Narwhal Capital Management
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 26, 2024), Narwhal Capital Management reported 160 stock positions worth $1.0 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.7% of the portfolio, followed by Microsoft (MSFT, 6.4%) and Nvidia (NVDA, 4.7%). Compared with Q4 2023, it opened 5 new positions, sold out of 10, added to 52 and reduced 67. The biggest buy was Meta Platforms Class A (META, shares +14%) and the biggest sale Adobe (ADBE, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.0B (Q1 2024)
- SEC Filing
- 0001085146-24-002086 ↗ filed Apr 26, 2024
Holdings Value
Holdings 160 stocks · $1.0B
| IVV iShares Core S&P 500 ETF | 7.72% | 149,972 | $78.8M | Add +2.6% |
| MSFT Microsoft Corp. | 6.45% | 156,544 | $65.9M | Add +1.5% |
| NVDA Nvidia Corp. | 4.70% | 53,085 | $48.0M | Reduce -4.5% |
| AAPL Apple Inc. | 4.66% | 277,629 | $47.6M | Add +0.5% |
| GOOG Alphabet Inc. Class C | 4.28% | 287,357 | $43.8M | Add +1.5% |
| AMZN Amazon.com Inc. | 3.40% | 192,373 | $34.7M | Add +2.8% |
| VMC Vulcan Materials Co. | 3.22% | 120,564 | $32.9M | Reduce -1.7% |
| IAU iShares Gold Trust | 2.84% | 691,515 | $29.1M | Add +5.1% |
| JPM JPMorgan Chase & Co. | 2.71% | 137,976 | $27.6M | Add +7.1% |
| UNH Unitedhealth Group Inc. | 2.23% | 46,125 | $22.8M | Add +19.4% |
| HD Home Depot Inc. | 2.08% | 55,464 | $21.3M | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 2.06% | 43,318 | $21.0M | Add +13.5% |
| JNJ Johnson & Johnson | 1.66% | 107,371 | $17.0M | Add +8.0% |
| IVE iShares S&P 500 Value ETF | 1.66% | 90,580 | $16.9M | Add +3.1% |
| BLK BlackRock Finance Inc. | 1.65% | 20,226 | $16.9M | Reduce -2.4% |
| MRK Merck & Co. Inc. | 1.57% | 121,421 | $16.0M | Add +32.1% |
| GS Goldman Sachs Group Inc. | 1.53% | 37,492 | $15.7M | Reduce -3.9% |
| PG The Procter & Gamble Co. | 1.45% | 91,108 | $14.8M | Add +5.5% |
| AXP American Express Co. | 1.32% | 59,223 | $13.5M | Reduce -14.2% |
| XOM Exxon Mobil Corp. | 1.28% | 112,214 | $13.0M | Add +28.9% |
| LLY Eli Lilly & Co. | 1.23% | 16,175 | $12.6M | Reduce -14.6% |
| CSCO Cisco Systems Inc. | 1.20% | 246,113 | $12.3M | Add +1.3% |
| LMT Lockheed Martin Corp. | 1.17% | 26,294 | $12.0M | Add +13.8% |
| HCA HCA Healthcare Inc. | 1.12% | 34,421 | $11.5M | Add +11.9% |
| LHX L3HARRIS Technologies Inc. | 1.03% | 49,511 | $10.6M | Add +24.7% |
| IWF iShares Russell 1000 Growth | 1.02% | 31,003 | $10.4M | Add +9.4% |
| QCOM Qualcomm Inc. | 1.01% | 60,961 | $10.3M | Add +43.4% |
| BTT BlackRock 2030 Muni TRGT TRM | 1.00% | 485,602 | $10.2M | Reduce -8.9% |
| PEP Pepsico Inc. | 0.96% | 55,995 | $9.8M | Add +4.8% |
| CAT Caterpillar Inc. | 0.96% | 26,650 | $9.8M | Add +17.3% |
| NOC Northrop Grumman Corp. | 0.91% | 19,396 | $9.3M | Add +1.7% |
