Narwhal Capital Management

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 24, 2026), Narwhal Capital Management reported 155 stock positions worth $1.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 11.0% of the portfolio, followed by Nvidia (NVDA, 6.9%) and Alphabet Class C (GOOG, 6.8%). Compared with Q1 2026, it opened 7 new positions, sold out of 20, added to 42 and reduced 66. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +0%) and the biggest sale an exit from BlackRock 2030 Muni TRGT TRM (BTT).

Most Recent 13F
Q2 2026
Location
MARIETTA, GA
CIK
0001461287
Portfolio Value
$1.4B (Q2 2026)
SEC Filing
0001461287-26-000003 ↗ filed Jul 24, 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 Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.4B $1.4B Q2 2026

Holdings 155 stocks · $1.4B
IVV iShares Core S&P 500 ETF 10.97% 212,038 $158.8M Add +0.2%
NVDA Nvidia Corp. 6.89% 498,520 $99.7M Reduce -0.2%
GOOG Alphabet Inc. Class C 6.80% 278,904 $98.5M Reduce -2.3%
AAPL Apple Inc. 5.60% 280,237 $81.1M Add +0.3%
MSFT Microsoft Corp. 4.18% 162,292 $60.5M Reduce -1.1%
AMZN Amazon.com Inc. 3.75% 227,622 $54.3M Add +3.1%
IAU iShares Gold Trust 3.50% 672,087 $50.7M Add +0.1%
JPM JPMorgan Chase & Co. 2.93% 129,578 $42.4M Reduce -0.2%
VMC Vulcan Materials Co. 2.72% 133,357 $39.3M Reduce -0.9%
META Meta Platforms Inc. Class A 1.86% 47,775 $26.9M Reduce -2.8%
ADI Analog Devices Inc. 1.79% 65,383 $26.0M Add +2.9%
GS Goldman Sachs Group Inc. 1.74% 24,939 $25.2M Reduce -3.7%
LLY Eli Lilly & Co. 1.69% 20,444 $24.5M Reduce -4.8%
JNJ Johnson & Johnson 1.65% 94,177 $23.9M Reduce -0.5%
CAT Caterpillar Inc. 1.63% 22,180 $23.6M Reduce -4.3%
HD Home Depot Inc. 1.59% 65,453 $23.1M Reduce -3.3%
CSCO Cisco Systems Inc. 1.56% 192,141 $22.6M Add +1.9%
IVE iShares S&P 500 Value ETF 1.45% 92,784 $21.1M No change
AXP American Express Co. 1.32% 56,415 $19.1M Add +3.6%
BLK BlackRock Inc. 1.25% 18,788 $18.1M Reduce -6.5%
V Visa Inc. Class A 1.10% 46,402 $15.9M Reduce -14.4%
IWF iShares Russell 1000 Growth 1.07% 125,220 $15.5M No change
AVGO Broadcom Inc. 1.07% 41,122 $15.5M Add +16.8%
XOM Exxon Mobil Corp. 1.06% 112,375 $15.4M Reduce -6.1%
RTX RTX Corp. 1.05% 80,241 $15.2M Add +11.1%
GD General Dynamics Corp. 0.94% 38,504 $13.6M Add +1.7%
NEE Nextera Energy Inc. 0.94% 155,183 $13.6M Reduce -10.1%
LMT Lockheed Martin Corp. 0.88% 25,135 $12.8M Reduce -21.8%
MRK Merck & Co. Inc. 0.88% 99,503 $12.8M Reduce -10.7%
MU Micron Technology Inc. 0.88% 10,985 $12.7M Reduce -0.3%
PG The Procter & Gamble Co. 0.87% 86,077 $12.6M Reduce -3.8%
LHX L3HARRIS Technologies Inc. 0.81% 40,344 $11.7M Reduce -13.6%
CP Canadian Pacific Kansas City 0.76% 126,466 $11.0M Add +11.9%
PM Philip Morris International 0.72% 57,529 $10.4M Reduce -10.0%
NOW ServiceNow Inc. 0.71% 103,711 $10.3M Add +216.9%
VLO Valero Energy Corp. 0.69% 38,358 $10.0M Reduce -1.8%
QQQ Invesco QQQ Trust Series 1 0.65% 12,866 $9.5M Reduce -0.1%
CINF Cincinnati Financial Corp. 0.64% 49,750 $9.2M Reduce -2.0%
QCOM Qualcomm Inc. 0.62% 48,292 $8.9M Add +41.2%
ENTG Entegris Inc. 0.60% 48,096 $8.7M Add +2.7%
NOC Northrop Grumman Corp. 0.58% 16,474 $8.4M Reduce -1.0%
NVS Novartis AG-Sponsored ADR 0.57% 52,702 $8.3M Add +0.1%
