Narwhal Capital Management
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 22, 2024), Narwhal Capital Management reported 160 stock positions worth $1.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.1% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Nvidia (NVDA, 6.0%). Compared with Q2 2024, it opened 6 new positions, sold out of 4, added to 45 and reduced 75. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale an exit from BlackRock Finance (BLK).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.1B (Q3 2024)
- SEC Filing
- 0001085146-24-005056 ↗ filed Oct 22, 2024
Holdings Value
Holdings 160 stocks · $1.1B
| IVV iShares Core S&P 500 ETF | 8.07% | 155,472 | $89.7M | Add +1.1% |
| MSFT Microsoft Corp. | 6.14% | 158,612 | $68.3M | Add +0.9% |
| NVDA Nvidia Corp. | 5.96% | 545,676 | $66.3M | Add +5.1% |
| AAPL Apple Inc. | 5.80% | 276,791 | $64.5M | Add +2.5% |
| GOOG Alphabet Inc. Class C | 4.54% | 301,771 | $50.5M | Add +3.5% |
| AMZN Amazon.com Inc. | 3.52% | 210,203 | $39.2M | Add +6.4% |
| IAU iShares Gold Trust | 3.05% | 681,154 | $33.9M | Reduce -0.1% |
| VMC Vulcan Materials Co. | 2.82% | 125,353 | $31.4M | Add +2.5% |
| META Meta Platforms Inc. Class A | 2.58% | 50,077 | $28.7M | Add +9.7% |
| JPM JPMorgan Chase & Co. | 2.53% | 133,618 | $28.2M | Add +2.5% |
| UNH Unitedhealth Group Inc. | 2.25% | 42,848 | $25.1M | Reduce -6.2% |
| HD Home Depot Inc. | 2.24% | 61,497 | $24.9M | Add +4.6% |
| LLY Eli Lilly & Co. | 1.71% | 21,403 | $19.0M | Add +18.9% |
| IVE iShares S&P 500 Value ETF | 1.60% | 90,401 | $17.8M | Reduce 0.0% |
| GS Goldman Sachs Group Inc. | 1.54% | 34,619 | $17.1M | Reduce -4.5% |
| LMT Lockheed Martin Corp. | 1.51% | 28,628 | $16.7M | Reduce -2.6% |
| MRK Merck & Co. Inc. | 1.45% | 141,743 | $16.1M | Add +12.3% |
| QCOM Qualcomm Inc. | 1.43% | 93,567 | $15.9M | Add +52.7% |
| JNJ Johnson & Johnson | 1.43% | 97,866 | $15.9M | Reduce -12.7% |
| PG The Procter & Gamble Co. | 1.42% | 91,239 | $15.8M | Add +2.3% |
| AXP American Express Co. | 1.25% | 51,031 | $13.8M | Reduce -7.2% |
| NEE Nextera Energy Inc. | 1.20% | 158,353 | $13.4M | Add +11.8% |
| V Visa Inc. Class A | 1.14% | 46,223 | $12.7M | Add +31.4% |
| IWF iShares Russell 1000 Growth | 1.05% | 31,070 | $11.7M | Reduce -0.1% |
| LHX L3HARRIS Technologies Inc. | 1.04% | 48,785 | $11.6M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 1.02% | 96,802 | $11.3M | Reduce -6.5% |
| GD General Dynamics Corp. | 1.02% | 37,524 | $11.3M | Add +6.6% |
| ADI Analog Devices Inc. | 0.93% | 45,066 | $10.4M | Add +15.6% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.91% | 469,054 | $10.1M | Reduce -2.8% |
| NOC Northrop Grumman Corp. | 0.89% | 18,818 | $9.9M | Reduce -0.5% |
