Carmel Capital Management L.L.C. Long-Term Concentrated

CIK: 0001878547 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 28, 2026

Total Value ($000): $330,023 (100.0% shares, 0.0% debt)

Holdings (23)

Increased Positions (8)

ENS ENERSYS 3.2%

Value ($000) $10,697 (+42.8%) Shares 72,895 (+10.0%) Est. Cost $90.17 Unrealized +47.9%

C CITIGROUP INC 6.3%

Value ($000) $20,882 (+16.7%) Shares 178,949 (+1.5%) Est. Cost $58.32 Unrealized +77.7%

JPM JPMORGAN CHASE & CO. 6.1%

Value ($000) $20,051 (+3.6%) Shares 62,227 (+1.4%) Est. Cost $147.32 Unrealized +110.1%

EPI WISDOMTREE TR 1.9%

Value ($000) $6,377 (+10.7%) Shares 137,755 (+5.7%) Est. Cost $37.94 Unrealized —

NXPI NXP SEMICONDUCTORS N V 4.1%

Value ($000) $13,439 (-2.7%) Shares 61,912 (+2.1%) Est. Cost $196.12 Unrealized +9.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 3.8%

Value ($000) $12,566 (+2.1%) Shares 25,000 (+2.1%) Est. Cost $309.01 Unrealized +61.0%

RSPN INVESCO EXCHANGE TRADED FD T 2.9%

Value ($000) $9,720 (+2.6%) Shares 171,635 (+1.6%) Est. Cost $69.90 Unrealized —

VLO VALERO ENERGY CORP 2.6%

Value ($000) $8,560 (-1.7%) Shares 52,586 (+2.8%) Est. Cost $80.04 Unrealized +110.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENS	ENERSYS	72,895 (+10.0%)	$10,697 (+42.8%)	3.2%	$90.17	+47.9%	COM	29275Y102
C	CITIGROUP INC	178,949 (+1.5%)	$20,882 (+16.7%)	6.3%	$58.32	+77.7%	COM NEW	172967424
JPM	JPMORGAN CHASE & CO.	62,227 (+1.4%)	$20,051 (+3.6%)	6.1%	$147.32	+110.1%	COM	46625H100
EPI	WISDOMTREE TR	137,755 (+5.7%)	$6,377 (+10.7%)	1.9%	$37.94	—	INDIA ERNGS FD	97717W422
NXPI	NXP SEMICONDUCTORS N V	61,912 (+2.1%)	$13,439 (-2.7%)	4.1%	$196.12	+9.0%	COM	N6596X109
BRK/B	BERKSHIRE HATHAWAY INC DEL	25,000 (+2.1%)	$12,566 (+2.1%)	3.8%	$309.01	+61.0%	CL B NEW	084670702
RSPN	INVESCO EXCHANGE TRADED FD T	171,635 (+1.6%)	$9,720 (+2.6%)	2.9%	$69.90	—	S&P500 EQL IND	46137V324
VLO	VALERO ENERGY CORP	52,586 (+2.8%)	$8,560 (-1.7%)	2.6%	$80.04	+110.9%	COM	91913Y100

Exited Positions (2)

GPK GRAPHIC PACKAGING HLDG CO 1.8%

Value ($000) $6,029 Shares 308,050 Est. Cost $20.02 Unrealized -17.9%

FISV FISERV INC 1.8%

Value ($000) $5,984 Shares 46,410 Est. Cost $129.37 Unrealized -35.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GPK	GRAPHIC PACKAGING HLDG CO	308,050	$6,029	1.8%	$20.02	-17.9%	—	388689101
FISV	FISERV INC	46,410	$5,984	1.8%	$129.37	-35.2%	—	337738108

Decreased Positions (2)

AZO AUTOZONE INC 2.6%

Value ($000) $8,496 (-22.3%) Shares 2,505 (-1.7%) Est. Cost $1925.17 Unrealized +96.2%

