Narwhal Capital Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Narwhal Capital Management reported 161 stock positions worth $1.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.7% of the portfolio, followed by Nvidia (NVDA, 6.2%) and Apple (AAPL, 6.1%). Compared with Q3 2024, it opened 10 new positions, sold out of 9, added to 31 and reduced 72. The biggest buy was a new position in BlackRock (BLK) and the biggest sale Unitedhealth (UNH, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.1B (Q4 2024)
- SEC Filing
- 0001085146-25-000391 ↗ filed Jan 22, 2025
Holdings Value
Holdings 161 stocks · $1.1B
| IVV iShares Core S&P 500 ETF | 8.71% | 167,479 | $98.6M | Add +7.7% |
| NVDA Nvidia Corp. | 6.25% | 526,475 | $70.7M | Reduce -3.5% |
| AAPL Apple Inc. | 6.07% | 274,069 | $68.6M | Reduce -1.0% |
| MSFT Microsoft Corp. | 5.89% | 158,025 | $66.6M | Reduce -0.4% |
| GOOG Alphabet Inc. Class C | 4.99% | 296,188 | $56.4M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 4.02% | 207,358 | $45.5M | Reduce -1.4% |
| IAU iShares Gold Trust | 2.98% | 680,464 | $33.7M | Reduce -0.1% |
| VMC Vulcan Materials Co. | 2.83% | 124,323 | $32.0M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 2.66% | 125,770 | $30.1M | Reduce -5.9% |
| META Meta Platforms Inc. Class A | 2.27% | 43,822 | $25.7M | Reduce -12.5% |
| BLK BlackRock Inc. | 1.97% | 21,714 | $22.3M | New |
| HD Home Depot Inc. | 1.91% | 55,551 | $21.6M | Reduce -9.7% |
| UNH Unitedhealth Group Inc. | 1.62% | 36,161 | $18.3M | Reduce -15.6% |
| LMT Lockheed Martin Corp. | 1.56% | 36,270 | $17.6M | Add +26.7% |
| LLY Eli Lilly & Co. | 1.53% | 22,456 | $17.3M | Add +4.9% |
| IVE iShares S&P 500 Value ETF | 1.51% | 89,784 | $17.1M | Reduce -0.7% |
| GS Goldman Sachs Group Inc. | 1.43% | 28,249 | $16.2M | Reduce -18.4% |
| V Visa Inc. Class A | 1.38% | 49,432 | $15.6M | Add +6.9% |
| PG The Procter & Gamble Co. | 1.31% | 88,411 | $14.8M | Reduce -3.1% |
| AXP American Express Co. | 1.30% | 49,567 | $14.7M | Reduce -2.9% |
| JNJ Johnson & Johnson | 1.28% | 100,016 | $14.5M | Add +2.2% |
| QCOM Qualcomm Inc. | 1.25% | 92,359 | $14.2M | Reduce -1.3% |
| MRK Merck & Co. Inc. | 1.21% | 137,797 | $13.7M | Reduce -2.8% |
| IWF iShares Russell 1000 Growth | 1.10% | 31,070 | $12.5M | No change |
| NEE Nextera Energy Inc. | 1.07% | 168,289 | $12.1M | Add +6.3% |
| GD General Dynamics Corp. | 0.91% | 38,906 | $10.3M | Add +3.7% |
| LHX L3HARRIS Technologies Inc. | 0.85% | 45,873 | $9.6M | Reduce -6.0% |
| ADI Analog Devices Inc. | 0.83% | 44,249 | $9.4M | Reduce -1.8% |
| CSCO Cisco Systems Inc. | 0.82% | 157,386 | $9.3M | Add +8.6% |
| AVGO Broadcom Inc. | 0.80% | 39,255 | $9.1M | New |
| CAT Caterpillar Inc. | 0.80% | 24,809 | $9.0M | Add +9.9% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.80% | 437,070 | $9.0M | Reduce -6.8% |
| NOC Northrop Grumman Corp. | 0.79% | 18,937 | $8.9M | Add +0.6% |
| PEP Pepsico Inc. | 0.77% | 57,612 | $8.8M | Add +5.9% |
| PM Philip Morris International | 0.75% | 70,070 | $8.4M | Reduce -9.4% |
| XOM Exxon Mobil Corp. | 0.74% | 77,851 | $8.4M | Reduce -19.6% |
| BX Blackstone Inc. | 0.73% | 48,128 | $8.3M | Reduce -2.9% |
| RTX RTX Corp. | 0.64% | 62,830 | $7.3M | Reduce -6.2% |
