Narwhal Capital Management
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 5, 2024), Narwhal Capital Management reported 158 stock positions worth $1.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.0% of the portfolio, followed by Microsoft (MSFT, 6.6%) and Nvidia (NVDA, 6.1%). Compared with Q1 2024, it opened 6 new positions, sold out of 8, added to 34 and reduced 75. The biggest buy was Alphabet Class C (GOOG, shares +1%) and the biggest sale Walt Disney (DIS, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.1B (Q2 2024)
- SEC Filing
- 0001085146-24-003507 ↗ filed Aug 5, 2024
Holdings Value
Holdings 158 stocks · $1.1B
| IVV iShares Core S&P 500 ETF | 7.96% | 153,759 | $84.1M | Add +2.5% |
| MSFT Microsoft Corp. | 6.64% | 157,138 | $70.2M | Add +0.4% |
| NVDA Nvidia Corp. | 6.07% | 519,303 | $64.2M | Reduce -2.2% |
| AAPL Apple Inc. | 5.38% | 270,080 | $56.9M | Reduce -2.7% |
| GOOG Alphabet Inc. Class C | 5.06% | 291,531 | $53.5M | Add +1.4% |
| AMZN Amazon.com Inc. | 3.61% | 197,582 | $38.2M | Add +2.7% |
| VMC Vulcan Materials Co. | 2.88% | 122,279 | $30.4M | Add +1.4% |
| IAU iShares Gold Trust | 2.83% | 682,068 | $30.0M | Reduce -1.4% |
| JPM JPMorgan Chase & Co. | 2.49% | 130,378 | $26.4M | Reduce -5.5% |
| UNH Unitedhealth Group Inc. | 2.20% | 45,655 | $23.3M | Reduce -1.0% |
| META Meta Platforms Inc. Class A | 2.18% | 45,655 | $23.0M | Add +5.4% |
| HD Home Depot Inc. | 1.92% | 58,804 | $20.2M | Add +6.0% |
| IVE iShares S&P 500 Value ETF | 1.56% | 90,402 | $16.5M | Reduce -0.2% |
| GS Goldman Sachs Group Inc. | 1.55% | 36,257 | $16.4M | Reduce -3.3% |
| JNJ Johnson & Johnson | 1.55% | 112,093 | $16.4M | Add +4.4% |
| BLK BlackRock Finance Inc. | 1.55% | 20,775 | $16.4M | Add +2.7% |
| LLY Eli Lilly & Co. | 1.54% | 17,996 | $16.3M | Add +11.3% |
| MRK Merck & Co. Inc. | 1.48% | 126,233 | $15.6M | Add +4.0% |
| PG The Procter & Gamble Co. | 1.39% | 89,155 | $14.7M | Reduce -2.1% |
| LMT Lockheed Martin Corp. | 1.30% | 29,397 | $13.7M | Add +11.8% |
| AXP American Express Co. | 1.20% | 54,994 | $12.7M | Reduce -7.1% |
| QCOM Qualcomm Inc. | 1.15% | 61,262 | $12.2M | Add +0.5% |
| XOM Exxon Mobil Corp. | 1.13% | 103,577 | $11.9M | Reduce -7.7% |
| IWF iShares Russell 1000 Growth | 1.07% | 31,103 | $11.3M | Add +0.3% |
| LHX L3HARRIS Technologies Inc. | 1.04% | 49,176 | $11.0M | Reduce -0.7% |
| GD General Dynamics Corp. | 0.97% | 35,186 | $10.2M | Add +8.0% |
| PM Philip Morris International | 0.96% | 99,737 | $10.1M | Add +1.1% |
| NEE Nextera Energy Inc. | 0.95% | 141,647 | $10.0M | Add +5.7% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.95% | 482,342 | $10.0M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.93% | 207,828 | $9.9M | Reduce -15.6% |
| CINF Cincinnati Financial Corp. | 0.88% | 79,190 | $9.4M | Add +6.4% |
| V Visa Inc. Class A | 0.87% | 35,184 | $9.2M | Add +20.4% |
| ADI Analog Devices Inc. | 0.84% | 38,983 | $8.9M | Reduce -12.1% |
| HCA HCA Healthcare Inc. | 0.83% | 27,278 | $8.8M | Reduce -20.8% |
| CAT Caterpillar Inc. | 0.80% | 25,466 | $8.5M | Reduce -4.4% |
| VLO Valero Energy Corp. | 0.78% | 52,862 | $8.3M | Add +16.7% |
| NOC Northrop Grumman Corp. | 0.78% | 18,908 | $8.2M | Reduce -2.5% |
| PEP Pepsico Inc. | 0.73% | 46,904 | $7.7M | Reduce -16.2% |
