SEC 13F Intelligence

Managers / Q2 2025

NBW CAPITAL LLC

CIK 0001512901 · 211 CONGRESS STREET SUITE 901, BOSTON, MA, 02110 · 617-482-2222

Reported Value
$464M
Q2 2025
Positions
111
Filings on Record
27
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Nbw Capital LLC reported $464M in U.S.-listed holdings across 111 positions for Q2 2025.

Its largest position, MSFT, represents 3.9% of the portfolio.

Compared with Q1 2025, the fund opened 19 new positions and exited 8.

Portfolio Metrics

Turnover
+7.1%
vs prior filed quarter
Top-10 Concentration
+32.1%
share of reported value
Largest Position
+3.9%
Microsoft
New / Exited
19 / 8
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $282MQ4 ’18Q1 ’19: $365MQ2 ’19: $363MQ3 ’19: $337MQ4 ’19: $352MQ4 ’19Q1 ’20: $210MQ2 ’20: $279MQ3 ’20: $300MQ4 ’20: $329MQ4 ’20Q1 ’21: $363MQ2 ’21: $411MQ3 ’21: $415MQ4 ’21: $449MQ4 ’21Q1 ’22: $421MQ2 ’22: $365MQ3 ’22: $373MQ4 ’22: $391MQ4 ’22Q1 ’23: $412MQ2 ’23: $429MQ3 ’23: $408MQ4 ’23: $457MQ4 ’23Q2 ’24: $507MQ3 ’24: $530MQ4 ’24: $540MQ1 ’25: $451MQ1 ’25Q2 ’25: $464Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 70.5%MLP: 15.9%ETP: 10.1%Other: 2.3%REIT: 1.3%
  • Common Stock · 70.5% · $327M
  • MLP · 15.9% · $74M
  • ETP · 10.1% · $47M
  • Other · 2.3% · $10M
  • REIT · 1.3% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EXKEXACT SCIENCES CORPNEW+66.4K66.4K+$4M$4M
VANGUARD INDEX FDSNEW+1.2K1.2K+$362,285$362,285
INVESCO EXCHANGE TRADED FD TNEW+1.9K1.9K+$350,031$350,031
ALPS ETF TRNEW+6.4K6.4K+$312,704$312,704
MDLZMONDELEZ INTL INCNEW+4.1K4.1K+$278,797$278,797
CLCOLGATE PALMOLIVE CONEW+3.0K3.0K+$271,700$271,700
PLDPROLOGIS INC.NEW+2.5K2.5K+$264,377$264,377
KMIKINDER MORGAN INC DELNEW+8.0K8.0K+$236,229$236,229