| GGG Graco Inc. | 0.62% | 83,601 | $7.0M | Reduce -9.4% |
| COST Costco Wholesale Corp. | 0.61% | 7,523 | $6.9M | Reduce -14.1% |
| STZ Constellation Brands Inc. Class A | 0.60% | 30,880 | $6.8M | Reduce -8.1% |
| MLR Miller Industries Inc. | 0.58% | 101,226 | $6.6M | Reduce -10.9% |
| CP Canadian Pacific Kansas City | 0.56% | 87,867 | $6.4M | Reduce -6.9% |
| CINF Cincinnati Financial Corp. | 0.54% | 42,338 | $6.1M | Reduce -32.4% |
| HCA HCA Healthcare Inc. | 0.52% | 19,506 | $5.9M | Reduce -16.0% |
| VLO Valero Energy Corp. | 0.52% | 47,599 | $5.8M | Reduce -3.5% |
| ABT Abbott Laboratories | 0.51% | 51,473 | $5.8M | Add +130.4% |
| IVW iShares S&P 500 Growth ETF | 0.50% | 56,000 | $5.7M | No change |
| CRH CRH PLC | 0.49% | 60,189 | $5.6M | Reduce -6.4% |
| ENTG Entegris Inc. | 0.46% | 52,463 | $5.2M | Reduce -15.1% |
| NVS Novartis AG-Sponsored ADR | 0.46% | 53,208 | $5.2M | Reduce -1.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.45% | 9,929 | $5.1M | No change |
| CVX Chevron Corp. | 0.44% | 34,364 | $5.0M | Reduce -1.8% |
| TGT Target Corp. | 0.44% | 36,679 | $5.0M | Add +0.9% |
| XLK SS Technology Select Sector | 0.43% | 21,000 | $4.9M | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.42% | 11,082 | $4.7M | Add +0.0% |
| DPZ Domino's Pizza Inc. | 0.40% | 10,728 | $4.5M | Add +84.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 38,992 | $4.3M | Add +8.7% |
| KMI Kinder Morgan Inc. | 0.37% | 151,137 | $4.1M | No change |
| GRMN Garmin Ltd. | 0.34% | 18,447 | $3.8M | Reduce -16.8% |
| CHX Championx Corp. | 0.33% | 137,231 | $3.7M | Reduce -30.4% |
| CSGP Costar Group Inc. | 0.33% | 51,725 | $3.7M | New |
| MLI Mueller Industries Inc. | 0.32% | 45,846 | $3.6M | Add +53.7% |
| GLD SPDR Gold Shares | 0.31% | 14,595 | $3.5M | Reduce -0.6% |
| CEG Constellation Energy | 0.31% | 15,658 | $3.5M | No change |
| DVY iShares Select Dividend ETF | 0.30% | 25,949 | $3.4M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.30% | 5 | $3.4M | No change |
| MUSA Murphy USA Inc. | 0.30% | 6,754 | $3.4M | Add +460.5% |
| VAW Vanguard Materials ETF | 0.30% | 17,998 | $3.4M | Reduce -0.9% |
| ADBE Adobe Inc. | 0.29% | 7,436 | $3.3M | Reduce -19.6% |
| VNQ Vanguard Real Estate ETF | 0.29% | 36,812 | $3.3M | Reduce -21.7% |
| SGOL Abrdn Physical Gold Shares | 0.28% | 127,340 | $3.2M | Reduce -0.1% |
| TSLA Tesla Inc. | 0.27% | 7,441 | $3.0M | Add +52.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.25% | 74,645 | $2.9M | Add +225.5% |
| RH RH | 0.25% | 7,189 | $2.8M | Reduce -40.1% |
| SDY SS SPDR S&P Dividend ETF | 0.25% | 20,989 | $2.8M | No change |
| NOV Nov Inc. | 0.24% | 186,767 | $2.7M | Reduce -33.6% |
| IJR iShares Core S&P Small-Cap E | 0.24% | 23,562 | $2.7M | Reduce -0.7% |
| MTBA Simplify MBS ETF | 0.22% | 50,489 | $2.5M | Add +4.9% |
| NOW ServiceNow Inc. | 0.21% | 2,216 | $2.3M | Reduce -27.7% |
| BWXT BWX Technologies Inc. | 0.21% | 20,979 | $2.3M | Add +33.4% |
| SBUX Starbucks Corp. | 0.20% | 24,349 | $2.2M | Add +3.6% |
| NXRT Nexpoint Residential | 0.18% | 47,670 | $2.0M | Reduce -23.2% |
| LULU Lululemon Athletica Inc. | 0.17% | 5,177 | $2.0M | Add +47.5% |
| WMT Walmart Inc. | 0.17% | 20,891 | $1.9M | Add +33.1% |
