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

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 Q4 2024 Q1 2025: $1.1B $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 8.78% 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
XLE SS Energy Select Sector 0.09% 11,341 $1.1M No change
SCHD Schwab US DVD Equity ETF 0.09% 36,095 $1.0M Add +4.0%
DINO HF Sinclair Corp. 0.09% 29,450 $968K No change
XLV SS Health Care Select Sector 0.09% 6,555 $957K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.08% 11,822 $932K No change
MU Micron Technology Inc. 0.08% 10,490 $911K Reduce -0.3%
EPD Enterprise Products Partners 0.08% 26,200 $894K No change
IWR iShares Russell Mid-Cap ETF 0.08% 10,231 $870K No change
NXPI NXP Semiconductors NV 0.08% 4,540 $863K No change
DEO Diageo PLC-Sponsored ADR 0.08% 8,192 $858K Reduce -15.5%
IJJ iShares S&P Mid-Cap 400 Valu 0.07% 6,923 $829K No change
IJH iShares Core S&P Midcap ETF 0.07% 13,780 $804K No change
TSM Taiwan Semiconductor-SP ADR 0.07% 4,624 $768K No change
CVS CVS Health Corp. 0.07% 11,269 $763K Reduce -2.1%
DAL Delta Air Lines Inc. 0.07% 16,957 $739K No change
XLP SS Consumer Staples Sel Sect 0.07% 9,044 $739K No change
MGOV FT Intermed Govt Oppt ETF 0.06% 34,918 $707K Add +115.9%
BATRK Atlanta Braves Holdings in-C 0.06% 17,399 $696K No change
VIS Vanguard Industrials ETF 0.06% 2,799 $693K No change
LMBS First Trust Low Duration Opp 0.06% 13,991 $688K Add +0.8%
BHP BHP Group Ltd.-Spon ADR 0.06% 14,000 $680K No change
TAP Molson Coors Beverage Co. Class B 0.06% 11,075 $674K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,800 $667K No change
MMIN Nylim Mackay Muni Insured Et filed as NEW YORK LIFE INVTS ACTIVE E 0.06% 28,046 $663K New
IWM iShares Russell 2000 ETF 0.05% 2,912 $581K Reduce -2.3%
BA The Boeing Co. 0.05% 3,227 $550K Add +10.6%
EEM iShares MSCI Emerging Market 0.05% 12,250 $535K No change
UPS United Parcel Service Class B 0.05% 4,848 $533K New
HON Honeywell International Inc. 0.05% 2,472 $523K Reduce -2.0%
VXF Vanguard Extended Market ETF 0.05% 2,980 $513K No change
RIG Transocean Ltd. 0.05% 160,000 $507K No change
TDV Proshares S&P Tech DVD Arist 0.04% 6,390 $466K No change
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $449K No change
IYE iShares U.S. Energy ETF 0.04% 8,825 $435K No change
TMUS T-Mobile US Inc. 0.04% 1,615 $431K Reduce -55.8%
VONE Vanguard Russell 1000 0.04% 1,568 $398K Add +55.1%
WFC Wells Fargo & Co. 0.04% 5,492 $394K Reduce -0.3%
GM General Motors Co. 0.03% 8,209 $386K Reduce -1.8%
SONY Sony Group Corp. - SP ADR 0.03% 15,000 $381K No change
CALF PCR US SM CP CSH CWS ETF-Usd 0.03% 10,000 $375K No change
NOBL Proshares S&P 500 Dividend A 0.03% 3,500 $358K No change
SO The Southern Co. 0.03% 3,859 $355K No change
ITA iShares U.S. Aerospace & Def 0.03% 2,260 $346K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $340K No change
VWO Vanguard Ftse Emerging Marke 0.03% 7,190 $325K No change
BRK.B Berkshire Hathaway Inc. Class B 0.03% 586 $312K No change
LUV Southwest Airlines Co. 0.03% 9,080 $305K No change
SPMO Invesco S&P 500 Momentum ETF 0.03% 3,135 $290K No change
SCHX Schwab US Large-Cap ETF 0.03% 12,725 $281K Add +28.4%
SPSB SS SPDR P St C Corp. ETF 0.03% 9,304 $280K New
VGLT Vanguard Long-Term Treasury 0.02% 4,763 $274K New
FDX FedEx Corp. 0.02% 1,120 $273K No change
XLF SS Financial Select Sector 0.02% 5,250 $262K No change
XLI SS Industrial Select Sector 0.02% 1,925 $252K No change
FMY First Trust Mortgage Income 0.02% 20,634 $252K Reduce -19.0%
AOR iShares Core 60/40 Balanced 0.02% 4,200 $242K No change
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $228K No change
CMCSA Comcast Corp. Class A 0.02% 5,702 $210K No change
VCLT Vanguard Long-Term Corp. Bond 0.02% 2,742 $208K Reduce -2.3%
NUV Nuveen Municipal Value 0.01% 12,725 $112K Add +26.6%
BPPTU BP Prudhoe Bay Royalty Trust 0.00% 23,587 $13K 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

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