Narwhal Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Narwhal Capital Management reported 163 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 10.1% of the portfolio, followed by Nvidia (NVDA, 7.0%) and Microsoft (MSFT, 6.0%). Compared with Q2 2025, it opened 8 new positions, sold out of 7, added to 42 and reduced 78. The biggest buy was Nvidia (NVDA, shares +2%) and the biggest sale an exit from Miller Industries (MLR).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001461287-25-000005 ↗ filed Oct 24, 2025
Holdings Value
Holdings 163 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 10.11% | 203,919 | $136.5M | Add +3.8% |
| NVDA Nvidia Corp. | 7.02% | 508,238 | $94.8M | Add +1.7% |
| MSFT Microsoft Corp. | 5.99% | 156,069 | $80.8M | Reduce -0.8% |
| AAPL Apple Inc. | 5.14% | 272,566 | $69.4M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 5.12% | 284,087 | $69.2M | Reduce -2.5% |
| IAU iShares Gold Trust | 3.62% | 672,041 | $48.9M | Add +0.0% |
| AMZN Amazon.com Inc. | 3.44% | 211,752 | $46.5M | Reduce -0.7% |
| VMC Vulcan Materials Co. | 3.04% | 133,394 | $41.0M | Add +8.6% |
| JPM JPMorgan Chase & Co. | 2.99% | 128,184 | $40.4M | Add +1.3% |
| META Meta Platforms Inc. Class A | 2.78% | 51,141 | $37.6M | Add +2.3% |
| HD Home Depot Inc. | 1.83% | 60,886 | $24.7M | Reduce -9.1% |
| BLK BlackRock Inc. | 1.80% | 20,825 | $24.3M | Reduce -10.2% |
| GS Goldman Sachs Group Inc. | 1.57% | 26,599 | $21.2M | Reduce -14.1% |
| V Visa Inc. Class A | 1.51% | 59,895 | $20.4M | Add +19.2% |
| AXP American Express Co. | 1.46% | 59,257 | $19.7M | Reduce -0.1% |
| IVE iShares S&P 500 Value ETF | 1.42% | 92,784 | $19.2M | Reduce -0.5% |
| LMT Lockheed Martin Corp. | 1.35% | 36,465 | $18.2M | Add +14.3% |
| JNJ Johnson & Johnson | 1.32% | 96,371 | $17.9M | Add +19.5% |
| LLY Eli Lilly & Co. | 1.31% | 23,222 | $17.7M | Reduce -8.5% |
| LHX L3HARRIS Technologies Inc. | 1.13% | 50,128 | $15.3M | Add +15.6% |
| AVGO Broadcom Inc. | 1.12% | 45,963 | $15.2M | Reduce -20.8% |
| ADI Analog Devices Inc. | 1.10% | 60,255 | $14.8M | Reduce -6.0% |
| IWF iShares Russell 1000 Growth | 1.09% | 31,327 | $14.7M | Reduce -0.1% |
| RTX RTX Corp. | 1.00% | 80,685 | $13.5M | Add +31.0% |
| NEE Nextera Energy Inc. | 0.98% | 176,113 | $13.3M | Reduce -2.1% |
| GD General Dynamics Corp. | 0.94% | 37,260 | $12.7M | Reduce -10.0% |
| PG The Procter & Gamble Co. | 0.94% | 82,610 | $12.7M | Reduce -17.4% |
| PM Philip Morris International | 0.92% | 76,498 | $12.4M | Reduce -0.4% |