AVB Avalonbay Communities Inc. 0.57% 43,562 $8.2M Reduce -16.2%
XLK SS Technology Select Sector 0.55% 42,000 $8.0M No change
IVW iShares S&P 500 Growth ETF 0.53% 56,000 $7.7M No change
ICE Intercontinental Exchange Inc. 0.53% 61,878 $7.6M Add +18.6%
BX Blackstone Inc. 0.52% 63,897 $7.5M Reduce -11.9%
SUNB Sunbelt Rentals Holdings Inc. 0.48% 93,850 $7.0M Reduce -5.6%
GGG Graco Inc. 0.47% 90,559 $6.8M Add +34.4%
COST Costco Wholesale Corp. 0.46% 7,079 $6.6M Add +5.0%
SBUX Starbucks Corp. 0.45% 63,274 $6.5M Reduce -27.9%
MLI Mueller Industries Inc. 0.45% 52,481 $6.5M Reduce -10.8%
ORCL Oracle Corp. 0.44% 43,601 $6.4M Reduce -4.2%
SLB SLB Ltd. filed as SLB LIMITED 0.42% 131,518 $6.1M Add +14.3%
PEP Pepsico Inc. 0.41% 43,887 $5.9M Reduce -21.8%
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.40% 11,080 $5.8M No change
CVX Chevron Corp. 0.40% 34,537 $5.7M Reduce -3.5%
RELX Relx PLC - Spon ADR 0.39% 177,412 $5.6M Add +5.0%
BWXT BWX Technologies Inc. 0.39% 28,838 $5.6M Reduce -26.0%
CRH CRH PLC 0.38% 50,749 $5.4M Reduce -0.2%
KMI Kinder Morgan Inc. 0.34% 155,586 $5.0M Reduce -0.0%
GRMN Garmin Ltd. 0.33% 20,122 $4.8M Add +13.8%
NFLX Netflix Inc. 0.33% 66,575 $4.8M Add +38.6%
SGOL Abrdn Physical Gold Shares 0.30% 112,946 $4.3M Reduce -0.3%
UFPI Ufp Industries Inc. 0.30% 47,190 $4.3M Reduce -5.1%
GLD SPDR Gold Shares 0.26% 10,244 $3.8M Reduce -0.2%
BRK.A Berkshire Hathaway Inc. Class A 0.26% 5 $3.7M No change
CEG Constellation Energy 0.24% 14,268 $3.5M Reduce -9.5%
AMRZ Amrize Ltd. 0.24% 65,645 $3.5M New
TSLA Tesla Inc. 0.23% 7,913 $3.3M Add +21.4%
DVY iShares Select Dividend ETF 0.23% 21,008 $3.3M Add +0.1%
SDY SS SPDR S&P Dividend ETF 0.22% 20,615 $3.1M Reduce -1.8%
STZ Constellation Brands Inc. Class A 0.21% 22,214 $3.1M Add +12.4%
IJR iShares Core S&P Small-Cap E 0.21% 20,450 $3.0M No change
DGX Quest Diagnostics Inc. 0.20% 13,348 $2.8M New
WMT Walmart Inc. 0.19% 24,315 $2.8M Reduce -10.1%
HCA HCA Healthcare Inc. 0.18% 6,813 $2.7M Reduce -40.1%
ABT Abbott Laboratories 0.17% 27,594 $2.5M Reduce -61.6%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.17% 1,235 $2.5M New
NTRA Natera Inc. 0.17% 8,927 $2.4M Reduce -1.9%
NXRT Nexpoint Residential 0.16% 82,707 $2.3M Add +8.0%
TSM Taiwan Semiconductor-SP ADR 0.15% 4,634 $2.2M No change
VNQ Vanguard Real Estate ETF 0.14% 21,665 $2.1M Add +353.1%
DGRW Wisdomtree U.S. Quality Divi 0.14% 21,779 $2.1M No change
SPMO Invesco S&P 500 Momentum ETF 0.14% 12,836 $2.1M No change
ADBE Adobe Inc. 0.13% 9,357 $1.9M Reduce -44.4%
UNH Unitedhealth Group Inc. 0.13% 4,500 $1.9M Reduce -1.2%
ETR Entergy Corp. 0.12% 15,134 $1.7M Add +1.3%
EXC Exelon Corp. 0.12% 36,855 $1.7M No change
DAL Delta Air Lines Inc. 0.11% 16,850 $1.6M No change
OKE Oneok Inc. 0.10% 17,194 $1.5M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 1,743 $1.3M Reduce -1.1%
IWR iShares Russell Mid-Cap ETF 0.08% 10,231 $1.1M No change
SCHD Schwab US DVD Equity ETF 0.08% 35,238 $1.1M Reduce -1.2%
T AT&T Inc. 0.07% 50,228 $1.0M Reduce -6.5%
IJJ iShares S&P Mid-Cap 400 Valu 0.07% 6,923 $1.0M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.07% 22,360 $1.0M No change
DPZ Domino's Pizza Inc. 0.07% 3,422 $1.0M Reduce -77.3%
VIS Vanguard Industrials ETF 0.07% 2,799 $1.0M No change
