Narwhal Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 23, 2025), Narwhal Capital Management reported 161 stock positions worth $1.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 8.8% of the portfolio, followed by Apple (AAPL, 5.5%) and Microsoft (MSFT, 5.4%). Compared with Q4 2024, it opened 5 new positions, sold out of 5, added to 54 and reduced 50. The biggest buy was Avalonbay Communities (AVB, shares +607%) and the biggest sale Nvidia (NVDA, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.1B (Q1 2025)
- SEC Filing
- 0001085146-25-002254 ↗ filed Apr 23, 2025
Holdings Value
Holdings 161 stocks · $1.1B
| IVV iShares Core S&P 500 ETF | 8.78% | 175,381 | $98.5M | Add +4.7% |
| AAPL Apple Inc. | 5.49% | 277,333 | $61.6M | Add +1.2% |
| MSFT Microsoft Corp. | 5.38% | 160,705 | $60.3M | Add +1.7% |
| NVDA Nvidia Corp. | 4.94% | 511,339 | $55.4M | Reduce -2.9% |
| GOOG Alphabet Inc. Class C | 4.29% | 307,911 | $48.1M | Add +4.0% |
| AMZN Amazon.com Inc. | 3.57% | 210,773 | $40.1M | Add +1.6% |
| IAU iShares Gold Trust | 3.56% | 678,323 | $40.0M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 2.85% | 130,585 | $32.0M | Add +3.8% |
| VMC Vulcan Materials Co. | 2.57% | 123,450 | $28.8M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 2.30% | 44,845 | $25.8M | Add +2.3% |
| HD Home Depot Inc. | 1.94% | 59,364 | $21.8M | Add +6.9% |
| BLK BlackRock Inc. | 1.87% | 22,169 | $21.0M | Add +2.1% |
| V Visa Inc. Class A | 1.64% | 52,609 | $18.4M | Add +6.4% |
| GS Goldman Sachs Group Inc. | 1.63% | 33,564 | $18.3M | Add +18.8% |
| LLY Eli Lilly & Co. | 1.58% | 21,531 | $17.8M | Reduce -4.1% |
| IVE iShares S&P 500 Value ETF | 1.58% | 93,284 | $17.8M | Add +3.9% |
| PG The Procter & Gamble Co. | 1.55% | 101,999 | $17.4M | Add +15.4% |
| JNJ Johnson & Johnson | 1.52% | 102,924 | $17.1M | Add +2.9% |
| MRK Merck & Co. Inc. | 1.38% | 172,275 | $15.5M | Add +25.0% |
| LMT Lockheed Martin Corp. | 1.25% | 31,528 | $14.1M | Reduce -13.1% |
| PM Philip Morris International | 1.21% | 85,609 | $13.6M | Add +22.2% |
| AXP American Express Co. | 1.21% | 50,458 | $13.6M | Add +1.8% |
| UNH Unitedhealth Group Inc. | 1.14% | 24,493 | $12.8M | Reduce -32.3% |
| GD General Dynamics Corp. | 1.11% | 45,628 | $12.4M | Add +17.3% |
| LHX L3HARRIS Technologies Inc. | 1.04% | 55,773 | $11.7M | Add +21.6% |
| CSCO Cisco Systems Inc. | 1.00% | 182,268 | $11.2M | Add +15.8% |
| IWF iShares Russell 1000 Growth | 1.00% | 31,054 | $11.2M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 0.97% | 91,262 | $10.9M | Add +17.2% |
| NEE Nextera Energy Inc. | 0.96% | 151,836 | $10.8M | Reduce -9.8% |
| AVGO Broadcom Inc. | 0.92% | 61,333 | $10.3M | Add +56.2% |
| CP Canadian Pacific Kansas City | 0.90% | 144,286 | $10.1M | Add +64.2% |
| QCOM Qualcomm Inc. | 0.84% | 61,582 | $9.5M | Reduce -33.3% |
| BX Blackstone Inc. | 0.80% | 64,614 | $9.0M | Add +34.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.80% | 423,311 | $9.0M | Reduce -3.1% |
| ADI Analog Devices Inc. | 0.78% | 43,208 | $8.7M | Reduce -2.4% |
| NOC Northrop Grumman Corp. | 0.76% | 16,641 | $8.5M | Reduce -12.1% |
| AVB Avalonbay Communities Inc. | 0.76% | 39,515 | $8.5M | Add +607.3% |
| RTX RTX Corp. | 0.75% | 63,152 | $8.4M | Add +0.5% |
| CAT Caterpillar Inc. | 0.72% | 24,602 | $8.1M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.71% | 60,055 | $8.0M | Add +16.7% |