| ORCL Oracle Corp. | 0.89% | 42,544 | $12.0M | Add +58.0% |
| AVB Avalonbay Communities Inc. | 0.87% | 60,833 | $11.8M | Add +12.8% |
| BX Blackstone Inc. | 0.87% | 68,450 | $11.7M | Reduce -2.2% |
| XOM Exxon Mobil Corp. | 0.87% | 103,643 | $11.7M | Add +12.9% |
| MRK Merck & Co. Inc. | 0.85% | 136,305 | $11.4M | Reduce -6.8% |
| CSCO Cisco Systems Inc. | 0.84% | 165,020 | $11.3M | Add +19.6% |
| CAT Caterpillar Inc. | 0.81% | 22,862 | $10.9M | Reduce -12.8% |
| NOC Northrop Grumman Corp. | 0.74% | 16,428 | $10.0M | Reduce -0.7% |
| ABT Abbott Laboratories | 0.71% | 71,596 | $9.6M | Add +9.2% |
| PEP Pepsico Inc. | 0.70% | 67,710 | $9.5M | Add +60.6% |
| CP Canadian Pacific Kansas City | 0.68% | 123,462 | $9.2M | Reduce -17.3% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.65% | 389,368 | $8.7M | Reduce -8.0% |
| VLO Valero Energy Corp. | 0.64% | 50,897 | $8.7M | Reduce -17.6% |
| QCOM Qualcomm Inc. | 0.60% | 48,626 | $8.1M | Reduce -9.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.55% | 12,433 | $7.5M | Reduce -0.1% |
| RELX Relx PLC - Spon ADR | 0.54% | 153,519 | $7.3M | Add +22.9% |
| CINF Cincinnati Financial Corp. | 0.53% | 44,966 | $7.1M | Add +62.4% |
| MLI Mueller Industries Inc. | 0.52% | 70,069 | $7.1M | Reduce -24.6% |
| IVW iShares S&P 500 Growth ETF | 0.50% | 56,000 | $6.8M | No change |
| NVS Novartis AG-Sponsored ADR | 0.49% | 51,925 | $6.7M | Add +2.3% |
| CRH CRH PLC | 0.45% | 50,976 | $6.1M | Reduce -3.7% |
| BWXT BWX Technologies Inc. | 0.44% | 32,192 | $5.9M | Reduce -25.0% |
| XLK SS Technology Select Sector | 0.44% | 21,000 | $5.9M | No change |
| DPZ Domino's Pizza Inc. | 0.41% | 12,933 | $5.6M | Add +68.3% |
| SBUX Starbucks Corp. | 0.40% | 63,585 | $5.4M | Add +94.2% |
| CVX Chevron Corp. | 0.39% | 34,218 | $5.3M | Reduce -0.5% |
| CEG Constellation Energy | 0.38% | 15,718 | $5.2M | No change |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.38% | 11,080 | $5.1M | No change |
| GGG Graco Inc. | 0.37% | 59,095 | $5.0M | Reduce -28.3% |
| COST Costco Wholesale Corp. | 0.37% | 5,338 | $4.9M | Reduce -25.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.35% | 136,981 | $4.7M | Add +16.5% |
| GRMN Garmin Ltd. | 0.35% | 18,932 | $4.7M | Reduce -39.5% |
| UFPI Ufp Industries Inc. | 0.34% | 49,287 | $4.6M | Reduce -9.3% |
| KMI Kinder Morgan Inc. | 0.32% | 151,137 | $4.3M | No change |
| SGOL Abrdn Physical Gold Shares | 0.32% | 116,001 | $4.3M | Reduce -1.7% |