| EXC Exelon Corp. | 0.16% | 47,180 | $1.8M | No change |
| OKE Oneok Inc. | 0.16% | 17,602 | $1.8M | Reduce -0.1% |
| DGRW Wisdomtree U.S. Quality Divi | 0.16% | 21,779 | $1.8M | Reduce -20.2% |
| ELV Elevance Health Inc. | 0.14% | 4,275 | $1.6M | Reduce -13.2% |
| UL Unilever PLC | 0.13% | 26,185 | $1.5M | Reduce -0.8% |
| MO Altria Group Inc. | 0.12% | 26,045 | $1.4M | Reduce -0.1% |
| AMGN Amgen Inc. | 0.12% | 5,082 | $1.3M | Reduce -0.9% |
| DEO Diageo PLC-Sponsored ADR | 0.11% | 9,697 | $1.2M | Reduce -44.9% |
| AVB Avalonbay Communities Inc. | 0.11% | 5,587 | $1.2M | New |
| T AT&T Inc. | 0.11% | 53,595 | $1.2M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 1,946 | $1.1M | Add +64.8% |
| ORCL Oracle Corp. | 0.10% | 6,609 | $1.1M | Reduce -12.4% |
| DINO HF Sinclair Corp. | 0.09% | 29,450 | $1.0M | No change |
| NTRA Natera Inc. | 0.09% | 6,499 | $1.0M | New |
| DAL Delta Air Lines Inc. | 0.09% | 16,957 | $1.0M | No change |
Portfolio Sells Q3 2024 → Q4 2024
| UNH Unitedhealth Group Inc. | Reduce -15.6% | 1.62% | −0.64 |
| HD Home Depot Inc. | Reduce -9.7% | 1.91% | −0.33 |
| HCA HCA Healthcare Inc. | Reduce -16.0% | 0.52% | −0.33 |
| META Meta Platforms Inc. Class A | Reduce -12.5% | 2.27% | −0.31 |
| XOM Exxon Mobil Corp. | Reduce -19.6% | 0.74% | −0.28 |
| MSFT Microsoft Corp. | Reduce -0.4% | 5.89% | −0.25 |
| MRK Merck & Co. Inc. | Reduce -2.8% | 1.21% | −0.24 |
| CINF Cincinnati Financial Corp. | Reduce -32.4% | 0.54% | −0.23 |
| CHX Championx Corp. | Reduce -30.4% | 0.33% | −0.20 |
| LHX L3HARRIS Technologies Inc. | Reduce -6.0% | 0.85% | −0.19 |
| QCOM Qualcomm Inc. | Reduce -1.3% | 1.25% | −0.18 |
| STZ Constellation Brands Inc. Class A | Reduce -8.1% | 0.60% | −0.18 |
| ENTG Entegris Inc. | Reduce -15.1% | 0.46% | −0.17 |
| CP Canadian Pacific Kansas City | Reduce -6.9% | 0.56% | −0.16 |
| NOV Nov Inc. | Reduce -33.6% | 0.24% | −0.16 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.16 |
| ADBE Adobe Inc. | Reduce -19.6% | 0.29% | −0.14 |
| VNQ Vanguard Real Estate ETF | Reduce -21.7% | 0.29% | −0.12 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -6.8% | 0.80% | −0.12 |
| DEO Diageo PLC-Sponsored ADR | Reduce -44.9% | 0.11% | −0.11 |
| GS Goldman Sachs Group Inc. | Reduce -18.4% | 1.43% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -3.1% | 1.31% | −0.11 |
| RH RH | Reduce -40.1% | 0.25% | −0.11 |
| CVS CVS Health Corp. | Reduce -57.5% | 0.05% | −0.11 |
| GGG Graco Inc. | Reduce -9.4% | 0.62% | −0.10 |
| ADI Analog Devices Inc. | Reduce -1.8% | 0.83% | −0.10 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.2% | 0.46% | −0.10 |
| PM Philip Morris International | Reduce -9.4% | 0.75% | −0.10 |
| ELV Elevance Health Inc. | Reduce -13.2% | 0.14% | −0.09 |
| COST Costco Wholesale Corp. | Reduce -14.1% | 0.61% | −0.09 |
| IVE iShares S&P 500 Value ETF | Reduce -0.7% | 1.51% | −0.09 |
| RTX RTX Corp. | Reduce -6.2% | 0.64% | −0.09 |
| VLO Valero Energy Corp. | Reduce -3.5% | 0.52% | −0.08 |
| SWKS Skyworks Solutions Inc. | Reduce -56.4% | 0.05% | −0.08 |
| DHI D.R. Horton Inc. | Reduce -49.6% | 0.05% | −0.08 |
| NXRT Nexpoint Residential | Reduce -23.2% | 0.18% | −0.07 |
