Narwhal Capital Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), Narwhal Capital Management reported 168 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 10.2% of the portfolio, followed by Nvidia (NVDA, 6.4%) and Alphabet Class C (GOOG, 6.0%). Compared with Q4 2025, it opened 10 new positions, sold out of 4, added to 55 and reduced 62. The biggest buy was a new position in Sunbelt Rentals (SUNB) and the biggest sale Visa Class A (V, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- MARIETTA, GA
- CIK
- 0001461287
- Portfolio Value
- $1.4B (Q1 2026)
- SEC Filing
- 0001461287-26-000002 ↗ filed Apr 24, 2026
Holdings Value
Holdings 168 stocks · $1.4B
| IVV iShares Core S&P 500 ETF | 10.20% | 211,569 | $138.2M | Add +0.5% |
| NVDA Nvidia Corp. | 6.43% | 499,471 | $87.1M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 6.04% | 285,518 | $81.9M | Add +0.4% |
| AAPL Apple Inc. | 5.23% | 279,552 | $70.9M | Add +1.2% |
| MSFT Microsoft Corp. | 4.48% | 164,135 | $60.8M | Add +1.7% |
| IAU iShares Gold Trust | 4.37% | 671,733 | $59.2M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 3.39% | 220,747 | $46.0M | Add +1.9% |
| JPM JPMorgan Chase & Co. | 2.82% | 129,809 | $38.2M | Reduce -0.1% |
| VMC Vulcan Materials Co. | 2.70% | 134,579 | $36.6M | Add +1.3% |
| META Meta Platforms Inc. Class A | 2.07% | 49,136 | $28.1M | Add +1.1% |
| JNJ Johnson & Johnson | 1.71% | 94,611 | $23.1M | Reduce -1.2% |
| HD Home Depot Inc. | 1.64% | 67,655 | $22.3M | Add +5.9% |
| GS Goldman Sachs Group Inc. | 1.62% | 25,888 | $21.9M | Add +3.5% |
| XOM Exxon Mobil Corp. | 1.50% | 119,703 | $20.3M | Reduce -0.8% |
| ADI Analog Devices Inc. | 1.49% | 63,560 | $20.2M | Reduce -3.4% |
| LLY Eli Lilly & Co. | 1.46% | 21,484 | $19.8M | Add +2.6% |
| IVE iShares S&P 500 Value ETF | 1.45% | 92,784 | $19.6M | No change |
| LMT Lockheed Martin Corp. | 1.43% | 32,125 | $19.4M | Reduce -3.4% |
| BLK BlackRock Inc. | 1.43% | 20,103 | $19.3M | Reduce -5.1% |
| AXP American Express Co. | 1.22% | 54,457 | $16.5M | Reduce -3.1% |
| CAT Caterpillar Inc. | 1.21% | 23,186 | $16.4M | Add +6.8% |
| V Visa Inc. Class A | 1.21% | 54,184 | $16.4M | Reduce -9.2% |
| LHX L3HARRIS Technologies Inc. | 1.19% | 46,701 | $16.1M | Reduce -8.9% |
| NEE Nextera Energy Inc. | 1.18% | 172,539 | $16.0M | Reduce -3.3% |
| CSCO Cisco Systems Inc. | 1.08% | 188,572 | $14.6M | Reduce -7.6% |
| RTX RTX Corp. | 1.03% | 72,202 | $13.9M | Reduce -0.2% |
| MRK Merck & Co. Inc. | 0.99% | 111,375 | $13.4M | Reduce -0.3% |
| IWF iShares Russell 1000 Growth | 0.98% | 31,305 | $13.3M | Reduce -0.1% |