SAIA Saia Inc. 0.07% 2,366 $996K New
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 10,800 $930K Reduce -0.2%
BATRK Atlanta Braves Holdings in-C 0.06% 17,404 $903K No change
TMUS T-Mobile US Inc. 0.06% 5,189 $870K Add +189.2%
VAW Vanguard Materials ETF 0.06% 3,803 $870K Add +185.5%
MO Altria Group Inc. 0.06% 12,045 $867K No change
XLV SS Health Care Select Sector 0.06% 5,315 $843K Reduce -8.4%
EEM iShares MSCI Emerging Market 0.06% 12,079 $826K Add +0.2%
INTC Intel Corp. 0.05% 5,384 $752K Reduce -50.1%
UL Unilever PLC-Sponsored ADR 0.05% 12,398 $745K Reduce -36.9%
VXF Vanguard Extended Market ETF 0.05% 2,917 $718K No change
NXPI NXP Semiconductors NV 0.05% 2,510 $705K No change
CVS CVS Health Corp. 0.05% 6,646 $688K Add +60.7%
EPD Enterprise Products Partners 0.05% 17,950 $660K Add +8.1%
DINO HF Sinclair Corp. 0.05% 9,450 $658K No change
BA The Boeing Co. 0.04% 2,980 $645K Reduce -13.8%
MCD McDonald's Corp. 0.04% 2,347 $634K Add +4.6%
XLP SS Consumer Staples Sel Sect 0.04% 7,580 $630K No change
XLE SS Energy Select Sector 0.04% 11,744 $624K Add +0.6%
JBHT Hunt (jb) Transprt SVCS Inc. 0.04% 2,112 $611K Add +106.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 6,211 $598K Add +8.9%
VGK Vanguard Ftse Europe ETF 0.04% 6,400 $567K No change
MUSA Murphy USA Inc. 0.04% 1,032 $556K Reduce -20.4%
HAL Halliburton Co. 0.04% 16,227 $551K No change
ITA iShares U.S. Aerospace & Def 0.04% 2,260 $548K No change
IWM iShares Russell 2000 ETF 0.04% 1,822 $547K Reduce -0.6%
VONE Vanguard Russell 1000 0.04% 1,568 $531K No change
KR Kroger Co. 0.04% 9,143 $508K Reduce -23.3%
IYE iShares U.S. Energy ETF 0.03% 8,825 $499K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 1,350 $494K No change
VRT Vertiv Holdings Co. Class A 0.03% 1,404 $470K Reduce -28.2%
RF Regions Financial Corp. 0.03% 14,159 $428K Reduce -0.1%
DE Deere & Co. 0.03% 643 $408K Reduce -29.6%
SCHX Schwab US Large-Cap ETF 0.03% 13,033 $384K Add +8.3%
SO The Southern Co. 0.03% 3,859 $369K No change
WFC Wells Fargo & Co. 0.03% 4,431 $366K No change
BUD Anheuser-Busch Inbev-SPN ADR 0.03% 4,420 $364K Add +0.3%
ADSK Autodesk Inc. 0.02% 1,852 $360K New
XLI SS Industrial Select Sector 0.02% 1,925 $357K No change
FDX FedEx Corp. 0.02% 1,120 $351K No change
AMGN Amgen Inc. 0.02% 959 $347K Reduce -5.7%
UNP Union Pacific Corp. 0.02% 1,241 $338K Add +21.9%
BRK.B Berkshire Hathaway Inc. Class B 0.02% 645 $323K Add +1.4%
LNG Cheniere Energy Inc. 0.02% 1,344 $321K Reduce -11.5%
IBIT iShares Bitcoin Trust ETF 0.02% 9,521 $317K New
GOOGL Alphabet Inc. Class A 0.02% 845 $302K Add +13.6%
AOR iShares Core 60/40 Balanced 0.02% 4,200 $292K No change
XLF SS Financial Select Sector 0.02% 5,250 $281K No change
UPS United Parcel Service Class B 0.02% 2,476 $266K No change
IYH iShares U.S. Healthcare ETF 0.02% 3,750 $251K No change
IJH iShares Core S&P Midcap ETF 0.02% 3,150 $243K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.02% 2,826 $228K Reduce -0.3%
LRCX Lam Research Corp. 0.01% 500 $217K New
ELV Elevance Health Inc. 0.01% 532 $206K Reduce -64.0%
MKL Markel Group Inc. 0.01% 105 $205K No change
FATE Fate Therapeutics Inc. 0.00% 12,700 $34K No change

Options reported separately and not counted above: NVDA puts ($3K), NVDA calls ($4).

