# NBW CAPITAL LLC

> Institutional holdings reported to the SEC as of Q2 2025 on Form 13F. CIK 1512901. Source: https://holderbook.com/funds/1512901-nbw-capital-llc/

- Reported value: $463.6M
- Positions: 111
- Weight of the ten largest: 32.1%
- Filed: 2025-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $18.3M | 36,735 | 3.9% | 27 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $17.7M | 72,858 | 3.8% | 26 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $16.8M | 95,286 | 3.6% | 27 |
| JPMORGAN CHASE FINL CO LLC | [AMJB](https://holderbook.com/stocks/AMJB/) | $15.9M | 524,155 | 3.4% | 5 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $15.6M | 860,092 | 3.4% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $14.0M | 68,186 | 3.0% | 27 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $13.4M | 432,097 | 2.9% | 14 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $12.9M | 249,837 | 2.8% | 27 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $12.3M | 42,053 | 2.7% | 27 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $12.0M | 311,118 | 2.6% | 26 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $11.6M | 39,883 | 2.5% | 12 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $11.4M | 624,089 | 2.5% | 10 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $11.1M | 17,987 | 2.4% | 27 |
| PALOMAR HLDGS INC | [PLMR](https://holderbook.com/stocks/PLMR/) | $10.6M | 68,657 | 2.3% | 25 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $8.8M | 42,776 | 1.9% | 17 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $8.6M | 36,050 | 1.9% | 27 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $8.5M | 30,781 | 1.8% | 3 |
| PATRICK INDS INC | [PATK](https://holderbook.com/stocks/PATK/) | $7.6M | 82,167 | 1.6% | 27 |
| TYLER TECHNOLOGIES INC | [TYL](https://holderbook.com/stocks/TYL/) | $7.4M | 12,539 | 1.6% | 8 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $7.2M | 12,745 | 1.6% | 27 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $7.1M | 92,290 | 1.5% | 5 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $7.1M | 15,939 | 1.5% | 11 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $6.8M | 27,692 | 1.5% | 27 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $6.6M | 39,921 | 1.4% | 16 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $6.4M | 79,332 | 1.4% | 14 |
| ATI INC | [ATI](https://holderbook.com/stocks/ATI/) | $6.4M | 73,557 | 1.4% | 13 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $6.3M | 23,574 | 1.4% | 2 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $6.3M | 21,882 | 1.3% | 9 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $5.8M | 53,896 | 1.2% | 27 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $5.7M | 25,721 | 1.2% | 27 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $5.7M | 30,614 | 1.2% | 12 |
| HEALTHEQUITY INC | [HQY](https://holderbook.com/stocks/HQY/) | $5.6M | 53,514 | 1.2% | 27 |
| STERIS PLC | [STE](https://holderbook.com/stocks/STE/) | $5.6M | 23,254 | 1.2% | 26 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $5.6M | 54,898 | 1.2% | 27 |
| HA SUSTAINABLE INFRA CAP INC | [HASI](https://holderbook.com/stocks/HASI/) | $5.4M | 202,025 | 1.2% | 27 |
| PULTE GROUP INC | [PHM](https://holderbook.com/stocks/PHM/) | $5.2M | 49,623 | 1.1% | 18 |
| ARCHROCK INC | [AROC](https://holderbook.com/stocks/AROC/) | $5.2M | 209,698 | 1.1% | 9 |
| CYBERARK SOFTWARE LTD | [CYBR](https://holderbook.com/stocks/CYBR/) | $4.7M | 11,471 | 1.0% | 4 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $4.7M | 240,041 | 1.0% | 27 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $4.5M | 28,287 | 1.0% | 27 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $4.4M | 48,771 | 0.9% | 7 |
| BJS WHSL CLUB HLDGS INC | [BJ](https://holderbook.com/stocks/BJ/) | $4.3M | 40,119 | 0.9% | 27 |
| BLUEPRINT MEDICINES CORP | [BPMC](https://holderbook.com/stocks/BPMC/) | $4.3M | 33,703 | 0.9% | 27 |
| GLOBAL PARTNERS LP | [GLP](https://holderbook.com/stocks/GLP/) | $4.2M | 79,794 | 0.9% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $4.1M | 11,660 | 0.9% | 20 |
| RAYMOND JAMES FINL INC | [RJF](https://holderbook.com/stocks/RJF/) | $4.1M | 26,801 | 0.9% | 13 |
| SUNOCO LP/SUNOCO FIN CORP | [SUN](https://holderbook.com/stocks/SUN/) | $4.1M | 76,009 | 0.9% | 2 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $4.0M | 7,083 | 0.9% | 5 |
| DRAFTKINGS INC NEW | [DKNG](https://holderbook.com/stocks/DKNG/) | $3.9M | 91,317 | 0.8% | 4 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $3.9M | 6,871 | 0.8% | 20 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $3.9M | 12,518 | 0.8% | 5 |
