Nelson Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Nelson Capital Management, LLC reported 101 stock positions worth $756.5 million. Its top holding was Nvidia (NVDA) at 33.8% of the portfolio, followed by Microsoft (MSFT, 4.7%) and Vanguard Ftse Developed ETF (VEA, 4.7%). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 60 and reduced 24. The biggest buy was Nvidia (NVDA, shares +57%) and the biggest sale Vanguard Most SM-Cap ETF-Usd (VB, shares −24%).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0001512611
Portfolio Value
$756.5M (Q2 2025)
SEC Filing
0001085146-25-004113 ↗ filed Jul 23, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $523.1M Q1 2024 Q2 2024: $563.5M Q2 2024 Q3 2024: $593.3M Q3 2024 Q4 2024: $602.7M Q4 2024 Q1 2025: $579.0M Q1 2025 Q2 2025: $756.5M $756.5M Q2 2025 Q3 2025: $839.7M Q3 2025 Q4 2025: $854.6M Q4 2025 Q1 2026: $819.2M Q1 2026 Q2 2026: $911.6M Q2 2026

Holdings 101 stocks · $756.5M
NVDA Nvidia Corp. 33.79% 1,617,833 $255.6M Add +57.1%
MSFT Microsoft Corp. 4.71% 71,665 $35.6M Add +0.3%
VEA Vanguard Ftse Developed ETF 4.68% 621,136 $35.4M Add +27.3%
IGSB iShares 1-5Y Inv Grade Corp. 3.68% 527,436 $27.8M Add +3.1%
SPTS SS SPDR P St Term TSY ETF 3.11% 803,640 $23.5M Reduce -0.6%
AAPL Apple Inc. 2.68% 98,905 $20.3M Reduce -0.6%
XLI SS Industrial Select Sector 2.57% 131,700 $19.4M Add +0.9%
XLK SS Technology Select Sector 2.18% 65,072 $16.5M Add +0.9%
VB Vanguard Most SM-Cap ETF-Usd 1.98% 63,293 $15.0M Reduce -24.3%
GOOG Alphabet Inc. Class C 1.97% 84,176 $14.9M Add +0.9%
AMZN Amazon.com Inc. 1.80% 62,224 $13.7M Add +1.1%
JPM JPMorgan Chase & Co. 1.60% 41,748 $12.1M Reduce -0.2%
V Visa Inc. Class A 1.43% 30,465 $10.8M Add +1.1%
VPU Vanguard Utilities ETF 1.38% 59,136 $10.4M Add +1.4%
SPY SS SPDR S&P 500 ETF Trust-US 1.30% 15,950 $9.9M Add +2.7%
COST Costco Wholesale Corp. 1.30% 9,951 $9.9M Add +0.3%
CSCO Cisco Systems Inc. 1.21% 131,876 $9.1M Add +1.5%
EMXC iShares MSCI Emr MRK Ex Chna 1.13% 135,561 $8.6M Reduce -35.1%
IVV iShares Core S&P 500 ETF 1.11% 13,560 $8.4M Add +7.5%
PG The Procter & Gamble Co. 1.04% 49,459 $7.9M Add +0.7%
QCOM Qualcomm Inc. 1.03% 48,794 $7.8M Add +2.4%
VWO Vanguard Ftse Emerging Marke 0.99% 151,559 $7.5M Add +0.7%
AEM Agnico Eagle Mines Ltd. 0.90% 57,346 $6.8M Add +0.8%
BKNG Booking Holdings Inc. 0.88% 1,147 $6.6M Add +2.5%
SYK Stryker Corp. 0.83% 15,863 $6.3M Add +34.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.75% 45,908 $5.7M Add +1.2%
ROP Roper Technologies Inc. 0.72% 9,669 $5.5M Add +0.9%
XOM Exxon Mobil Corp. 0.70% 49,290 $5.3M Add +1.2%
SPGI S&P Global Inc. 0.69% 9,839 $5.2M Add +1.3%
XCEM Columbia Em Core Ex-China 0.66% 145,076 $5.0M New
IHAK iShares Cybersecurity & Tech 0.63% 89,866 $4.8M Add +2.1%
