NBW Capital LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 4, 2024), NBW Capital LLC reported 106 stock positions worth $530.4 million. Its top holding was Microsoft (MSFT) at 4.0% of the portfolio, followed by Apple (AAPL, 3.7%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q2 2024, it opened 16 new positions, sold out of 11, added to 53 and reduced 33. The biggest buy was Alerian MLP ETN2044 (AMJB, shares +190%) and the biggest sale Williams Cos (WMB, shares −65%).

Most Recent 13F
Q2 2025
Location
BOSTON, MA
CIK
0001512901
Portfolio Value
$530.4M (Q3 2024)
SEC Filing
0001512901-24-000004 ↗ filed Nov 4, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $489.2M Q1 2024 Q2 2024: $507.0M Q2 2024 Q3 2024: $530.4M $530.4M Q3 2024 Q4 2024: $539.7M Q4 2024 Q1 2025: $451.0M Q1 2025 Q2 2025: $463.6M Q2 2025

Holdings 106 stocks · $530.4M
MSFT Microsoft Corp. 4.00% 49,260 $21.2M Add +1.1%
AAPL Apple Inc. 3.69% 84,026 $19.6M Reduce -1.9%
GOOGL Alphabet Inc. Class A 3.58% 114,397 $19.0M Add +8.1%
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 3.47% 646,714 $18.4M Add +189.8%
SPY SS SPDR S&P 500 ETF Trust-US 3.25% 30,057 $17.2M Add +8.1%
ET Energy Transfer LP 2.72% 898,500 $14.4M Add +0.8%
ENLC Enlink Midstream LLC 2.42% 882,948 $12.8M Reduce -19.9%
MPLX MPLX LP 2.23% 266,224 $11.8M Reduce -1.7%
JPM JPMorgan Chase & Co. 2.12% 53,258 $11.2M Add +2.3%
WES Western Midstream Partners L 2.07% 286,985 $11.0M Reduce -5.1%
ADI Analog Devices Inc. 2.04% 46,919 $10.8M Add +1.7%
PATK Patrick Industries Inc. 1.94% 72,308 $10.3M Add +5.3%
LNG Cheniere Energy Inc. 1.93% 57,027 $10.3M Add +9.2%
PAA Plains All Amer Pipeline LP 1.93% 588,408 $10.2M Add +14.5%
EPD Enterprise Products Partners 1.85% 336,805 $9.8M Add +31.7%
PANW Palo Alto Networks Inc. 1.83% 28,366 $9.7M Add +1.1%
VRTX Vertex Pharmaceuticals Inc. 1.81% 20,589 $9.6M Add +1.2%
ITW Illinois Tool Works 1.73% 35,115 $9.2M Add +13.0%
MRVL Marvell Technology Inc. 1.73% 127,119 $9.2M Add +4.3%
PLMR Palomar Holdings Inc. 1.69% 94,560 $9.0M Add +0.7%
ROP Roper Technologies Inc. 1.69% 16,069 $8.9M Add +1.9%
BSX Boston Scientific Corp. 1.63% 103,152 $8.6M Add +0.8%
TYL Tyler Technologies Inc. 1.60% 14,515 $8.5M Add +0.2%
AMT American Tower Corp. 1.60% 36,420 $8.5M Add +0.4%
IWO iShares Russell 2000 Growth 1.58% 29,479 $8.4M Reduce -0.6%
HASI Ha Sustainable Infrastructur 1.50% 230,578 $7.9M Add +0.8%
ABBV Abbvie Inc. 1.47% 39,518 $7.8M Add +2.2%
AM Antero Midstream Corp. 1.47% 517,574 $7.8M Reduce -0.1%
PHM Pultegroup Inc. 1.43% 52,876 $7.6M Reduce -0.9%
MAS Masco Corp. 1.41% 88,852 $7.5M Add +2.9%
DSGX The Descartes Systems Grp 1.40% 72,342 $7.4M Add +1.3%
HQY Healthequity Inc. 1.38% 89,656 $7.3M Add +1.5%
DHR Danaher Corp. 1.37% 26,093 $7.3M Add +5.5%
GTLS Chart Industries Inc. 1.36% 58,251 $7.2M Reduce -1.4%
STE Steris PLC 1.36% 29,766 $7.2M Add +2.3%