| GGG Graco Inc. | 0.67% | 90,011 | $7.5M | Add +7.7% |
| COST Costco Wholesale Corp. | 0.64% | 7,577 | $7.2M | Add +0.7% |
| CSGP Costar Group Inc. | 0.61% | 86,552 | $6.9M | Add +67.3% |
| PEP Pepsico Inc. | 0.60% | 44,794 | $6.7M | Reduce -22.3% |
| MLI Mueller Industries Inc. | 0.60% | 88,173 | $6.7M | Add +92.3% |
| VLO Valero Energy Corp. | 0.60% | 50,827 | $6.7M | Add +6.8% |
| MUSA Murphy USA Inc. | 0.56% | 13,413 | $6.3M | Add +98.6% |
| CVX Chevron Corp. | 0.52% | 34,997 | $5.9M | Add +1.8% |
| NVS Novartis AG-Sponsored ADR | 0.52% | 51,982 | $5.8M | Reduce -2.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.51% | 12,222 | $5.7M | Add +23.1% |
| STZ Constellation Brands Inc. Class A | 0.51% | 31,044 | $5.7M | Add +0.5% |
| CINF Cincinnati Financial Corp. | 0.50% | 37,790 | $5.6M | Reduce -10.7% |
| LULU Lululemon Athletica Inc. | 0.47% | 18,777 | $5.3M | Add +262.7% |
| IVW iShares S&P 500 Growth ETF | 0.47% | 56,289 | $5.2M | Add +0.5% |
| MLR Miller Industries Inc. | 0.46% | 121,499 | $5.1M | Add +20.0% |
| CRH CRH PLC | 0.43% | 55,328 | $4.9M | Reduce -8.1% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.41% | 11,080 | $4.7M | Reduce -0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 46,698 | $4.6M | Add +19.8% |
| XLK SS Technology Select Sector | 0.39% | 21,000 | $4.3M | No change |
| KMI Kinder Morgan Inc. | 0.38% | 151,137 | $4.3M | No change |
| UFPI Ufp Industries Inc. | 0.38% | 39,434 | $4.2M | New |
| GLD SPDR Gold Shares | 0.37% | 14,359 | $4.1M | Reduce -1.6% |
| DPZ Domino's Pizza Inc. | 0.36% | 8,753 | $4.0M | Reduce -18.4% |
| CHX Championx Corp. | 0.36% | 134,735 | $4.0M | Reduce -1.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.36% | 5 | $4.0M | No change |
| HCA HCA Healthcare Inc. | 0.32% | 10,450 | $3.6M | Reduce -46.4% |
| ENTG Entegris Inc. | 0.32% | 41,125 | $3.6M | Reduce -21.6% |
| SGOL Abrdn Physical Gold Shares | 0.32% | 120,180 | $3.6M | Reduce -5.6% |
| DVY iShares Select Dividend ETF | 0.31% | 25,946 | $3.5M | Reduce -0.0% |
| RH RH | 0.30% | 14,198 | $3.3M | Add +97.5% |
| CEG Constellation Energy | 0.28% | 15,658 | $3.2M | No change |
| ORCL Oracle Corp. | 0.27% | 21,963 | $3.1M | Add +232.3% |
| MTBA Simplify MBS ETF | 0.26% | 58,322 | $2.9M | Add +15.5% |
| SDY SS SPDR S&P Dividend ETF | 0.25% | 20,989 | $2.8M | No change |
| NOV Nov Inc. | 0.25% | 183,219 | $2.8M | Reduce -1.9% |
| TGT Target Corp. | 0.24% | 26,329 | $2.7M | Reduce -28.2% |
| ADBE Adobe Inc. | 0.24% | 7,100 | $2.7M | Reduce -4.5% |
| WMT Walmart Inc. | 0.24% | 30,119 | $2.6M | Add +44.2% |
| IJR iShares Core S&P Small-Cap E | 0.22% | 23,562 | $2.5M | No change |
| VAW Vanguard Materials ETF | 0.22% | 12,803 | $2.4M | Reduce -28.9% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.21% | 57,075 | $2.4M | Reduce -23.5% |
| SBUX Starbucks Corp. | 0.20% | 23,456 | $2.3M | Reduce -3.7% |
| GRMN Garmin Ltd. | 0.20% | 10,546 | $2.3M | Reduce -42.8% |
| EXC Exelon Corp. | 0.19% | 47,180 | $2.2M | No change |
| VNQ Vanguard Real Estate ETF | 0.18% | 22,320 | $2.0M | Reduce -39.4% |
| BWXT BWX Technologies Inc. | 0.17% | 18,991 | $1.9M | Reduce -9.5% |
| OKE Oneok Inc. | 0.16% | 17,602 | $1.7M | No change |
| DGRW Wisdomtree U.S. Quality Divi | 0.15% | 21,779 | $1.7M | No change |
