Carmel Capital Management L.L.C.
Long book
$349.2M
Q1 2026
Positions
25
Top-10 weight
66%
concentration
Last quarter
+24.1%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsCarmel Capital Management L.L.C. is a concentrated fundamental stock-picker, running a $349.2M US long book across 25 positions.
The portfolio is concentrated: the top 10 names carry 66% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BROADCOM INC, VISTRA CORP, APPLIED MATERIALS INC, CITIGROUP INC, ASML HOLDING NV-NY REG SHS.
Over the last 9 quarters its long book ran on average 3.6pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+7.8%
Q2 2024
+4.8%
Q3 2024
+2.9%
Q4 2024
-6.6%
Q1 2025
+21.3%
Q2 2025
+11.1%
Q3 2025
+2.6%
Q4 2025
+4.9%
Q1 2026
+24.1%
Sector allocation
Technology 40%
Financials 20%
Industrials 16%
Utilities 12%
Other 5%
Energy 4%
Consumer discretionary 3%
Long book by quarter
What does Carmel Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AVGO BROADCOM INC | Technology | 141.5K | $43.8M | 12.5% | -1.0% |
| VST VISTRA CORP | Utilities | 254.9K | $38.3M | 11.0% | -0.2% |
| AMAT APPLIED MATERIALS INC | Technology | 88.8K | $30.4M | 8.7% | -2.8% |
| C CITIGROUP INC | Financials | 177.1K | $20.1M | 5.8% | -1.0% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 14.0K | $18.4M | 5.3% | -1.8% |
| JPM JPMORGAN CHASE & CO | Financials | 62.1K | $18.3M | 5.2% | -0.2% |
| KLAC KLA CORP | Other | 12.0K | $17.6M | 5.1% | -11.6% |
| RTX RTX CORP | Industrials | 80.2K | $15.5M | 4.4% | -1.4% |
| TER TERADYNE INC | Technology | 50.1K | $14.8M | 4.3% | -16.3% |
| EWBC EAST WEST BANCORP INC | Financials | 126.1K | $13.5M | 3.9% | Held |
| RBC RBC BEARINGS INC | Industrials | 24.7K | $13.4M | 3.8% | +24.9% |
| VLO VALERO ENERGY CORP | Energy | 52.6K | $13.0M | 3.7% | Held |
| NXPI NXP SEMICONDUCTORS NV | Technology | 65.9K | $13.0M | 3.7% | +6.4% |
| ENS ENERSYS | Technology | 73.7K | $12.8M | 3.7% | +1.1% |
| AAPL APPLE INC | Technology | 49.7K | $12.6M | 3.6% | -0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 24.9K | $12.0M | 3.4% | -0.2% |
| AZO AUTOZONE INC | Consumer discretionary | 2.5K | $8.4M | 2.4% | -0.2% |
| GTX GARRETT MOTION INC | Industrials | 314.8K | $5.7M | 1.6% | New |
| MSFT MICROSOFT CORP | Technology | 2.5K | $940K | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 25 | $349.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 23 | $330.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 25 | $329.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 25 | $296.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 29, 2025 | 25 | $246.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 21, 2025 | 26 | $264.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 17, 2024 | 28 | $266.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 27 | $256.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 22, 2024 | 30 | $243.4M | canonical | SEC ↗ |
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