# EDGAR Filing Document

**Accession Number:** 0001512901
**File Stem:** 0001512901-23-000001
**Filing Date:** 2023-2
**Character Count:** 13639
**Document Hash:** 068ab68d12a84690ce77aad79b7321fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001512901-23-000001.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001512901-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NBW CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001512901
- **IRS NUMBER:** 522398149
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14328
- **FILM NUMBER:** 23623725

**BUSINESS ADDRESS:**
- **STREET 1:** 211 CONGRESS STREET SUITE 901
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-482-2222

**MAIL ADDRESS:**
- **STREET 1:** 211 CONGRESS STREET SUITE 901
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAYLOR INVESTMENT COUNSELORS LLC
- **DATE OF NAME CHANGE:** 20110211

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NBW CAPITAL LLC<br>**Address:** 211 CONGRESS STREET SUITE 901<br>BOSTON, MA 02110

**Form 13F File Number:** 028-14328

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Scott Dorsey<br>**Title:** Director of Operations<br>**Phone:** 617-482-2222

**Signature, Place, and Date of Signing:**

Scott Dorsey  Boston, MA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 101

**Form 13F Information Table Value Total:** $391375564

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Crestwood Equity Partners LP | LTD | 226344208 |  | 8493417 | 324300 | SH |  | SOLE |  | 324300 | 0 | 0 |
| Energy Transfer LP | LTD | 29273V100 |  | 10679570 | 899711 | SH |  | SOLE |  | 899711 | 0 | 0 |
| Enterprise Products Partners | LTD | 293792107 |  | 7075409 | 293342 | SH |  | SOLE |  | 293342 | 0 | 0 |
| MPLX LP | LTD | 55336V100 |  | 3008407 | 91608 | SH |  | SOLE |  | 91608 | 0 | 0 |
| NGL Energy Partners LP | LTD | 62913M107 |  | 330826 | 273410 | SH |  | SOLE |  | 273410 | 0 | 0 |
| Western Midstream Partners | LTD | 958669103 |  | 9625188 | 358480 | SH |  | SOLE |  | 358480 | 0 | 0 |
| Westlake Chemical Partners LP | LTD | 960417103 |  | 1014307 | 43162 | SH |  | SOLE |  | 43162 | 0 | 0 |
| Abbvie Inc. | COM | 00287Y109 |  | 477073 | 2952 | SH |  | SOLE |  | 2952 | 0 | 0 |
| Air Products  Chemicals Inc. | COM | 009158106 |  | 256164 | 831 | SH |  | SOLE |  | 831 | 0 | 0 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 8961433 | 101569 | SH |  | SOLE |  | 101569 | 0 | 0 |
| Altria Group | COM | 02209S103 |  | 201444 | 4407 | SH |  | SOLE |  | 4407 | 0 | 0 |
| American Tower Corporation (RE | COM | 03027X100 |  | 5662382 | 26727 | SH |  | SOLE |  | 26727 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 223769 | 852 | SH |  | SOLE |  | 852 | 0 | 0 |
| Analog Devices Inc. | COM | 032654105 |  | 8368975 | 51021 | SH |  | SOLE |  | 51021 | 0 | 0 |
| Antero Midstream Corp | COM | 03676B102 |  | 6259991 | 580166 | SH |  | SOLE |  | 580166 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 12653571 | 97388 | SH |  | SOLE |  | 97388 | 0 | 0 |
| Associated Banc-Corp | COM | 045487105 |  | 4593571 | 198942 | SH |  | SOLE |  | 198942 | 0 | 0 |
| AT Inc. | COM | 00206R102 |  | 222301 | 12075 | SH |  | SOLE |  | 12075 | 0 | 0 |
| ATI Inc. | COM | 01741R102 |  | 3402905 | 113962 | SH |  | SOLE |  | 113962 | 0 | 0 |
| Bank Of America Corp | COM | 060505104 |  | 611925 | 18476 | SH |  | SOLE |  | 18476 | 0 | 0 |
| BJ's Wholesale Club | COM | 05550J101 |  | 7661328 | 115800 | SH |  | SOLE |  | 115800 | 0 | 0 |
| Blueprint Medicines Corporatio | COM | 09627Y109 |  | 901960 | 20588 | SH |  | SOLE |  | 20588 | 0 | 0 |
| Boston Scientific Corporation | COM | 101137107 |  | 6534388 | 141223 | SH |  | SOLE |  | 141223 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 224556 | 3121 | SH |  | SOLE |  | 3121 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 244899 | 438 | SH |  | SOLE |  | 438 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 287712 | 1201 | SH |  | SOLE |  | 1201 | 0 | 0 |
