Carmel Capital Management L.L.C.

RIA/Wealth • Value

Carmel Capital Management L.L.C. is a Value-focused institution based in Carmel, CA led by West David Whittaker, managing $329.0M across 25 long positions as of Q3 2025 with 36% Technology concentration, 68% concentrated in top 10 holdings, and 15% allocation to VST.

CCOWest David Whittaker

Portfolio Value: $329.0M
Positions: 25
Top Holding: VST at 15.24%
Last Reported: Q3 2025

Address26350 Carmel Rancho Lane, Suite 225, Carmel, CA, 93923-8734, United States

Top Holdings

Largest long holdings in Carmel Capital Management L.L.C.'s portfolio (68.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vistra VST	Independent Power Producers Utilities	$50.1M	15.24%	+$223.9K Bought	0.08% 255.9K shares	Q3 2022 Held for 3y 2m
2 Broadcom Inc. AVGO	Semiconductors Technology	$48.6M	14.79%	-$2.7M Sold	0.00% 147.5K shares	Q4 2021 Held for 3y 11m
3 JPMorgan Chase JPM	Banks - Diversified Financial Services	$19.4M	5.88%	+$33.1K Bought	0.00% 61.4K shares	Q4 2021 Held for 3y 11m
4 Applied Materials AMAT	Semiconductors Technology	$18.8M	5.72%	+$972.1K Bought	0.01% 91.8K shares	Q4 2021 Held for 3y 11m
5 Citigroup C	Banks - Diversified Financial Services	$17.9M	5.44%	+$215.6K Bought	0.01% 176.3K shares	Q4 2021 Held for 3y 11m
6 KLA Corporation KLAC	Semiconductors Technology	$14.6M	4.44%	+$247.0K Bought	0.01% 13.5K shares	Q4 2021 Held for 3y 11m
7 NXP Semiconductors NXPI	Semiconductors Technology	$13.8M	4.20%	+$472.5K Bought	0.02% 60.7K shares	Q4 2021 Held for 3y 11m
8 ASML ASML ASML	Unknown Unknown	$13.7M	4.18%	+$217.8K Bought	— 14.2K shares	Q4 2022 Held for 2y 11m
9 Raytheon Technologies RTX	Aerospace & Defense Industrials	$13.6M	4.13%	+$325.5K Bought	0.01% 81.1K shares	Q4 2021 Held for 3y 11m
10 East-West Bancorp EWBC	Banks - Diversified Financial Services	$13.4M	4.08%	+$437.0K Bought	0.09% 126.0K shares	Q4 2021 Held for 3y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Carmel Capital Management L.L.C.'s latest filing

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Market Value

$329.0M

Prior: $296.5M

Q/Q Change

+10.95%

+$32.5M

Net Flows % of MV

-2.27%

Turnover Ratio

3.46%

New Purchases

0 stocks

Added To

20 stocks

+$4.6M

Sold Out Of

1 stocks

$8.1M

Reduced Holdings

2 stocks

-$4.0M

Increased Positions

Position	Shares Δ	Change
1 GLD SPDR Gold Trust GLD	+17.28%	955.0 → 1.1K +$58.7K
2 Valero Energy VLO	+5.85%	48.3K → 51.1K +$481.0K
3 Applied Materials AMAT	+5.45%	87.1K → 91.8K +$972.1K
4 Teradyne, Inc. TER	+4.24%	57.2K → 59.6K +$333.8K
5 NXP Semiconductors NXPI	+3.54%	58.6K → 60.7K +$472.5K

Decreased Positions

Position	Shares Δ	Change
1 Fiserv FI	Sold	46.9K → 0 −$8.1M
2 Graphic Packaging Holding GPK	-18.0%	375.7K → 308.1K −$1.3M
3 Broadcom Inc. AVGO	-5.27%	155.7K → 147.5K −$2.7M