Narwhal Capital Management
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 24, 2026), Narwhal Capital Management reported 155 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 11.0% of the portfolio, followed by Nvidia (NVDA, 6.9%) and Alphabet Class C (GOOG, 6.8%). Compared with Q1 2026, it opened 7 new positions, sold out of 20, added to 42 and reduced 66. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +0%) and the biggest sale an exit from BlackRock 2030 Muni TRGT TRM (BTT).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.4B (Q2 2026)
- SEC Filing
- 0001461287-26-000003 ↗ filed Jul 24, 2026
Holdings Value
Holdings 155 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 10.97% | 212,038 | $158.8M | Add +0.2% |
| NVDA Nvidia Corp. | 6.89% | 498,520 | $99.7M | Reduce -0.2% |
| GOOG Alphabet Inc. Class C | 6.80% | 278,904 | $98.5M | Reduce -2.3% |
| AAPL Apple Inc. | 5.60% | 280,237 | $81.1M | Add +0.3% |
| MSFT Microsoft Corp. | 4.18% | 162,292 | $60.5M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 3.75% | 227,622 | $54.3M | Add +3.1% |
| IAU iShares Gold Trust | 3.50% | 672,087 | $50.7M | Add +0.1% |
| JPM JPMorgan Chase & Co. | 2.93% | 129,578 | $42.4M | Reduce -0.2% |
| VMC Vulcan Materials Co. | 2.72% | 133,357 | $39.3M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 1.86% | 47,775 | $26.9M | Reduce -2.8% |
| ADI Analog Devices Inc. | 1.79% | 65,383 | $26.0M | Add +2.9% |
| GS Goldman Sachs Group Inc. | 1.74% | 24,939 | $25.2M | Reduce -3.7% |
| LLY Eli Lilly & Co. | 1.69% | 20,444 | $24.5M | Reduce -4.8% |
| JNJ Johnson & Johnson | 1.65% | 94,177 | $23.9M | Reduce -0.5% |
| CAT Caterpillar Inc. | 1.63% | 22,180 | $23.6M | Reduce -4.3% |
| HD Home Depot Inc. | 1.59% | 65,453 | $23.1M | Reduce -3.3% |
| CSCO Cisco Systems Inc. | 1.56% | 192,141 | $22.6M | Add +1.9% |
| IVE iShares S&P 500 Value ETF | 1.45% | 92,784 | $21.1M | No change |
| AXP American Express Co. | 1.32% | 56,415 | $19.1M | Add +3.6% |
| BLK BlackRock Inc. | 1.25% | 18,788 | $18.1M | Reduce -6.5% |
| V Visa Inc. Class A | 1.10% | 46,402 | $15.9M | Reduce -14.4% |
| IWF iShares Russell 1000 Growth | 1.07% | 125,220 | $15.5M | No change |
| AVGO Broadcom Inc. | 1.07% | 41,122 | $15.5M | Add +16.8% |
| XOM Exxon Mobil Corp. | 1.06% | 112,375 | $15.4M | Reduce -6.1% |
| RTX RTX Corp. | 1.05% | 80,241 | $15.2M | Add +11.1% |
| GD General Dynamics Corp. | 0.94% | 38,504 | $13.6M | Add +1.7% |
| NEE Nextera Energy Inc. | 0.94% | 155,183 | $13.6M | Reduce -10.1% |
| LMT Lockheed Martin Corp. | 0.88% | 25,135 | $12.8M | Reduce -21.8% |
| MRK Merck & Co. Inc. | 0.88% | 99,503 | $12.8M | Reduce -10.7% |
| MU Micron Technology Inc. | 0.88% | 10,985 | $12.7M | Reduce -0.3% |
| PG The Procter & Gamble Co. | 0.87% | 86,077 | $12.6M | Reduce -3.8% |