| GD General Dynamics Corp. | 0.96% | 37,862 | $13.0M | Add +0.9% |
| PG The Procter & Gamble Co. | 0.95% | 89,457 | $12.9M | Add +8.9% |
| NOC Northrop Grumman Corp. | 0.84% | 16,636 | $11.3M | Reduce -15.6% |
| AVGO Broadcom Inc. | 0.80% | 35,222 | $10.9M | Reduce -4.0% |
| PM Philip Morris International | 0.78% | 63,896 | $10.6M | Reduce -6.3% |
| VLO Valero Energy Corp. | 0.71% | 39,062 | $9.7M | Reduce -0.6% |
| CP Canadian Pacific Kansas City | 0.66% | 112,975 | $8.9M | Reduce -2.8% |
| PEP Pepsico Inc. | 0.64% | 56,091 | $8.7M | Reduce -2.3% |
| AVB Avalonbay Communities Inc. | 0.63% | 51,994 | $8.5M | Add +0.5% |
| BX Blackstone Inc. | 0.62% | 72,533 | $8.3M | Add +1.1% |
| ICE Intercontinental Exchange Inc. | 0.61% | 52,178 | $8.2M | Add +205.4% |
| BTT BlackRock 2030 Muni TRGT TRM | 0.60% | 357,067 | $8.1M | Reduce -7.9% |
| NVS Novartis AG-Sponsored ADR | 0.59% | 52,668 | $8.0M | Reduce -2.1% |
| CINF Cincinnati Financial Corp. | 0.59% | 50,765 | $8.0M | Add +2.5% |
| BWXT BWX Technologies Inc. | 0.59% | 38,969 | $8.0M | Add +33.8% |
| SBUX Starbucks Corp. | 0.58% | 87,728 | $7.9M | Add +6.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.55% | 12,877 | $7.4M | Add +3.1% |
| CVX Chevron Corp. | 0.55% | 35,774 | $7.4M | Add +4.5% |
| ABT Abbott Laboratories | 0.54% | 71,812 | $7.4M | Reduce -6.7% |
| COST Costco Wholesale Corp. | 0.50% | 6,740 | $6.7M | Add +16.1% |
| ORCL Oracle Corp. | 0.49% | 45,519 | $6.7M | Add +26.4% |
| MLI Mueller Industries Inc. | 0.48% | 58,806 | $6.5M | Reduce -6.4% |
| SUNB Sunbelt Rentals Holdings Inc. | 0.48% | 99,371 | $6.5M | New |
| IVW iShares S&P 500 Growth ETF | 0.47% | 56,000 | $6.3M | No change |
| SLB SLB Ltd. filed as SLB LIMITED | 0.44% | 115,096 | $5.9M | Reduce -6.4% |
| GGG Graco Inc. | 0.42% | 67,404 | $5.7M | Add +24.6% |
| RELX Relx PLC - Spon ADR | 0.41% | 168,943 | $5.6M | Add +13.4% |
| XLK SS Technology Select Sector | 0.41% | 42,000 | $5.6M | No change |
| ENTG Entegris Inc. | 0.41% | 46,839 | $5.5M | Add +6.1% |
| DPZ Domino's Pizza Inc. | 0.40% | 15,062 | $5.4M | Reduce -10.2% |
| HCA HCA Healthcare Inc. | 0.40% | 11,379 | $5.4M | Reduce -14.1% |
| CRH CRH PLC | 0.39% | 50,851 | $5.3M | Add +0.9% |
| KMI Kinder Morgan Inc. | 0.39% | 155,638 | $5.2M | Add +0.9% |
| DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND | 0.38% | 11,080 | $5.1M | No change |
| SGOL Abrdn Physical Gold Shares | 0.37% | 113,248 | $5.1M | Reduce -2.4% |
| NFLX Netflix Inc. | 0.34% | 48,024 | $4.6M | Add +437.6% |