ABBV Abbvie Inc. 0.59% 23,927 $4.4M Reduce -0.5%
CVX Chevron Corp. 0.56% 29,776 $4.3M Add +0.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.56% 13,169 $4.2M Add +1.2%
XLF SS Financial Select Sector 0.56% 80,467 $4.2M Add +3.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.56% 33,858 $4.2M Add +8.8%
AMGN Amgen Inc. 0.55% 15,005 $4.2M Add +1.9%
XLRE SS Real Estate Select Sector 0.55% 100,541 $4.2M Add +1.2%
LIN Linde PLC 0.55% 8,827 $4.1M Add +0.9%
SCHW Schwab (charles) Corp. 0.47% 38,632 $3.5M Add +0.7%
MDT Medtronic PLC 0.46% 39,947 $3.5M Add +0.8%
HD Home Depot Inc. 0.45% 9,267 $3.4M Add +1.3%
EMR Emerson Electric Co. 0.45% 25,401 $3.4M Add +1.6%
XLC SS Comm Select Sector SPDR 0.44% 31,004 $3.4M Add +0.8%
XLV SS Health Care Select Sector 0.44% 24,608 $3.3M Add +2.4%
BRK.B Berkshire Hathaway Inc. Class B 0.39% 6,120 $3.0M Add +4.3%
TMO Thermo Fisher Scientific Inc. 0.39% 7,269 $2.9M Reduce -0.6%
XLY SS Consumer Disc Select Sect 0.38% 13,324 $2.9M Add +1.2%
LLY Eli Lilly & Co. 0.38% 3,713 $2.9M Add +1.3%
CB Chubb Ltd. 0.38% 9,988 $2.9M Add +4.3%
SCHF Schwab Intl Equity ETF 0.38% 129,694 $2.9M Reduce -1.8%
ADBE Adobe Inc. 0.36% 6,998 $2.7M Reduce -3.0%
VZ Verizon Communications Inc. 0.35% 61,891 $2.7M Add +2.0%
XYL Xylem Inc. 0.35% 20,509 $2.7M Add +0.2%
CMCSA Comcast Corp. Class A 0.35% 73,237 $2.6M Add +0.9%
TEL Te Connectivity PLC 0.34% 15,464 $2.6M Add +0.4%
KO The Coca-Cola Co. 0.33% 35,787 $2.5M Add +2.0%
SHEL Shell PLC-ADR 0.33% 35,273 $2.5M Reduce -0.4%
MAS Masco Corp. 0.33% 38,345 $2.5M Add +0.6%
CRM Salesforce Inc. 0.31% 8,689 $2.4M Add +2.3%
GLD SPDR Gold Shares 0.31% 7,658 $2.3M No change
XLP SS Consumer Staples Sel Sect 0.30% 27,654 $2.2M Add +0.5%
ORCL Oracle Corp. 0.27% 9,494 $2.1M Add +2.1%
JEPI JPMorgan Equity Premium Inco 0.23% 30,357 $1.7M Add +0.8%
XLE SS Energy Select Sector 0.20% 17,943 $1.5M Add +1.8%
TPL Texas Pacific Land Corp. 0.18% 1,301 $1.4M Reduce -7.1%
META Meta Platforms Inc. Class A 0.18% 1,852 $1.4M Reduce -7.2%
INTU Intuit Inc. 0.17% 1,665 $1.3M Reduce -15.3%
XLB SS Materials Select Sector 0.15% 13,198 $1.2M Reduce -0.1%
JPST JPMorgan Ultra-Short Income 0.15% 21,941 $1.1M Reduce -0.0%
IJR iShares Core S&P Small-Cap E 0.14% 9,804 $1.1M Reduce -18.2%
GOOGL Alphabet Inc. Class A 0.13% 5,616 $990K Add +0.2%
QQQ Invesco QQQ Trust Series 1 0.12% 1,696 $936K Add +0.6%
JNJ Johnson & Johnson 0.11% 5,321 $813K Add +6.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 1,533 $672K No change
ABNB Airbnb Inc. Class A 0.08% 4,613 $610K Add +0.3%
SCHO Schwab Short-Term US Treas 0.08% 24,514 $598K Reduce -12.8%
ABT Abbott Laboratories 0.08% 4,380 $596K Reduce -5.8%
WMT Walmart Inc. 0.07% 5,093 $498K No change
VOO Vanguard S&P 500 ETF 0.06% 861 $489K No change