| IAU iShares Gold Trust | Reduce -0.1% | 2.98% | −0.07 |
| DGRW Wisdomtree U.S. Quality Divi | Reduce -20.2% | 0.16% | −0.05 |
| PGX Invesco Preferred ETF | Sold out | 0.00% | −0.05 |
| VAW Vanguard Materials ETF | Reduce -0.9% | 0.30% | −0.05 |
| CRH CRH PLC | Reduce -6.4% | 0.49% | −0.04 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -24.5% | 0.06% | −0.04 |
| XLE SS Energy Select Sector | Reduce -29.0% | 0.09% | −0.04 |
| NOW ServiceNow Inc. | Reduce -27.7% | 0.21% | −0.04 |
| MLR Miller Industries Inc. | Reduce -10.9% | 0.58% | −0.04 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.04 |
| PFE Pfizer Inc. | Reduce -58.8% | 0.02% | −0.03 |
| AMGN Amgen Inc. | Reduce -0.9% | 0.12% | −0.03 |
| BUD Anheuser-Busch Inbev-SPN ADR | Sold out | 0.00% | −0.03 |
| F Ford Motor Co. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| BLK BlackRock Inc. | New | 1.97% | +1.97 |
| AVGO Broadcom Inc. | New | 0.80% | +0.80 |
| IVV iShares Core S&P 500 ETF | Add +7.7% | 8.71% | +0.65 |
| CSGP Costar Group Inc. | New | 0.33% | +0.33 |
| ABT Abbott Laboratories | Add +130.4% | 0.51% | +0.29 |
| MUSA Murphy USA Inc. | Add +460.5% | 0.30% | +0.25 |
| V Visa Inc. Class A | Add +6.9% | 1.38% | +0.24 |
| DPZ Domino's Pizza Inc. | Add +84.5% | 0.40% | +0.17 |
| SLB SLB Ltd. | Add +225.5% | 0.25% | +0.17 |
| TSLA Tesla Inc. | Add +52.0% | 0.27% | +0.15 |
| CSCO Cisco Systems Inc. | Add +8.6% | 0.82% | +0.13 |
| MLI Mueller Industries Inc. | Add +53.7% | 0.32% | +0.12 |
| AVB Avalonbay Communities Inc. | New | 0.11% | +0.11 |
| NTRA Natera Inc. | New | 0.09% | +0.09 |
| LULU Lululemon Athletica Inc. | Add +47.5% | 0.17% | +0.09 |
| DIS The Walt Disney Co. | Add +8.7% | 0.38% | +0.07 |
| WMT Walmart Inc. | Add +33.1% | 0.17% | +0.05 |
| BWXT BWX Technologies Inc. | Add +33.4% | 0.21% | +0.05 |
| LMT Lockheed Martin Corp. | Add +26.7% | 1.56% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +64.8% | 0.10% | +0.04 |
| TMUS T-Mobile US Inc. | Add +96.1% | 0.07% | +0.04 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.03% | +0.03 |
| MGOV FT Intermed Govt Oppt ETF | New | 0.03% | +0.03 |
| SPMO Invesco S&P 500 Momentum ETF | New | 0.03% | +0.03 |
| GOOGL Alphabet Inc. Class A | New | 0.02% | +0.02 |
| NUV Nuveen Municipal Value | New | 0.01% | +0.01 |
| LMBS First Trust Low Duration Opp | Add +10.3% | 0.06% | +0.00 |
| CAT Caterpillar Inc. | Add +9.9% | 0.80% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +0.7% | 0.06% | −0.00 |
| VCLT Vanguard Long-Term Corp. Bond | Add +4.5% | 0.02% | −0.00 |
| MTBA Simplify MBS ETF | Add +4.9% | 0.22% | −0.00 |
| XLP SS Consumer Staples Sel Sect | Add +0.4% | 0.06% | −0.00 |
| DIA SS SPDR Dow Jones Indus Avg | Add +0.0% | 0.42% | −0.01 |
| SBUX Starbucks Corp. | Add +3.6% | 0.20% | −0.01 |
| PEP Pepsico Inc. | Add +5.9% | 0.77% | −0.06 |
| TGT Target Corp. | Add +0.9% | 0.44% | −0.07 |
| NOC Northrop Grumman Corp. | Add +0.6% | 0.79% | −0.11 |
| GD General Dynamics Corp. | Add +3.7% | 0.91% | −0.11 |
| NEE Nextera Energy Inc. | Add +6.3% | 1.07% | −0.14 |
| JNJ Johnson & Johnson | Add +2.2% | 1.28% | −0.15 |
| LLY Eli Lilly & Co. | Add +4.9% | 1.53% | −0.17 |
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 |