| HCA HCA Healthcare Inc. | 0.85% | 23,220 | $9.4M | Reduce -14.9% |
| PM Philip Morris International | 0.85% | 77,384 | $9.4M | Reduce -22.4% |
| PEP Pepsico Inc. | 0.83% | 54,415 | $9.3M | Add +16.0% |
| CAT Caterpillar Inc. | 0.79% | 22,574 | $8.8M | Reduce -11.4% |
| STZ Constellation Brands Inc. Class A | 0.78% | 33,609 | $8.7M | Add +49.0% |
| CINF Cincinnati Financial Corp. | 0.77% | 62,605 | $8.5M | Reduce -20.9% |
| RTX RTX Corp. | 0.73% | 66,960 | $8.1M | Reduce -0.7% |
| GGG Graco Inc. | 0.73% | 92,313 | $8.1M | Add +29.0% |
| CP Canadian Pacific Kansas City | 0.73% | 94,357 | $8.1M | Add +29.6% |
| COST Costco Wholesale Corp. | 0.70% | 8,754 | $7.8M | Reduce -1.8% |
| CSCO Cisco Systems Inc. | 0.69% | 144,962 | $7.7M | Reduce -30.3% |
| BX Blackstone Inc. | 0.68% | 49,576 | $7.6M | Reduce -0.5% |
| ENTG Entegris Inc. | 0.63% | 61,784 | $7.0M | Add +15.2% |
| MLR Miller Industries Inc. | 0.62% | 113,568 | $6.9M | Add +31.2% |
| VLO Valero Energy Corp. | 0.60% | 49,304 | $6.7M | Reduce -6.7% |
| NVS Novartis AG-Sponsored ADR | 0.56% | 53,875 | $6.2M | Reduce -0.2% |
| CRH CRH PLC | 0.54% | 64,324 | $6.0M | Add +29.3% |
| CHX Championx Corp. | 0.53% | 197,138 | $5.9M | Add +17.9% |
| TGT Target Corp. | 0.51% | 36,336 | $5.7M | Add +13.9% |
| IVW iShares S&P 500 Growth ETF | 0.48% | 56,000 | $5.4M | No change |
| CVX Chevron Corp. | 0.46% | 34,997 | $5.2M | Reduce -0.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.44% | 9,929 | $4.8M | Reduce -0.2% |
| ADBE Adobe Inc. | 0.43% | 9,248 | $4.8M | Reduce -28.3% |
| XLK SS Technology Select Sector | 0.43% | 21,000 | $4.7M | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.42% | 11,080 | $4.7M | No change |
| VNQ Vanguard Real Estate ETF | 0.41% | 46,995 | $4.6M | Reduce -9.3% |
| NOV Nov Inc. | 0.40% | 281,449 | $4.5M | Add +23.6% |
| CEG Constellation Energy | 0.37% | 15,658 | $4.1M | No change |
| RH RH | 0.36% | 12,000 | $4.0M | Add +131.8% |
| GRMN Garmin Ltd. | 0.35% | 22,173 | $3.9M | Add +15.8% |
| VAW Vanguard Materials ETF | 0.35% | 18,168 | $3.8M | Reduce -26.0% |
| GLD SPDR Gold Shares | 0.32% | 14,679 | $3.6M | Reduce -2.4% |
| DVY iShares Select Dividend ETF | 0.32% | 25,949 | $3.5M | Add +0.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.31% | 5 | $3.5M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.31% | 35,880 | $3.5M | Reduce -29.3% |
| KMI Kinder Morgan Inc. | 0.30% | 151,137 | $3.3M | Reduce -0.0% |
| SGOL Abrdn Physical Gold Shares | 0.29% | 127,510 | $3.2M | Reduce -4.8% |
| SDY SS SPDR S&P Dividend ETF | 0.27% | 20,989 | $3.0M | No change |
| IJR iShares Core S&P Small-Cap E | 0.25% | 23,724 | $2.8M | Reduce -2.5% |
| NOW ServiceNow Inc. | 0.25% | 3,065 | $2.7M | Reduce -2.6% |
| NXRT Nexpoint Residential | 0.25% | 62,089 | $2.7M | Add +8.3% |
