Narwhal Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Narwhal Capital Management reported 162 stock positions worth $1.2 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 9.8% of the portfolio, followed by Nvidia (NVDA, 6.3%) and Microsoft (MSFT, 6.3%). Compared with Q1 2025, it opened 11 new positions, sold out of 10, added to 47 and reduced 70. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +12%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.2B (Q2 2025)
- SEC Filing
- 0001085146-25-004109 ↗ filed Jul 23, 2025
Holdings Value
Holdings 162 stocks · $1.2B
| IVV iShares Core S&P 500 ETF | 9.79% | 196,429 | $122.0M | Add +12.0% |
| NVDA Nvidia Corp. | 6.34% | 499,817 | $79.0M | Reduce -2.3% |
| MSFT Microsoft Corp. | 6.28% | 157,248 | $78.2M | Reduce -2.1% |
| AAPL Apple Inc. | 4.53% | 274,968 | $56.4M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 4.15% | 291,507 | $51.7M | Reduce -5.3% |
| AMZN Amazon.com Inc. | 3.76% | 213,231 | $46.8M | Add +1.2% |
| IAU iShares Gold Trust | 3.36% | 671,755 | $41.9M | Reduce -1.0% |
| META Meta Platforms Inc. Class A | 2.96% | 49,989 | $36.9M | Add +11.5% |
| JPM JPMorgan Chase & Co. | 2.94% | 126,494 | $36.7M | Reduce -3.1% |
| VMC Vulcan Materials Co. | 2.57% | 122,835 | $32.0M | Reduce -0.5% |
| HD Home Depot Inc. | 1.97% | 66,967 | $24.6M | Add +12.8% |
| BLK BlackRock Inc. | 1.96% | 23,201 | $24.3M | Add +4.7% |
| GS Goldman Sachs Group Inc. | 1.76% | 30,971 | $21.9M | Reduce -7.7% |
| LLY Eli Lilly & Co. | 1.59% | 25,376 | $19.8M | Add +17.9% |
| AXP American Express Co. | 1.52% | 59,334 | $18.9M | Add +17.6% |
| IVE iShares S&P 500 Value ETF | 1.46% | 93,284 | $18.2M | No change |
| V Visa Inc. Class A | 1.43% | 50,246 | $17.8M | Reduce -4.5% |
| AVGO Broadcom Inc. | 1.28% | 57,998 | $16.0M | Reduce -5.4% |
| PG The Procter & Gamble Co. | 1.28% | 99,985 | $15.9M | Reduce -2.0% |
| ADI Analog Devices Inc. | 1.22% | 64,070 | $15.2M | Add +48.3% |
| LMT Lockheed Martin Corp. | 1.19% | 31,901 | $14.8M | Add +1.2% |
| PM Philip Morris International | 1.12% | 76,782 | $14.0M | Reduce -10.3% |
| IWF iShares Russell 1000 Growth | 1.07% | 31,350 | $13.3M | Add +0.9% |
| NEE Nextera Energy Inc. | 1.00% | 179,893 | $12.5M | Add +18.5% |
| JNJ Johnson & Johnson | 0.99% | 80,616 | $12.3M | Reduce -21.7% |
| GD General Dynamics Corp. | 0.97% | 41,392 | $12.1M | Reduce -9.3% |
| CP Canadian Pacific Kansas City | 0.95% | 149,218 | $11.8M | Add +3.4% |
| MRK Merck & Co. Inc. | 0.93% | 146,211 | $11.6M | Reduce -15.1% |
| AVB Avalonbay Communities Inc. | 0.88% | 53,912 | $11.0M | Add +36.4% |
| LHX L3HARRIS Technologies Inc. | 0.87% | 43,369 | $10.9M | Reduce -22.2% |