| LHX L3HARRIS Technologies Inc. | 0.81% | 40,344 | $11.7M | Reduce -13.6% |
| CP Canadian Pacific Kansas City | 0.76% | 126,466 | $11.0M | Add +11.9% |
| PM Philip Morris International | 0.72% | 57,529 | $10.4M | Reduce -10.0% |
| NOW ServiceNow Inc. | 0.71% | 103,711 | $10.3M | Add +216.9% |
| VLO Valero Energy Corp. | 0.69% | 38,358 | $10.0M | Reduce -1.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.65% | 12,866 | $9.5M | Reduce -0.1% |
| CINF Cincinnati Financial Corp. | 0.64% | 49,750 | $9.2M | Reduce -2.0% |
| QCOM Qualcomm Inc. | 0.62% | 48,292 | $8.9M | Add +41.2% |
| ENTG Entegris Inc. | 0.60% | 48,096 | $8.7M | Add +2.7% |
| NOC Northrop Grumman Corp. | 0.58% | 16,474 | $8.4M | Reduce -1.0% |
| NVS Novartis AG-Sponsored ADR | 0.57% | 52,702 | $8.3M | Add +0.1% |
| AVB Avalonbay Communities Inc. | 0.57% | 43,562 | $8.2M | Reduce -16.2% |
| XLK SS Technology Select Sector | 0.55% | 42,000 | $8.0M | No change |
| IVW iShares S&P 500 Growth ETF | 0.53% | 56,000 | $7.7M | No change |
| ICE Intercontinental Exchange Inc. | 0.53% | 61,878 | $7.6M | Add +18.6% |
| BX Blackstone Inc. | 0.52% | 63,897 | $7.5M | Reduce -11.9% |
| SUNB Sunbelt Rentals Holdings Inc. | 0.48% | 93,850 | $7.0M | Reduce -5.6% |
| GGG Graco Inc. | 0.47% | 90,559 | $6.8M | Add +34.4% |
| COST Costco Wholesale Corp. | 0.46% | 7,079 | $6.6M | Add +5.0% |
| SBUX Starbucks Corp. | 0.45% | 63,274 | $6.5M | Reduce -27.9% |
| MLI Mueller Industries Inc. | 0.45% | 52,481 | $6.5M | Reduce -10.8% |
| ORCL Oracle Corp. | 0.44% | 43,601 | $6.4M | Reduce -4.2% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.42% | 131,518 | $6.1M | Add +14.3% |
| PEP Pepsico Inc. | 0.41% | 43,887 | $5.9M | Reduce -21.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND | 0.40% | 11,080 | $5.8M | No change |
| CVX Chevron Corp. | 0.40% | 34,537 | $5.7M | Reduce -3.5% |
| RELX Relx PLC - Spon ADR | 0.39% | 177,412 | $5.6M | Add +5.0% |
| BWXT BWX Technologies Inc. | 0.39% | 28,838 | $5.6M | Reduce -26.0% |
| CRH CRH PLC | 0.38% | 50,749 | $5.4M | Reduce -0.2% |
| KMI Kinder Morgan Inc. | 0.34% | 155,586 | $5.0M | Reduce -0.0% |
| GRMN Garmin Ltd. | 0.33% | 20,122 | $4.8M | Add +13.8% |
| NFLX Netflix Inc. | 0.33% | 66,575 | $4.8M | Add +38.6% |
| SGOL Abrdn Physical Gold Shares | 0.30% | 112,946 | $4.3M | Reduce -0.3% |
| UFPI Ufp Industries Inc. | 0.30% | 47,190 | $4.3M | Reduce -5.1% |
| GLD SPDR Gold Shares | 0.26% | 10,244 | $3.8M | Reduce -0.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.26% | 5 | $3.7M | No change |
| CEG Constellation Energy | 0.24% | 14,268 | $3.5M | Reduce -9.5% |
| AMRZ Amrize Ltd. | 0.24% | 65,645 | $3.5M | New |
| TSLA Tesla Inc. | 0.23% | 7,913 | $3.3M | Add +21.4% |
| DVY iShares Select Dividend ETF | 0.23% | 21,008 | $3.3M | Add +0.1% |
| SDY SS SPDR S&P Dividend ETF | 0.22% | 20,615 | $3.1M | Reduce -1.8% |