| ELV Elevance Health Inc. | 0.23% | 4,925 | $2.6M | Reduce -39.8% |
| ABT Abbott Laboratories | 0.23% | 22,338 | $2.5M | Add +0.8% |
| DPZ Domino's Pizza Inc. | 0.23% | 5,813 | $2.5M | Reduce -6.9% |
| MTBA Simplify MBS ETF | 0.22% | 48,135 | $2.5M | Add +42.9% |
| DEO Diageo PLC-Sponsored ADR | 0.22% | 17,585 | $2.5M | Reduce -9.3% |
| SBUX Starbucks Corp. | 0.21% | 23,501 | $2.3M | Reduce -23.3% |
| DGRW Wisdomtree U.S. Quality Divi | 0.20% | 27,279 | $2.3M | Reduce 0.0% |
| MLI Mueller Industries Inc. | 0.20% | 29,836 | $2.2M | Add +114.2% |
| EXC Exelon Corp. | 0.17% | 47,180 | $1.9M | No change |
| VOO Vanguard S&P 500 ETF | 0.16% | 3,428 | $1.8M | New |
| UL Unilever PLC | 0.15% | 26,384 | $1.7M | Reduce -28.9% |
| BWXT BWX Technologies Inc. | 0.15% | 15,729 | $1.7M | Reduce -22.5% |
| CVS CVS Health Corp. | 0.15% | 27,094 | $1.7M | Reduce -25.7% |
| AMGN Amgen Inc. | 0.15% | 5,127 | $1.7M | Reduce -0.4% |
| OKE Oneok Inc. | 0.14% | 17,622 | $1.6M | Reduce -2.6% |
| SWKS Skyworks Solutions Inc. | 0.13% | 15,032 | $1.5M | Add +6.8% |
| DHI D.R. Horton Inc. | 0.13% | 7,418 | $1.4M | Add +179.6% |
| XLE SS Energy Select Sector | 0.13% | 15,974 | $1.4M | Reduce -15.1% |
| MO Altria Group Inc. | 0.12% | 26,065 | $1.3M | No change |
| DINO HF Sinclair Corp. | 0.12% | 29,450 | $1.3M | No change |
| ORCL Oracle Corp. | 0.12% | 7,544 | $1.3M | Add +86.7% |
| TSLA Tesla Inc. | 0.12% | 4,896 | $1.3M | Reduce -20.8% |
| WMT Walmart Inc. | 0.11% | 15,697 | $1.3M | Add +1.6% |
| NXPI NXP Semiconductors NV | 0.11% | 5,040 | $1.2M | No change |
| T AT&T Inc. | 0.11% | 53,595 | $1.2M | Reduce -0.0% |
| BHP BHP Group Ltd.-Spon ADR | 0.10% | 18,550 | $1.2M | Reduce -4.6% |
| XLV SS Health Care Select Sector | 0.10% | 7,255 | $1.1M | Reduce -10.3% |
| MU Micron Technology Inc. | 0.10% | 10,520 | $1.1M | Add +0.0% |
| SCHD Schwab US DVD Equity ETF | 0.09% | 11,565 | $978K | Reduce -28.0% |
Portfolio Sells Q2 2024 → Q3 2024
| BLK BlackRock Finance Inc. | Sold out | 0.00% | −1.55 |
| ADBE Adobe Inc. | Reduce -28.3% | 0.43% | −0.25 |
| CSCO Cisco Systems Inc. | Reduce -30.3% | 0.69% | −0.24 |
| BA The Boeing Co. | Reduce -78.5% | 0.04% | −0.19 |
| ELV Elevance Health Inc. | Reduce -39.8% | 0.23% | −0.19 |
| VLO Valero Energy Corp. | Reduce -6.7% | 0.60% | −0.18 |
| DIS The Walt Disney Co. | Reduce -29.3% | 0.31% | −0.17 |
| JNJ Johnson & Johnson | Reduce -12.7% | 1.43% | −0.12 |
| CINF Cincinnati Financial Corp. | Reduce -20.9% | 0.77% | −0.12 |
| PM Philip Morris International | Reduce -22.4% | 0.85% | −0.11 |
| XOM Exxon Mobil Corp. | Reduce -6.5% | 1.02% | −0.11 |
| VAW Vanguard Materials ETF | Reduce -26.0% | 0.35% | −0.10 |
| DPZ Domino's Pizza Inc. | Reduce -6.9% | 0.23% | −0.08 |