| COST Costco Wholesale Corp. | 0.72% | 8,912 | $7.6M | Reduce -2.0% |
| ENTG Entegris Inc. | 0.69% | 53,634 | $7.3M | Add +11.1% |
| ADBE Adobe Inc. | 0.68% | 12,892 | $7.2M | Reduce -26.2% |
| RTX RTX Corp. | 0.64% | 67,461 | $6.8M | Reduce -2.6% |
| BX Blackstone Inc. | 0.58% | 49,823 | $6.2M | Reduce -0.7% |
| STZ Constellation Brands Inc. Class A | 0.55% | 22,556 | $5.8M | Add +22.3% |
| NVS Novartis AG-Sponsored ADR | 0.54% | 53,967 | $5.7M | Add +0.9% |
| CP Canadian Pacific Kansas City | 0.54% | 72,820 | $5.7M | Add +34.7% |
| GGG Graco Inc. | 0.54% | 71,585 | $5.7M | Add +38.2% |
| CHX Championx Corp. | 0.53% | 167,172 | $5.6M | Add +1.7% |
| CVX Chevron Corp. | 0.52% | 35,051 | $5.5M | Reduce -2.6% |
| IVW iShares S&P 500 Growth ETF | 0.49% | 56,000 | $5.2M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.48% | 50,719 | $5.0M | Reduce -27.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.45% | 9,951 | $4.8M | Reduce -0.2% |
| MLR Miller Industries Inc. | 0.45% | 86,585 | $4.8M | Add +18.2% |
| XLK SS Technology Select Sector | 0.45% | 21,000 | $4.8M | No change |
| VAW Vanguard Materials ETF | 0.45% | 24,555 | $4.7M | Reduce -19.6% |
| TGT Target Corp. | 0.45% | 31,892 | $4.7M | Reduce -3.3% |
| ELV Elevance Health Inc. | 0.42% | 8,178 | $4.4M | Reduce -4.8% |
| VNQ Vanguard Real Estate ETF | 0.41% | 51,806 | $4.3M | Add +2.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.41% | 11,080 | $4.3M | No change |
| NOV Nov Inc. | 0.41% | 227,758 | $4.3M | Reduce -21.5% |
| CRH CRH PLC | 0.35% | 49,757 | $3.7M | Reduce -18.1% |
| GLD SPDR Gold Shares | 0.31% | 15,033 | $3.2M | Reduce -0.5% |
| DPZ Domino's Pizza Inc. | 0.30% | 6,241 | $3.2M | Reduce -4.2% |
| CEG Constellation Energy | 0.30% | 15,658 | $3.1M | No change |
| DVY iShares Select Dividend ETF | 0.30% | 25,890 | $3.1M | Reduce -0.1% |
| GRMN Garmin Ltd. | 0.30% | 19,147 | $3.1M | Reduce -24.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 5 | $3.1M | No change |
| KMI Kinder Morgan Inc. | 0.28% | 151,150 | $3.0M | Reduce -0.2% |
| SGOL Abrdn Physical Gold Shares | 0.28% | 133,869 | $3.0M | Reduce -7.1% |
| SDY SS SPDR S&P Dividend ETF | 0.25% | 20,989 | $2.7M | No change |
| IJR iShares Core S&P Small-Cap E | 0.25% | 24,329 | $2.6M | Reduce -1.1% |
| BA The Boeing Co. | 0.23% | 13,598 | $2.5M | No change |
| NOW ServiceNow Inc. | 0.23% | 3,146 | $2.5M | Reduce -7.5% |
| DEO Diageo PLC-Sponsored ADR | 0.23% | 19,380 | $2.4M | Reduce -7.5% |
| SBUX Starbucks Corp. | 0.23% | 30,644 | $2.4M | Reduce -3.0% |
| ABT Abbott Laboratories | 0.22% | 22,154 | $2.3M | Reduce -1.3% |
| NXRT Nexpoint Residential | 0.21% | 57,351 | $2.3M | Reduce -5.3% |
| CVS CVS Health Corp. | 0.20% | 36,452 | $2.2M | Reduce -5.5% |
| DGRW Wisdomtree U.S. Quality Divi | 0.20% | 27,280 | $2.1M | No change |
| UL Unilever PLC | 0.19% | 37,126 | $2.0M | Reduce -12.3% |
| BWXT BWX Technologies Inc. | 0.18% | 20,293 | $1.9M | Reduce -30.2% |
| XLE SS Energy Select Sector | 0.16% | 18,814 | $1.7M | Add +48.7% |
| MTBA Simplify MBS ETF | 0.16% | 33,688 | $1.7M | New |
| EXC Exelon Corp. | 0.15% | 47,180 | $1.6M | No change |
| AMGN Amgen Inc. | 0.15% | 5,147 | $1.6M | Reduce -0.9% |
| DINO HF Sinclair Corp. | 0.15% | 29,450 | $1.6M | No change |
| SWKS Skyworks Solutions Inc. | 0.14% | 14,074 | $1.5M | Add +60.6% |
