SEC 13F Intelligence

Managers / Q1 2025 · view latest →

NBW CAPITAL LLC

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

Reported Value
$451M
Q1 2025
Positions
100
Filings on Record
27
2019–present window
Filed
May 12, 2025
original filing

Summary

Nbw Capital LLC reported $451M in U.S.-listed holdings across 100 positions for Q1 2025.

Its largest position, LNG, represents 4.0% of the portfolio.

Compared with Q4 2024, the fund opened 21 new positions and exited 9.

Portfolio Metrics

Turnover
+7.4%
vs prior filed quarter
Top-10 Concentration
+33.0%
share of reported value
Largest Position
+4.0%
Cheniere Energy
New / Exited
21 / 9
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: 69.3%MLP: 17.9%ETP: 9.9%Other: 2.0%REIT: 0.9%
  • Common Stock · 69.3% · $313M
  • MLP · 17.9% · $81M
  • ETP · 9.9% · $45M
  • Other · 2.0% · $9M
  • REIT · 0.9% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PGRPROGRESSIVE CORPNEW+23.6K23.6K+$7M$7M
SUNSUNOCO LP/SUNOCO FIN CORPNEW+74.6K74.6K+$4M$4M
GQ9SPDR GOLD TRNEW+2.9K2.9K+$848,284$848,284
WCNWASTE CONNECTIONS INCNEW+4.1K4.1K+$791,886$791,886
CHVCHEVRON CORP NEWNEW+4.2K4.2K+$696,094$696,094
SOSOUTHERN CONEW+2.6K2.6K+$240,633$240,633
4I1PHILIP MORRIS INTL INCNEW+1.5K1.5K+$236,190$236,190
TAT&T INCNEW+8.2K8.2K+$232,396$232,396

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

Holdings — Q1 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1LNGCHENIERE ENERGY INChistory →COM NEW3.96%$18M77.2K
2JPMORGAN CHASE FINL CO LLCCAL LKD 443.86%$17M535.3K
3ETENERGY TRANSFER L Phistory →COM UT LTD PTN3.52%$16M854.8K
4AAPLAPPLE INChistory →COM3.37%$15M68.4K
5EPDENTERPRISE PRODS PARTNERS Lhistory →COM3.19%$14M420.9K
6GOOGLALPHABET INChistory →CAP STK CL A3.11%$14M90.8K
7MSFTMICROSOFT CORPhistory →COM3.08%$14M37.0K
8MPLXMPLX LPhistory →COM UNIT REP LTD3.07%$14M258.4K
9MCDMCDONALDS CORPhistory →COM2.94%$13M42.4K
10PAAPLAINS ALL AMERN PIPELINE Lhistory →UNIT LTD PARTN2.91%$13M655.6K
11WESWESTERN MIDSTREAM PARTNERS Lhistory →COM UNIT LP INT2.84%$13M312.2K
12SPDR S&P 500 ETF TRTR UNIT2.27%$10M18.3K
13JPMJPMORGAN CHASE & CO.history →COM2.16%$10M39.7K
14PLMRPALOMAR HLDGS INChistory →COM2.12%$10M69.8K
15VRTXVERTEX PHARMACEUTICALS INChistory →COM1.68%$8M15.6K
16ROPROPER TECHNOLOGIES INChistory →COM1.65%$7M12.6K
17ADIANALOG DEVICES INChistory →COM1.63%$7M36.4K
18PANWPALO ALTO NETWORKS INChistory →COM1.60%$7M42.4K
19PATKPATRICK INDS INChistory →COM1.56%$7M83.0K
20ITWILLINOIS TOOL WKS INChistory →COM1.53%$7M27.9K
21BJBJS WHSL CLUB HLDGS INChistory →COM1.51%$7M59.8K
22PGRPROGRESSIVE CORPhistory →COM1.48%$7M23.6K
23TYLTYLER TECHNOLOGIES INChistory →COM1.42%$6M11.0K
24ARIS WATER SOLUTIONS INCCLASS A COM1.42%$6M199.8K
25ABBVABBVIE INChistory →COM1.41%$6M30.3K
26GTLSCHART INDS INChistory →COM1.29%$6M40.3K
27WFCWELLS FARGO CO NEWhistory →COM1.27%$6M80.1K
28MRVLMARVELL TECHNOLOGY INChistory →COM1.27%$6M93.1K
29ISHARES TRRUS 2000 GRW ETF1.26%$6M22.3K
30AROCARCHROCK INChistory →COM1.26%$6M216.0K
31PAGPEURPLAINS GP HLDGS L Phistory →LTD PARTNR INT A1.25%$6M263.0K
32DSGDESCARTES SYS GROUP INChistory →COM1.22%$5M54.5K
33AMANTERO MIDSTREAM CORPhistory →COM1.21%$5M303.0K
34HASIHA SUSTAINABLE INFRA CAP INChistory →COM1.18%$5M182.5K
35BSXBOSTON SCIENTIFIC CORPhistory →COM1.17%$5M52.2K
36AVGOBROADCOM INChistory →COM1.13%$5M30.6K
37STERIS PLCSHS USD1.08%$5M21.6K
38MASMASCO CORPhistory →COM1.04%$5M67.7K
39HQYHEALTHEQUITY INChistory →COM1.02%$5M52.0K
40ORLYOREILLY AUTOMOTIVE INChistory →COM1.01%$5M3.2K
41SUNSUNOCO LP/SUNOCO FIN CORPCOM UT REP LP0.96%$4M74.6K
42PHMPULTE GROUP INCCOM0.94%$4M41.4K
43GLPGLOBAL PARTNERS LPCOM UNITS0.93%$4M78.6K
44AMTAMERICAN TOWER CORP NEWCOM0.91%$4M18.9K
45VVISA INCCOM CL A0.89%$4M11.5K
46DHRDANAHER CORPORATIONCOM0.89%$4M19.6K
47EAELECTRONIC ARTS INCCOM0.87%$4M27.3K
48ATDATI INCCOM0.86%$4M74.4K
49CYBERARK SOFTWARE LTDSHS0.85%$4M11.4K
50WMWASTE MGMT INC DELCOM0.84%$4M16.4K

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 ↗.