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM3.94%$18M36.7K
2LNGCHENIERE ENERGY INChistory →COM NEW3.83%$18M72.9K
3GOOGLALPHABET INChistory →CAP STK CL A3.62%$17M95.3K
4JPMORGAN CHASE FINL CO LLCCAL LKD 443.42%$16M524.2K
5ETENERGY TRANSFER L Phistory →COM UT LTD PTN3.36%$16M860.1K
6AAPLAPPLE INChistory →COM3.02%$14M68.2K
7EPDENTERPRISE PRODS PARTNERS Lhistory →COM2.89%$13M432.1K
8MPLXMPLX LPhistory →COM UNIT REP LTD2.78%$13M249.8K
9MCDMCDONALDS CORPhistory →COM2.65%$12M42.1K
10WESWESTERN MIDSTREAM PARTNERS Lhistory →COM UNIT LP INT2.60%$12M311.1K
11JPMJPMORGAN CHASE & CO.history →COM2.49%$12M39.9K
12PAAPLAINS ALL AMERN PIPELINE Lhistory →UNIT LTD PARTN2.47%$11M624.1K
13SPDR S&P 500 ETF TRTR UNIT2.40%$11M18.0K
14PLMRPALOMAR HLDGS INChistory →COM2.28%$11M68.7K
15PANWPALO ALTO NETWORKS INChistory →COM1.89%$9M42.8K
16ADIANALOG DEVICES INChistory →COM1.85%$9M36.0K
17AVGOBROADCOM INChistory →COM1.83%$8M30.8K
18PATKPATRICK INDS INChistory →COM1.64%$8M82.2K
19TYLTYLER TECHNOLOGIES INChistory →COM1.60%$7M12.5K
20ROPROPER TECHNOLOGIES INChistory →COM1.56%$7M12.7K
21MRVLMARVELL TECHNOLOGY INChistory →COM1.54%$7M92.3K
22VRTXVERTEX PHARMACEUTICALS INChistory →COM1.53%$7M15.9K
23ITWILLINOIS TOOL WKS INChistory →COM1.48%$7M27.7K
24GTLSCHART INDS INChistory →COM1.42%$7M39.9K
25WFCWELLS FARGO CO NEWhistory →COM1.37%$6M79.3K
26ATDATI INChistory →COM1.37%$6M73.6K
27PGRPROGRESSIVE CORPhistory →COM1.36%$6M23.6K
28ISHARES TRRUS 2000 GRW ETF1.35%$6M21.9K
29BSXBOSTON SCIENTIFIC CORPhistory →COM1.25%$6M53.9K
30AMTAMERICAN TOWER CORP NEWhistory →COM1.23%$6M25.7K
31ABBVABBVIE INChistory →COM1.23%$6M30.6K
32HQYHEALTHEQUITY INChistory →COM1.21%$6M53.5K
33STERIS PLCSHS USD1.21%$6M23.3K
34DSGDESCARTES SYS GROUP INChistory →COM1.20%$6M54.9K
35HASIHA SUSTAINABLE INFRA CAP INChistory →COM1.17%$5M202.0K
36PHMPULTE GROUP INChistory →COM1.13%$5M49.6K
37AROCARCHROCK INChistory →COM1.12%$5M209.7K
38CYBERARK SOFTWARE LTDSHS1.01%$5M11.5K
39PAGPEURPLAINS GP HLDGS L Phistory →LTD PARTNR INT A1.01%$5M240.0K
40EAELECTRONIC ARTS INCCOM0.97%$5M28.3K
41ORLYOREILLY AUTOMOTIVE INCCOM0.95%$4M48.8K
42BJBJS WHSL CLUB HLDGS INCCOM0.93%$4M40.1K
432655787DBLUEPRINT MEDICINES CORPCOM0.93%$4M33.7K
44GLPGLOBAL PARTNERS LPCOM UNITS0.91%$4M79.8K
45VVISA INCCOM CL A0.89%$4M11.7K
46RJFRAYMOND JAMES FINL INCCOM0.89%$4M26.8K
47SUNSUNOCO LP/SUNOCO FIN CORPCOM UT REP LP0.88%$4M76.0K
48MDYSPDR S&P MIDCAP 400 ETF TRUTSER1 S&PDCRP0.87%$4M7.1K
49DKNGDRAFTKINGS INC NEWCOM CL A0.84%$4M91.3K
50MAMASTERCARD INCORPORATEDCL A0.83%$4M6.9K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q2 2025$464M111Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$451M100May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$540M88Feb 6, 202513F-HRchanges · EDGAR ↗
Q3 2024$530M106Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$507M101Aug 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$457M107Jan 31, 202413F-HRchanges · EDGAR ↗
Q3 2023$408M108Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$429M108Aug 15, 202313F-HRchanges · EDGAR ↗
Q1 2023$412M109May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$391M101Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$373M88Nov 3, 202213F-HRchanges · EDGAR ↗
Q2 2022$365M83Aug 1, 202213F-HRchanges · EDGAR ↗
Q1 2022$421M88May 4, 202213F-HRchanges · EDGAR ↗
Q4 2021$449M85Feb 3, 202213F-HRchanges · EDGAR ↗
Q3 2021$415M86Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$411M79Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$363M78May 5, 202113F-HRchanges · EDGAR ↗
Q4 2020$329M77Feb 9, 202113F-HRchanges · EDGAR ↗
Q3 2020$300M72Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$279M70Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$210M69May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$352M73Feb 18, 202013F-HRchanges · EDGAR ↗
Q3 2019$337M74Nov 4, 201913F-HRchanges · EDGAR ↗
Q2 2019$363M74Aug 5, 201913F-HRchanges · EDGAR ↗
Q1 2019$365M72May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$282M71Feb 11, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.