| TSLA Tesla Inc. | 0.31% | 9,516 | $4.2M | Add +32.8% |
| MTBA Simplify MBS ETF | 0.31% | 81,879 | $4.1M | Add +14.9% |
| ENTG Entegris Inc. | 0.29% | 42,327 | $3.9M | Reduce -25.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 5 | $3.8M | No change |
| GLD SPDR Gold Shares | 0.27% | 10,440 | $3.7M | No change |
| MUSA Murphy USA Inc. | 0.25% | 8,602 | $3.3M | Add +4.3% |
| FTHY First Trust Hi YLD Opp 2027 | 0.24% | 222,614 | $3.2M | Add +6.4% |
| ADBE Adobe Inc. | 0.23% | 8,934 | $3.2M | Add +78.4% |
| HCA HCA Healthcare Inc. | 0.22% | 7,038 | $3.0M | Reduce -4.0% |
| DVY iShares Select Dividend ETF | 0.22% | 20,836 | $3.0M | Reduce -0.4% |
| SDY SS SPDR S&P Dividend ETF | 0.22% | 20,989 | $2.9M | No change |
| CPRT Copart Inc. | 0.22% | 65,100 | $2.9M | New |
| CSGP Costar Group Inc. | 0.21% | 33,113 | $2.8M | Reduce -58.8% |
| STZ Constellation Brands Inc. Class A | 0.20% | 20,206 | $2.7M | Reduce -24.7% |
| UNH Unitedhealth Group Inc. | 0.19% | 7,343 | $2.5M | Reduce -48.0% |
| IJR iShares Core S&P Small-Cap E | 0.18% | 20,541 | $2.4M | Reduce -0.1% |
| WMT Walmart Inc. | 0.17% | 22,689 | $2.3M | Reduce -29.6% |
| ZTS Zoetis Inc. | 0.17% | 15,859 | $2.3M | Add +276.3% |
| DE Deere & Co. | 0.15% | 4,385 | $2.0M | Add +423.9% |
| DGRW Wisdomtree U.S. Quality Divi | 0.14% | 21,779 | $1.9M | No change |
| NTRA Natera Inc. | 0.14% | 11,727 | $1.9M | Reduce -12.0% |
| NOW ServiceNow Inc. | 0.13% | 1,966 | $1.8M | Add +41.0% |
| MU Micron Technology Inc. | 0.13% | 10,275 | $1.7M | Reduce -2.7% |
| EXC Exelon Corp. | 0.12% | 37,180 | $1.7M | Reduce -11.8% |
| SPMO Invesco S&P 500 Momentum ETF | 0.12% | 13,676 | $1.7M | Add +336.2% |
| T AT&T Inc. | 0.11% | 53,720 | $1.5M | Add +0.2% |
| UL Unilever PLC | 0.11% | 25,181 | $1.5M | Reduce -3.8% |
| NXRT Nexpoint Residential | 0.10% | 43,691 | $1.4M | Add +16.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 1,971 | $1.3M | Reduce -10.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 4,624 | $1.3M | No change |
| OKE Oneok Inc. | 0.09% | 17,194 | $1.3M | Reduce -2.3% |
| RH RH | 0.08% | 5,303 | $1.1M | Reduce -72.1% |
| ETR Entergy Corp. | 0.08% | 11,500 | $1.1M | Reduce -11.5% |
| NOV Nov Inc. | 0.08% | 79,915 | $1.1M | Reduce -24.2% |
| TMUS T-Mobile US Inc. | 0.08% | 4,259 | $1.0M | Add +25.9% |
| SCHD Schwab US DVD Equity ETF | 0.07% | 36,226 | $989K | Reduce -0.7% |
| IWR iShares Russell Mid-Cap ETF | 0.07% | 10,231 | $988K | No change |
Options reported separately and not counted above: NVDA puts ($15K).
