Nelson Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Nelson Capital Management, LLC reported 108 stock positions worth $839.7 million. Its top holding was Nvidia (NVDA) at 35.5% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 4.5%) and Microsoft (MSFT, 4.3%). Compared with Q2 2025, it opened 9 new positions, sold out of 2, added to 50 and reduced 32. The biggest buy was a new position in Intuitive Surgical (ISRG) and the biggest sale an exit from Medtronic (MDT).

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0001512611
Portfolio Value
$839.7M (Q3 2025)
SEC Filing
0001512611-25-000003 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $839.7M $839.7M Q3 2025 Q4 2025: $854.6M Q4 2025 Q1 2026: $819.2M Q1 2026 Q2 2026: $911.6M Q2 2026

Holdings 108 stocks · $839.7M
NVDA Nvidia Corp. 35.53% 1,599,289 $298.4M Reduce -1.1%
VEA Vanguard Ftse Developed ETF 4.52% 633,099 $37.9M Add +1.9%
MSFT Microsoft Corp. 4.32% 70,084 $36.3M Reduce -2.2%
IGSB iShares 1-5Y Inv Grade Corp. 3.63% 574,360 $30.5M Add +8.9%
AAPL Apple Inc. 2.93% 96,607 $24.6M Reduce -2.3%
SPTS SS SPDR P St Term TSY ETF 2.91% 833,569 $24.4M Add +3.7%
XLI SS Industrial Select Sector 2.41% 131,222 $20.2M Reduce -0.4%
GOOG Alphabet Inc. Class C 2.38% 82,150 $20.0M Reduce -2.4%
XLK SS Technology Select Sector 2.30% 68,517 $19.3M Add +5.3%
VB Vanguard Most SM-Cap ETF-Usd 1.91% 63,215 $16.1M Reduce -0.1%
JPM JPMorgan Chase & Co. 1.65% 43,991 $13.9M Add +5.4%
AMZN Amazon.com Inc. 1.60% 61,372 $13.5M Reduce -1.4%
VPU Vanguard Utilities ETF 1.36% 60,518 $11.5M Add +2.3%
V Visa Inc. Class A 1.25% 30,807 $10.5M Add +1.1%
SPY SS SPDR S&P 500 ETF Trust-US 1.24% 15,576 $10.4M Reduce -2.3%
AEM Agnico Eagle Mines Ltd. 1.15% 57,278 $9.7M Reduce -0.1%
COST Costco Wholesale Corp. 1.12% 10,127 $9.4M Add +1.8%
IVV iShares Core S&P 500 ETF 1.10% 13,759 $9.2M Add +1.5%
CSCO Cisco Systems Inc. 1.09% 133,680 $9.1M Add +1.4%
EMXC iShares MSCI Emr MRK Ex Chna 1.07% 133,594 $9.0M Reduce -1.4%
VWO Vanguard Ftse Emerging Marke 1.01% 156,370 $8.5M Add +3.2%
QCOM Qualcomm Inc. 0.97% 48,991 $8.2M Add +0.4%
PG The Procter & Gamble Co. 0.89% 48,673 $7.5M Reduce -1.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.79% 46,068 $6.7M Add +0.3%
BKNG Booking Holdings Inc. 0.72% 1,126 $6.1M Reduce -1.8%
SYK Stryker Corp. 0.72% 16,320 $6.0M Add +2.9%
XOM Exxon Mobil Corp. 0.66% 49,233 $5.6M Reduce -0.1%
XCEM Columbia Em Core Ex-China 0.65% 150,340 $5.5M Add +3.6%
ABBV Abbvie Inc. 0.65% 23,413 $5.4M Reduce -2.1%
IHAK iShares Cybersecurity & Tech 0.58% 92,827 $4.9M Add +3.3%
SPGI S&P Global Inc. 0.58% 9,932 $4.8M Add +0.9%
ROP Roper Technologies Inc. 0.57% 9,612 $4.8M Reduce -0.6%