Portfolio Sells Q1 2026 → Q2 2026
BTT BlackRock 2030 Muni TRGT TRM Sold out 0.00% −0.60
LMT Lockheed Martin Corp. Reduce -21.8% 0.88% −0.55
XOM Exxon Mobil Corp. Reduce -6.1% 1.06% −0.44
LHX L3HARRIS Technologies Inc. Reduce -13.6% 0.81% −0.38
ABT Abbott Laboratories Reduce -61.6% 0.17% −0.37
DPZ Domino's Pizza Inc. Reduce -77.3% 0.07% −0.33
MSFT Microsoft Corp. Reduce -1.1% 4.18% −0.30
NOC Northrop Grumman Corp. Reduce -1.0% 0.58% −0.26
NEE Nextera Energy Inc. Reduce -10.1% 0.94% −0.24
PEP Pepsico Inc. Reduce -21.8% 0.41% −0.23
MTBA Simplify MBS ETF Sold out 0.00% −0.23
META Meta Platforms Inc. Class A Reduce -2.8% 1.86% −0.22
HCA HCA Healthcare Inc. Reduce -40.1% 0.18% −0.21
BWXT BWX Technologies Inc. Reduce -26.0% 0.39% −0.20
FTHY First Trust Hi YLD Opp 2027 Sold out 0.00% −0.20
BLK BlackRock Inc. Reduce -6.5% 1.25% −0.18
ADBE Adobe Inc. Reduce -44.4% 0.13% −0.17
CVX Chevron Corp. Reduce -3.5% 0.40% −0.15
SBUX Starbucks Corp. Reduce -27.9% 0.45% −0.13
V Visa Inc. Class A Reduce -14.4% 1.10% −0.11
MRK Merck & Co. Inc. Reduce -10.7% 0.88% −0.11
BX Blackstone Inc. Reduce -11.9% 0.52% −0.10
MGOV FT Intermed Govt Oppt ETF Sold out 0.00% −0.09
PG The Procter & Gamble Co. Reduce -3.8% 0.87% −0.08
CEG Constellation Energy Reduce -9.5% 0.24% −0.08
SGOL Abrdn Physical Gold Shares Reduce -0.3% 0.30% −0.07
CLOI Vaneck Clo ETF Sold out 0.00% −0.07
GLD SPDR Gold Shares Reduce -0.2% 0.26% −0.07
PM Philip Morris International Reduce -10.0% 0.72% −0.06
AVB Avalonbay Communities Inc. Reduce -16.2% 0.57% −0.06
WMT Walmart Inc. Reduce -10.1% 0.19% −0.06
JNJ Johnson & Johnson Reduce -0.5% 1.65% −0.05
ORCL Oracle Corp. Reduce -4.2% 0.44% −0.05
HD Home Depot Inc. Reduce -3.3% 1.59% −0.05
T AT&T Inc. Reduce -6.5% 0.07% −0.04
UFPI Ufp Industries Inc. Reduce -5.1% 0.30% −0.04
KMI Kinder Morgan Inc. Reduce -0.0% 0.34% −0.04
MLI Mueller Industries Inc. Reduce -10.8% 0.45% −0.04
MMIN Nylim Mackay Muni Insured Et Sold out 0.00% −0.03
VGLT Vanguard Long-Term Treasury Sold out 0.00% −0.03
CPRT Copart Inc. Sold out 0.00% −0.03
LMBS First Trust Low Duration Opp Sold out 0.00% −0.03
UL Unilever PLC-Sponsored ADR Reduce -36.9% 0.05% −0.03
XBMNX BlackRock 2037 Muni TRGT TRM Sold out 0.00% −0.03
KR Kroger Co. Reduce -23.3% 0.04% −0.03
KO The Coca-Cola Co. Sold out 0.00% −0.02
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −0.02
SPTS SS SPDR P St Term TSY ETF Sold out 0.00% −0.02
VLO Valero Energy Corp. Reduce -1.8% 0.69% −0.02
FERG Ferguson Enterprises Inc. Sold out 0.00% −0.02