DHS Wisdomtree US High Dividend 0.06% 4,945 $475K No change
PFFD Global X US Preferred ETF 0.06% 24,692 $465K Add +1.5%
GS Goldman Sachs Group Inc. 0.06% 637 $451K Reduce -7.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 1,484 $437K No change
LRCX Lam Research Corp. 0.06% 4,490 $437K No change
AVGO Broadcom Inc. 0.06% 1,560 $430K Reduce -1.6%
NUE Nucor Corp. 0.05% 3,132 $406K No change
MRK Merck & Co. Inc. 0.05% 4,908 $389K Reduce -6.0%
IWO iShares Russell 2000 Growth 0.05% 1,250 $357K Reduce -2.0%
VONG Vanguard Russell 1000 Growth 0.04% 2,951 $322K No change
PM Philip Morris International 0.04% 1,709 $311K Add +24.2%
IJH iShares Core S&P Midcap ETF 0.04% 5,005 $310K New
PANW Palo Alto Networks Inc. 0.04% 1,344 $275K Add +1.5%
PH Parker Hannifin Corp. 0.04% 385 $269K No change
MCD McDonald's Corp. 0.03% 880 $257K No change
NVRI Enviri Corp. 0.03% 28,825 $250K No change
NEM Newmont Corp. 0.03% 3,949 $230K New
TSLA Tesla Inc. 0.03% 696 $221K Reduce -31.8%
PFE Pfizer Inc. 0.03% 8,951 $217K Reduce -90.2%
ICLN iShares Global Clean Energy 0.03% 16,490 $216K No change

Show all 101 holdings

Portfolio Sells Q1 2025 → Q2 2025
VB Vanguard Most SM-Cap ETF-Usd Reduce -24.3% 1.98% −1.22
AAPL Apple Inc. Reduce -0.6% 2.68% −1.14
SPTS SS SPDR P St Term TSY ETF Reduce -0.6% 3.11% −0.97
EMXC iShares MSCI Emr MRK Ex Chna Reduce -35.1% 1.13% −0.85
UNH Unitedhealth Group Inc. Sold out 0.00% −0.83
PFE Pfizer Inc. Reduce -90.2% 0.03% −0.37
ABBV Abbvie Inc. Reduce -0.5% 0.59% −0.28
TMO Thermo Fisher Scientific Inc. Reduce -0.6% 0.39% −0.24
JPM JPMorgan Chase & Co. Reduce -0.2% 1.60% −0.17
TPL Texas Pacific Land Corp. Reduce -7.1% 0.18% −0.14
ADBE Adobe Inc. Reduce -3.0% 0.36% −0.12
SHEL Shell PLC-ADR Reduce -0.4% 0.33% −0.12
IJR iShares Core S&P Small-Cap E Reduce -18.2% 0.14% −0.07
SCHF Schwab Intl Equity ETF Reduce -1.8% 0.38% −0.07
PEP Pepsico Inc. Sold out 0.00% −0.06
JPST JPMorgan Ultra-Short Income Reduce -0.0% 0.15% −0.04
XLB SS Materials Select Sector Reduce -0.1% 0.15% −0.04
SCHO Schwab Short-Term US Treas Reduce -12.8% 0.08% −0.04
KMB Kimberly-Clark Corp. Sold out 0.00% −0.04
INTU Intuit Inc. Reduce -15.3% 0.17% −0.04
MRK Merck & Co. Inc. Reduce -6.0% 0.05% −0.03
ABT Abbott Laboratories Reduce -5.8% 0.08% −0.03
META Meta Platforms Inc. Class A Reduce -7.2% 0.18% −0.02
TSLA Tesla Inc. Reduce -31.8% 0.03% −0.02
IWO iShares Russell 2000 Growth Reduce -2.0% 0.05% −0.01
GS Goldman Sachs Group Inc. Reduce -7.3% 0.06% −0.01
AVGO Broadcom Inc. Reduce -1.6% 0.06% +0.01

Portfolio Buys Q1 2025 → Q2 2025
NVDA Nvidia Corp. Add +57.1% 33.79% +14.52
XCEM Columbia Em Core Ex-China New 0.66% +0.66
VEA Vanguard Ftse Developed ETF Add +27.3% 4.68% +0.40
MSFT Microsoft Corp. Add +0.3% 4.71% +0.08
