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

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 Q1 2025 Q2 2025: $1.2B $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 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
SCHD Schwab US DVD Equity ETF 0.08% 36,495 $967K Add +1.1%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.08% 11,822 $965K No change
IWR iShares Russell Mid-Cap ETF 0.08% 10,231 $941K No change
NFLX Netflix Inc. 0.07% 667 $893K New
XLV SS Health Care Select Sector 0.07% 6,555 $884K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.07% 6,923 $856K No change
DAL Delta Air Lines Inc. 0.07% 16,850 $829K Reduce -0.6%
BATRK Atlanta Braves Holdings in-C 0.07% 17,404 $814K Add +0.0%
TMUS T-Mobile US Inc. 0.06% 3,384 $806K Add +109.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,800 $789K No change
VIS Vanguard Industrials ETF 0.06% 2,799 $784K No change
KR Kroger Co. 0.06% 10,503 $753K New
XLP SS Consumer Staples Sel Sect 0.06% 9,010 $730K Reduce -0.4%
TGT Target Corp. 0.06% 6,988 $689K Reduce -73.5%
MMIN Nylim Mackay Muni Insured Et filed as NEW YORK LIFE INVTS ACTIVE E 0.05% 29,345 $684K Add +4.6%
MGOV FT Intermed Govt Oppt ETF 0.05% 33,515 $675K Reduce -4.0%
IJH iShares Core S&P Midcap ETF 0.05% 10,805 $670K Reduce -21.6%
ZTS Zoetis Inc. 0.05% 4,215 $657K New
LMBS First Trust Low Duration Opp 0.05% 13,299 $655K Reduce -5.0%
UPS United Parcel Service Class B 0.05% 6,341 $640K Add +30.8%
IWM iShares Russell 2000 ETF 0.05% 2,937 $634K Add +0.9%
BA The Boeing Co. 0.05% 2,818 $590K Reduce -12.7%
NXPI NXP Semiconductors NV 0.05% 2,680 $586K Reduce -41.0%
EEM iShares MSCI Emerging Market 0.05% 12,050 $581K Reduce -1.6%
VXF Vanguard Extended Market ETF 0.05% 2,980 $574K No change
EPD Enterprise Products Partners 0.05% 18,200 $564K Reduce -30.5%
XLE SS Energy Select Sector 0.04% 6,321 $536K Reduce -44.3%
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $496K No change
VONE Vanguard Russell 1000 0.04% 1,568 $440K No change
WFC Wells Fargo & Co. 0.04% 5,446 $436K Reduce -0.8%
VNQ Vanguard Real Estate ETF 0.03% 4,877 $434K Reduce -78.2%
ITA iShares U.S. Aerospace & Def 0.03% 2,260 $426K No change
DE Deere & Co. 0.03% 837 $426K Reduce -68.9%
BRK.B Berkshire Hathaway Inc. Class B 0.03% 839 $408K Add +43.2%
IYE iShares U.S. Energy ETF 0.03% 8,825 $399K No change
TAP Molson Coors Beverage Co. Class B 0.03% 8,160 $392K Reduce -26.3%
DINO HF Sinclair Corp. 0.03% 9,450 $388K Reduce -67.9%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $374K No change
SO The Southern Co. 0.03% 3,859 $354K No change
SPMO Invesco S&P 500 Momentum ETF 0.03% 3,135 $353K No change
HAL Halliburton Co. 0.03% 16,227 $331K New
AMGN Amgen Inc. 0.03% 1,170 $327K Reduce -76.9%
CVS CVS Health Corp. 0.03% 4,519 $312K Reduce -59.9%
SCHX Schwab US Large-Cap ETF 0.02% 12,179 $298K Reduce -4.3%
LUV Southwest Airlines Co. 0.02% 9,080 $295K No change
IBIT iShares Bitcoin Trust ETF 0.02% 4,811 $294K New
XLI SS Industrial Select Sector 0.02% 1,925 $284K No change
SPSB SS SPDR P St C Corp. ETF 0.02% 9,139 $276K Reduce -1.8%
XLF SS Financial Select Sector 0.02% 5,250 $275K No change
AOR iShares Core 60/40 Balanced 0.02% 4,200 $259K No change
VGLT Vanguard Long-Term Treasury 0.02% 4,560 $256K Reduce -4.3%
FDX FedEx Corp. 0.02% 1,120 $255K No change
DEO Diageo PLC-Sponsored ADR 0.02% 2,477 $250K Reduce -69.8%
NUV Nuveen Municipal Value 0.02% 26,100 $227K Add +105.1%
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $212K No change
MKL Markel Group Inc. 0.02% 105 $210K New
GOOGL Alphabet Inc. Class A 0.02% 1,169 $206K New
CMCSA Comcast Corp. Class A 0.02% 5,702 $204K No change
FMY First Trust Mortgage Income 0.01% 14,203 $173K Reduce -31.2%
CX Cemex Sab-Spons ADR Part Cer 0.01% 23,275 $161K New
FATE Fate Therapeutics Inc. 0.00% 12,700 $14K New
BPPTU BP Prudhoe Bay Royalty Trust 0.00% 23,587 $12K 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

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