Narwhal Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Narwhal Capital Management reported 162 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 10.5% of the portfolio, followed by Nvidia (NVDA, 6.8%) and Alphabet Class C (GOOG, 6.5%). Compared with Q3 2025, it opened 7 new positions, sold out of 8, added to 49 and reduced 60. The biggest buy was Alphabet Class C (GOOG, shares +0%) and the biggest sale Meta Platforms Class A (META, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001461287-26-000001 ↗ filed Jan 30, 2026
Holdings Value
Holdings 162 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 10.48% | 210,559 | $144.2M | Add +3.3% |
| NVDA Nvidia Corp. | 6.75% | 498,129 | $92.9M | Reduce -2.0% |
| GOOG Alphabet Inc. Class C | 6.49% | 284,507 | $89.3M | Add +0.1% |
| MSFT Microsoft Corp. | 5.67% | 161,397 | $78.1M | Add +3.4% |
| AAPL Apple Inc. | 5.45% | 276,129 | $75.1M | Add +1.3% |
| IAU iShares Gold Trust | 3.97% | 672,623 | $54.6M | Add +0.1% |
| AMZN Amazon.com Inc. | 3.63% | 216,606 | $50.0M | Add +2.3% |
| JPM JPMorgan Chase & Co. | 3.04% | 130,003 | $41.9M | Add +1.4% |
| VMC Vulcan Materials Co. | 2.75% | 132,893 | $37.9M | Reduce -0.4% |
| META Meta Platforms Inc. Class A | 2.33% | 48,594 | $32.1M | Reduce -5.0% |
| BLK BlackRock Inc. | 1.65% | 21,179 | $22.7M | Add +1.7% |
| LLY Eli Lilly & Co. | 1.63% | 20,934 | $22.5M | Reduce -9.8% |
| GS Goldman Sachs Group Inc. | 1.60% | 25,012 | $22.0M | Reduce -6.0% |
| HD Home Depot Inc. | 1.60% | 63,891 | $22.0M | Add +4.9% |
| V Visa Inc. Class A | 1.52% | 59,688 | $20.9M | Reduce -0.3% |
| AXP American Express Co. | 1.51% | 56,189 | $20.8M | Reduce -5.2% |
| JNJ Johnson & Johnson | 1.44% | 95,781 | $19.8M | Reduce -0.6% |
| IVE iShares S&P 500 Value ETF | 1.43% | 92,784 | $19.7M | No change |
| ADI Analog Devices Inc. | 1.30% | 65,774 | $17.8M | Add +9.2% |
| LMT Lockheed Martin Corp. | 1.17% | 33,237 | $16.1M | Reduce -8.8% |
| CSCO Cisco Systems Inc. | 1.14% | 204,140 | $15.7M | Add +23.7% |
| LHX L3HARRIS Technologies Inc. | 1.09% | 51,285 | $15.1M | Add +2.3% |
| IWF iShares Russell 1000 Growth | 1.08% | 31,327 | $14.8M | No change |
| XOM Exxon Mobil Corp. | 1.06% | 120,665 | $14.5M | Add +16.4% |
| NEE Nextera Energy Inc. | 1.04% | 178,346 | $14.3M | Add +1.3% |
| RTX RTX Corp. | 0.96% | 72,354 | $13.3M | Reduce -10.3% |
| AVGO Broadcom Inc. | 0.92% | 36,670 | $12.7M | Reduce -20.2% |
| GD General Dynamics Corp. | 0.92% | 37,523 | $12.6M | Add +0.7% |
| CAT Caterpillar Inc. | 0.90% | 21,707 | $12.4M | Reduce -5.0% |
| PG The Procter & Gamble Co. | 0.86% | 82,168 | $11.8M | Reduce -0.5% |
| MRK Merck & Co. Inc. | 0.85% | 111,743 | $11.8M | Reduce -18.0% |
| NOC Northrop Grumman Corp. | 0.82% | 19,708 | $11.2M | Add +20.0% |
| BX Blackstone Inc. | 0.80% | 71,754 | $11.1M | Add +4.8% |
| PM Philip Morris International | 0.80% | 68,209 | $10.9M | Reduce -10.8% |
| ABT Abbott Laboratories | 0.70% | 76,982 | $9.6M | Add +7.5% |
| AVB Avalonbay Communities Inc. | 0.68% | 51,724 | $9.4M | Reduce -15.0% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.64% | 387,702 | $8.8M | Reduce -0.4% |
| CP Canadian Pacific Kansas City | 0.62% | 116,283 | $8.6M | Reduce -5.8% |
| PEP Pepsico Inc. | 0.60% | 57,403 | $8.2M | Reduce -15.2% |
| CINF Cincinnati Financial Corp. | 0.59% | 49,523 | $8.1M | Add +10.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.56% | 12,492 | $7.7M | Add +0.5% |
| NVS Novartis AG-Sponsored ADR | 0.54% | 53,812 | $7.4M | Add +3.6% |
| MLI Mueller Industries Inc. | 0.52% | 62,843 | $7.2M | Reduce -10.3% |
| ORCL Oracle Corp. | 0.51% | 36,007 | $7.0M | Reduce -15.4% |
| DPZ Domino's Pizza Inc. | 0.51% | 16,764 | $7.0M | Add +29.6% |
| SBUX Starbucks Corp. | 0.50% | 82,142 | $6.9M | Add +29.2% |
