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Livermore
Livermore
ZHEN

NBW Capital LLC

SEC CIK
0001512901
Latest filing
Aug 13, 2025

The latest 13F from NBW Capital LLC covers Q2 2025 (filed Aug 13, 2025): 111 long positions worth $463.6M. The top 10 holdings make up 32.1% of the portfolio, and the largest is Microsoft Corp (MSFT) at 3.9%. Livermore has 18 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$7.95M
Added
47
Est. +$8.37M
Reduced
41
Est. −$11.1M
Sold out
8
Est. −$9.71M

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    3.9%$18.3MHistory
  2. LNGCheniere Energy, Inc.
    3.8%$17.7MHistory
  3. GOOGLAlphabet Inc.
    3.6%$16.8MHistory
  4. AMJBJPMorgan Chase & Co
    3.4%$15.9MHistory
  5. ETEnergy Transfer LP
    3.4%$15.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. EXASExact Sciences Corp
    +$3.53MNewHistory
  2. AMTAmerican Tower Corp
    +$1.51MAddedHistory
  3. TYLTyler Technologies Inc
    +$892.2KAddedHistory
  4. PHMPultegroup Inc
    +$864.5KAddedHistory
  5. GOOGLAlphabet Inc.
    +$792.9KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. EXASExact Sciences Corp
    +0.76 pp0.0% → 0.8%History
  2. AVGOBroadcom Inc.
    +0.70 pp1.1% → 1.8%History
  3. GOOGLAlphabet Inc.
    +0.51 pp3.1% → 3.6%History
  4. JPMJPMorgan Chase & Co
    +0.34 pp2.2% → 2.5%History
  5. AMTAmerican Tower Corp
    +0.32 pp0.9% → 1.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MASMasco Corp
    −$4.71MSold outHistory
  2. AMAntero Midstream Corp
    −$2.70MReducedHistory
  3. NGLNGL Energy Partners LP
    −$2.36MSold outHistory
  4. BJBJ's Wholesale Club Holdings, Inc.
    −$2.12MReducedHistory
  5. CIVICivitas Resources, Inc.
    −$1.56MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MASMasco Corp
    −1.04 pp1.0% → 0.0%History
  2. Aris Water Solutions, Inc.04041L106
    −0.64 pp1.4% → 0.8%
  3. BJBJ's Wholesale Club Holdings, Inc.
    −0.58 pp1.5% → 0.9%History
  4. AMAntero Midstream Corp
    −0.55 pp1.2% → 0.7%History
  5. NGLNGL Energy Partners LP
    −0.52 pp0.5% → 0.0%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$463.6M
+$12.6M (+2.8%) vs. prior quarter
Positions
111
+11 vs. prior quarter
Top 10 concentration
32.1%
Top 10 as share of value
Turnover
3.6%
Q2 2025, one quarter
Average holding period
13.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $539.7M (Q4 2024)

Q1 2021: $362.8MQ2 2021: $410.6MQ3 2021: $415.3MQ4 2021: $449.4MQ1 2022: $421.3MQ2 2022: $364.6MQ3 2022: $373.0MQ4 2022: $391.4MQ1 2023: $411.5MQ2 2023: $428.6MQ3 2023: $408.3MQ4 2023: $456.7MQ1 2024: $489.2MQ2 2024: $507.0MQ3 2024: $530.4MQ4 2024: $539.7MQ1 2025: $451.0MQ2 2025: $463.6M
Q1 2021Q2 2025
13F filings of NBW Capital LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Aug 13, 2025111$463.6MMSFTLNGGOOGLvs. Q1 2025SEC
Q1 2025May 12, 2025100$451.0MLNGAMJBETvs. Q4 2024SEC
Q4 2024Feb 6, 202588$539.7MGOOGLAAPLMSFTvs. Q3 2024SEC
Q3 2024Nov 4, 2024106$530.4MMSFTAAPLGOOGLvs. Q2 2024SEC
Q2 2024Aug 14, 2024101$507.0MMSFTGOOGLAAPLvs. Q1 2024SEC
Q1 2024Jun 13, 2024111$489.2MGOOGLMSFTSPYvs. Q4 2023SEC
Q4 2023Jan 31, 2024107$456.7MGOOGLMSFTAAPLvs. Q3 2023SEC
Q3 2023Nov 14, 2023108$408.3MGOOGLAAPLENLCvs. Q2 2023SEC
Q2 2023Aug 15, 2023108$428.6MGOOGLAAPLMSFTvs. Q1 2023SEC
Q1 2023May 11, 2023109$411.5MGOOGLAAPLENLCvs. Q4 2022SEC
Q4 2022Feb 14, 2023101$391.4MENLCSPYAAPLvs. Q3 2022SEC
Q3 2022Nov 3, 202288$373.0MAAPLSPYGOOGLvs. Q2 2022SEC
Q2 2022Aug 1, 202283$364.6MAAPLLNGPAGPvs. Q1 2022SEC
Q1 2022May 4, 202288$421.3MAAPLGOOGLLNGvs. Q4 2021SEC
Q4 2021Feb 3, 202285$449.4MAAPLMSFTDHRvs. Q3 2021SEC
Q3 2021Nov 3, 202186$415.3MAAPLMSFTGOOGLvs. Q2 2021SEC
Q2 2021Aug 16, 202179$410.6MAAPLMSFTGOOGLvs. Q1 2021SEC
Q1 2021May 5, 202178$362.8MAAPLMSFTSPY–SEC