| PFE Pfizer Inc. | Reduce -58.4% | 0.05% | −0.08 |
| TAP Molson Coors Beverage Co. Class B | Reduce -54.9% | 0.06% | −0.06 |
| CVX Chevron Corp. | Reduce -0.1% | 0.46% | −0.06 |
| CVS CVS Health Corp. | Reduce -25.7% | 0.15% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -63.0% | 0.03% | −0.05 |
| EPD Enterprise Products Partners | Reduce -35.5% | 0.07% | −0.04 |
| UL Unilever PLC | Reduce -28.9% | 0.15% | −0.04 |
| XLE SS Energy Select Sector | Reduce -15.1% | 0.13% | −0.04 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -2.8% | 0.91% | −0.04 |
| SCHD Schwab US DVD Equity ETF | Reduce -28.0% | 0.09% | −0.03 |
| BWXT BWX Technologies Inc. | Reduce -22.5% | 0.15% | −0.03 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.03 |
| DAL Delta Air Lines Inc. | Reduce -26.4% | 0.08% | −0.03 |
| INTC Intel Corp. | Reduce -25.1% | 0.03% | −0.02 |
| IWF iShares Russell 1000 Growth | Reduce -0.1% | 1.05% | −0.02 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.02 |
| SBUX Starbucks Corp. | Reduce -23.3% | 0.21% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -1.8% | 0.70% | −0.02 |
| DE Deere & Co. | Reduce -29.7% | 0.05% | −0.02 |
| TDV Proshares S&P Tech DVD Arist | Reduce -24.8% | 0.04% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.2% | 0.44% | −0.02 |
| FMY First Trust Mortgage Income | Reduce -33.1% | 0.03% | −0.01 |
| HON Honeywell International Inc. | Reduce -7.5% | 0.07% | −0.01 |
| F Ford Motor Co. | Reduce -11.2% | 0.03% | −0.01 |
| XLV SS Health Care Select Sector | Reduce -10.3% | 0.10% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -4.5% | 1.54% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Reduce -9.3% | 0.22% | −0.01 |
| CAT Caterpillar Inc. | Reduce -11.4% | 0.79% | −0.01 |
| GM General Motors Co. | Reduce -10.5% | 0.04% | −0.01 |
| XLP SS Consumer Staples Sel Sect | Reduce -11.3% | 0.07% | −0.01 |
| IJH iShares Core S&P Midcap ETF | Reduce -7.9% | 0.08% | −0.01 |
| LUV Southwest Airlines Co. | Reduce -16.5% | 0.02% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -3.5% | 0.03% | −0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.0% | 0.07% | −0.00 |
| AMGN Amgen Inc. | Reduce -0.4% | 0.15% | −0.00 |
| BPPTU BP Prudhoe Bay Royalty Trust | Reduce -0.6% | 0.00% | −0.00 |
| IEMG iShares Core MSCI Emerging | Reduce -9.6% | 0.04% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| AAPL Apple Inc. | Add +2.5% | 5.80% | +0.42 |
| META Meta Platforms Inc. Class A | Add +9.7% | 2.58% | +0.40 |
| HD Home Depot Inc. | Add +4.6% | 2.24% | +0.33 |
| QCOM Qualcomm Inc. | Add +52.7% | 1.43% | +0.28 |
| V Visa Inc. Class A | Add +31.4% | 1.14% | +0.27 |
| NEE Nextera Energy Inc. | Add +11.8% | 1.20% | +0.26 |
| RH RH | Add +131.8% | 0.36% | +0.24 |