| IVW iShares S&P 500 Growth ETF | 0.50% | 56,000 | $6.9M | No change |
| VLO Valero Energy Corp. | 0.47% | 39,310 | $6.4M | Reduce -22.8% |
| CRH CRH PLC | 0.46% | 50,393 | $6.3M | Reduce -1.1% |
| HCA HCA Healthcare Inc. | 0.45% | 13,243 | $6.2M | Add +88.2% |
| XLK SS Technology Select Sector | 0.44% | 42,000 | $6.0M | No change |
| RELX Relx PLC - Spon ADR | 0.44% | 149,017 | $6.0M | Reduce -2.9% |
| QCOM Qualcomm Inc. | 0.44% | 35,025 | $6.0M | Reduce -28.0% |
| CEG Constellation Energy | 0.41% | 15,815 | $5.6M | Add +0.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.39% | 11,080 | $5.3M | No change |
| CVX Chevron Corp. | 0.38% | 34,218 | $5.2M | No change |
| BWXT BWX Technologies Inc. | 0.37% | 29,116 | $5.0M | Reduce -9.6% |
| COST Costco Wholesale Corp. | 0.36% | 5,808 | $5.0M | Add +8.8% |
| SGOL Abrdn Physical Gold Shares | 0.35% | 116,026 | $4.8M | Add +0.0% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.34% | 123,007 | $4.7M | Reduce -10.2% |
| ADBE Adobe Inc. | 0.33% | 12,840 | $4.5M | Add +43.7% |
| GGG Graco Inc. | 0.32% | 54,088 | $4.4M | Reduce -8.5% |
| KMI Kinder Morgan Inc. | 0.31% | 154,280 | $4.2M | Add +2.1% |
| GLD SPDR Gold Shares | 0.30% | 10,263 | $4.1M | Reduce -1.7% |
| UFPI Ufp Industries Inc. | 0.29% | 44,208 | $4.0M | Reduce -10.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.27% | 5 | $3.8M | No change |
| ENTG Entegris Inc. | 0.27% | 44,159 | $3.7M | Add +4.3% |
| GRMN Garmin Ltd. | 0.27% | 18,325 | $3.7M | Reduce -3.2% |
| MTBA Simplify MBS ETF | 0.26% | 72,068 | $3.6M | Reduce -12.0% |
| MU Micron Technology Inc. | 0.23% | 11,188 | $3.2M | Add +8.9% |
| TSLA Tesla Inc. | 0.22% | 6,586 | $3.0M | Reduce -30.8% |
| DVY iShares Select Dividend ETF | 0.22% | 20,970 | $3.0M | Add +0.6% |
| SDY SS SPDR S&P Dividend ETF | 0.21% | 20,989 | $2.9M | No change |
| WMT Walmart Inc. | 0.20% | 24,849 | $2.8M | Add +9.5% |
| ICE Intercontinental Exchange Inc. | 0.20% | 17,086 | $2.8M | New |
| NOW ServiceNow Inc. | 0.19% | 16,977 | $2.6M | Add +72.7% |
| IJR iShares Core S&P Small-Cap E | 0.18% | 20,450 | $2.5M | Reduce -0.4% |
| NTRA Natera Inc. | 0.16% | 9,745 | $2.2M | Reduce -16.9% |
| FTHY First Trust Hi YLD Opp 2027 | 0.16% | 154,983 | $2.2M | Reduce -30.4% |
| DGRW Wisdomtree U.S. Quality Divi | 0.14% | 21,779 | $1.9M | No change |
| KR Kroger Co. | 0.14% | 30,081 | $1.9M | Add +163.1% |
| UNH Unitedhealth Group Inc. | 0.13% | 5,542 | $1.8M | Reduce -24.5% |
| TMUS T-Mobile US Inc. | 0.13% | 8,766 | $1.8M | Add +105.8% |
| SPMO Invesco S&P 500 Momentum ETF | 0.12% | 13,676 | $1.6M | No change |
| EXC Exelon Corp. | 0.12% | 37,130 | $1.6M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 4,624 | $1.4M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.10% | 2,047 | $1.4M | Add +3.9% |
| T AT&T Inc. | 0.10% | 53,723 | $1.3M | Add +0.0% |
| ETR Entergy Corp. | 0.09% | 14,095 | $1.3M | Add +22.6% |
| UL Unilever PLC-Sponsored ADR | 0.09% | 19,659 | $1.3M | Reduce -12.1% |
| OKE Oneok Inc. | 0.09% | 17,194 | $1.3M | No change |
| DAL Delta Air Lines Inc. | 0.09% | 16,850 | $1.2M | No change |
| NXRT Nexpoint Residential | 0.08% | 37,217 | $1.1M | Reduce -14.8% |
| IWR iShares Russell Mid-Cap ETF | 0.07% | 10,231 | $985K | No change |
| SCHD Schwab US DVD Equity ETF | 0.07% | 35,701 | $979K | Reduce -1.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.07% | 22,310 | $952K | No change |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.07% | 6,923 | $911K | No change |
| XLV SS Health Care Select Sector | 0.07% | 5,880 | $910K | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.06% | 1,800 | $878K | No change |
| MGOV FT Intermed Govt Oppt ETF | 0.06% | 42,453 | $869K | Add +3.5% |
Options reported separately and not counted above: NVDA puts ($14K).