CVX Chevron Corp. 0.54% 29,154 $4.5M Reduce -2.1%
XLF SS Financial Select Sector 0.53% 82,616 $4.5M Add +2.7%
XLRE SS Real Estate Select Sector 0.51% 101,783 $4.3M Add +1.2%
LIN Linde PLC 0.50% 8,883 $4.2M Add +0.6%
AMGN Amgen Inc. 0.50% 14,915 $4.2M Reduce -0.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.49% 13,343 $4.1M Add +1.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.48% 35,362 $4.0M Add +4.4%
XLC SS Comm Select Sector SPDR 0.46% 32,693 $3.9M Add +5.5%
HD Home Depot Inc. 0.45% 9,285 $3.8M Add +0.2%
SCHW Schwab (charles) Corp. 0.44% 39,009 $3.7M Add +1.0%
LLY Eli Lilly & Co. 0.43% 4,697 $3.6M Add +26.5%
TMO Thermo Fisher Scientific Inc. 0.42% 7,321 $3.6M Add +0.7%
XLV SS Health Care Select Sector 0.42% 25,210 $3.5M Add +2.5%
TEL Te Connectivity PLC 0.41% 15,565 $3.4M Add +0.7%
XLY SS Consumer Disc Select Sect 0.40% 14,020 $3.4M Add +5.2%
EMR Emerson Electric Co. 0.40% 25,548 $3.4M Add +0.6%
BRK.B Berkshire Hathaway Inc. Class B 0.38% 6,296 $3.2M Add +2.9%
ISRG Intuitive Surgical Inc. 0.37% 6,903 $3.1M New
SCHF Schwab Intl Equity ETF 0.36% 129,578 $3.0M Reduce -0.1%
XYL Xylem Inc. 0.36% 20,436 $3.0M Reduce -0.4%
ORCL Oracle Corp. 0.35% 10,453 $2.9M Add +10.1%
CB Chubb Ltd. 0.34% 10,202 $2.9M Add +2.1%
GLD SPDR Gold Shares 0.32% 7,658 $2.7M No change
MAS Masco Corp. 0.32% 38,516 $2.7M Add +0.5%
VZ Verizon Communications Inc. 0.32% 61,486 $2.7M Reduce -0.7%
BSX Boston Scientific Corp. 0.30% 25,924 $2.5M New
SHEL Shell PLC-ADR 0.30% 35,037 $2.5M Reduce -0.7%
ADBE Adobe Inc. 0.29% 6,953 $2.5M Reduce -0.6%
KO The Coca-Cola Co. 0.29% 36,214 $2.4M Add +1.2%
CMCSA Comcast Corp. Class A 0.26% 70,091 $2.2M Reduce -4.3%
XLP SS Consumer Staples Sel Sect 0.26% 27,946 $2.2M Add +1.1%
JEPI JPMorgan Equity Premium Inco 0.25% 36,801 $2.1M Add +21.2%
CRM Salesforce Inc. 0.25% 8,715 $2.1M Add +0.3%
XLE SS Energy Select Sector 0.20% 18,676 $1.7M Add +4.1%
META Meta Platforms Inc. Class A 0.16% 1,852 $1.4M No change
GOOGL Alphabet Inc. Class A 0.16% 5,585 $1.4M Reduce -0.6%
TPL Texas Pacific Land Corp. 0.14% 1,301 $1.2M No change
XLB SS Materials Select Sector 0.14% 13,462 $1.2M Add +2.0%
IJR iShares Core S&P Small-Cap E 0.14% 9,785 $1.2M Reduce -0.2%
INTU Intuit Inc. 0.14% 1,667 $1.1M Add +0.1%
JPST JPMorgan Ultra-Short Income 0.13% 22,112 $1.1M Add +0.8%
QQQ Invesco QQQ Trust Series 1 0.12% 1,698 $1.0M Add +0.1%
JNJ Johnson & Johnson 0.12% 5,322 $987K Add +0.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 1,533 $735K No change
PFFD Global X US Preferred ETF 0.07% 31,091 $604K Add +25.9%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.07% 6,986 $585K New
SCHO Schwab Short-Term US Treas 0.07% 23,851 $582K Reduce -2.7%