| UFPI Ufp Industries Inc. | 0.34% | 49,721 | $4.6M | Add +12.5% |
| GLD SPDR Gold Shares | 0.33% | 10,263 | $4.4M | No change |
| QCOM Qualcomm Inc. | 0.32% | 34,198 | $4.4M | Reduce -2.4% |
| CEG Constellation Energy | 0.32% | 15,768 | $4.4M | Reduce -0.3% |
| GRMN Garmin Ltd. | 0.30% | 17,674 | $4.1M | Reduce -3.5% |
| ADBE Adobe Inc. | 0.30% | 16,817 | $4.1M | Add +31.0% |
| MU Micron Technology Inc. | 0.27% | 11,023 | $3.7M | Reduce -1.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.26% | 5 | $3.6M | No change |
| NOW ServiceNow Inc. | 0.25% | 32,731 | $3.4M | Add +92.8% |
| WMT Walmart Inc. | 0.25% | 27,051 | $3.4M | Add +8.9% |
| DVY iShares Select Dividend ETF | 0.23% | 20,998 | $3.2M | Add +0.1% |
| MTBA Simplify MBS ETF | 0.23% | 62,064 | $3.1M | Reduce -13.9% |
| SDY SS SPDR S&P Dividend ETF | 0.23% | 20,989 | $3.1M | No change |
| STZ Constellation Brands Inc. Class A | 0.22% | 19,764 | $3.0M | Add +239.5% |
| FTHY First Trust Hi YLD Opp 2027 | 0.20% | 196,865 | $2.7M | Add +27.0% |
| IJR iShares Core S&P Small-Cap E | 0.19% | 20,450 | $2.5M | No change |
| TSLA Tesla Inc. | 0.18% | 6,519 | $2.4M | Reduce -1.0% |
| NXRT Nexpoint Residential | 0.14% | 76,610 | $1.9M | Add +105.8% |
| DGRW Wisdomtree U.S. Quality Divi | 0.14% | 21,779 | $1.9M | No change |
| NTRA Natera Inc. | 0.13% | 9,103 | $1.8M | Reduce -6.6% |
| EXC Exelon Corp. | 0.13% | 36,855 | $1.8M | Reduce -0.7% |
| ETR Entergy Corp. | 0.12% | 14,941 | $1.7M | Add +6.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 4,634 | $1.6M | Add +0.2% |
| T AT&T Inc. | 0.11% | 53,728 | $1.6M | Add +0.0% |
| OKE Oneok Inc. | 0.11% | 17,194 | $1.6M | No change |
| SPMO Invesco S&P 500 Momentum ETF | 0.11% | 12,836 | $1.4M | Reduce -6.1% |
| UNH Unitedhealth Group Inc. | 0.09% | 4,554 | $1.2M | Reduce -17.8% |
| MGOV FT Intermed Govt Oppt ETF | 0.09% | 58,576 | $1.2M | Add +38.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.08% | 1,762 | $1.1M | Reduce -13.9% |
| DAL Delta Air Lines Inc. | 0.08% | 16,850 | $1.1M | No change |
| UL Unilever PLC-Sponsored ADR | 0.08% | 19,650 | $1.1M | Reduce -0.1% |
| SCHD Schwab US DVD Equity ETF | 0.08% | 35,676 | $1.1M | Reduce -0.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.08% | 22,360 | $1.0M | Add +0.2% |
| IWR iShares Russell Mid-Cap ETF | 0.07% | 10,231 | $995K | No change |
| CLOI Vaneck Clo ETF | 0.07% | 18,181 | $958K | Add +17.2% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.07% | 6,923 | $917K | No change |
Options reported separately and not counted above: NVDA puts ($12K).
