0.05 |
| AEP American Electric Power | New | 0.05% | +0.05 |
| APD Air Products & Chemicals Inc. | New | 0.05% | +0.05 |
| CMCSA Comcast Corp. Class A | New | 0.05% | +0.05 |
| TXN Texas Instruments Inc. | New | 0.05% | +0.05 |
| WMB Williams Cos Inc. | New | 0.04% | +0.04 |
| PG The Procter & Gamble Co. | New | 0.04% | +0.04 |
| O Realty Income Corp. | New | 0.04% | +0.04 |
| C Citigroup Inc. | New | 0.04% | +0.04 |
| MDY State Street SPDR S&P Midcap | Add +1.8% | 0.87% | +0.04 |
| BAC Bank of America Corp. | Add +0.1% | 0.40% | +0.04 |
| MS Morgan Stanley | Add +21.8% | 0.06% | +0.02 |
| IBM Intl Business Machines Corp. | Add +2.3% | 0.08% | +0.01 |
| MA Mastercard Inc. Class A | Add +1.6% | 0.83% | +0.01 |
| CSCO Cisco Systems Inc. | Add +11.9% | 0.05% | +0.01 |
| V Visa Inc. Class A | Add +1.7% | 0.89% | +0.00 |
| MO Altria Group Inc. | Add +7.8% | 0.05% | +0.00 |
| DUK Duke Energy Corp. | Add +8.5% | 0.05% | +0.00 |
| KO The Coca-Cola Co. | Add +5.6% | 0.05% | +0.00 |
| MDT Medtronic PLC | Add +6.4% | 0.05% | +0.00 |
| JNJ Johnson & Johnson | Add +11.5% | 0.05% | 0.00 |
| PEP Pepsico Inc. | Add +15.2% | 0.06% | −0.00 |
| PAYX Paychex Inc. | Add +6.8% | 0.05% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2025 | 111 | $463.6M | MSFT, LNG, GOOGL, AMJB, ET |
| Q1 2025 | 100 | $451.0M | LNG, AMJB, ET, AAPL, EPD |
| Q4 2024 | 88 | $539.7M | GOOGL, AAPL, MSFT, AMJB, ET |
| Q3 2024 | 106 | $530.4M | MSFT, AAPL, GOOGL, AMJB, SPY |
| Q2 2024 | 101 | $507.0M | MSFT, GOOGL, AAPL, ENLC, SPY |
| Q1 2024 | 111 | $489.2M | GOOGL, MSFT, SPY, ENLC, AAPL |