ABNB Airbnb Inc. Class A 0.07% 4,613 $560K No change
ABT Abbott Laboratories 0.07% 4,135 $554K Reduce -5.6%
LRCX Lam Research Corp. 0.06% 3,990 $534K Reduce -11.1%
PANW Palo Alto Networks Inc. 0.06% 2,598 $529K Add +93.3%
VOO Vanguard S&P 500 ETF 0.06% 862 $528K Add +0.1%
WMT Walmart Inc. 0.06% 5,093 $525K No change
DHS Wisdomtree US High Dividend 0.06% 4,945 $498K No change
AVGO Broadcom Inc. 0.06% 1,507 $497K Reduce -3.4%
NUE Nucor Corp. 0.05% 3,132 $424K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,478 $417K Reduce -0.4%
IWO iShares Russell 2000 Growth 0.05% 1,250 $400K No change
MRK Merck & Co. Inc. 0.05% 4,658 $391K Reduce -5.1%
NVRI Enviri Corp. 0.04% 28,825 $366K No change
VONG Vanguard Russell 1000 Growth 0.04% 2,951 $356K No change
MCD McDonald's Corp. 0.04% 1,150 $349K Add +30.7%
GS Goldman Sachs Group Inc. 0.04% 437 $348K Reduce -31.4%
NEM Newmont Corp. 0.04% 3,949 $333K No change
IJH iShares Core S&P Midcap ETF 0.04% 5,005 $327K No change
TSLA Tesla Inc. 0.04% 696 $310K No change
PH Parker Hannifin Corp. 0.03% 385 $292K No change
DELL Dell Technologies -C 0.03% 2,043 $290K New

Show all 108 holdings

Portfolio Sells Q2 2025 → Q3 2025
MDT Medtronic PLC Sold out 0.00% −0.46
MSFT Microsoft Corp. Reduce -2.2% 4.32% −0.39
AMZN Amazon.com Inc. Reduce -1.4% 1.60% −0.20
XLI SS Industrial Select Sector Reduce -0.4% 2.41% −0.16
BKNG Booking Holdings Inc. Reduce -1.8% 0.72% −0.15
ROP Roper Technologies Inc. Reduce -0.6% 0.57% −0.15
PG The Procter & Gamble Co. Reduce -1.6% 0.89% −0.15
CMCSA Comcast Corp. Class A Reduce -4.3% 0.26% −0.08
VB Vanguard Most SM-Cap ETF-Usd Reduce -0.1% 1.91% −0.07
SPY SS SPDR S&P 500 ETF Trust-US Reduce -2.3% 1.24% −0.07
ADBE Adobe Inc. Reduce -0.6% 0.29% −0.07
EMXC iShares MSCI Emr MRK Ex Chna Reduce -1.4% 1.07% −0.06
AMGN Amgen Inc. Reduce -0.6% 0.50% −0.05
XOM Exxon Mobil Corp. Reduce -0.1% 0.66% −0.04
VZ Verizon Communications Inc. Reduce -0.7% 0.32% −0.03
SHEL Shell PLC-ADR Reduce -0.7% 0.30% −0.03
PFE Pfizer Inc. Sold out 0.00% −0.03
CVX Chevron Corp. Reduce -2.1% 0.54% −0.02
SCHF Schwab Intl Equity ETF Reduce -0.1% 0.36% −0.02
GS Goldman Sachs Group Inc. Reduce -31.4% 0.04% −0.02
ABT Abbott Laboratories Reduce -5.6% 0.07% −0.01
SCHO Schwab Short-Term US Treas Reduce -2.7% 0.07% −0.01
IBM Intl Business Machines Corp. Reduce -0.4% 0.05% −0.01
MRK Merck & Co. Inc. Reduce -5.1% 0.05% −0.00
IJR iShares Core S&P Small-Cap E Reduce -0.2% 0.14% −0.00
AVGO Broadcom Inc. Reduce -3.4% 0.06% +0.00
LRCX Lam Research Corp. Reduce -11.1% 0.06% +0.01
XYL Xylem Inc. Reduce -0.4% 0.36% +0.01
GOOGL Alphabet Inc. Class A Reduce -0.6% 0.16% +0.03
ABBV Abbvie Inc. Reduce -2.1% 0.65% +0.06