| BX Blackstone Inc. | 0.84% | 69,983 | $10.5M | Add +8.3% |
| CAT Caterpillar Inc. | 0.82% | 26,202 | $10.2M | Add +6.5% |
| XOM Exxon Mobil Corp. | 0.79% | 91,759 | $9.9M | Add +0.5% |
| CSCO Cisco Systems Inc. | 0.77% | 137,919 | $9.6M | Reduce -24.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.74% | 423,363 | $9.3M | Add +0.0% |
| RTX RTX Corp. | 0.72% | 61,575 | $9.0M | Reduce -2.5% |
| ABT Abbott Laboratories | 0.72% | 65,569 | $8.9M | Add +9.2% |
| QCOM Qualcomm Inc. | 0.68% | 53,435 | $8.5M | Reduce -13.2% |
| VLO Valero Energy Corp. | 0.67% | 61,730 | $8.3M | Add +21.4% |
| NOC Northrop Grumman Corp. | 0.66% | 16,547 | $8.3M | Reduce -0.6% |
| MLI Mueller Industries Inc. | 0.59% | 92,862 | $7.4M | Add +5.3% |
| GGG Graco Inc. | 0.57% | 82,381 | $7.1M | Reduce -8.5% |
| COST Costco Wholesale Corp. | 0.57% | 7,131 | $7.1M | Reduce -5.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.55% | 12,446 | $6.9M | Add +1.8% |
| MLR Miller Industries Inc. | 0.55% | 153,479 | $6.8M | Add +26.3% |
| RELX Relx PLC - Spon ADR | 0.55% | 124,920 | $6.8M | New |
| GRMN Garmin Ltd. | 0.52% | 31,297 | $6.5M | Add +196.8% |
| CSGP Costar Group Inc. | 0.52% | 80,421 | $6.5M | Reduce -7.1% |
| BWXT BWX Technologies Inc. | 0.50% | 42,936 | $6.2M | Add +126.1% |
| IVW iShares S&P 500 Growth ETF | 0.50% | 56,000 | $6.2M | Reduce -0.5% |
| NVS Novartis AG-Sponsored ADR | 0.49% | 50,760 | $6.1M | Reduce -2.4% |
| ORCL Oracle Corp. | 0.47% | 26,929 | $5.9M | Add +22.6% |
| PEP Pepsico Inc. | 0.45% | 42,161 | $5.6M | Reduce -5.9% |
| LULU Lululemon Athletica Inc. | 0.44% | 22,921 | $5.4M | Add +22.1% |
| UFPI Ufp Industries Inc. | 0.43% | 54,319 | $5.4M | Add +37.8% |
| XLK SS Technology Select Sector | 0.43% | 21,000 | $5.3M | No change |
| CEG Constellation Energy | 0.41% | 15,718 | $5.1M | Add +0.4% |
| CVX Chevron Corp. | 0.40% | 34,374 | $4.9M | Reduce -1.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.39% | 11,080 | $4.9M | No change |
| CRH CRH PLC | 0.39% | 52,945 | $4.9M | Reduce -4.3% |
| ENTG Entegris Inc. | 0.37% | 56,697 | $4.6M | Add +37.9% |
| KMI Kinder Morgan Inc. | 0.36% | 151,137 | $4.4M | No change |
| UNH Unitedhealth Group Inc. | 0.35% | 14,113 | $4.4M | Reduce -42.4% |
| STZ Constellation Brands Inc. Class A | 0.35% | 26,832 | $4.4M | Reduce -13.6% |
| CINF Cincinnati Financial Corp. | 0.33% | 27,690 | $4.1M | Reduce -26.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.32% | 117,557 | $4.0M | Add +106.0% |
| SGOL Abrdn Physical Gold Shares | 0.30% | 117,976 | $3.7M | Reduce -1.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 5 | $3.6M | No change |