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Reduce -5.0% | 2.33% | −0.45 |
| ORCL Oracle Corp. | Reduce -15.4% | 0.51% | −0.38 |
| VMC Vulcan Materials Co. | Reduce -0.4% | 2.75% | −0.29 |
| NVDA Nvidia Corp. | Reduce -2.0% | 6.75% | −0.27 |
| AVGO Broadcom Inc. | Reduce -20.2% | 0.92% | −0.20 |
| MUSA Murphy USA Inc. | Reduce -81.3% | 0.05% | −0.20 |
| AVB Avalonbay Communities Inc. | Reduce -15.0% | 0.68% | −0.19 |
| CPRT Copart Inc. | Reduce -84.9% | 0.03% | −0.19 |
| LMT Lockheed Martin Corp. | Reduce -8.8% | 1.17% | −0.18 |
| VLO Valero Energy Corp. | Reduce -22.8% | 0.47% | −0.18 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.17 |
| QCOM Qualcomm Inc. | Reduce -28.0% | 0.44% | −0.16 |
| CSGP Costar Group Inc. | Reduce -65.6% | 0.06% | −0.15 |
| STZ Constellation Brands Inc. Class A | Reduce -71.2% | 0.06% | −0.14 |
| PM Philip Morris International | Reduce -10.8% | 0.80% | −0.12 |
| DE Deere & Co. | Reduce -82.7% | 0.03% | −0.12 |
| PEP Pepsico Inc. | Reduce -15.2% | 0.60% | −0.11 |
| RELX Relx PLC - Spon ADR | Reduce -2.9% | 0.44% | −0.11 |
| TSLA Tesla Inc. | Reduce -30.8% | 0.22% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -0.5% | 0.86% | −0.08 |
| FTHY First Trust Hi YLD Opp 2027 | Reduce -30.4% | 0.16% | −0.08 |
| RH RH | Sold out | 0.00% | −0.08 |
| GRMN Garmin Ltd. | Reduce -3.2% | 0.27% | −0.08 |
| BWXT BWX Technologies Inc. | Reduce -9.6% | 0.37% | −0.07 |
| NOV Nov Inc. | Reduce -87.2% | 0.01% | −0.07 |
| CP Canadian Pacific Kansas City | Reduce -5.8% | 0.62% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -24.5% | 0.13% | −0.05 |
| GGG Graco Inc. | Reduce -8.5% | 0.32% | −0.05 |
| UFPI Ufp Industries Inc. | Reduce -10.3% | 0.29% | −0.05 |
| MTBA Simplify MBS ETF | Reduce -12.0% | 0.26% | −0.04 |
| RTX RTX Corp. | Reduce -10.3% | 0.96% | −0.04 |
| TGT Target Corp. | Sold out | 0.00% | −0.03 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.03 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.02 |
| NXRT Nexpoint Residential | Reduce -14.8% | 0.08% | −0.02 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.02 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.02 |
| UL Unilever PLC-Sponsored ADR | Reduce -12.1% | 0.09% | −0.02 |
| UPS United Parcel Service Class B | Reduce -54.9% | 0.02% | −0.02 |
| FMY First Trust Mortgage Income | Sold out | 0.00% | −0.01 |
| LMBS First Trust Low Duration Opp | Reduce -20.8% | 0.04% | −0.01 |
| EXC Exelon Corp. | Reduce -0.1% | 0.12% | −0.01 |
| XLP SS Consumer Staples Sel Sect | Reduce -9.6% | 0.04% | −0.01 |
| SLB SLB Ltd. | Reduce -10.2% | 0.34% | −0.01 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -0.4% | 0.64% | −0.00 |
| VNQ Vanguard Real Estate ETF | Reduce -10.2% | 0.03% | −0.00 |
| DIS The Walt Disney Co. | Reduce -9.6% | 0.03% | −0.00 |
| MMIN Nylim Mackay Muni Insured Et | Reduce -3.8% | 0.04% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.4% | 0.18% | −0.00 |
