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

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.1B $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.1B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.4B Q2 2026

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%
WMT Walmart Inc. 0.10% 15,450 $1.0M Add +11.1%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.10% 21,874 $1.0M New
T AT&T Inc. 0.10% 53,600 $1.0M Reduce -1.8%
HON Honeywell International Inc. 0.09% 4,351 $929K Reduce -25.1%
TMUS T-Mobile US Inc. 0.08% 5,043 $888K Add +60.8%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.08% 13,022 $887K Reduce -3.0%
IJH iShares Core S&P Midcap ETF 0.08% 14,960 $875K Reduce -0.8%
RIG Transocean Ltd. 0.08% 160,000 $856K No change
IWR iShares Russell Mid-Cap ETF 0.08% 10,231 $830K No change
TSM Taiwan Semiconductor-SP ADR 0.08% 4,625 $804K No change
MLI Mueller Industries Inc. 0.08% 13,932 $793K New
IJJ iShares S&P Mid-Cap 400 Valu 0.07% 6,925 $786K No change
XLP SS Consumer Staples Sel Sect 0.07% 10,160 $778K No change
DE Deere & Co. 0.07% 1,944 $726K Reduce -75.5%
ETR Entergy Corp. 0.07% 6,500 $696K No change
BATRK Atlanta Braves Holdings in-C 0.06% 17,399 $686K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,800 $673K No change
VIS Vanguard Industrials ETF 0.06% 2,800 $659K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.06% 1,181 $643K Reduce -1.8%
TDV Proshares S&P Tech DVD Arist 0.06% 8,500 $634K No change
LMBS First Trust Low Duration Opp 0.06% 12,499 $601K Reduce -33.9%
IWM iShares Russell 2000 ETF 0.06% 2,904 $589K Reduce -0.1%
ORCL Oracle Corp. 0.05% 4,040 $570K Add +69.5%
INTC Intel Corp. 0.05% 17,588 $545K Reduce -18.8%
EEM iShares MSCI Emerging Market 0.05% 12,250 $522K No change
VXF Vanguard Extended Market ETF 0.05% 2,981 $503K Reduce -6.7%
PGX Invesco Preferred ETF 0.05% 43,000 $497K No change
FMY First Trust Mortgage Income 0.04% 39,868 $476K Reduce -15.9%
GM General Motors Co. 0.04% 9,870 $459K Reduce -17.7%
F Ford Motor Co. filed as FORD MTR CO DEL 0.04% 35,661 $447K No change
CALF PCR US SM CP CSH CWS ETF-Usd 0.04% 10,000 $436K No change
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $427K No change
IYE iShares U.S. Energy ETF 0.04% 8,825 $424K No change
IEMG iShares Core MSCI Emerging 0.04% 7,744 $415K Reduce -4.1%
DHI D.R. Horton Inc. 0.04% 2,653 $374K Reduce -50.6%
WFC Wells Fargo & Co. 0.03% 5,710 $339K Reduce -1.0%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $338K No change
NOBL Proshares S&P 500 Dividend A 0.03% 3,500 $336K No change
FDX FedEx Corp. 0.03% 1,120 $336K Reduce -47.2%
LUV Southwest Airlines Co. 0.03% 11,160 $319K Reduce -0.5%
VWO Vanguard Ftse Emerging Marke 0.03% 7,190 $315K No change
BUD Anheuser-Busch Inbev-SPN ADR 0.03% 5,375 $313K Reduce -27.1%
SO The Southern Co. 0.03% 3,859 $299K New
ITA iShares U.S. Aerospace & Def 0.03% 2,260 $298K Add +15.3%
VTI VG Morningstar TS MKT ETF-US 0.03% 1,061 $284K No change
SONY Sony Group Corp. - SP ADR 0.02% 3,000 $255K No change
CMCSA Comcast Corp. Class A 0.02% 6,416 $251K Reduce -3.0%
VONE Vanguard Russell 1000 0.02% 1,011 $249K No change
QRVO Qorvo Inc. 0.02% 2,080 $241K No change
BRK.B Berkshire Hathaway Inc. Class B 0.02% 586 $238K No change
GOOGL Alphabet Inc. Class A 0.02% 1,300 $237K Reduce -3.4%
AOR iShares Core 60/40 Balanced 0.02% 4,200 $237K No change
XLI SS Industrial Select Sector 0.02% 1,925 $235K No change
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $230K No change
XLF SS Financial Select Sector 0.02% 5,250 $216K No change
LULU Lululemon Athletica Inc. 0.02% 680 $203K New
BPPTU BP Prudhoe Bay Royalty Trust 0.01% 25,112 $62K Reduce -13.9%
SPYM Ste STR SPDR PT S&P 500 ETF 0.00% 14 $896 New

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)
SecurityClassShares / PrincipalValueChange
WHOLE EARTH BRANDS INC *W EXP 06/25/202 262,659$10KNo 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
SONO Sonos Inc. put New 10,000 $15K
SPYM Ste STR SPDR PT S&P 500 ETF put New 10,600 $3K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 155$1.4BIVV, NVDA, GOOG, AAPL, MSFT
Q1 2026 168$1.4BIVV, NVDA, GOOG, AAPL, MSFT
Q4 2025 162$1.4BIVV, NVDA, GOOG, MSFT, AAPL
Q3 2025 163$1.4BIVV, NVDA, MSFT, AAPL, GOOG
Q2 2025 162$1.2BIVV, NVDA, MSFT, AAPL, GOOG
Q1 2025 161$1.1BIVV, AAPL, MSFT, NVDA, GOOG
Q4 2024 161$1.1BIVV, NVDA, AAPL, MSFT, GOOG
Q3 2024 160$1.1BIVV, MSFT, NVDA, AAPL, GOOG
Q2 2024 158$1.1BIVV, MSFT, NVDA, AAPL, GOOG
Q1 2024 160$1.0BIVV, MSFT, NVDA, AAPL, GOOG