| RH RH | 0.29% | 18,979 | $3.6M | Add +33.7% |
| MTBA Simplify MBS ETF | 0.29% | 71,250 | $3.6M | Add +22.2% |
| DPZ Domino's Pizza Inc. | 0.28% | 7,687 | $3.5M | Reduce -12.2% |
| MUSA Murphy USA Inc. | 0.27% | 8,244 | $3.4M | Reduce -38.5% |
| GLD SPDR Gold Shares | 0.26% | 10,440 | $3.2M | Reduce -27.3% |
| CHX Championx Corp. | 0.25% | 127,334 | $3.2M | Reduce -5.5% |
| WMT Walmart Inc. | 0.25% | 32,206 | $3.1M | Add +6.9% |
| FTHY First Trust Hi YLD Opp 2027 | 0.25% | 209,151 | $3.1M | New |
| SBUX Starbucks Corp. | 0.24% | 32,738 | $3.0M | Add +39.6% |
| SDY SS SPDR S&P Dividend ETF | 0.23% | 20,989 | $2.8M | No change |
| HCA HCA Healthcare Inc. | 0.23% | 7,335 | $2.8M | Reduce -29.8% |
| DVY iShares Select Dividend ETF | 0.22% | 20,911 | $2.8M | Reduce -19.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 21,203 | $2.6M | Reduce -54.6% |
| TSLA Tesla Inc. | 0.18% | 7,166 | $2.3M | Add +58.8% |
| NTRA Natera Inc. | 0.18% | 13,325 | $2.3M | Add +33.3% |
| IJR iShares Core S&P Small-Cap E | 0.18% | 20,563 | $2.2M | Reduce -12.7% |
| ADBE Adobe Inc. | 0.16% | 5,009 | $1.9M | Reduce -29.4% |
| EXC Exelon Corp. | 0.15% | 42,180 | $1.8M | Reduce -10.6% |
| DGRW Wisdomtree U.S. Quality Divi | 0.15% | 21,779 | $1.8M | No change |
| UL Unilever PLC | 0.13% | 26,181 | $1.6M | No change |
| T AT&T Inc. | 0.12% | 53,595 | $1.6M | No change |
| OKE Oneok Inc. | 0.12% | 17,602 | $1.4M | No change |
| NOW ServiceNow Inc. | 0.12% | 1,394 | $1.4M | Reduce -5.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.11% | 2,189 | $1.4M | Add +9.6% |
| ELV Elevance Health Inc. | 0.11% | 3,375 | $1.3M | Reduce -8.2% |
| NOV Nov Inc. | 0.11% | 105,388 | $1.3M | Reduce -42.5% |
| MU Micron Technology Inc. | 0.10% | 10,558 | $1.3M | Add +0.7% |
| MO Altria Group Inc. | 0.10% | 22,045 | $1.3M | Reduce -15.4% |
| NXRT Nexpoint Residential | 0.10% | 37,453 | $1.2M | Add +16.4% |
| VAW Vanguard Materials ETF | 0.09% | 5,633 | $1.1M | Reduce -56.0% |
| ETR Entergy Corp. | 0.09% | 13,000 | $1.1M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.08% | 4,624 | $1.0M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.8% | 4.53% | −0.96 |
| UNH Unitedhealth Group Inc. | Reduce -42.4% | 0.35% | −0.79 |
| JNJ Johnson & Johnson | Reduce -21.7% | 0.99% | −0.53 |
| MRK Merck & Co. Inc. | Reduce -15.1% | 0.93% | −0.45 |
| MUSA Murphy USA Inc. | Reduce -38.5% | 0.27% | −0.29 |
| PG The Procter & Gamble Co. | Reduce -2.0% | 1.28% | −0.27 |
| CSCO Cisco Systems Inc. | Reduce -24.3% | 0.77% | −0.23 |
| V Visa Inc. Class A | Reduce -4.5% | 1.43% | −0.21 |
| IAU iShares Gold Trust | Reduce -1.0% | 3.36% | −0.20 |