| STZ Constellation Brands Inc. Class A | 0.21% | 22,214 | $3.1M | Add +12.4% |
| IJR iShares Core S&P Small-Cap E | 0.21% | 20,450 | $3.0M | No change |
| DGX Quest Diagnostics Inc. | 0.20% | 13,348 | $2.8M | New |
| WMT Walmart Inc. | 0.19% | 24,315 | $2.8M | Reduce -10.1% |
| HCA HCA Healthcare Inc. | 0.18% | 6,813 | $2.7M | Reduce -40.1% |
| ABT Abbott Laboratories | 0.17% | 27,594 | $2.5M | Reduce -61.6% |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.17% | 1,235 | $2.5M | New |
| NTRA Natera Inc. | 0.17% | 8,927 | $2.4M | Reduce -1.9% |
| NXRT Nexpoint Residential | 0.16% | 82,707 | $2.3M | Add +8.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 4,634 | $2.2M | No change |
| VNQ Vanguard Real Estate ETF | 0.14% | 21,665 | $2.1M | Add +353.1% |
| DGRW Wisdomtree U.S. Quality Divi | 0.14% | 21,779 | $2.1M | No change |
| SPMO Invesco S&P 500 Momentum ETF | 0.14% | 12,836 | $2.1M | No change |
| ADBE Adobe Inc. | 0.13% | 9,357 | $1.9M | Reduce -44.4% |
| UNH Unitedhealth Group Inc. | 0.13% | 4,500 | $1.9M | Reduce -1.2% |
| ETR Entergy Corp. | 0.12% | 15,134 | $1.7M | Add +1.3% |
| EXC Exelon Corp. | 0.12% | 36,855 | $1.7M | No change |
| DAL Delta Air Lines Inc. | 0.11% | 16,850 | $1.6M | No change |
| OKE Oneok Inc. | 0.10% | 17,194 | $1.5M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 1,743 | $1.3M | Reduce -1.1% |
| IWR iShares Russell Mid-Cap ETF | 0.08% | 10,231 | $1.1M | No change |
| SCHD Schwab US DVD Equity ETF | 0.08% | 35,238 | $1.1M | Reduce -1.2% |
| T AT&T Inc. | 0.07% | 50,228 | $1.0M | Reduce -6.5% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.07% | 6,923 | $1.0M | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.07% | 22,360 | $1.0M | No change |
| DPZ Domino's Pizza Inc. | 0.07% | 3,422 | $1.0M | Reduce -77.3% |
| VIS Vanguard Industrials ETF | 0.07% | 2,799 | $1.0M | No change |
| SAIA Saia Inc. | 0.07% | 2,366 | $996K | New |
Options reported separately and not counted above: NVDA puts ($3K), NVDA calls ($4).
Portfolio Sells Q1 2026 → Q2 2026
| BTT BlackRock 2030 Muni TRGT TRM | Sold out | 0.00% | −0.60 |
| LMT Lockheed Martin Corp. | Reduce -21.8% | 0.88% | −0.55 |
| XOM Exxon Mobil Corp. | Reduce -6.1% | 1.06% | −0.44 |
| LHX L3HARRIS Technologies Inc. | Reduce -13.6% | 0.81% | −0.38 |
| ABT Abbott Laboratories | Reduce -61.6% | 0.17% | −0.37 |
| DPZ Domino's Pizza Inc. | Reduce -77.3% | 0.07% | −0.33 |
| MSFT Microsoft Corp. | Reduce -1.1% | 4.18% | −0.30 |
| NOC Northrop Grumman Corp. | Reduce -1.0% | 0.58% | −0.26 |
| NEE Nextera Energy Inc. | Reduce -10.1% | 0.94% | −0.24 |
| PEP Pepsico Inc. | Reduce -21.8% | 0.41% | −0.23 |
| MTBA Simplify MBS ETF | Sold out | 0.00% | −0.23 |
| META Meta Platforms Inc. Class A | Reduce -2.8% | 1.86% | −0.22 |
| HCA HCA Healthcare Inc. | Reduce -40.1% | 0.18% | −0.21 |