| STZ Constellation Brands Inc. Class A | Add +49.0% | 0.78% | +0.23 |
| GGG Graco Inc. | Add +29.0% | 0.73% | +0.19 |
| CP Canadian Pacific Kansas City | Add +29.6% | 0.73% | +0.18 |
| CRH CRH PLC | Add +29.3% | 0.54% | +0.18 |
| MLR Miller Industries Inc. | Add +31.2% | 0.62% | +0.17 |
| LLY Eli Lilly & Co. | Add +18.9% | 1.71% | +0.16 |
| VOO Vanguard S&P 500 ETF | New | 0.16% | +0.16 |
| MLI Mueller Industries Inc. | Add +114.2% | 0.20% | +0.12 |
| IVV iShares Core S&P 500 ETF | Add +1.1% | 8.07% | +0.11 |
| PEP Pepsico Inc. | Add +16.0% | 0.83% | +0.10 |
| DHI D.R. Horton Inc. | Add +179.6% | 0.13% | +0.09 |
| ADI Analog Devices Inc. | Add +15.6% | 0.93% | +0.09 |
| LULU Lululemon Athletica Inc. | Add +416.0% | 0.09% | +0.07 |
| TGT Target Corp. | Add +13.9% | 0.51% | +0.06 |
| MTBA Simplify MBS ETF | Add +42.9% | 0.22% | +0.06 |
| ORCL Oracle Corp. | Add +86.7% | 0.12% | +0.06 |
| GRMN Garmin Ltd. | Add +15.8% | 0.35% | +0.06 |
| GD General Dynamics Corp. | Add +6.6% | 1.02% | +0.05 |
| MUSA Murphy USA Inc. | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +2.5% | 2.53% | +0.04 |
| NXRT Nexpoint Residential | Add +8.3% | 0.25% | +0.03 |
| PG The Procter & Gamble Co. | Add +2.3% | 1.42% | +0.03 |
| SCHX Schwab US Large-Cap ETF | New | 0.02% | +0.02 |
| VCLT Vanguard Long-Term Corp. Bond | New | 0.02% | +0.02 |
| DVY iShares Select Dividend ETF | Add +0.2% | 0.32% | +0.02 |
| PRU Prudential Financial Inc. | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +1.6% | 0.11% | +0.02 |
| ABT Abbott Laboratories | Add +0.8% | 0.23% | +0.01 |
| CHX Championx Corp. | Add +17.9% | 0.53% | +0.01 |
| ACHR Archer Aviation Inc. Class A | New | 0.00% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +2.0% | 0.06% | +0.00 |
| LMBS First Trust Low Duration Opp | Add +0.7% | 0.06% | −0.00 |
| QRVO Qorvo Inc. | Add +7.7% | 0.02% | −0.00 |
| NOV Nov Inc. | Add +23.6% | 0.40% | −0.01 |
| SWKS Skyworks Solutions Inc. | Add +6.8% | 0.13% | −0.01 |
| SLB SLB Ltd. | Add +4.8% | 0.09% | −0.01 |
| MRK Merck & Co. Inc. | Add +12.3% | 1.45% | −0.03 |
| MU Micron Technology Inc. | Add +0.0% | 0.10% | −0.03 |
| VMC Vulcan Materials Co. | Add +2.5% | 2.82% | −0.05 |
| ENTG Entegris Inc. | Add +15.2% | 0.63% | −0.06 |
| AMZN Amazon.com Inc. | Add +6.4% | 3.52% | −0.09 |
| NVDA Nvidia Corp. | Add +5.1% | 5.96% | −0.11 |
| MSFT Microsoft Corp. | Add +0.9% | 6.14% | −0.50 |
Options Activity Q2 2024 → Q3 2024
| SONO Sonos Inc. | put | Sold out | 10,000 | $15Kbefore exit |
| SPYM Ste STR SPDR PT S&P 500 ETF | put | Sold out | 10,600 | $3Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| WHOLE EARTH BRANDS INC | *W EXP 06/25/202 | Sold out | 262,659 | $10Kbefore exit |
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 |