| ELV Elevance Health Inc. | 0.14% | 3,675 | $1.6M | Reduce -14.0% |
| AMGN Amgen Inc. | 0.14% | 5,056 | $1.6M | Reduce -0.5% |
| MO Altria Group Inc. | 0.14% | 26,045 | $1.6M | No change |
| UL Unilever PLC | 0.14% | 26,181 | $1.6M | Reduce -0.0% |
| T AT&T Inc. | 0.14% | 53,595 | $1.5M | No change |
| NTRA Natera Inc. | 0.13% | 9,993 | $1.4M | Add +53.8% |
| NXRT Nexpoint Residential | 0.11% | 32,162 | $1.3M | Reduce -32.5% |
| DE Deere & Co. | 0.11% | 2,691 | $1.3M | Add +171.8% |
| NOW ServiceNow Inc. | 0.10% | 1,473 | $1.2M | Reduce -33.5% |
| TSLA Tesla Inc. | 0.10% | 4,514 | $1.2M | Reduce -39.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 1,997 | $1.1M | Add +2.6% |
| ETR Entergy Corp. | 0.10% | 13,000 | $1.1M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -2.9% | 4.94% | −1.31 |
| UNH Unitedhealth Group Inc. | Reduce -32.3% | 1.14% | −0.47 |
| QCOM Qualcomm Inc. | Reduce -33.3% | 0.84% | −0.41 |
| LMT Lockheed Martin Corp. | Reduce -13.1% | 1.25% | −0.30 |
| VMC Vulcan Materials Co. | Reduce -0.7% | 2.57% | −0.26 |
| HCA HCA Healthcare Inc. | Reduce -46.4% | 0.32% | −0.20 |
| TGT Target Corp. | Reduce -28.2% | 0.24% | −0.19 |
| PEP Pepsico Inc. | Reduce -22.3% | 0.60% | −0.18 |
| TSLA Tesla Inc. | Reduce -39.3% | 0.10% | −0.16 |
| ENTG Entegris Inc. | Reduce -21.6% | 0.32% | −0.14 |
| GRMN Garmin Ltd. | Reduce -42.8% | 0.20% | −0.13 |
| VNQ Vanguard Real Estate ETF | Reduce -39.4% | 0.18% | −0.11 |
| NEE Nextera Energy Inc. | Reduce -9.8% | 0.96% | −0.11 |
| IWF iShares Russell 1000 Growth | Reduce -0.1% | 1.00% | −0.10 |
| NOW ServiceNow Inc. | Reduce -33.5% | 0.10% | −0.10 |
| VAW Vanguard Materials ETF | Reduce -28.9% | 0.22% | −0.08 |
| CAT Caterpillar Inc. | Reduce -0.8% | 0.72% | −0.07 |
| NXRT Nexpoint Residential | Reduce -32.5% | 0.11% | −0.06 |
| CRH CRH PLC | Reduce -8.1% | 0.43% | −0.06 |
| ADI Analog Devices Inc. | Reduce -2.4% | 0.78% | −0.05 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −0.05 |
| ADBE Adobe Inc. | Reduce -4.5% | 0.24% | −0.05 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.05 |
| SLB SLB Ltd. | Reduce -23.5% | 0.21% | −0.04 |
| CINF Cincinnati Financial Corp. | Reduce -10.7% | 0.50% | −0.04 |
| DPZ Domino's Pizza Inc. | Reduce -18.4% | 0.36% | −0.04 |
| BWXT BWX Technologies Inc. | Reduce -9.5% | 0.17% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -55.8% | 0.04% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Reduce -15.5% | 0.08% | −0.03 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Sold out | 0.00% | −0.03 |
| NOC Northrop Grumman Corp. | Reduce -12.1% | 0.76% | −0.03 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.02 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -2.3% | 0.05% | −0.01 |
| GM General Motors Co. | Reduce -1.8% | 0.03% | −0.01 |
| FMY First Trust Mortgage Income | Reduce -19.0% | 0.02% | −0.00 |
| HON Honeywell International Inc. | Reduce -2.0% | 0.05% | −0.00 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -0.0% | 0.41% | −0.00 |
| VCLT Vanguard Long-Term Corp. Bond | Reduce -2.3% | 0.02% | 0.00 |
| WFC Wells Fargo & Co. | Reduce -0.3% | 0.04% | +0.00 |
| ELV Elevance Health Inc. | Reduce -14.0% | 0.14% | +0.00 |
| MU Micron Technology Inc. | Reduce -0.3% | 0.08% | +0.00 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -3.1% | 0.80% | +0.01 |