| Chart Industries Inc. | COM | 16115Q308 |  | 2358643 | 20469 | SH |  | SOLE |  | 20469 | 0 | 0 |
| Cheniere Energy Inc | COM | 16411R208 |  | 10223823 | 68177 | SH |  | SOLE |  | 68177 | 0 | 0 |
| ChevronTexaco Corp | COM | 166764100 |  | 203901 | 1136 | SH |  | SOLE |  | 1136 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 258828 | 5433 | SH |  | SOLE |  | 5433 | 0 | 0 |
| Civitas Resources Inc. | COM | 17888H103 |  | 4226920 | 72966 | SH |  | SOLE |  | 72966 | 0 | 0 |
| CNX Resources Corp | COM | 12653C108 |  | 3326052 | 197509 | SH |  | SOLE |  | 197509 | 0 | 0 |
| Coca-Cola Co | COM | 191216100 |  | 249224 | 3918 | SH |  | SOLE |  | 3918 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 5521532 | 20803 | SH |  | SOLE |  | 20803 | 0 | 0 |
| Duke Energy Corporation | COM | 26441C204 |  | 209276 | 2032 | SH |  | SOLE |  | 2032 | 0 | 0 |
| Electronic Arts Inc. | COM | 285512109 |  | 3863209 | 31619 | SH |  | SOLE |  | 31619 | 0 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 509149 | 1392 | SH |  | SOLE |  | 1392 | 0 | 0 |
| EnLink Midstream LLC | COM | 29336T100 |  | 13878225 | 1128311 | SH |  | SOLE |  | 1128311 | 0 | 0 |
| Enphase Energy Inc. | COM | 29355A107 |  | 5144463 | 19416 | SH |  | SOLE |  | 19416 | 0 | 0 |
| Envista Holdings Corp | COM | 29415F104 |  | 1478517 | 43912 | SH |  | SOLE |  | 43912 | 0 | 0 |
| Focus Financial Partners Inc | COM | 34417P100 |  | 5284998 | 141803 | SH |  | SOLE |  | 141803 | 0 | 0 |
| Fortive Corporation | COM | 34959J108 |  | 5325169 | 82882 | SH |  | SOLE |  | 82882 | 0 | 0 |
| Fox Factory Holding Corp. | COM | 35138V102 |  | 5138621 | 56326 | SH |  | SOLE |  | 56326 | 0 | 0 |
| Gilead Sciences Inc. | COM | 375558103 |  | 267509 | 3116 | SH |  | SOLE |  | 3116 | 0 | 0 |
| Hannon Armstrong Sustainable I | COM | 41068X100 |  | 4636481 | 159989 | SH |  | SOLE |  | 159989 | 0 | 0 |
| HealthEquity Inc. | COM | 42226A107 |  | 5396520 | 87549 | SH |  | SOLE |  | 87549 | 0 | 0 |
| Hess Midstream LP Class A | COM | 428103105 |  | 5562607 | 185916 | SH |  | SOLE |  | 185916 | 0 | 0 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 9304371 | 42235 | SH |  | SOLE |  | 42235 | 0 | 0 |
| Independent Bank Corp (Massach | COM | 453836108 |  | 3015080 | 35711 | SH |  | SOLE |  | 35711 | 0 | 0 |
| Innovative Industrial Properti | COM | 45781V101 |  | 965055 | 9522 | SH |  | SOLE |  | 9522 | 0 | 0 |
| Int'l Business Machines Corp | COM | 459200101 |  | 228664 | 1623 | SH |  | SOLE |  | 1623 | 0 | 0 |
| IShares MSCI India ETF | COM | 46429B598 |  | 3402186 | 81509 | SH |  | SOLE |  | 81509 | 0 | 0 |
| IShares MSCI Indonesia | COM | 46429B309 |  | 4172399 | 186351 | SH |  | SOLE |  | 186351 | 0 | 0 |
| IShares MSCI Mexico | COM | 464286822 |  | 3561092 | 72014 | SH |  | SOLE |  | 72014 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 351744 | 2623 | SH |  | SOLE |  | 2623 | 0 | 0 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 2796813 | 154691 | SH |  | SOLE |  | 154691 | 0 | 0 |
| Lockheed Martin Corporation | COM | 539830109 |  | 241299 | 496 | SH |  | SOLE |  | 496 | 0 | 0 |
| Malibu Boats Inc. | COM | 56117J100 |  | 5051667 | 94778 | SH |  | SOLE |  | 94778 | 0 | 0 |
| MariMed Inc. | COM | 56782V107 |  | 8085 | 22700 | SH |  | SOLE |  | 22700 | 0 | 0 |
| Masco Corporation | COM | 574599106 |  | 3464594 | 74236 | SH |  | SOLE |  | 74236 | 0 | 0 |
| Mastercard Inc-A | COM | 57636Q104 |  | 3884144 | 11170 | SH |  | SOLE |  | 11170 | 0 | 0 |
| McDonald's Corporation | COM | 580135101 |  | 5978553 | 22686 | SH |  | SOLE |  | 22686 | 0 | 0 |
| Merck  Company Inc. | COM | 58933Y105 |  | 254297 | 2292 | SH |  | SOLE |  | 2292 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 10146671 | 42310 | SH |  | SOLE |  | 42310 | 0 | 0 |