MCD McDonald's Corp. 1.35% 23,490 $7.2M Add +15.3%
ATI Ati Inc. 1.25% 98,779 $6.6M Add +47.8%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 1.22% 78,674 $6.5M Add +6.8%
Secure Energy Services, Inc. 1.14% 667,625 $6.0M Add +2.1%
WFC Wells Fargo & Co. 1.13% 105,834 $6.0M Reduce -0.6%
ONEW Onewater Marine Inc. Class A 1.12% 249,014 $6.0M Reduce -1.1%
EIDO iShares MSCI Indonesia ETF 1.07% 251,134 $5.7M Add +12.9%
NKE Nike Inc. Class B 1.05% 62,986 $5.6M Reduce -1.0%
AROC Archrock Inc. 1.03% 269,680 $5.5M Add +14.0%
PAGP Plains GP Holdings LP 0.99% 284,697 $5.3M Add +6.6%
EA Electronic Arts Inc. 0.99% 36,496 $5.2M Add +2.5%
UNH Unitedhealth Group Inc. 0.98% 8,871 $5.2M Add +0.4%
INDA iShares MSCI India ETF 0.97% 87,564 $5.1M Add +1.2%
MDY State Street SPDR S&P Midcap 0.93% 8,698 $5.0M Add +9.3%
ORLY O'reilly Automotive Inc. 0.91% 4,176 $4.8M Add +4.7%
NOC Northrop Grumman Corp. 0.87% 8,718 $4.6M Reduce -0.7%
RJF Raymond James Financial Inc. 0.82% 35,606 $4.4M Add +5.5%
MA Mastercard Inc. Class A 0.82% 8,791 $4.3M Reduce -22.5%
WMB Williams Cos Inc. 0.81% 93,609 $4.3M Reduce -64.8%
CIVI Civitas Resources Inc. 0.80% 84,263 $4.3M Add +60.7%
WM Waste Management Inc. 0.79% 20,123 $4.2M Add +1.8%
V Visa Inc. Class A 0.78% 14,976 $4.1M Reduce -16.9%
DKNG Draftkings Inc. Class A 0.77% 104,717 $4.1M New
CDNS Cadence Design SYS Inc. 0.69% 13,586 $3.7M Reduce -2.7%
BPMC Blueprint Medicines Corp. 0.61% 35,065 $3.2M Reduce -31.3%
RGEN Repligen Corp. 0.59% 21,042 $3.1M Reduce -41.7%
CYBR Cyberark Software Ltd./Israel 0.49% 8,940 $2.6M New
LYTS Lsi Industries Inc. 0.42% 137,658 $2.2M New
SONO Sonos Inc. 0.42% 179,680 $2.2M Reduce -0.4%
SUM Summit Materials Inc. Class A 0.40% 54,345 $2.1M Add +2.7%
FOXF Fox Factory Holding Corp. 0.39% 49,567 $2.1M Reduce -0.9%
NGL NGL Energy Partners LP 0.38% 451,947 $2.0M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.30% 39,727 $1.6M Reduce -0.5%
IWM iShares Russell 2000 ETF 0.23% 5,555 $1.2M Add +24.4%
VLTO Veralto Corp. 0.15% 7,271 $813K Reduce -0.1%
SYRE Spyre Therapeutics Inc. 0.15% 26,930 $792K Reduce -21.6%
ROCK Gibraltar Industries Inc. 0.15% 11,200 $783K Reduce -57.3%
LLY Eli Lilly & Co. 0.13% 761 $675K Reduce -2.7%
SPYG SS SPDR P S&P 500 Growth ETF 0.11% 6,997 $580K No change
LMT Lockheed Martin Corp. 0.08% 691 $404K New
HD Home Depot Inc. 0.07% 857 $347K Add +10.3%
OKE Oneok Inc. 0.06% 3,780 $344K No change
ARIS WATER SOLUTIONS INC-A 0.06% 20,385 $344K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,540 $340K Add +11.4%
XLE SS Energy Select Sector 0.06% 3,783 $332K Reduce -7.3%
PEP Pepsico Inc. 0.06% 1,841 $313K Add +9.4%
NVDA Nvidia Corp. 0.06% 2,498 $303K Add +8.6%
META Meta Platforms Inc. Class A 0.05% 507 $290K Reduce -3.8%
AMGN Amgen Inc. 0.05% 861 $277K Reduce -14.2%
NEE Nextera Energy Inc. 0.05% 3,236 $274K Add +11.9%
MS Morgan Stanley 0.05% 2,466 $257K Add +1.9%
PSA Public Storage 0.05% 706 $257K Reduce -0.8%