SYK Stryker Corp. Add +34.5% 0.83% +0.07
ORCL Oracle Corp. Add +2.1% 0.27% +0.05
IJH iShares Core S&P Midcap ETF New 0.04% +0.04
NEM Newmont Corp. New 0.03% +0.03
DIS The Walt Disney Co. Add +8.8% 0.56% +0.02
PM Philip Morris International Add +24.2% 0.04% +0.00
PANW Palo Alto Networks Inc. Add +1.5% 0.04% −0.00
BKNG Booking Holdings Inc. Add +2.5% 0.88% −0.01
QQQ Invesco QQQ Trust Series 1 Add +0.6% 0.12% −0.01
ABNB Airbnb Inc. Class A Add +0.3% 0.08% −0.01
PFFD Global X US Preferred ETF Add +1.5% 0.06% −0.02
GOOGL Alphabet Inc. Class A Add +0.2% 0.13% −0.02
EMR Emerson Electric Co. Add +1.6% 0.45% −0.03
TEL Te Connectivity PLC Add +0.4% 0.34% −0.03
JNJ Johnson & Johnson Add +6.7% 0.11% −0.04
SCHW Schwab (charles) Corp. Add +0.7% 0.47% −0.05
XLY SS Consumer Disc Select Sect Add +1.2% 0.38% −0.07
XLC SS Comm Select Sector SPDR Add +0.8% 0.44% −0.07
JEPI JPMorgan Equity Premium Inco Add +0.8% 0.23% −0.07
XYL Xylem Inc. Add +0.2% 0.35% −0.07
CRM Salesforce Inc. Add +2.3% 0.31% −0.08
IHAK iShares Cybersecurity & Tech Add +2.1% 0.63% −0.08
XLE SS Energy Select Sector Add +1.8% 0.20% −0.08
XLP SS Consumer Staples Sel Sect Add +0.5% 0.30% −0.09
KO The Coca-Cola Co. Add +2.0% 0.33% −0.10
IVV iShares Core S&P 500 ETF Add +7.5% 1.11% −0.11
XLF SS Financial Select Sector Add +3.4% 0.56% −0.11
CB Chubb Ltd. Add +4.3% 0.38% −0.12
CMCSA Comcast Corp. Class A Add +0.9% 0.35% −0.12
XLK SS Technology Select Sector Add +0.9% 2.18% −0.12
VZ Verizon Communications Inc. Add +2.0% 0.35% −0.12
HD Home Depot Inc. Add +1.3% 0.45% −0.13
MAS Masco Corp. Add +0.6% 0.33% −0.13
LLY Eli Lilly & Co. Add +1.3% 0.38% −0.14
BRK.B Berkshire Hathaway Inc. Class B Add +4.3% 0.39% −0.15
MDT Medtronic PLC Add +0.8% 0.46% −0.15
LIN Linde PLC Add +0.9% 0.55% −0.16
AEM Agnico Eagle Mines Ltd. Add +0.8% 0.90% −0.16
SPGI S&P Global Inc. Add +1.3% 0.69% −0.17
XLV SS Health Care Select Sector Add +2.4% 0.44% −0.17
XLRE SS Real Estate Select Sector Add +1.2% 0.55% −0.17
CSCO Cisco Systems Inc. Add +1.5% 1.21% −0.17
VWO Vanguard Ftse Emerging Marke Add +0.7% 0.99% −0.19
SPY SS SPDR S&P 500 ETF Trust-US Add +2.7% 1.30% −0.20
TJX TJX Companies Inc. Add +1.2% 0.75% −0.20
AJG Arthur J Gallagher & Co. Add +1.2% 0.56% −0.22

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 120$911.6MNVDA, VEA, IGSB, XLK, GOOG
Q1 2026 108$819.2MNVDA, VEA, IGSB, XLK, MSFT
Q4 2025 107$854.6MNVDA, VEA, IGSB, MSFT, AAPL
Q3 2025 108$839.7MNVDA, VEA, MSFT, IGSB, AAPL
Q2 2025 101$756.5MNVDA, MSFT, VEA, IGSB, SPTS
Q1 2025 101$579.0MNVDA, MSFT, IGSB, VEA, SPTS
Q4 2024 107$602.7MNVDA, MSFT, AAPL, IGSB, SPTS
Q3 2024 108$593.3MNVDA, MSFT, VEA, SPTS, AAPL
Q2 2024 105$563.5MNVDA, MSFT, VEA, SPTS, IGSB
Q1 2024 103$523.1MNVDA, MSFT, VEA, IGSB, SPTS