Portfolio Sells Q4 2025 → Q1 2026
| V Visa Inc. Class A | Reduce -9.2% | 1.21% | −0.31 |
| AXP American Express Co. | Reduce -3.1% | 1.22% | −0.30 |
| JPM JPMorgan Chase & Co. | Reduce -0.1% | 2.82% | −0.23 |
| BLK BlackRock Inc. | Reduce -5.1% | 1.43% | −0.22 |
| ABT Abbott Laboratories | Reduce -6.7% | 0.54% | −0.16 |
| AVGO Broadcom Inc. | Reduce -4.0% | 0.80% | −0.12 |
| QCOM Qualcomm Inc. | Reduce -2.4% | 0.32% | −0.11 |
| DPZ Domino's Pizza Inc. | Reduce -10.2% | 0.40% | −0.11 |
| TMUS T-Mobile US Inc. | Reduce -79.5% | 0.03% | −0.10 |
| IWF iShares Russell 1000 Growth | Reduce -0.1% | 0.98% | −0.09 |
| CEG Constellation Energy | Reduce -0.3% | 0.32% | −0.08 |
| KR Kroger Co. | Reduce -60.4% | 0.06% | −0.07 |
| CSCO Cisco Systems Inc. | Reduce -7.6% | 1.08% | −0.06 |
| CSGP Costar Group Inc. | Sold out | 0.00% | −0.06 |
| HCA HCA Healthcare Inc. | Reduce -14.1% | 0.40% | −0.05 |
| BTT BlackRock 2030 Muni TRGT TRM | Reduce -7.9% | 0.60% | −0.04 |
| MLI Mueller Industries Inc. | Reduce -6.4% | 0.48% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -17.8% | 0.09% | −0.04 |
| MTBA Simplify MBS ETF | Reduce -13.9% | 0.23% | −0.04 |
| TSLA Tesla Inc. | Reduce -1.0% | 0.18% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -70.8% | 0.02% | −0.04 |
| NTRA Natera Inc. | Reduce -6.6% | 0.13% | −0.03 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.02 |
| PRM Perimeter Solutions Inc. | Sold out | 0.00% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -37.4% | 0.03% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -13.9% | 0.08% | −0.02 |
| PM Philip Morris International | Reduce -6.3% | 0.78% | −0.02 |
| INTC Intel Corp. | Reduce -41.2% | 0.04% | −0.01 |
| SPMO Invesco S&P 500 Momentum ETF | Reduce -6.1% | 0.11% | −0.01 |
| NOV Nov Inc. | Sold out | 0.00% | −0.01 |
| UL Unilever PLC-Sponsored ADR | Reduce -0.1% | 0.08% | −0.01 |
| XBMNX BlackRock 2037 Muni TRGT TRM | Reduce -21.3% | 0.03% | −0.01 |
| MMIN Nylim Mackay Muni Insured Et | Reduce -17.8% | 0.03% | −0.01 |
| LMBS First Trust Low Duration Opp | Reduce -17.9% | 0.03% | −0.01 |
| NUV Nuveen Municipal Value | Reduce -30.9% | 0.01% | −0.01 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -19.3% | 0.02% | −0.00 |
| XLV SS Health Care Select Sector | Reduce -1.3% | 0.06% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -8.5% | 0.02% | −0.00 |
| LUV Southwest Airlines Co. | Reduce -3.7% | 0.02% | −0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.6% | 0.02% | −0.00 |
| FERG Ferguson Enterprises Inc. | Reduce -7.3% | 0.02% | −0.00 |
| AMGN Amgen Inc. | Reduce -8.7% | 0.03% | −0.00 |
| MUSA Murphy USA Inc. | Reduce -19.4% | 0.05% | +0.00 |
| VAW Vanguard Materials ETF | Reduce -5.8% | 0.02% | +0.00 |
| VRT Vertiv Holdings Co. Class A | Reduce -27.5% | 0.04% | +0.00 |
| SCHD Schwab US DVD Equity ETF | Reduce -0.1% | 0.08% | +0.01 |
| XLE SS Energy Select Sector | Reduce -0.0% | 0.05% | +0.01 |
| EXC Exelon Corp. | Reduce -0.7% | 0.13% | +0.02 |
| NOC Northrop Grumman Corp. | Reduce -15.6% | 0.84% | +0.02 |