Portfolio Buys Q1 2026 → Q2 2026
IVV iShares Core S&P 500 ETF Add +0.2% 10.97% +0.77
CSCO Cisco Systems Inc. Add +1.9% 1.56% +0.48
NOW ServiceNow Inc. Add +216.9% 0.71% +0.46
AAPL Apple Inc. Add +0.3% 5.60% +0.36
AMZN Amazon.com Inc. Add +3.1% 3.75% +0.35
ADI Analog Devices Inc. Add +2.9% 1.79% +0.30
QCOM Qualcomm Inc. Add +41.2% 0.62% +0.29
AVGO Broadcom Inc. Add +16.8% 1.07% +0.27
AMRZ Amrize Ltd. New 0.24% +0.24
DGX Quest Diagnostics Inc. New 0.20% +0.20
ENTG Entegris Inc. Add +2.7% 0.60% +0.19
ASML ASML Holding NV-NY Reg SHS New 0.17% +0.17
VNQ Vanguard Real Estate ETF Add +353.1% 0.14% +0.11
AXP American Express Co. Add +3.6% 1.32% +0.10
CP Canadian Pacific Kansas City Add +11.9% 0.76% +0.10
SAIA Saia Inc. New 0.07% +0.07
GGG Graco Inc. Add +34.4% 0.47% +0.05
TSLA Tesla Inc. Add +21.4% 0.23% +0.05
VAW Vanguard Materials ETF Add +185.5% 0.06% +0.04
TMUS T-Mobile US Inc. Add +189.2% 0.06% +0.03
GRMN Garmin Ltd. Add +13.8% 0.33% +0.03
JBHT Hunt (jb) Transprt SVCS Inc. Add +106.5% 0.04% +0.03
CVS CVS Health Corp. Add +60.7% 0.05% +0.03
ADSK Autodesk Inc. New 0.02% +0.02
RTX RTX Corp. Add +11.1% 1.05% +0.02
IBIT iShares Bitcoin Trust ETF New 0.02% +0.02
NXRT Nexpoint Residential Add +8.0% 0.16% +0.02
LRCX Lam Research Corp. New 0.01% +0.01
EEM iShares MSCI Emerging Market Add +0.2% 0.06% +0.01
GOOGL Alphabet Inc. Class A Add +13.6% 0.02% +0.01
UNP Union Pacific Corp. Add +21.9% 0.02% +0.01
SCHX Schwab US Large-Cap ETF Add +8.3% 0.03% +0.00
BUD Anheuser-Busch Inbev-SPN ADR Add +0.3% 0.03% +0.00
DIS The Walt Disney Co. Add +8.9% 0.04% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.4% 0.02% −0.00
EPD Enterprise Products Partners Add +8.1% 0.05% −0.00
ETR Entergy Corp. Add +1.3% 0.12% −0.00
STZ Constellation Brands Inc. Class A Add +12.4% 0.21% −0.01
MCD McDonald's Corp. Add +4.6% 0.04% −0.01
DVY iShares Select Dividend ETF Add +0.1% 0.23% −0.01
XLE SS Energy Select Sector Add +0.6% 0.04% −0.01
NFLX Netflix Inc. Add +38.6% 0.33% −0.01
SLB SLB Ltd. Add +14.3% 0.42% −0.01
GD General Dynamics Corp. Add +1.7% 0.94% −0.02
NVS Novartis AG-Sponsored ADR Add +0.1% 0.57% −0.02
RELX Relx PLC - Spon ADR Add +5.0% 0.39% −0.03
COST Costco Wholesale Corp. Add +5.0% 0.46% −0.04
ICE Intercontinental Exchange Inc. Add +18.6% 0.53% −0.08
IAU iShares Gold Trust Add +0.1% 3.50% −0.86

Options Activity Q1 2026 → Q2 2026
NVDA Nvidia Corp. call New 2 $4

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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