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

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B $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 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
ETR Entergy Corp. 0.09% 13,000 $986K No change
XLE SS Energy Select Sector 0.09% 11,341 $971K Reduce -29.0%
SCHD Schwab US DVD Equity ETF 0.08% 34,695 $948K No change
NXPI NXP Semiconductors NV 0.08% 4,540 $944K Reduce -9.9%
TSM Taiwan Semiconductor-SP ADR 0.08% 4,624 $913K No change
IWR iShares Russell Mid-Cap ETF 0.08% 10,231 $904K No change
XLV SS Health Care Select Sector 0.08% 6,555 $902K Reduce -9.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.08% 11,822 $895K No change
MU Micron Technology Inc. 0.08% 10,520 $885K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.08% 6,923 $865K No change
IJH iShares Core S&P Midcap ETF 0.08% 13,780 $859K No change
EPD Enterprise Products Partners 0.07% 26,200 $822K No change
TMUS T-Mobile US Inc. 0.07% 3,656 $807K Add +96.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.07% 1,800 $739K No change
VIS Vanguard Industrials ETF 0.06% 2,799 $712K No change
XLP SS Consumer Staples Sel Sect 0.06% 9,044 $711K Add +0.4%
BHP BHP Group Ltd.-Spon ADR 0.06% 14,000 $684K Reduce -24.5%
LMBS First Trust Low Duration Opp 0.06% 13,879 $675K Add +10.3%
BATRK Atlanta Braves Holdings in-C 0.06% 17,399 $666K No change
IWM iShares Russell 2000 ETF 0.06% 2,981 $659K Add +0.7%
TAP Molson Coors Beverage Co. Class B 0.06% 11,075 $635K No change
RIG Transocean Ltd. 0.05% 160,000 $600K No change
SWKS Skyworks Solutions Inc. 0.05% 6,557 $581K Reduce -56.4%
HON Honeywell International Inc. 0.05% 2,522 $570K Reduce -37.3%
VXF Vanguard Extended Market ETF 0.05% 2,980 $566K No change
DHI D.R. Horton Inc. 0.05% 3,735 $522K Reduce -49.6%
CVS CVS Health Corp. 0.05% 11,509 $517K Reduce -57.5%
BA The Boeing Co. 0.05% 2,917 $516K Reduce -0.3%
EEM iShares MSCI Emerging Market 0.05% 12,250 $512K No change
TDV Proshares S&P Tech DVD Arist 0.04% 6,390 $482K No change
GM General Motors Co. 0.04% 8,362 $445K Reduce -5.3%
CALF PCR US SM CP CSH CWS ETF-Usd 0.04% 10,000 $440K No change
DE Deere & Co. 0.04% 990 $419K Reduce -27.6%
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $406K No change
IYE iShares U.S. Energy ETF 0.04% 8,825 $402K No change
WFC Wells Fargo & Co. 0.03% 5,510 $387K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $378K No change
NOBL Proshares S&P 500 Dividend A 0.03% 3,500 $348K No change
JBHT Hunt (jb) Transprt SVCS Inc. 0.03% 2,022 $345K New
ITA iShares U.S. Aerospace & Def 0.03% 2,260 $328K No change
MGOV FT Intermed Govt Oppt ETF 0.03% 16,172 $321K New
SO The Southern Co. 0.03% 3,859 $318K No change
SONY Sony Group Corp. - SP ADR 0.03% 15,000 $317K No change
VWO Vanguard Ftse Emerging Marke 0.03% 7,190 $317K No change
FDX FedEx Corp. 0.03% 1,120 $315K No change
LUV Southwest Airlines Co. 0.03% 9,080 $305K Reduce -2.5%
FMY First Trust Mortgage Income 0.03% 25,461 $305K Reduce -4.5%
SPMO Invesco S&P 500 Momentum ETF 0.03% 3,135 $298K New
VONE Vanguard Russell 1000 0.02% 1,011 $270K No change
BRK.B Berkshire Hathaway Inc. Class B 0.02% 586 $266K No change
XLF SS Financial Select Sector 0.02% 5,250 $254K No change
XLI SS Industrial Select Sector 0.02% 1,925 $254K No change
AOR iShares Core 60/40 Balanced 0.02% 4,200 $241K No change
SCHX Schwab US Large-Cap ETF 0.02% 9,909 $230K Reduce -3.8%
PFE Pfizer Inc. 0.02% 8,474 $225K Reduce -58.8%
GOOGL Alphabet Inc. Class A 0.02% 1,175 $222K New
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $219K No change
CMCSA Comcast Corp. Class A 0.02% 5,702 $214K No change
VCLT Vanguard Long-Term Corp. Bond 0.02% 2,806 $210K Add +4.5%
NUV Nuveen Municipal Value 0.01% 10,050 $86K New
BPPTU BP Prudhoe Bay Royalty Trust 0.00% 23,587 $13K Reduce -5.5%

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

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