NBW Capital LLC

Name: NBW CAPITAL LLC 13F holdings, Q2 2025
Creator: NBW CAPITAL LLC
Published: 2025-08-13

Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
MO Altria Group Inc.	0.05%	3,705	$217K	Add +7.8%
JNJ Johnson & Johnson	0.05%	1,422	$217K	Add +11.5%
APD Air Products & Chemicals Inc.	0.05%	767	$216K	New
CMCSA Comcast Corp. Class A	0.05%	5,970	$213K	New
PAYX Paychex Inc.	0.05%	1,453	$211K	Add +6.8%
TXN Texas Instruments Inc.	0.05%	1,014	$211K	New
WMB Williams Cos Inc.	0.04%	3,286	$206K	New
AMGN Amgen Inc.	0.04%	737	$206K	Add +3.2%
PG The Procter & Gamble Co.	0.04%	1,280	$204K	New
O Realty Income Corp.	0.04%	3,501	$202K	New
C Citigroup Inc.	0.04%	2,359	$201K	New

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