| NOV Nov Inc. | Reduce -1.9% | 0.25% | +0.01 |
| UL Unilever PLC | Reduce -0.0% | 0.14% | +0.01 |
| SBUX Starbucks Corp. | Reduce -3.7% | 0.20% | +0.01 |
| DVY iShares Select Dividend ETF | Reduce -0.0% | 0.31% | +0.01 |
| CVS CVS Health Corp. | Reduce -2.1% | 0.07% | +0.02 |
| AMGN Amgen Inc. | Reduce -0.5% | 0.14% | +0.02 |
| CHX Championx Corp. | Reduce -1.8% | 0.36% | +0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| AVB Avalonbay Communities Inc. | Add +607.3% | 0.76% | +0.65 |
| PM Philip Morris International | Add +22.2% | 1.21% | +0.47 |
| UFPI Ufp Industries Inc. | New | 0.38% | +0.38 |
| CP Canadian Pacific Kansas City | Add +64.2% | 0.90% | +0.34 |
| LULU Lululemon Athletica Inc. | Add +262.7% | 0.47% | +0.30 |
| CSGP Costar Group Inc. | Add +67.3% | 0.61% | +0.28 |
| MLI Mueller Industries Inc. | Add +92.3% | 0.60% | +0.28 |
| V Visa Inc. Class A | Add +6.4% | 1.64% | +0.26 |
| MUSA Murphy USA Inc. | Add +98.6% | 0.56% | +0.26 |
| JNJ Johnson & Johnson | Add +2.9% | 1.52% | +0.24 |
| PG The Procter & Gamble Co. | Add +15.4% | 1.55% | +0.24 |
| XOM Exxon Mobil Corp. | Add +17.2% | 0.97% | +0.23 |
| GS Goldman Sachs Group Inc. | Add +18.8% | 1.63% | +0.20 |
| GD General Dynamics Corp. | Add +17.3% | 1.11% | +0.20 |
| ABT Abbott Laboratories | Add +16.7% | 0.71% | +0.20 |
| JPM JPMorgan Chase & Co. | Add +3.8% | 2.85% | +0.19 |
| LHX L3HARRIS Technologies Inc. | Add +21.6% | 1.04% | +0.19 |
| CSCO Cisco Systems Inc. | Add +15.8% | 1.00% | +0.18 |
| ORCL Oracle Corp. | Add +232.3% | 0.27% | +0.18 |
| MRK Merck & Co. Inc. | Add +25.0% | 1.38% | +0.17 |
| AVGO Broadcom Inc. | Add +56.2% | 0.92% | +0.11 |
| RTX RTX Corp. | Add +0.5% | 0.75% | +0.10 |
| VLO Valero Energy Corp. | Add +6.8% | 0.60% | +0.08 |
| CVX Chevron Corp. | Add +1.8% | 0.52% | +0.08 |
| DE Deere & Co. | Add +171.8% | 0.11% | +0.08 |
| BX Blackstone Inc. | Add +34.3% | 0.80% | +0.07 |
| IVE iShares S&P 500 Value ETF | Add +3.9% | 1.58% | +0.07 |
| WMT Walmart Inc. | Add +44.2% | 0.24% | +0.07 |
| IVV iShares Core S&P 500 ETF | Add +4.7% | 8.78% | +0.07 |
| QQQ Invesco QQQ Trust Series 1 | Add +23.1% | 0.51% | +0.06 |
| MMIN Nylim Mackay Muni Insured Et | New | 0.06% | +0.06 |
| UPS United Parcel Service Class B | New | 0.05% | +0.05 |
| GGG Graco Inc. | Add +7.7% | 0.67% | +0.05 |
| RH RH | Add +97.5% | 0.30% | +0.05 |
| MTBA Simplify MBS ETF | Add +15.5% | 0.26% | +0.04 |
| META Meta Platforms Inc. Class A | Add +2.3% | 2.30% | +0.04 |
| NTRA Natera Inc. | Add +53.8% | 0.13% | +0.04 |
| MGOV FT Intermed Govt Oppt ETF | Add +115.9% | 0.06% | +0.03 |
| COST Costco Wholesale Corp. | Add +0.7% | 0.64% | +0.03 |
| HD Home Depot Inc. | Add +6.9% | 1.94% | +0.03 |
| DIS The Walt Disney Co. | Add +19.8% | 0.41% | +0.03 |
| SPSB SS SPDR P St C Corp. ETF | New | 0.03% | +0.03 |
| VGLT Vanguard Long-Term Treasury | New | 0.02% | +0.02 |
| VONE Vanguard Russell 1000 | Add +55.1% | 0.04% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +4.0% | 0.09% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +28.4% | 0.03% | +0.00 |
| BA The Boeing Co. | Add +10.6% | 0.05% | +0.00 |
| NUV Nuveen Municipal Value | Add +26.6% | 0.01% | +0.00 |
| LMBS First Trust Low Duration Opp | Add +0.8% | 0.06% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.6% | 0.10% | −0.00 |
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 |