| ISHARES TR | [INDA](https://holderbook.com/stocks/INDA/) | $3.8M | 68,771 | 0.8% | 17 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $3.8M | 19,315 | 0.8% | 27 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $3.8M | 16,617 | 0.8% | 23 |
| NORTHROP GRUMMAN CORP | [NOC](https://holderbook.com/stocks/NOC/) | $3.6M | 7,196 | 0.8% | 16 |
| ARIS WATER SOLUTIONS INC | [ARIS](https://holderbook.com/stocks/ARIS/) | $3.6M | 151,905 | 0.8% | 4 |
| EXACT SCIENCES CORP | [EXAS](https://holderbook.com/stocks/EXAS/) | $3.5M | 66,353 | 0.8% | 1 |
| VERALTO CORP | [VLTO](https://holderbook.com/stocks/VLTO/) | $3.5M | 34,629 | 0.8% | 7 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $3.0M | 160,279 | 0.7% | 26 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $2.5M | 20,221 | 0.5% | 27 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $2.5M | 34,608 | 0.5% | 27 |
| SONOS INC | [SONO](https://holderbook.com/stocks/SONO/) | $2.2M | 204,008 | 0.5% | 27 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.1M | 6,761 | 0.5% | 27 |
| ONEWATER MARINE INC | [ONEW](https://holderbook.com/stocks/ONEW/) | $2.0M | 149,299 | 0.4% | 22 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.8M | 38,705 | 0.4% | 12 |
| LSI INDS INC OHIO | [LYTS](https://holderbook.com/stocks/LYTS/) | $1.7M | 102,207 | 0.4% | 4 |
| ISHARES TR | [EIDO](https://holderbook.com/stocks/EIDO/) | $1.5M | 85,736 | 0.3% | 19 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.2M | 5,759 | 0.3% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $1.0M | 2,674 | 0.2% | 3 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $780.1K | 2,559 | 0.2% | 2 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $757.5K | 4,057 | 0.2% | 2 |
| FOX FACTORY HLDG CORP | [FOXF](https://holderbook.com/stocks/FOXF/) | $680.0K | 26,214 | 0.1% | 27 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $616.1K | 4,303 | 0.1% | 2 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $524.9K | 5,507 | 0.1% | 7 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $490.8K | 6,012 | 0.1% | 8 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $376.1K | 1,276 | 0.1% | 11 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $362.3K | 1,192 | 0.1% | 1 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $361.8K | 464 | 0.1% | 13 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $350.0K | 1,926 | 0.1% | 1 |
| ALPS ETF TR | [AMLP](https://holderbook.com/stocks/AMLP/) | $312.7K | 6,400 | 0.1% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $299.9K | 2,129 | 0.1% | 10 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $290.9K | 19,430 | 0.1% | 6 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $278.8K | 4,134 | 0.1% | 1 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $271.7K | 2,989 | 0.1% | 1 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $271.0K | 1,488 | 0.1% | 2 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $267.8K | 2,028 | 0.1% | 8 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $264.4K | 2,515 | 0.1% | 1 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $252.2K | 3,635 | 0.1% | 2 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $236.2K | 8,035 | 0.1% | 1 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $235.9K | 380 | 0.1% | 10 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $234.8K | 3,382 | 0.1% | 1 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $230.7K | 1,955 | 0.0% | 2 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $229.4K | 3,242 | 0.0% | 2 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $225.2K | 2,452 | 0.0% | 2 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $222.0K | 2,760 | 0.0% | 1 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $221.7K | 2,614 | 0.0% | 16 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $221.4K | 2,540 | 0.0% | 2 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $220.9K | 477 | 0.0% | 1 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $220.5K | 2,125 | 0.0% | 1 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $218.5K | 1,971 | 0.0% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2025 | +3.6% | +10.5% | -6.9% | 100% |
| Q1 2025 | -0.8% | -4.6% | +3.7% | 99% |
| Q4 2024 | +2.3% | +2.1% | +0.2% | 99% |
| Q3 2024 | +4.2% | +5.4% | -1.2% | 99% |
| Q2 2024 | +2.0% | +4.0% | -2.0% | 99% |
| Q1 2024 | +7.8% | +10.0% | -2.3% | 99% |
| Q4 2023 | +8.8% | +11.2% | -2.4% | 99% |
| Q3 2023 | -1.4% | -3.6% | +2.2% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2025 | $463.6M | 111 |
| Q1 2025 | $451.0M | 100 |
| Q4 2024 | $539.7M | 88 |
| Q3 2024 | $530.4M | 106 |
| Q2 2024 | $507.0M | 101 |
| Q1 2024 | $489.2M | 111 |
| Q4 2023 | $456.7M | 107 |
| Q3 2023 | $408.3M | 108 |
| Q2 2023 | $428.6M | 108 |
| Q1 2023 | $411.5M | 109 |
| Q4 2022 | $391.4M | 101 |
| Q3 2022 | $373.0M | 88 |