Portfolio Sells Q2 2025 → Q3 2025
| MLR Miller Industries Inc. | Sold out | 0.00% | −0.55 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.44 |
| PG The Procter & Gamble Co. | Reduce -17.4% | 0.94% | −0.34 |
| AMZN Amazon.com Inc. | Reduce -0.7% | 3.44% | −0.31 |
| CSGP Costar Group Inc. | Reduce -58.8% | 0.21% | −0.31 |
| MSFT Microsoft Corp. | Reduce -0.8% | 5.99% | −0.29 |
| LLY Eli Lilly & Co. | Reduce -8.5% | 1.31% | −0.28 |
| CP Canadian Pacific Kansas City | Reduce -17.3% | 0.68% | −0.27 |
| CHX Championx Corp. | Sold out | 0.00% | −0.25 |
| RH RH | Reduce -72.1% | 0.08% | −0.21 |
| PM Philip Morris International | Reduce -0.4% | 0.92% | −0.20 |
| COST Costco Wholesale Corp. | Reduce -25.1% | 0.37% | −0.20 |
| GGG Graco Inc. | Reduce -28.3% | 0.37% | −0.20 |
| GS Goldman Sachs Group Inc. | Reduce -14.1% | 1.57% | −0.19 |
| GRMN Garmin Ltd. | Reduce -39.5% | 0.35% | −0.18 |
| DIS The Walt Disney Co. | Reduce -81.4% | 0.03% | −0.18 |
| UNH Unitedhealth Group Inc. | Reduce -48.0% | 0.19% | −0.17 |
| AVGO Broadcom Inc. | Reduce -20.8% | 1.12% | −0.16 |
| BLK BlackRock Inc. | Reduce -10.2% | 1.80% | −0.16 |
| STZ Constellation Brands Inc. Class A | Reduce -24.7% | 0.20% | −0.15 |
| HD Home Depot Inc. | Reduce -9.1% | 1.83% | −0.14 |
| ADI Analog Devices Inc. | Reduce -6.0% | 1.10% | −0.13 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -8.0% | 0.65% | −0.10 |
| UFPI Ufp Industries Inc. | Reduce -9.3% | 0.34% | −0.09 |
| QCOM Qualcomm Inc. | Reduce -9.0% | 0.60% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -6.8% | 0.85% | −0.08 |
| WMT Walmart Inc. | Reduce -29.6% | 0.17% | −0.08 |
| ENTG Entegris Inc. | Reduce -25.4% | 0.29% | −0.08 |
| ELV Elevance Health Inc. | Reduce -56.2% | 0.04% | −0.07 |
| MLI Mueller Industries Inc. | Reduce -24.6% | 0.52% | −0.07 |
| VAW Vanguard Materials ETF | Reduce -73.0% | 0.02% | −0.07 |
| AXP American Express Co. | Reduce -0.1% | 1.46% | −0.06 |
| BWXT BWX Technologies Inc. | Reduce -25.0% | 0.44% | −0.06 |
| MO Altria Group Inc. | Reduce -45.4% | 0.06% | −0.04 |
| IVE iShares S&P 500 Value ETF | Reduce -0.5% | 1.42% | −0.04 |
| NTRA Natera Inc. | Reduce -12.0% | 0.14% | −0.04 |
| TGT Target Corp. | Reduce -43.4% | 0.03% | −0.03 |
| NFLX Netflix Inc. | Reduce -27.1% | 0.04% | −0.03 |
| GD General Dynamics Corp. | Reduce -10.0% | 0.94% | −0.03 |
| NOV Nov Inc. | Reduce -24.2% | 0.08% | −0.03 |
| VLO Valero Energy Corp. | Reduce -17.6% | 0.64% | −0.02 |
| EXC Exelon Corp. | Reduce -11.8% | 0.12% | −0.02 |
| OKE Oneok Inc. | Reduce -2.3% | 0.09% | −0.02 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -2.1% | 0.98% | −0.02 |
| UL Unilever PLC | Reduce -3.8% | 0.11% | −0.02 |
| UPS United Parcel Service Class B | Reduce -13.6% | 0.03% | −0.02 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.02 |
| CX Cemex Sab-Spons ADR Part Cer | Sold out | 0.00% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.0% | 0.10% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +1.7% | 7.02% | +0.68 |