| BWXT BWX Technologies Inc. | Reduce -26.0% | 0.39% | −0.20 |
| FTHY First Trust Hi YLD Opp 2027 | Sold out | 0.00% | −0.20 |
| BLK BlackRock Inc. | Reduce -6.5% | 1.25% | −0.18 |
| ADBE Adobe Inc. | Reduce -44.4% | 0.13% | −0.17 |
| CVX Chevron Corp. | Reduce -3.5% | 0.40% | −0.15 |
| SBUX Starbucks Corp. | Reduce -27.9% | 0.45% | −0.13 |
| V Visa Inc. Class A | Reduce -14.4% | 1.10% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -10.7% | 0.88% | −0.11 |
| BX Blackstone Inc. | Reduce -11.9% | 0.52% | −0.10 |
| MGOV FT Intermed Govt Oppt ETF | Sold out | 0.00% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -3.8% | 0.87% | −0.08 |
| CEG Constellation Energy | Reduce -9.5% | 0.24% | −0.08 |
| SGOL Abrdn Physical Gold Shares | Reduce -0.3% | 0.30% | −0.07 |
| CLOI Vaneck Clo ETF | Sold out | 0.00% | −0.07 |
| GLD SPDR Gold Shares | Reduce -0.2% | 0.26% | −0.07 |
| PM Philip Morris International | Reduce -10.0% | 0.72% | −0.06 |
| AVB Avalonbay Communities Inc. | Reduce -16.2% | 0.57% | −0.06 |
| WMT Walmart Inc. | Reduce -10.1% | 0.19% | −0.06 |
| JNJ Johnson & Johnson | Reduce -0.5% | 1.65% | −0.05 |
| ORCL Oracle Corp. | Reduce -4.2% | 0.44% | −0.05 |
| HD Home Depot Inc. | Reduce -3.3% | 1.59% | −0.05 |
| T AT&T Inc. | Reduce -6.5% | 0.07% | −0.04 |
| UFPI Ufp Industries Inc. | Reduce -5.1% | 0.30% | −0.04 |
| KMI Kinder Morgan Inc. | Reduce -0.0% | 0.34% | −0.04 |
| MLI Mueller Industries Inc. | Reduce -10.8% | 0.45% | −0.04 |
| MMIN Nylim Mackay Muni Insured Et | Sold out | 0.00% | −0.03 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.03 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.03 |
| LMBS First Trust Low Duration Opp | Sold out | 0.00% | −0.03 |
| UL Unilever PLC-Sponsored ADR | Reduce -36.9% | 0.05% | −0.03 |
| XBMNX BlackRock 2037 Muni TRGT TRM | Sold out | 0.00% | −0.03 |
| KR Kroger Co. | Reduce -23.3% | 0.04% | −0.03 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.02 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.02 |
| SPTS SS SPDR P St Term TSY ETF | Sold out | 0.00% | −0.02 |
| VLO Valero Energy Corp. | Reduce -1.8% | 0.69% | −0.02 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2026 → Q2 2026
| IVV iShares Core S&P 500 ETF | Add +0.2% | 10.97% | +0.77 |
| CSCO Cisco Systems Inc. | Add +1.9% | 1.56% | +0.48 |
| NOW ServiceNow Inc. | Add +216.9% | 0.71% | +0.46 |
| AAPL Apple Inc. | Add +0.3% | 5.60% | +0.36 |
| AMZN Amazon.com Inc. | Add +3.1% | 3.75% | +0.35 |
| ADI Analog Devices Inc. | Add +2.9% | 1.79% | +0.30 |
| QCOM Qualcomm Inc. | Add +41.2% | 0.62% | +0.29 |
| AVGO Broadcom Inc. | Add +16.8% | 1.07% | +0.27 |
| AMRZ Amrize Ltd. | New | 0.24% | +0.24 |
| DGX Quest Diagnostics Inc. | New | 0.20% | +0.20 |
| ENTG Entegris Inc. | Add +2.7% | 0.60% | +0.19 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.17% | +0.17 |
| VNQ Vanguard Real Estate ETF | Add +353.1% | 0.14% | +0.11 |
| AXP American Express Co. | Add +3.6% | 1.32% | +0.10 |
| CP Canadian Pacific Kansas City | Add +11.9% | 0.76% | +0.10 |
| SAIA Saia Inc. | New | 0.07% | +0.07 |
| GGG Graco Inc. | Add +34.4% | 0.47% | +0.05 |
| TSLA Tesla Inc. | Add +21.4% | 0.23% | +0.05 |
| VAW Vanguard Materials ETF | Add +185.5% | 0.06% | +0.04 |
| TMUS T-Mobile US Inc. | Add +189.2% | 0.06% | +0.03 |
| GRMN Garmin Ltd. | Add +13.8% | 0.33% | +0.03 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +106.5% | 0.04% | +0.03 |
| CVS CVS Health Corp. | Add +60.7% | 0.05% | +0.03 |
| ADSK Autodesk Inc. | New | 0.02% | +0.02 |
| RTX RTX Corp. | Add +11.1% | 1.05% | +0.02 |
| IBIT iShares Bitcoin Trust ETF | New | 0.02% | +0.02 |
| NXRT Nexpoint Residential | Add +8.0% | 0.16% | +0.02 |
| LRCX Lam Research Corp. | New | 0.01% | +0.01 |
| EEM iShares MSCI Emerging Market | Add +0.2% | 0.06% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +13.6% | 0.02% | +0.01 |
| UNP Union Pacific Corp. | Add +21.9% | 0.02% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +8.3% | 0.03% | +0.00 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +0.3% | 0.03% | +0.00 |
| DIS The Walt Disney Co. | Add +8.9% | 0.04% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.4% | 0.02% | −0.00 |
| EPD Enterprise Products Partners | Add +8.1% | 0.05% | −0.00 |
| ETR Entergy Corp. | Add +1.3% | 0.12% | −0.00 |
| STZ Constellation Brands Inc. Class A | Add +12.4% | 0.21% | −0.01 |
| MCD McDonald's Corp. | Add +4.6% | 0.04% | −0.01 |
| DVY iShares Select Dividend ETF | Add +0.1% | 0.23% | −0.01 |
| XLE SS Energy Select Sector | Add +0.6% | 0.04% | −0.01 |
| NFLX Netflix Inc. | Add +38.6% | 0.33% | −0.01 |
| SLB SLB Ltd. | Add +14.3% | 0.42% | −0.01 |
| GD General Dynamics Corp. | Add +1.7% | 0.94% | −0.02 |
| NVS Novartis AG-Sponsored ADR | Add +0.1% | 0.57% | −0.02 |
| RELX Relx PLC - Spon ADR | Add +5.0% | 0.39% | −0.03 |
| COST Costco Wholesale Corp. | Add +5.0% | 0.46% | −0.04 |
| ICE Intercontinental Exchange Inc. | Add +18.6% | 0.53% | −0.08 |
| IAU iShares Gold Trust | Add +0.1% | 3.50% | −0.86 |
Options Activity Q1 2026 → Q2 2026
| NVDA Nvidia Corp. | call | New | 2 | $4 |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 155 | $1.4B | IVV, NVDA, GOOG, AAPL, MSFT |
| Q1 2026 | 168 | $1.4B | IVV, NVDA, GOOG, AAPL, MSFT |
| Q4 2025 | 162 | $1.4B | IVV, NVDA, GOOG, MSFT, AAPL |
| Q3 2025 | 163 | $1.4B | IVV, NVDA, MSFT, AAPL, GOOG |
| Q2 2025 | 162 | $1.2B | IVV, NVDA, MSFT, AAPL, GOOG |
| Q1 2025 | 161 | $1.1B | IVV, AAPL, MSFT, NVDA, GOOG |
| Q4 2024 | 161 | $1.1B | IVV, NVDA, AAPL, MSFT, GOOG |
| Q3 2024 | 160 | $1.1B | IVV, MSFT, NVDA, AAPL, GOOG |
| Q2 2024 | 158 | $1.1B | IVV, MSFT, NVDA, AAPL, GOOG |
| Q1 2024 | 160 | $1.0B | IVV, MSFT, NVDA, AAPL, GOOG |