| OKE Oneok Inc. | 0.14% | 18,088 | $1.5M | No change |
| MU Micron Technology Inc. | 0.13% | 10,518 | $1.4M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.13% | 49,428 | $1.4M | Reduce -38.6% |
| NXPI NXP Semiconductors NV | 0.13% | 5,040 | $1.4M | No change |
| RH RH | 0.12% | 5,177 | $1.3M | Reduce -6.7% |
| SCHD Schwab US DVD Equity ETF | 0.12% | 16,065 | $1.2M | No change |
| TAP Molson Coors Beverage Co. Class B | 0.12% | 24,560 | $1.2M | Reduce -1.6% |
| TSLA Tesla Inc. | 0.12% | 6,179 | $1.2M | Reduce -40.6% |
| MO Altria Group Inc. | 0.11% | 26,065 | $1.2M | Reduce -0.0% |
| XLV SS Health Care Select Sector | 0.11% | 8,090 | $1.2M | Reduce -0.7% |
| EPD Enterprise Products Partners | 0.11% | 40,600 | $1.2M | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.11% | 19,450 | $1.1M | No change |
| DAL Delta Air Lines Inc. | 0.10% | 23,050 | $1.1M | Reduce -14.8% |
Options reported separately and not counted above: SONO puts ($15K), SPYM puts ($3K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $10K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WHOLE EARTH BRANDS INC | *W EXP 06/25/202 | 262,659 | $10K | No change |
Total filed on the 13F, all lines: $1.1B.
Portfolio Sells Q1 2024 → Q2 2024
| DIS The Walt Disney Co. | Reduce -27.2% | 0.48% | −0.36 |
| HCA HCA Healthcare Inc. | Reduce -20.8% | 0.83% | −0.30 |
| CSCO Cisco Systems Inc. | Reduce -15.6% | 0.93% | −0.27 |
| DE Deere & Co. | Reduce -75.5% | 0.07% | −0.25 |
| PEP Pepsico Inc. | Reduce -16.2% | 0.73% | −0.23 |
| JPM JPMorgan Chase & Co. | Reduce -5.5% | 2.49% | −0.21 |
| ADBE Adobe Inc. | Reduce -26.2% | 0.68% | −0.19 |
| VAW Vanguard Materials ETF | Reduce -19.6% | 0.45% | −0.16 |
| CRH CRH PLC | Reduce -18.1% | 0.35% | −0.16 |
| CAT Caterpillar Inc. | Reduce -4.4% | 0.80% | −0.15 |
| XOM Exxon Mobil Corp. | Reduce -7.7% | 1.13% | −0.15 |
| NOV Nov Inc. | Reduce -21.5% | 0.41% | −0.14 |
| NOC Northrop Grumman Corp. | Reduce -2.5% | 0.78% | −0.13 |
| TGT Target Corp. | Reduce -3.3% | 0.45% | −0.13 |
| AXP American Express Co. | Reduce -7.1% | 1.20% | −0.12 |
| BWXT BWX Technologies Inc. | Reduce -30.2% | 0.18% | −0.11 |
| IVE iShares S&P 500 Value ETF | Reduce -0.2% | 1.56% | −0.10 |
| CVS CVS Health Corp. | Reduce -5.5% | 0.20% | −0.10 |
| PFE Pfizer Inc. | Reduce -38.6% | 0.13% | −0.09 |
| GRMN Garmin Ltd. | Reduce -24.5% | 0.30% | −0.07 |
| DEO Diageo PLC-Sponsored ADR | Reduce -7.5% | 0.23% | −0.07 |
| RH RH | Reduce -6.7% | 0.12% | −0.07 |
| TSLA Tesla Inc. | Reduce -40.6% | 0.12% | −0.06 |
| BX Blackstone Inc. | Reduce -0.7% | 0.58% | −0.06 |
| SBUX Starbucks Corp. | Reduce -3.0% | 0.23% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -2.1% | 1.39% | −0.06 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -0.7% | 0.95% | −0.05 |
| DHI D.R. Horton Inc. | Reduce -50.6% | 0.04% | −0.05 |
| TAP Molson Coors Beverage Co. Class B | Reduce -1.6% | 0.12% | −0.05 |
| INTC Intel Corp. | Reduce -18.8% | 0.05% | −0.04 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Sold out | 0.00% | −0.04 |
| CVX Chevron Corp. | Reduce -2.6% | 0.52% | −0.04 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -1.0% | 2.20% | −0.03 |
| LMBS First Trust Low Duration Opp | Reduce -33.9% | 0.06% | −0.03 |