RTX RTX Corp. 0.05% 2,105 $255K Add +3.9%
MMM 3M Co. 0.05% 1,837 $251K New
GILD Gilead Sciences Inc. 0.05% 2,989 $251K New
BLK BlackRock Finance Inc. 0.05% 261 $248K New
BX Blackstone Inc. 0.05% 1,605 $246K New
TXN Texas Instruments Inc. 0.05% 1,176 $243K Add +3.5%
GS Goldman Sachs Group Inc. 0.05% 483 $239K Add +0.2%
DUK Duke Energy Corp. 0.04% 2,072 $239K Reduce -1.7%
APD Air Products & Chemicals Inc. 0.04% 801 $238K New
SO The Southern Co. 0.04% 2,623 $237K Reduce -17.9%
IVV iShares Core S&P 500 ETF 0.04% 406 $234K Reduce -0.3%
MDT Medtronic Inc 0.04% 2,575 $232K New
KO The Coca-Cola Co. 0.04% 3,202 $230K Reduce -1.0%
PLD Prologis Inc. 0.04% 1,811 $229K New
PG The Procter & Gamble Co. 0.04% 1,299 $225K New
PM Philip Morris International 0.04% 1,834 $223K New
MO Altria Group Inc. 0.04% 4,328 $221K New
SHEL Shell PLC-ADR 0.04% 3,174 $209K New
MRMD Marimed Inc. 0.00% 22,700 $4K No change

Portfolio Sells Q2 2024 → Q3 2024
WMB Williams Cos Inc. Reduce -64.8% 0.81% −1.43
GLD SPDR Gold Shares Sold out 0.00% −1.04
HESM Hess Midstream LP Class A Sold out 0.00% −0.66
MBUU Malibu Boats Inc. Class A Sold out 0.00% −0.66
ETRN Equitrans Midstream Corp. Sold out 0.00% −0.60
FTV Fortive Corp. Sold out 0.00% −0.58
ENLC Enlink Midstream LLC Reduce -19.9% 2.42% −0.58
BPMC Blueprint Medicines Corp. Reduce -31.3% 0.61% −0.47
HXL Hexcel Corp. Sold out 0.00% −0.34
GTLS Chart Industries Inc. Reduce -1.4% 1.36% −0.32
RGEN Repligen Corp. Reduce -41.7% 0.59% −0.31
WES Western Midstream Partners L Reduce -5.1% 2.07% −0.30
ONEW Onewater Marine Inc. Class A Reduce -1.1% 1.12% −0.25
ROCK Gibraltar Industries Inc. Reduce -57.3% 0.15% −0.21
MA Mastercard Inc. Class A Reduce -22.5% 0.82% −0.17
V Visa Inc. Class A Reduce -16.9% 0.78% −0.16
CDNS Cadence Design SYS Inc. Reduce -2.7% 0.69% −0.15
WFC Wells Fargo & Co. Reduce -0.6% 1.13% −0.12
SONO Sonos Inc. Reduce -0.4% 0.42% −0.11
FOXF Fox Factory Holding Corp. Reduce -0.9% 0.39% −0.09
KMI Kinder Morgan Inc. Sold out 0.00% −0.08
WELL Welltower Inc. Sold out 0.00% −0.05
COP Conocophillips Sold out 0.00% −0.04
MPLX MPLX LP Reduce -1.7% 2.23% −0.04
IWR iShares Russell Mid-Cap ETF Sold out 0.00% −0.04
GOOG Alphabet Inc. Class C Sold out 0.00% −0.04
AM Antero Midstream Corp. Reduce -0.1% 1.47% −0.04
BAC Bank of America Corp. Reduce -0.5% 0.30% −0.02
LLY Eli Lilly & Co. Reduce -2.7% 0.13% −0.01
XLE SS Energy Select Sector Reduce -7.3% 0.06% −0.01
SYRE Spyre Therapeutics Inc. Reduce -21.6% 0.15% −0.01
AMGN Amgen Inc. Reduce -14.2% 0.05% −0.01
SO The Southern Co. Reduce -17.9% 0.04% −0.00
IVV iShares Core S&P 500 ETF Reduce -0.3% 0.04% +0.00
META Meta Platforms Inc. Class A Reduce -3.8% 0.05% +0.00
KO The Coca-Cola Co. Reduce -1.0% 0.04% +0.00
DUK Duke Energy Corp. Reduce -1.7% 0.04% +0.00
PSA Public Storage Reduce -0.8% 0.05% +0.01
VLTO Veralto Corp. Reduce -0.1% 0.15% +0.02