| DIS The Walt Disney Co. | Reduce -54.6% | 0.21% | −0.20 |
| TGT Target Corp. | Reduce -73.5% | 0.06% | −0.19 |
| LHX L3HARRIS Technologies Inc. | Reduce -22.2% | 0.87% | −0.17 |
| CINF Cincinnati Financial Corp. | Reduce -26.7% | 0.33% | −0.17 |
| QCOM Qualcomm Inc. | Reduce -13.2% | 0.68% | −0.16 |
| STZ Constellation Brands Inc. Class A | Reduce -13.6% | 0.35% | −0.16 |
| PEP Pepsico Inc. | Reduce -5.9% | 0.45% | −0.15 |
| VNQ Vanguard Real Estate ETF | Reduce -78.2% | 0.03% | −0.15 |
| NOV Nov Inc. | Reduce -42.5% | 0.11% | −0.14 |
| GD General Dynamics Corp. | Reduce -9.3% | 0.97% | −0.14 |
| GOOG Alphabet Inc. Class C | Reduce -5.3% | 4.15% | −0.13 |
| VAW Vanguard Materials ETF | Reduce -56.0% | 0.09% | −0.13 |
| CVX Chevron Corp. | Reduce -1.8% | 0.40% | −0.13 |
| AMGN Amgen Inc. | Reduce -76.9% | 0.03% | −0.11 |
| GLD SPDR Gold Shares | Reduce -27.3% | 0.26% | −0.11 |
| CHX Championx Corp. | Reduce -5.5% | 0.25% | −0.10 |
| GGG Graco Inc. | Reduce -8.5% | 0.57% | −0.10 |
| HCA HCA Healthcare Inc. | Reduce -29.8% | 0.23% | −0.10 |
| NOC Northrop Grumman Corp. | Reduce -0.6% | 0.66% | −0.09 |
| CSGP Costar Group Inc. | Reduce -7.1% | 0.52% | −0.09 |
| PM Philip Morris International | Reduce -10.3% | 1.12% | −0.09 |
| DVY iShares Select Dividend ETF | Reduce -19.4% | 0.22% | −0.09 |
| ADBE Adobe Inc. | Reduce -29.4% | 0.16% | −0.09 |
| DPZ Domino's Pizza Inc. | Reduce -12.2% | 0.28% | −0.08 |
| DE Deere & Co. | Reduce -68.9% | 0.03% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -5.9% | 0.57% | −0.07 |
| BHP BHP Group Ltd.-Spon ADR | Sold out | 0.00% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Reduce -69.8% | 0.02% | −0.06 |
| DINO HF Sinclair Corp. | Reduce -67.9% | 0.03% | −0.06 |
| XLE SS Energy Select Sector | Reduce -44.3% | 0.04% | −0.05 |
| EXC Exelon Corp. | Reduce -10.6% | 0.15% | −0.05 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.05 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.05 |
| CRH CRH PLC | Reduce -4.3% | 0.39% | −0.04 |
| CVS CVS Health Corp. | Reduce -59.9% | 0.03% | −0.04 |
| TDV Proshares S&P Tech DVD Arist | Sold out | 0.00% | −0.04 |
| IJR iShares Core S&P Small-Cap E | Reduce -12.7% | 0.18% | −0.04 |
| ELV Elevance Health Inc. | Reduce -8.2% | 0.11% | −0.04 |
| MO Altria Group Inc. | Reduce -15.4% | 0.10% | −0.04 |
| EPD Enterprise Products Partners | Reduce -30.5% | 0.05% | −0.03 |
| GM General Motors Co. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| IVV iShares Core S&P 500 ETF | Add +12.0% | 9.79% | +1.01 |
| META Meta Platforms Inc. Class A | Add +11.5% | 2.96% | +0.66 |
| RELX Relx PLC - Spon ADR | New | 0.55% | +0.55 |