| CINF Cincinnati Financial Corp. | 0.90% | 74,399 | $9.2M | Add +41.4% |
| GD General Dynamics Corp. | 0.90% | 32,593 | $9.2M | Add +26.1% |
| PM Philip Morris International | 0.89% | 98,640 | $9.0M | Add +2.3% |
| ADBE Adobe Inc. | 0.86% | 17,459 | $8.8M | Reduce -1.3% |
| ADI Analog Devices Inc. | 0.86% | 44,333 | $8.8M | Reduce -5.3% |
| NEE Nextera Energy Inc. | 0.84% | 134,045 | $8.6M | Reduce -13.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.83% | 69,633 | $8.5M | Reduce -16.5% |
| V Visa Inc. Class A | 0.80% | 29,212 | $8.2M | Reduce -2.0% |
| VLO Valero Energy Corp. | 0.76% | 45,290 | $7.7M | Reduce -16.5% |
| ENTG Entegris Inc. | 0.66% | 48,263 | $6.8M | Reduce -27.2% |
| RTX RTX Corp. | 0.66% | 69,271 | $6.8M | Add +3.8% |
| COST Costco Wholesale Corp. | 0.65% | 9,097 | $6.7M | Reduce -7.8% |
| BX Blackstone Inc. | 0.65% | 50,150 | $6.6M | Add +0.9% |
| VAW Vanguard Materials ETF | 0.61% | 30,560 | $6.2M | Add +4.8% |
| CHX Championx Corp. | 0.58% | 164,449 | $5.9M | Add +21.0% |
| TGT Target Corp. | 0.57% | 32,978 | $5.8M | Reduce -28.5% |
| CVX Chevron Corp. | 0.56% | 35,989 | $5.7M | Add +2.1% |
| NOV Nov Inc. | 0.55% | 290,114 | $5.7M | Reduce -1.1% |
| CRH CRH PLC | 0.51% | 60,772 | $5.2M | Add +3.7% |
| NVS Novartis AG-Sponsored ADR | 0.51% | 53,487 | $5.2M | Reduce -0.2% |
| STZ Constellation Brands Inc. Class A | 0.49% | 18,441 | $5.0M | Add +61.6% |
| GGG Graco Inc. | 0.47% | 51,800 | $4.8M | Reduce -28.3% |
| CP Canadian Pacific Kansas City | 0.47% | 54,073 | $4.8M | Add +1.1% |
| IVW iShares S&P 500 Growth ETF | 0.46% | 56,000 | $4.7M | Reduce -0.0% |
| ELV Elevance Health Inc. | 0.44% | 8,588 | $4.5M | Reduce -10.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.43% | 9,971 | $4.4M | Add +0.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.43% | 11,080 | $4.4M | No change |
| XLK SS Technology Select Sector | 0.43% | 21,000 | $4.4M | Reduce -0.2% |
| VNQ Vanguard Real Estate ETF | 0.43% | 50,418 | $4.4M | Add +12.9% |
| GRMN Garmin Ltd. | 0.37% | 25,349 | $3.8M | Add +20.4% |
| MLR Miller Industries Inc. | 0.36% | 73,262 | $3.7M | New |
| DE Deere & Co. | 0.32% | 7,945 | $3.3M | Reduce -39.1% |
| DPZ Domino's Pizza Inc. | 0.32% | 6,513 | $3.2M | Add +351.4% |
| DVY iShares Select Dividend ETF | 0.31% | 25,903 | $3.2M | Add +0.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.31% | 5 | $3.2M | No change |
| DEO Diageo PLC-Sponsored ADR | 0.31% | 20,950 | $3.1M | Reduce -32.0% |
| GLD SPDR Gold Shares | 0.30% | 15,101 | $3.1M | Add +0.1% |
| CVS CVS Health Corp. | 0.30% | 38,579 | $3.1M | Reduce -26.6% |
| SGOL Abrdn Physical Gold Shares | 0.30% | 144,063 | $3.1M | Add +5.7% |
| BWXT BWX Technologies Inc. | 0.29% | 29,065 | $3.0M | Reduce -29.7% |