| Mondelez International-W/I | COM | 609207105 |  | 230609 | 3460 | SH |  | SOLE |  | 3460 | 0 | 0 |
| Nike Inc. Class B | COM | 654106103 |  | 4525596 | 38677 | SH |  | SOLE |  | 38677 | 0 | 0 |
| Northrop Grumman Corp | COM | 666807102 |  | 4007505 | 7345 | SH |  | SOLE |  | 7345 | 0 | 0 |
| OneWater Marine Inc. | COM | 68280L101 |  | 7569047 | 264652 | SH |  | SOLE |  | 264652 | 0 | 0 |
| Palo Alto Networks Inc. | COM | 697435105 |  | 4738220 | 33956 | SH |  | SOLE |  | 33956 | 0 | 0 |
| Palomar Holdings Inc. | COM | 69753M105 |  | 2758147 | 61075 | SH |  | SOLE |  | 61075 | 0 | 0 |
| Patrick Industries Inc. | COM | 703343103 |  | 5471150 | 90283 | SH |  | SOLE |  | 90283 | 0 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 354636 | 1963 | SH |  | SOLE |  | 1963 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 3600174 | 70261 | SH |  | SOLE |  | 70261 | 0 | 0 |
| Philip Morris International | COM | 718172109 |  | 219626 | 2170 | SH |  | SOLE |  | 2170 | 0 | 0 |
| Plains GP Holdings | COM | 72651A207 |  | 11624757 | 934466 | SH |  | SOLE |  | 934466 | 0 | 0 |
| Procter  Gamble Inc. | COM | 742718109 |  | 326612 | 2155 | SH |  | SOLE |  | 2155 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 5182042 | 113816 | SH |  | SOLE |  | 113816 | 0 | 0 |
| Raymond James Financial Inc. | COM | 754730109 |  | 3598975 | 33683 | SH |  | SOLE |  | 33683 | 0 | 0 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 3864832 | 38296 | SH |  | SOLE |  | 38296 | 0 | 0 |
| Repligen Corporation | COM | 759916109 |  | 3329143 | 19663 | SH |  | SOLE |  | 19663 | 0 | 0 |
| Roper Technologies Inc. | COM | 776696106 |  | 5158290 | 11938 | SH |  | SOLE |  | 11938 | 0 | 0 |
| Secure Energy Services Inc. | COM | 81373C102 |  | 4720911 | 909128 | SH |  | SOLE |  | 909128 | 0 | 0 |
| Sonos | COM | 83570H108 |  | 2818430 | 166771 | SH |  | SOLE |  | 166771 | 0 | 0 |
| Southern Co | COM | 842587107 |  | 214944 | 3010 | SH |  | SOLE |  | 3010 | 0 | 0 |
| SPDR Gold Trust | COM | 78463V107 |  | 4049646 | 23872 | SH |  | SOLE |  | 23872 | 0 | 0 |
| Spirit AeroSystems Holdings In | COM | 848574109 |  | 472712 | 15970 | SH |  | SOLE |  | 15970 | 0 | 0 |
| Splunk Inc. | COM | 848637104 |  | 1451822 | 16864 | SH |  | SOLE |  | 16864 | 0 | 0 |
| Steris PLC | COM | G8473T100 |  | 5065308 | 27426 | SH |  | SOLE |  | 27426 | 0 | 0 |
| The Descartes Systems Group I | COM | 249906108 |  | 5672882 | 81364 | SH |  | SOLE |  | 81364 | 0 | 0 |
| United Parcel Service | COM | 911312106 |  | 206348 | 1187 | SH |  | SOLE |  | 1187 | 0 | 0 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 5695724 | 10743 | SH |  | SOLE |  | 10743 | 0 | 0 |
| US Bancorp | COM | 902973304 |  | 241556 | 5539 | SH |  | SOLE |  | 5539 | 0 | 0 |
| Vertex Pharmaceuticals Inc. | COM | 92532F100 |  | 3154055 | 10922 | SH |  | SOLE |  | 10922 | 0 | 0 |
| Visa Inc-Class A shares | COM | 92826C839 |  | 3692518 | 17773 | SH |  | SOLE |  | 17773 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 3409473 | 21733 | SH |  | SOLE |  | 21733 | 0 | 0 |
| Wells Fargo  Company | COM | 949746101 |  | 2244648 | 54363 | SH |  | SOLE |  | 54363 | 0 | 0 |
| Williams Companies Inc. | COM | 969457100 |  | 8873920 | 269724 | SH |  | SOLE |  | 269724 | 0 | 0 |
| Energy Select Sector SPDR | TR UNIT | 81369Y506 |  | 892894 | 10208 | SH |  | SOLE |  | 10208 | 0 | 0 |
| Russell 2000 Value Index Fund | TR UNIT | 464287630 |  | 6586686 | 47499 | SH |  | SOLE |  | 47499 | 0 | 0 |
| SPDR S  P 500 ETF Trust | TR UNIT | 78462F103 |  | 12747124 | 33332 | SH |  | SOLE |  | 33332 | 0 | 0 |
| UBS ETracs Alerian MLP / MLPB | TR UNIT | 90274D382 |  | 4736750 | 252492 | SH |  | SOLE |  | 252492 | 0 | 0 |

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