| ADI Analog Devices Inc. | Add +48.3% | 1.22% | +0.45 |
| BWXT BWX Technologies Inc. | Add +126.1% | 0.50% | +0.33 |
| GRMN Garmin Ltd. | Add +196.8% | 0.52% | +0.32 |
| AXP American Express Co. | Add +17.6% | 1.52% | +0.31 |
| FTHY First Trust Hi YLD Opp 2027 | New | 0.25% | +0.25 |
| ORCL Oracle Corp. | Add +22.6% | 0.47% | +0.20 |
| AMZN Amazon.com Inc. | Add +1.2% | 3.76% | +0.18 |
| CEG Constellation Energy | Add +0.4% | 0.41% | +0.13 |
| AVB Avalonbay Communities Inc. | Add +36.4% | 0.88% | +0.13 |
| SLB SLB Ltd. | Add +106.0% | 0.32% | +0.11 |
| CAT Caterpillar Inc. | Add +6.5% | 0.82% | +0.09 |
| MLR Miller Industries Inc. | Add +26.3% | 0.55% | +0.09 |
| BLK BlackRock Inc. | Add +4.7% | 1.96% | +0.09 |
| TSLA Tesla Inc. | Add +58.8% | 0.18% | +0.08 |
| NFLX Netflix Inc. | New | 0.07% | +0.07 |
| IWF iShares Russell 1000 Growth | Add +0.9% | 1.07% | +0.07 |
| VLO Valero Energy Corp. | Add +21.4% | 0.67% | +0.07 |
| KR Kroger Co. | New | 0.06% | +0.06 |
| UFPI Ufp Industries Inc. | Add +37.8% | 0.43% | +0.06 |
| NTRA Natera Inc. | Add +33.3% | 0.18% | +0.05 |
| ZTS Zoetis Inc. | New | 0.05% | +0.05 |
| CP Canadian Pacific Kansas City | Add +3.4% | 0.95% | +0.05 |
| ENTG Entegris Inc. | Add +37.9% | 0.37% | +0.05 |
| NEE Nextera Energy Inc. | Add +18.5% | 1.00% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.8% | 0.55% | +0.04 |
| SBUX Starbucks Corp. | Add +39.6% | 0.24% | +0.04 |
| BX Blackstone Inc. | Add +8.3% | 0.84% | +0.04 |
| HD Home Depot Inc. | Add +12.8% | 1.97% | +0.03 |
| HAL Halliburton Co. | New | 0.03% | +0.03 |
| TMUS T-Mobile US Inc. | Add +109.5% | 0.06% | +0.03 |
| MTBA Simplify MBS ETF | Add +22.2% | 0.29% | +0.03 |
| IBIT iShares Bitcoin Trust ETF | New | 0.02% | +0.02 |
| MU Micron Technology Inc. | Add +0.7% | 0.10% | +0.02 |
| WMT Walmart Inc. | Add +6.9% | 0.25% | +0.02 |
| MKL Markel Group Inc. | New | 0.02% | +0.02 |
| GOOGL Alphabet Inc. Class A | New | 0.02% | +0.02 |
| CX Cemex Sab-Spons ADR Part Cer | New | 0.01% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +9.6% | 0.11% | +0.01 |
| NUV Nuveen Municipal Value | Add +105.1% | 0.02% | +0.01 |
| ABT Abbott Laboratories | Add +9.2% | 0.72% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +43.2% | 0.03% | +0.00 |
| LLY Eli Lilly & Co. | Add +17.9% | 1.59% | +0.00 |
| UPS United Parcel Service Class B | Add +30.8% | 0.05% | +0.00 |
| BATRK Atlanta Braves Holdings in-C | Add +0.0% | 0.07% | +0.00 |
| FATE Fate Therapeutics Inc. | New | 0.00% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +0.9% | 0.05% | −0.00 |
| MMIN Nylim Mackay Muni Insured Et | Add +4.6% | 0.05% | −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 |