IWO iShares Russell 2000 Growth Reduce -0.6% 1.58% +0.04
NKE Nike Inc. Class B Reduce -1.0% 1.05% +0.10
NOC Northrop Grumman Corp. Reduce -0.7% 0.87% +0.11
AAPL Apple Inc. Reduce -1.9% 3.69% +0.13
PHM Pultegroup Inc. Reduce -0.9% 1.43% +0.27

Portfolio Buys Q2 2024 → Q3 2024
AMJB Alerian MLP ETN2044 Add +189.8% 3.47% +2.20
DKNG Draftkings Inc. Class A New 0.77% +0.77
ATI Ati Inc. Add +47.8% 1.25% +0.51
CYBR Cyberark Software Ltd./Israel New 0.49% +0.49
PATK Patrick Industries Inc. Add +5.3% 1.94% +0.47
LYTS Lsi Industries Inc. New 0.42% +0.42
EPD Enterprise Products Partners Add +31.7% 1.85% +0.39
MCD McDonald's Corp. Add +15.3% 1.35% +0.32
ITW Illinois Tool Works Add +13.0% 1.73% +0.28
MAS Masco Corp. Add +2.9% 1.41% +0.27
SPY SS SPDR S&P 500 ETF Trust-US Add +8.1% 3.25% +0.27
EIDO iShares MSCI Indonesia ETF Add +12.9% 1.07% +0.22
AMT American Tower Corp. Add +0.4% 1.60% +0.21
PLMR Palomar Holdings Inc. Add +0.7% 1.69% +0.18
HASI Ha Sustainable Infrastructur Add +0.8% 1.50% +0.16
ABBV Abbvie Inc. Add +2.2% 1.47% +0.16
TYL Tyler Technologies Inc. Add +0.2% 1.60% +0.16
DHR Danaher Corp. Add +5.5% 1.37% +0.15
LNG Cheniere Energy Inc. Add +9.2% 1.93% +0.13
PAA Plains All Amer Pipeline LP Add +14.5% 1.93% +0.12
STE Steris PLC Add +2.3% 1.36% +0.10
MDY State Street SPDR S&P Midcap Add +9.3% 0.93% +0.09
CIVI Civitas Resources Inc. Add +60.7% 0.80% +0.09
UNH Unitedhealth Group Inc. Add +0.4% 0.98% +0.09
AROC Archrock Inc. Add +14.0% 1.03% +0.09
LMT Lockheed Martin Corp. New 0.08% +0.08
ORLY O'reilly Automotive Inc. Add +4.7% 0.91% +0.08
BSX Boston Scientific Corp. Add +0.8% 1.63% +0.08
ARIS WATER SOLUTIONS INC-A New 0.06% +0.06
IWM iShares Russell 2000 ETF Add +24.4% 0.23% +0.05
MMM 3M Co. New 0.05% +0.05
GILD Gilead Sciences Inc. New 0.05% +0.05
MRVL Marvell Technology Inc. Add +4.3% 1.73% +0.05
BLK BlackRock Finance Inc. New 0.05% +0.05
BX Blackstone Inc. New 0.05% +0.05
APD Air Products & Chemicals Inc. New 0.04% +0.04
MDT Medtronic Inc New 0.04% +0.04
PLD Prologis Inc. New 0.04% +0.04
PG The Procter & Gamble Co. New 0.04% +0.04
PM Philip Morris International New 0.04% +0.04
MO Altria Group Inc. New 0.04% +0.04
JPM JPMorgan Chase & Co. Add +2.3% 2.12% +0.04
DSGX The Descartes Systems Grp Add +1.3% 1.40% +0.04
SHEL Shell PLC-ADR New 0.04% +0.04
SUM Summit Materials Inc. Class A Add +2.7% 0.40% +0.02
IBM Intl Business Machines Corp. Add +11.4% 0.06% +0.02
INDA iShares MSCI India ETF Add +1.2% 0.97% +0.01
HD Home Depot Inc. Add +10.3% 0.07% +0.01
NEE Nextera Energy Inc. Add +11.9% 0.05% +0.01
EA Electronic Arts Inc. Add +2.5% 0.99% +0.01

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 111$463.6MMSFT, LNG, GOOGL, AMJB, ET
Q1 2025 100$451.0MLNG, AMJB, ET, AAPL, EPD
Q4 2024 88$539.7MGOOGL, AAPL, MSFT, AMJB, ET
Q3 2024 106$530.4MMSFT, AAPL, GOOGL, AMJB, SPY
Q2 2024 101$507.0MMSFT, GOOGL, AAPL, ENLC, SPY
Q1 2024 111$489.2MGOOGL, MSFT, SPY, ENLC, AAPL