AVGO BROADCOM INC 15.0%

Value ($000) $49,468 (+1.7%) Shares 142,930 (-3.1%) Est. Cost $147.25 Unrealized +142.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	2,505 (-1.7%)	$8,496 (-22.3%)	2.6%	$1925.17	+96.2%	COM	053332102
AVGO	BROADCOM INC	142,930 (-3.1%)	$49,468 (+1.7%)	15.0%	$147.25	+142.4%	COM	11135F101

Unchanged Positions (13)

VST VISTRA CORP 12.5%

Value ($000) $41,196 Shares 255,354 Est. Cost $25.57 Unrealized +611.4%

AMAT APPLIED MATLS INC 7.1%

Value ($000) $23,488 Shares 91,398 Est. Cost $138.63 Unrealized +72.7%

TER TERADYNE INC 3.5%

Value ($000) $11,572 Shares 59,784 Est. Cost $132.63 Unrealized +29.3%

KLAC KLA CORP 5.0%

Value ($000) $16,485 Shares 13,567 Est. Cost $383.12 Unrealized +205.9%

ASML ASML HOLDING N V 4.6%

Value ($000) $15,211 Shares 14,218 Est. Cost $773.49 Unrealized —

RTX RTX CORPORATION 4.5%

Value ($000) $14,913 Shares 81,316 Est. Cost $81.70 Unrealized +112.1%

RBC RBC BEARINGS INC 2.7%

Value ($000) $8,871 Shares 19,783 Est. Cost $215.46 Unrealized +96.6%

AAPL APPLE INC 4.1%

Value ($000) $13,508 Shares 49,687 Est. Cost $154.61 Unrealized +73.6%

EWBC EAST WEST BANCORP INC 4.3%

Value ($000) $14,170 Shares 126,080 Est. Cost $68.19 Unrealized +54.2%

ROBO EXCHANGE TRADED CONCEPTS TRU 2.1%

Value ($000) $6,858 Shares 98,940 Est. Cost $66.53 Unrealized —

SMH VANECK ETF TRUST 0.6%

Value ($000) $1,823 Shares 5,062 Est. Cost $233.73 Unrealized —

MSFT MICROSOFT CORP 0.4%

Value ($000) $1,228 Shares 2,539 Est. Cost $315.17 Unrealized +58.8%

GLD SPDR GOLD TR 0.1%

Value ($000) $444 Shares 1,120 Est. Cost $227.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VST	VISTRA CORP	255,354	$41,196	12.5%	$25.57	+611.4%	COM	92840M102
AMAT	APPLIED MATLS INC	91,398	$23,488	7.1%	$138.63	+72.7%	COM	038222105
TER	TERADYNE INC	59,784	$11,572	3.5%	$132.63	+29.3%	COM	880770102
KLAC	KLA CORP	13,567	$16,485	5.0%	$383.12	+205.9%	COM NEW	482480100
ASML	ASML HOLDING N V	14,218	$15,211	4.6%	$773.49	—	N Y REGISTRY SHS	N07059210
RTX	RTX CORPORATION	81,316	$14,913	4.5%	$81.70	+112.1%	COM	75513E101
RBC	RBC BEARINGS INC	19,783	$8,871	2.7%	$215.46	+96.6%	COM	75524B104
AAPL	APPLE INC	49,687	$13,508	4.1%	$154.61	+73.6%	COM	037833100
EWBC	EAST WEST BANCORP INC	126,080	$14,170	4.3%	$68.19	+54.2%	COM	27579R104
ROBO	EXCHANGE TRADED CONCEPTS TRU	98,940	$6,858	2.1%	$66.53	—	ROBO GLB ETF	301505707
SMH	VANECK ETF TRUST	5,062	$1,823	0.6%	$233.73	—	SEMICONDUCTR ETF	92189F676
MSFT	MICROSOFT CORP	2,539	$1,228	0.4%	$315.17	+58.8%	COM	594918104
GLD	SPDR GOLD TR	1,120	$444	0.1%	$227.78	—	GOLD SHS	78463V107