| CEG Constellation Energy | 0.28% | 15,658 | $2.9M | No change |
| SBUX Starbucks Corp. | 0.28% | 31,596 | $2.9M | Add +12.6% |
| KMI Kinder Morgan Inc. | 0.27% | 151,400 | $2.8M | No change |
| SDY SS SPDR S&P Dividend ETF | 0.27% | 20,989 | $2.8M | Reduce -0.1% |
| IJR iShares Core S&P Small-Cap E | 0.27% | 24,589 | $2.7M | Add +9.8% |
| BA The Boeing Co. | 0.26% | 13,598 | $2.6M | Reduce -9.9% |
| NOW ServiceNow Inc. | 0.25% | 3,400 | $2.6M | Reduce -48.5% |
| ABT Abbott Laboratories | 0.25% | 22,436 | $2.6M | Reduce -27.5% |
| PFE Pfizer Inc. | 0.22% | 80,507 | $2.2M | Reduce -41.1% |
| UL Unilever PLC | 0.21% | 42,323 | $2.1M | Reduce -38.9% |
| DGRW Wisdomtree U.S. Quality Divi | 0.20% | 27,280 | $2.1M | No change |
| NXRT Nexpoint Residential | 0.19% | 60,585 | $2.0M | Reduce -23.2% |
| RH RH | 0.19% | 5,551 | $1.9M | Reduce -7.5% |
| TSLA Tesla Inc. | 0.18% | 10,410 | $1.8M | Reduce -14.2% |
| DINO HF Sinclair Corp. | 0.17% | 29,450 | $1.8M | No change |
| EXC Exelon Corp. | 0.17% | 47,180 | $1.8M | No change |
| TAP Molson Coors Beverage Co. Class B | 0.16% | 24,960 | $1.7M | No change |
| AMGN Amgen Inc. | 0.14% | 5,194 | $1.5M | No change |
| OKE Oneok Inc. | 0.14% | 18,088 | $1.5M | Reduce -2.9% |
| SCHD Schwab US DVD Equity ETF | 0.13% | 16,065 | $1.3M | Add +12.2% |
| DAL Delta Air Lines Inc. | 0.13% | 27,050 | $1.3M | Reduce -23.6% |
| NXPI NXP Semiconductors NV | 0.12% | 5,040 | $1.2M | No change |
| MU Micron Technology Inc. | 0.12% | 10,559 | $1.2M | Reduce -0.8% |
| XLV SS Health Care Select Sector | 0.12% | 8,148 | $1.2M | Add +0.7% |
| XLE SS Energy Select Sector | 0.12% | 12,654 | $1.2M | Add +18.8% |
| HON Honeywell International Inc. | 0.12% | 5,811 | $1.2M | Reduce -6.1% |
| EPD Enterprise Products Partners | 0.12% | 40,600 | $1.2M | No change |
| MO Altria Group Inc. | 0.11% | 26,075 | $1.1M | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.11% | 19,450 | $1.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $12K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHOLE EARTH BRANDS INC | *W EXP 06/25/202 | 262,659 | $12K | Reduce -5.5% |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q4 2023 → Q1 2024
| ADBE Adobe Inc. | Reduce -1.3% | 0.86% | −0.29 |
| NOW ServiceNow Inc. | Reduce -48.5% | 0.25% | −0.26 |
| DE Deere & Co. | Reduce -39.1% | 0.32% | −0.25 |
| PFE Pfizer Inc. | Reduce -41.1% | 0.22% | −0.21 |
| GGG Graco Inc. | Reduce -28.3% | 0.47% | −0.21 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -8.9% | 1.00% | −0.21 |
| ENTG Entegris Inc. | Reduce -27.2% | 0.66% | −0.20 |
| NEE Nextera Energy Inc. | Reduce -13.3% | 0.84% | −0.19 |
| BLK BlackRock Finance Inc. | Reduce -2.4% | 1.65% | −0.19 |
| DEO Diageo PLC-Sponsored ADR | Reduce -32.0% | 0.31% | −0.19 |
| BA The Boeing Co. | Reduce -9.9% | 0.26% | −0.17 |