| ABT Abbott Laboratories | Reduce -1.3% | 0.22% | −0.03 |
| HON Honeywell International Inc. | Reduce -25.1% | 0.09% | −0.03 |
| FDX FedEx Corp. | Reduce -47.2% | 0.03% | −0.03 |
| DAL Delta Air Lines Inc. | Reduce -14.8% | 0.10% | −0.02 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.02 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.02 |
| RTX RTX Corp. | Reduce -2.6% | 0.64% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.1% | 0.25% | −0.02 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.02 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.02 |
| NOW ServiceNow Inc. | Reduce -7.5% | 0.23% | −0.02 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.02 |
| SGOL Abrdn Physical Gold Shares | Reduce -7.1% | 0.28% | −0.02 |
| ELV Elevance Health Inc. | Reduce -4.8% | 0.42% | −0.02 |
| ADI Analog Devices Inc. | Reduce -12.1% | 0.84% | −0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| GOOG Alphabet Inc. Class C | Add +1.4% | 5.06% | +0.77 |
| LLY Eli Lilly & Co. | Add +11.3% | 1.54% | +0.31 |
| IVV iShares Core S&P 500 ETF | Add +2.5% | 7.96% | +0.24 |
| AMZN Amazon.com Inc. | Add +2.7% | 3.61% | +0.21 |
| MSFT Microsoft Corp. | Add +0.4% | 6.64% | +0.20 |
| MTBA Simplify MBS ETF | New | 0.16% | +0.16 |
| QCOM Qualcomm Inc. | Add +0.5% | 1.15% | +0.14 |
| LMT Lockheed Martin Corp. | Add +11.8% | 1.30% | +0.13 |
| META Meta Platforms Inc. Class A | Add +5.4% | 2.18% | +0.12 |
| NEE Nextera Energy Inc. | Add +5.7% | 0.95% | +0.11 |
| SLB SLB Ltd. | New | 0.10% | +0.10 |
| MLR Miller Industries Inc. | Add +18.2% | 0.45% | +0.09 |
| CP Canadian Pacific Kansas City | Add +34.7% | 0.54% | +0.08 |
| V Visa Inc. Class A | Add +20.4% | 0.87% | +0.08 |
| MLI Mueller Industries Inc. | New | 0.08% | +0.08 |
| PM Philip Morris International | Add +1.1% | 0.96% | +0.07 |
| GD General Dynamics Corp. | Add +8.0% | 0.97% | +0.06 |
| GGG Graco Inc. | Add +38.2% | 0.54% | +0.06 |
| STZ Constellation Brands Inc. Class A | Add +22.3% | 0.55% | +0.06 |
| IWF iShares Russell 1000 Growth | Add +0.3% | 1.07% | +0.05 |
| SWKS Skyworks Solutions Inc. | Add +60.6% | 0.14% | +0.05 |
| XLE SS Energy Select Sector | Add +48.7% | 0.16% | +0.05 |
| NVS Novartis AG-Sponsored ADR | Add +0.9% | 0.54% | +0.04 |
| TMUS T-Mobile US Inc. | Add +60.8% | 0.08% | +0.03 |
| SO The Southern Co. | New | 0.03% | +0.03 |
| VLO Valero Energy Corp. | Add +16.7% | 0.78% | +0.03 |
| ORCL Oracle Corp. | Add +69.5% | 0.05% | +0.02 |
| ENTG Entegris Inc. | Add +11.1% | 0.69% | +0.02 |
| LULU Lululemon Athletica Inc. | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +11.1% | 0.10% | +0.02 |
| ITA iShares U.S. Aerospace & Def | Add +15.3% | 0.03% | +0.00 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.00% | +0.00 |
| VNQ Vanguard Real Estate ETF | Add +2.8% | 0.41% | −0.02 |
| CINF Cincinnati Financial Corp. | Add +6.4% | 0.88% | −0.02 |
| CHX Championx Corp. | Add +1.7% | 0.53% | −0.05 |
| MRK Merck & Co. Inc. | Add +4.0% | 1.48% | −0.09 |
| BLK BlackRock Finance Inc. | Add +2.7% | 1.55% | −0.10 |
| JNJ Johnson & Johnson | Add +4.4% | 1.55% | −0.11 |
| HD Home Depot Inc. | Add +6.0% | 1.92% | −0.17 |
| VMC Vulcan Materials Co. | Add +1.4% | 2.88% | −0.35 |
Options Activity Q1 2024 → Q2 2024
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 |