AAPL Apple Inc. Reduce -2.3% 2.93% +0.25
AEM Agnico Eagle Mines Ltd. Reduce -0.1% 1.15% +0.25
GOOG Alphabet Inc. Class C Reduce -2.4% 2.38% +0.41
NVDA Nvidia Corp. Reduce -1.1% 35.53% +1.75

Portfolio Buys Q2 2025 → Q3 2025
ISRG Intuitive Surgical Inc. New 0.37% +0.37
BSX Boston Scientific Corp. New 0.30% +0.30
XLK SS Technology Select Sector Add +5.3% 2.30% +0.12
ORCL Oracle Corp. Add +10.1% 0.35% +0.08
P Everpure Inc. Class A New 0.07% +0.07
TEL Te Connectivity PLC Add +0.7% 0.41% +0.06
JPM JPMorgan Chase & Co. Add +5.4% 1.65% +0.05
LLY Eli Lilly & Co. Add +26.5% 0.43% +0.04
TJX TJX Companies Inc. Add +0.3% 0.79% +0.04
DELL Dell Technologies -C New 0.03% +0.03
TMO Thermo Fisher Scientific Inc. Add +0.7% 0.42% +0.03
CAT Caterpillar Inc. New 0.03% +0.03
NSC Norfolk Southern Corp. New 0.03% +0.03
PANW Palo Alto Networks Inc. Add +93.3% 0.06% +0.03
BLK BlackRock Inc. New 0.03% +0.03
CSX CSX Corp. New 0.02% +0.02
IWM iShares Russell 2000 ETF New 0.02% +0.02
JEPI JPMorgan Equity Premium Inco Add +21.2% 0.25% +0.02
VWO Vanguard Ftse Emerging Marke Add +3.2% 1.01% +0.02
XLY SS Consumer Disc Select Sect Add +5.2% 0.40% +0.02
XLC SS Comm Select Sector SPDR Add +5.5% 0.46% +0.02
PFFD Global X US Preferred ETF Add +25.9% 0.07% +0.01
JNJ Johnson & Johnson Add +0.0% 0.12% +0.01
MCD McDonald's Corp. Add +30.7% 0.04% +0.01
HD Home Depot Inc. Add +0.2% 0.45% −0.00
VOO Vanguard S&P 500 ETF Add +0.1% 0.06% −0.00
QQQ Invesco QQQ Trust Series 1 Add +0.1% 0.12% −0.00
XLE SS Energy Select Sector Add +4.1% 0.20% −0.00
MAS Masco Corp. Add +0.5% 0.32% −0.00
XCEM Columbia Em Core Ex-China Add +3.6% 0.65% −0.01
PM Philip Morris International Add +0.1% 0.03% −0.01
XLB SS Materials Select Sector Add +2.0% 0.14% −0.01
JPST JPMorgan Ultra-Short Income Add +0.8% 0.13% −0.01
VPU Vanguard Utilities ETF Add +2.3% 1.36% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +2.9% 0.38% −0.02
IVV iShares Core S&P 500 ETF Add +1.5% 1.10% −0.02
XLV SS Health Care Select Sector Add +2.5% 0.42% −0.02
SCHW Schwab (charles) Corp. Add +1.0% 0.44% −0.02
XLF SS Financial Select Sector Add +2.7% 0.53% −0.03
XLP SS Consumer Staples Sel Sect Add +1.1% 0.26% −0.04
INTU Intuit Inc. Add +0.1% 0.14% −0.04
CB Chubb Ltd. Add +2.1% 0.34% −0.04
XLRE SS Real Estate Select Sector Add +1.2% 0.51% −0.04
LIN Linde PLC Add +0.6% 0.50% −0.04
EMR Emerson Electric Co. Add +0.6% 0.40% −0.05
KO The Coca-Cola Co. Add +1.2% 0.29% −0.05
IGSB iShares 1-5Y Inv Grade Corp. Add +8.9% 3.63% −0.05
IHAK iShares Cybersecurity & Tech Add +3.3% 0.58% −0.05
QCOM Qualcomm Inc. Add +0.4% 0.97% −0.06
AJG Arthur J Gallagher & Co. Add +1.3% 0.49% −0.07

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