| SGOL Abrdn Physical Gold Shares | Reduce -2.4% | 0.37% | +0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| SUNB Sunbelt Rentals Holdings Inc. | New | 0.48% | +0.48 |
| ICE Intercontinental Exchange Inc. | Add +205.4% | 0.61% | +0.40 |
| CAT Caterpillar Inc. | Add +6.8% | 1.21% | +0.31 |
| NFLX Netflix Inc. | Add +437.6% | 0.34% | +0.28 |
| BWXT BWX Technologies Inc. | Add +33.8% | 0.59% | +0.22 |
| CVX Chevron Corp. | Add +4.5% | 0.55% | +0.17 |
| STZ Constellation Brands Inc. Class A | Add +239.5% | 0.22% | +0.16 |
| ENTG Entegris Inc. | Add +6.1% | 0.41% | +0.13 |
| COST Costco Wholesale Corp. | Add +16.1% | 0.50% | +0.13 |
| GGG Graco Inc. | Add +24.6% | 0.42% | +0.10 |
| PG The Procter & Gamble Co. | Add +8.9% | 0.95% | +0.10 |
| SBUX Starbucks Corp. | Add +6.8% | 0.58% | +0.08 |
| KMI Kinder Morgan Inc. | Add +0.9% | 0.39% | +0.08 |
| NOW ServiceNow Inc. | Add +92.8% | 0.25% | +0.06 |
| NXRT Nexpoint Residential | Add +105.8% | 0.14% | +0.06 |
| WMT Walmart Inc. | Add +8.9% | 0.25% | +0.05 |
| UFPI Ufp Industries Inc. | Add +12.5% | 0.34% | +0.05 |
| HD Home Depot Inc. | Add +5.9% | 1.64% | +0.04 |
| GD General Dynamics Corp. | Add +0.9% | 0.96% | +0.04 |
| FTHY First Trust Hi YLD Opp 2027 | Add +27.0% | 0.20% | +0.04 |
| VGLT Vanguard Long-Term Treasury | New | 0.03% | +0.03 |
| ETR Entergy Corp. | Add +6.0% | 0.12% | +0.03 |
| RF Regions Financial Corp. | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | New | 0.02% | +0.02 |
| MGOV FT Intermed Govt Oppt ETF | Add +38.0% | 0.09% | +0.02 |
| BUD Anheuser-Busch Inbev-SPN ADR | New | 0.02% | +0.02 |
| SPTS SS SPDR P St Term TSY ETF | New | 0.02% | +0.02 |
| DVY iShares Select Dividend ETF | Add +0.1% | 0.23% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +3.5% | 1.62% | +0.02 |
| UNP Union Pacific Corp. | New | 0.02% | +0.02 |
| T AT&T Inc. | Add +0.0% | 0.11% | +0.02 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.02% | +0.02 |
| VZ Verizon Communications Inc. | New | 0.02% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.2% | 0.12% | +0.01 |
| DE Deere & Co. | Add +20.6% | 0.04% | +0.01 |
| LNG Cheniere Energy Inc. | Add +9.4% | 0.03% | +0.01 |
| FMY First Trust Mortgage Income | New | 0.01% | +0.01 |
| DIS The Walt Disney Co. | Add +59.9% | 0.04% | +0.01 |
| CLOI Vaneck Clo ETF | Add +17.2% | 0.07% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +0.2% | 0.08% | +0.01 |
| BA The Boeing Co. | Add +22.4% | 0.05% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +21.4% | 0.03% | +0.01 |
| MCD McDonald's Corp. | Add +6.3% | 0.05% | +0.00 |
| CPRT Copart Inc. | Add +34.8% | 0.03% | +0.00 |
| CINF Cincinnati Financial Corp. | Add +2.5% | 0.59% | +0.00 |
| DHI D.R. Horton Inc. | Add +13.6% | 0.02% | +0.00 |
| SGOV iShares 0-3 Month Treasury B | Add +0.7% | 0.02% | +0.00 |
| UPS United Parcel Service Class B | Add +0.2% | 0.02% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +0.2% | 0.06% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +3.1% | 0.55% | −0.01 |
Options Activity Q4 2025 → Q1 2026
| NVDA Nvidia Corp. | put | Reduce -99.0% | 10 | $12K |
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 |