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

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 Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.4B $1.4B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.4B Q2 2026

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%
NFLX Netflix Inc. 0.06% 8,933 $838K Add +83.8%
VIS Vanguard Industrials ETF 0.06% 2,799 $835K No change
CLOI Vaneck Clo ETF 0.06% 15,517 $819K Add +16.0%
STZ Constellation Brands Inc. Class A 0.06% 5,822 $803K Reduce -71.2%
CSGP Costar Group Inc. 0.06% 11,383 $765K Reduce -65.6%
IWM iShares Russell 2000 ETF 0.05% 2,926 $720K Reduce -0.4%
IJH iShares Core S&P Midcap ETF 0.05% 10,805 $713K No change
MO Altria Group Inc. 0.05% 12,045 $695K No change
BATRK Atlanta Braves Holdings in-C 0.05% 17,404 $687K No change
INTC Intel Corp. 0.05% 18,365 $678K New
EEM iShares MSCI Emerging Market 0.05% 12,050 $659K No change
MUSA Murphy USA Inc. 0.05% 1,610 $650K Reduce -81.3%
MCD McDonald's Corp. 0.05% 2,112 $645K New
BA The Boeing Co. 0.04% 2,824 $613K Add +0.2%
VXF Vanguard Extended Market ETF 0.04% 2,917 $610K Reduce -2.1%
XLP SS Consumer Staples Sel Sect 0.04% 7,580 $589K Reduce -9.6%
MMIN Nylim Mackay Muni Insured Et filed as NEW YORK LIFE INVTS ACTIVE E 0.04% 23,904 $572K Reduce -3.8%
NXPI NXP Semiconductors NV 0.04% 2,510 $545K No change
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $535K No change
LMBS First Trust Low Duration Opp 0.04% 10,658 $533K Reduce -20.8%
EPD Enterprise Products Partners 0.04% 16,600 $532K No change
XLE SS Energy Select Sector 0.04% 11,681 $522K No change
ELV Elevance Health Inc. 0.04% 1,478 $518K No change
XBMNX BlackRock 2037 Muni TRGT TRM 0.04% 19,392 $508K Add +2.1%
ITA iShares U.S. Aerospace & Def 0.04% 2,260 $485K No change
VONE Vanguard Russell 1000 0.04% 1,568 $485K No change
HAL Halliburton Co. 0.03% 16,227 $459K Reduce -1.2%
VRT Vertiv Holdings Co. Class A 0.03% 2,695 $437K Add +81.4%
DINO HF Sinclair Corp. 0.03% 9,450 $435K No change
IYE iShares U.S. Energy ETF 0.03% 8,825 $419K No change
WFC Wells Fargo & Co. 0.03% 4,431 $413K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $408K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.03% 3,567 $406K Reduce -9.6%
CPRT Copart Inc. 0.03% 9,806 $384K Reduce -84.9%
AMGN Amgen Inc. 0.03% 1,114 $365K Reduce -2.0%
DE Deere & Co. 0.03% 758 $353K Reduce -82.7%
VNQ Vanguard Real Estate ETF 0.03% 3,940 $349K Reduce -10.2%
SO The Southern Co. 0.02% 3,859 $337K No change
CVS CVS Health Corp. 0.02% 4,136 $328K No change
SCHX Schwab US Large-Cap ETF 0.02% 12,104 $326K Add +9.1%
SGOV iShares 0-3 Month Treasury B 0.02% 3,227 $324K Add +8.0%
FDX FedEx Corp. 0.02% 1,120 $324K No change
LUV Southwest Airlines Co. 0.02% 7,790 $322K No change
BRK.B Berkshire Hathaway Inc. Class B 0.02% 636 $320K No change
FERG Ferguson Enterprises Inc. 0.02% 1,362 $303K New
XLI SS Industrial Select Sector 0.02% 1,925 $299K No change
VAW Vanguard Materials ETF 0.02% 1,414 $293K Reduce -6.9%
XLF SS Financial Select Sector 0.02% 5,250 $288K No change
SPSB SS SPDR P St C Corp. ETF 0.02% 9,496 $287K Add +1.8%
ADSK Autodesk Inc. 0.02% 941 $279K New
PRM Perimeter Solutions Inc. 0.02% 10,014 $276K New
AOR iShares Core 60/40 Balanced 0.02% 4,200 $273K No change
LNG Cheniere Energy Inc. 0.02% 1,387 $270K Add +59.6%
GOOGL Alphabet Inc. Class A 0.02% 813 $254K Reduce -11.4%
UPS United Parcel Service Class B 0.02% 2,471 $245K Reduce -54.9%
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $244K No change
NUV Nuveen Municipal Value 0.02% 26,050 $236K Reduce -1.1%
DHI D.R. Horton Inc. 0.02% 1,600 $230K New
MKL Markel Group Inc. 0.02% 105 $226K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.01% 709 $206K No change
NOV Nov Inc. 0.01% 10,217 $160K Reduce -87.2%
FATE Fate Therapeutics Inc. 0.00% 12,700 $12K No change

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

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