| SCHD Schwab US DVD Equity ETF | Reduce -1.4% | 0.07% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOG Alphabet Inc. Class C | Add +0.1% | 6.49% | +1.36 |
| IVV iShares Core S&P 500 ETF | Add +3.3% | 10.48% | +0.37 |
| IAU iShares Gold Trust | Add +0.1% | 3.97% | +0.34 |
| AAPL Apple Inc. | Add +1.3% | 5.45% | +0.31 |
| CSCO Cisco Systems Inc. | Add +23.7% | 1.14% | +0.31 |
| HCA HCA Healthcare Inc. | Add +88.2% | 0.45% | +0.23 |
| ICE Intercontinental Exchange Inc. | New | 0.20% | +0.20 |
| ADI Analog Devices Inc. | Add +9.2% | 1.30% | +0.20 |
| XOM Exxon Mobil Corp. | Add +16.4% | 1.06% | +0.19 |
| AMZN Amazon.com Inc. | Add +2.3% | 3.63% | +0.19 |
| MU Micron Technology Inc. | Add +8.9% | 0.23% | +0.10 |
| SBUX Starbucks Corp. | Add +29.2% | 0.50% | +0.10 |
| DPZ Domino's Pizza Inc. | Add +29.6% | 0.51% | +0.09 |
| ADBE Adobe Inc. | Add +43.7% | 0.33% | +0.09 |
| KR Kroger Co. | Add +163.1% | 0.14% | +0.08 |
| NOC Northrop Grumman Corp. | Add +20.0% | 0.82% | +0.08 |
| CINF Cincinnati Financial Corp. | Add +10.1% | 0.59% | +0.06 |
| NEE Nextera Energy Inc. | Add +1.3% | 1.04% | +0.06 |
| NOW ServiceNow Inc. | Add +72.7% | 0.19% | +0.06 |
| TMUS T-Mobile US Inc. | Add +105.8% | 0.13% | +0.05 |
| INTC Intel Corp. | New | 0.05% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +1.4% | 3.04% | +0.05 |
| MCD McDonald's Corp. | New | 0.05% | +0.05 |
| NVS Novartis AG-Sponsored ADR | Add +3.6% | 0.54% | +0.05 |
| SGOL Abrdn Physical Gold Shares | Add +0.0% | 0.35% | +0.03 |
| WMT Walmart Inc. | Add +9.5% | 0.20% | +0.03 |
| CEG Constellation Energy | Add +0.6% | 0.41% | +0.02 |
| FERG Ferguson Enterprises Inc. | New | 0.02% | +0.02 |
| ADSK Autodesk Inc. | New | 0.02% | +0.02 |
| PRM Perimeter Solutions Inc. | New | 0.02% | +0.02 |
| NFLX Netflix Inc. | Add +83.8% | 0.06% | +0.02 |
| DHI D.R. Horton Inc. | New | 0.02% | +0.02 |
| ETR Entergy Corp. | Add +22.6% | 0.09% | +0.02 |
| VRT Vertiv Holdings Co. Class A | Add +81.4% | 0.03% | +0.02 |
| CLOI Vaneck Clo ETF | Add +16.0% | 0.06% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.5% | 0.56% | +0.00 |
| LNG Cheniere Energy Inc. | Add +59.6% | 0.02% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.9% | 0.10% | +0.00 |
| SCHX Schwab US Large-Cap ETF | Add +9.1% | 0.02% | +0.00 |
| XBMNX BlackRock 2037 Muni TRGT TRM | Add +2.1% | 0.04% | +0.00 |
| SGOV iShares 0-3 Month Treasury B | Add +8.0% | 0.02% | +0.00 |
| MGOV FT Intermed Govt Oppt ETF | Add +3.5% | 0.06% | +0.00 |
| SPSB SS SPDR P St C Corp. ETF | Add +1.8% | 0.02% | −0.00 |
| BA The Boeing Co. | Add +0.2% | 0.04% | −0.00 |
| COST Costco Wholesale Corp. | Add +8.8% | 0.36% | −0.00 |
| DVY iShares Select Dividend ETF | Add +0.6% | 0.22% | −0.00 |
| KMI Kinder Morgan Inc. | Add +2.1% | 0.31% | −0.01 |
| ABT Abbott Laboratories | Add +7.5% | 0.70% | −0.01 |
| T AT&T Inc. | Add +0.0% | 0.10% | −0.02 |
| ENTG Entegris Inc. | Add +4.3% | 0.27% | −0.02 |
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 |