| UL Unilever PLC | Reduce -38.9% | 0.21% | −0.16 |
| ADI Analog Devices Inc. | Reduce -5.3% | 0.86% | −0.16 |
| CVS CVS Health Corp. | Reduce -26.6% | 0.30% | −0.15 |
| TMUS T-Mobile US Inc. | Reduce -72.7% | 0.05% | −0.15 |
| TSLA Tesla Inc. | Reduce -14.2% | 0.18% | −0.15 |
| TGT Target Corp. | Reduce -28.5% | 0.57% | −0.15 |
| ABT Abbott Laboratories | Reduce -27.5% | 0.25% | −0.12 |
| KR Kroger Co. | Sold out | 0.00% | −0.12 |
| GS Goldman Sachs Group Inc. | Reduce -3.9% | 1.53% | −0.11 |
| NXRT Nexpoint Residential | Reduce -23.2% | 0.19% | −0.11 |
| NOV Nov Inc. | Reduce -1.1% | 0.55% | −0.10 |
| AXP American Express Co. | Reduce -14.2% | 1.32% | −0.09 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -74.4% | 0.03% | −0.09 |
| NVS Novartis AG-Sponsored ADR | Reduce -0.2% | 0.51% | −0.08 |
| NRK Nuveen NY Amt-FR Muni Inc. | Sold out | 0.00% | −0.08 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -53.9% | 0.04% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -7.8% | 0.65% | −0.06 |
| ELV Elevance Health Inc. | Reduce -10.4% | 0.44% | −0.06 |
| BWXT BWX Technologies Inc. | Reduce -29.7% | 0.29% | −0.05 |
| LUV Southwest Airlines Co. | Reduce -59.2% | 0.03% | −0.05 |
| V Visa Inc. Class A | Reduce -2.0% | 0.80% | −0.05 |
| UNP Union Pacific Corp. | Reduce -66.0% | 0.02% | −0.05 |
| HD Home Depot Inc. | Reduce -1.5% | 2.08% | −0.05 |
| INTC Intel Corp. | Reduce -15.9% | 0.09% | −0.05 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.05 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.04 |
| T AT&T Inc. | Reduce -24.8% | 0.09% | −0.04 |
| NZF Nuveen Municipal Credit Inc. | Sold out | 0.00% | −0.04 |
| IJS iShares S&P Small-Cap 600 Va | Sold out | 0.00% | −0.03 |
| DAL Delta Air Lines Inc. | Reduce -23.6% | 0.13% | −0.03 |
| F Ford Motor Co. | Reduce -34.8% | 0.05% | −0.03 |
| HON Honeywell International Inc. | Reduce -6.1% | 0.12% | −0.03 |
| NKE Nike Inc. Class B | Reduce -12.4% | 0.04% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -46.8% | 0.02% | −0.02 |
| SDY SS SPDR S&P Dividend ETF | Reduce -0.1% | 0.27% | −0.02 |
| XNXJX Nuveen NJ QLTY Muni Inc. | Sold out | 0.00% | −0.02 |
| XLK SS Technology Select Sector | Reduce -0.2% | 0.43% | −0.01 |
| VLO Valero Energy Corp. | Reduce -16.5% | 0.76% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| META Meta Platforms Inc. Class A | Add +13.5% | 2.06% | +0.58 |
| MRK Merck & Co. Inc. | Add +32.1% | 1.57% | +0.47 |
| MLR Miller Industries Inc. | New | 0.36% | +0.36 |
| QCOM Qualcomm Inc. | Add +43.4% | 1.01% | +0.34 |
| XOM Exxon Mobil Corp. | Add +28.9% | 1.28% | +0.33 |
| JPM JPMorgan Chase & Co. | Add +7.1% | 2.71% | +0.31 |
| CINF Cincinnati Financial Corp. | Add +41.4% | 0.90% | +0.31 |