| VMC Vulcan Materials Co. | Add +8.6% | 3.04% | +0.47 |
| ORCL Oracle Corp. | Add +58.0% | 0.89% | +0.41 |
| JNJ Johnson & Johnson | Add +19.5% | 1.32% | +0.33 |
| IVV iShares Core S&P 500 ETF | Add +3.8% | 10.11% | +0.32 |
| RTX RTX Corp. | Add +31.0% | 1.00% | +0.28 |
| LHX L3HARRIS Technologies Inc. | Add +15.6% | 1.13% | +0.26 |
| IAU iShares Gold Trust | Add +0.0% | 3.62% | +0.26 |
| PEP Pepsico Inc. | Add +60.6% | 0.70% | +0.26 |
| CPRT Copart Inc. | New | 0.22% | +0.22 |
| CINF Cincinnati Financial Corp. | Add +62.4% | 0.53% | +0.20 |
| LMT Lockheed Martin Corp. | Add +14.3% | 1.35% | +0.16 |
| SBUX Starbucks Corp. | Add +94.2% | 0.40% | +0.16 |
| DPZ Domino's Pizza Inc. | Add +68.3% | 0.41% | +0.14 |
| TSLA Tesla Inc. | Add +32.8% | 0.31% | +0.13 |
| ZTS Zoetis Inc. | Add +276.3% | 0.17% | +0.12 |
| DE Deere & Co. | Add +423.9% | 0.15% | +0.11 |
| SPMO Invesco S&P 500 Momentum ETF | Add +336.2% | 0.12% | +0.09 |
| V Visa Inc. Class A | Add +19.2% | 1.51% | +0.08 |
| ADBE Adobe Inc. | Add +78.4% | 0.23% | +0.08 |
| XOM Exxon Mobil Corp. | Add +12.9% | 0.87% | +0.07 |
| CSCO Cisco Systems Inc. | Add +19.6% | 0.84% | +0.07 |
| CLOI Vaneck Clo ETF | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +1.3% | 2.99% | +0.05 |
| XBMNX BlackRock 2037 Muni TRGT TRM | New | 0.04% | +0.04 |
| SLB SLB Ltd. | Add +16.5% | 0.35% | +0.03 |
| PSN Parsons Corp. | New | 0.03% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | New | 0.02% | +0.02 |
| NOW ServiceNow Inc. | Add +41.0% | 0.13% | +0.02 |
| MTBA Simplify MBS ETF | Add +14.9% | 0.31% | +0.02 |
| VRT Vertiv Holdings Co. Class A | New | 0.02% | +0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.02% | +0.02 |
| LNG Cheniere Energy Inc. | New | 0.02% | +0.02 |
| TMUS T-Mobile US Inc. | Add +25.9% | 0.08% | +0.01 |
| MGOV FT Intermed Govt Oppt ETF | Add +22.4% | 0.06% | +0.01 |
| NXRT Nexpoint Residential | Add +16.7% | 0.10% | +0.00 |
| HAL Halliburton Co. | Add +1.2% | 0.03% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +7.5% | 0.02% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Add +2.3% | 0.49% | −0.00 |
| NUV Nuveen Municipal Value | Add +0.9% | 0.02% | −0.00 |
| SPSB SS SPDR P St C Corp. ETF | Add +2.0% | 0.02% | −0.00 |
| RELX Relx PLC - Spon ADR | Add +22.9% | 0.54% | −0.00 |
| LMBS First Trust Low Duration Opp | Add +1.2% | 0.05% | −0.00 |
| KR Kroger Co. | Add +8.8% | 0.06% | −0.00 |
| ABT Abbott Laboratories | Add +9.2% | 0.71% | −0.01 |
| FTHY First Trust Hi YLD Opp 2027 | Add +6.4% | 0.24% | −0.01 |
| AVB Avalonbay Communities Inc. | Add +12.8% | 0.87% | −0.01 |
| T AT&T Inc. | Add +0.2% | 0.11% | −0.01 |
| MUSA Murphy USA Inc. | Add +4.3% | 0.25% | −0.02 |
| META Meta Platforms Inc. Class A | Add +2.3% | 2.78% | −0.18 |
Options Activity Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | put | New | 1,000 | $15K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 |