| AMZN Amazon.com Inc. | Add +2.8% | 3.40% | +0.29 |
| DPZ Domino's Pizza Inc. | Add +351.4% | 0.32% | +0.25 |
| CAT Caterpillar Inc. | Add +17.3% | 0.96% | +0.22 |
| HCA HCA Healthcare Inc. | Add +11.9% | 1.12% | +0.21 |
| STZ Constellation Brands Inc. Class A | Add +61.6% | 0.49% | +0.19 |
| GD General Dynamics Corp. | Add +26.1% | 0.90% | +0.17 |
| CHX Championx Corp. | Add +21.0% | 0.58% | +0.14 |
| LHX L3HARRIS Technologies Inc. | Add +24.7% | 1.03% | +0.12 |
| MSFT Microsoft Corp. | Add +1.5% | 6.45% | +0.11 |
| IVV iShares Core S&P 500 ETF | Add +2.6% | 7.72% | +0.09 |
| DHI D.R. Horton Inc. | New | 0.09% | +0.09 |
| IWF iShares Russell 1000 Growth | Add +9.4% | 1.02% | +0.08 |
| GRMN Garmin Ltd. | Add +20.4% | 0.37% | +0.07 |
| CRH CRH PLC | Add +3.7% | 0.51% | +0.07 |
| PG The Procter & Gamble Co. | Add +5.5% | 1.45% | +0.07 |
| RTX RTX Corp. | Add +3.8% | 0.66% | +0.05 |
| IAU iShares Gold Trust | Add +5.1% | 2.84% | +0.04 |
| ORCL Oracle Corp. | New | 0.03% | +0.03 |
| LMT Lockheed Martin Corp. | Add +13.8% | 1.17% | +0.03 |
| RIG Transocean Ltd. | Add +45.5% | 0.10% | +0.02 |
| XLF SS Financial Select Sector | New | 0.02% | +0.02 |
| MCD McDonald's Corp. | New | 0.02% | +0.02 |
| XLE SS Energy Select Sector | Add +18.8% | 0.12% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +19.4% | 2.23% | +0.01 |
| LMBS First Trust Low Duration Opp | Add +27.1% | 0.09% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +12.2% | 0.13% | +0.01 |
| IEMG iShares Core MSCI Emerging | Add +32.9% | 0.04% | +0.01 |
| VAW Vanguard Materials ETF | Add +4.8% | 0.61% | +0.01 |
| SGOL Abrdn Physical Gold Shares | Add +5.7% | 0.30% | +0.01 |
| CP Canadian Pacific Kansas City | Add +1.1% | 0.47% | +0.00 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Add +12.4% | 0.05% | +0.00 |
| IJR iShares Core S&P Small-Cap E | Add +9.8% | 0.27% | +0.00 |
| XLV SS Health Care Select Sector | Add +0.7% | 0.12% | −0.00 |
| SWKS Skyworks Solutions Inc. | Add +12.2% | 0.09% | −0.00 |
| VNQ Vanguard Real Estate ETF | Add +12.9% | 0.43% | −0.00 |
| TDV Proshares S&P Tech DVD Arist | Add +0.1% | 0.06% | −0.00 |
| GLD SPDR Gold Shares | Add +0.1% | 0.30% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.3% | 0.43% | −0.01 |
| SBUX Starbucks Corp. | Add +12.6% | 0.28% | −0.01 |
| IVE iShares S&P 500 Value ETF | Add +3.1% | 1.66% | −0.01 |
| DVY iShares Select Dividend ETF | Add +0.6% | 0.31% | −0.02 |
| CVX Chevron Corp. | Add +2.1% | 0.56% | −0.02 |
| PEP Pepsico Inc. | Add +4.8% | 0.96% | −0.03 |
Options Activity Q4 2023 → Q1 2024
| RIG Transocean Ltd. | call | Sold out | 500 | $70Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| WHOLE EARTH BRANDS INC | *W EXP 06/25/202 | Reduce -5.5% | 262,659 | $12K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |