Narwhal Capital Management
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| ISHARES TR | IVV | $158.8M | 212,038 | +0.77pp | 31q | HELD | |
| NVIDIA CORPORATION OPT | NVDA | $99.8M | 498,520 | +0.46pp | 31q | HELD | |
| ALPHABET INC | GOOG | $98.5M | 278,904 | +0.76pp | 31q | -2.3%-$2.3M | |
| APPLE INC | AAPL | $81.1M | 280,237 | +0.37pp | 31q | HELD | |
| MICROSOFT CORP | MSFT | $60.5M | 162,292 | -0.30pp | 31q | -1.1%-$687.5K | |
| AMAZON COM INC | AMZN | $54.3M | 227,622 | +0.35pp | 31q | +3.1%+$1.6M | |
| ISHARES GOLD TR | IAU | $50.7M | 672,087 | -0.86pp | 21q | HELD | |
| JPMORGAN CHASE & CO | JPM | $42.4M | 129,578 | +0.11pp | 31q | HELD | |
| VULCAN MATLS CO | VMC | $39.3M | 133,357 | +0.01pp | 31q | -0.9%-$360.5K | |
| META PLATFORMS INC | META | $26.9M | 47,775 | -0.22pp | 31q | -2.8%-$766.6K | |
| ANALOG DEVICES INC | ADI | $26.0M | 65,383 | +0.30pp | 20q | +2.9%+$724.0K | |
| GOLDMAN SACHS GROUP INC | GS | $25.2M | 24,939 | +0.13pp | 31q | -3.7%-$959.8K | |
| ELI LILLY & CO | LLY | $24.5M | 20,444 | +0.24pp | 21q | -4.8%-$1.2M | |
| JOHNSON & JOHNSON | JNJ | $23.9M | 94,177 | -0.05pp | 31q | HELD | |
| CATERPILLAR INC | CAT | $23.6M | 22,180 | +0.42pp | 18q | -4.3%-$1.1M | |
| HOME DEPOT INC | HD | $23.1M | 65,453 | -0.05pp | 31q | -3.3%-$776.6K | |
| CISCO SYS INC | CSCO | $22.6M | 192,141 | +0.48pp | 31q | +1.9%+$419.2K | |
| ISHARES TR | IVE | $21.1M | 92,784 | +0.01pp | 31q | HELD | |
| AMERICAN EXPRESS CO | AXP | $19.1M | 56,415 | +0.10pp | 31q | +3.6%+$662.3K | |
| BLACKROCK INC | BLK | $18.1M | 18,788 | -0.18pp | 7q | -6.5%-$1.3M | |
| VISA INC | V | $15.9M | 46,402 | -0.11pp | 26q | -14.4%-$2.7M | |
| ISHARES TR | IWF | $15.5M | 125,220 | +0.09pp | 31q | +300.0%+$11.7M | |
| BROADCOM INC | AVGO | $15.5M | 41,122 | +0.27pp | 7q | +16.8%+$2.2M | |
| EXXON MOBIL CORP | XOMXXXX | $15.4M | 112,375 | -0.44pp | 31q | -6.1%-$1.0M | |
| RTX CORPORATION | RTX | $15.2M | 80,241 | +0.02pp | 25q | +11.1%+$1.5M | |
| GENERAL DYNAMICS CORP | GD | $13.6M | 38,504 | -0.02pp | 31q | +1.7%+$227.4K | |
| NEXTERA ENERGY INC | NEE | $13.6M | 155,183 | -0.24pp | 31q | -10.1%-$1.5M | |
| LOCKHEED MARTIN CORP | LMT | $12.8M | 25,135 | -0.55pp | 31q | -21.8%-$3.6M | |
| MERCK & CO INC | MRK | $12.8M | 99,503 | -0.11pp | 31q | -10.7%-$1.5M | |
| MICRON TECHNOLOGY INC | MU | $12.7M | 10,985 | +0.60pp | 28q | HELD | |
| PROCTER & GAMBLE CO | PG | $12.6M | 86,077 | -0.08pp | 31q | -3.8%-$495.6K | |
| L3HARRIS TECHNOLOGIES INC | LHX | $11.7M | 40,344 | -0.38pp | 28q | -13.6%-$1.8M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $11.0M | 126,466 | +0.10pp | 13q | +11.9%+$1.2M | |
| PHILIP MORRIS INTL INC | PM | $10.4M | 57,529 | -0.06pp | 31q | -10.0%-$1.2M | |
| SERVICENOW INC | NOW | $10.3M | 103,711 | +0.46pp | 25q | +216.9%+$7.0M | |
| VALERO ENERGY CORP | VLO | $10.0M | 38,358 | -0.02pp | 31q | -1.8%-$183.3K | |
| INVESCO QQQ TR | QQQ | $9.5M | 12,866 | +0.11pp | 31q | HELD | |
| CINCINNATI FINL CORP | CINF | $9.2M | 49,750 | +0.05pp | 12q | -2.0%-$187.9K | |
| QUALCOMM INC | QCOM | $8.9M | 48,292 | +0.29pp | 31q | +41.2%+$2.6M | |
| ENTEGRIS INC | ENTG | $8.7M | 48,096 | +0.19pp | 15q | +2.7%+$226.1K | |
| NORTHROP GRUMMAN CORP | NOC | $8.4M | 16,474 | -0.26pp | 31q | -1.0%-$82.5K | |
| NOVARTIS AG | NVS | $8.3M | 52,702 | -0.02pp | 31q | HELD | |
| AVALONBAY CMNTYS INC | AVB | $8.2M | 43,562 | -0.06pp | 7q | -16.2%-$1.6M | |
| SELECT SECTOR SPDR TR | XLK | $8.0M | 42,000 | +0.14pp | 28q | HELD | |
| ISHARES TR | IVW | $7.7M | 56,000 | +0.06pp | 28q | HELD | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $7.6M | 61,878 | -0.08pp | 3q | +18.6%+$1.2M | |
| BLACKSTONE INC | BX | $7.5M | 63,897 | -0.10pp | 25q | -11.9%-$1.0M | |
| SUNBELT RENTALS HOLDINGS INC | SUNB | $7.0M | 93,850 | +0.01pp | 2q | -5.6%-$413.0K | |
| GRACO INC | GGG | $6.8M | 90,559 | +0.05pp | 12q | +34.4%+$1.8M | |
| COSTCO WHOLESALE CORPORATION | COST | $6.6M | 7,079 | -0.04pp | 18q | +5.0%+$317.1K | |
| STARBUCKS CORP | SBUX | $6.5M | 63,274 | -0.13pp | 31q | -27.9%-$2.5M | |
| MUELLER INDS INC | MLI | $6.5M | 52,481 | -0.04pp | 9q | -10.8%-$777.5K | |
| ORACLE CORP | ORCL | $6.4M | 43,601 | -0.05pp | 10q | -4.2%-$281.1K | |
| SLB LIMITED | SLB | $6.1M | 131,518 | -0.01pp | 9q | +14.3%+$763.5K | |
| PEPSICO INC | PEP | $5.9M | 43,887 | -0.23pp | 31q | -21.8%-$1.7M | |
| STATE STR SPDR DOW JONES IND | DIA | $5.8M | 11,080 | +0.02pp | 31q | HELD | |
| CHEVRON CORPORATION | CVX | $5.7M | 34,537 | -0.15pp | 31q | -3.5%-$205.0K | |
| RELX PLC | RELX | $5.6M | 177,412 | -0.03pp | 5q | +5.0%+$268.2K | |
| BWX TECHNOLOGIES INC | BWXT | $5.6M | 28,838 | -0.20pp | 15q | -26.0%-$2.0M | |
| CRH PLC | CRH | $5.4M | 50,749 | -0.02pp | 12q | HELD | |
| KINDER MORGAN INC DEL | KMI | $5.0M | 155,586 | -0.04pp | 31q | HELD | |
| GARMIN LTD | GRMN | $4.8M | 20,122 | +0.03pp | 12q | +13.9%+$581.5K | |
| NETFLIX INC | NFLX | $4.8M | 66,575 | -0.01pp | 5q | +38.6%+$1.3M | |
| ETFS GOLD TR | SGOL | $4.3M | 112,946 | -0.07pp | 25q | HELD | |
| UFP INDUSTRIES INC | UFPI | $4.3M | 47,190 | -0.04pp | 6q | -5.1%-$229.7K | |
| SPDR GOLD TR | GLD | $3.8M | 10,244 | -0.07pp | 27q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKA | $3.7M | 5 | -0.01pp | 31q | HELD | |
| CONSTELLATION ENERGY CORP | CEG | $3.5M | 14,268 | -0.08pp | 18q | -9.5%-$372.6K | |
| AMRIZE LTD | AMRZ | $3.5M | 65,645 | - | new | NEW | |
| TESLA INC | TSLA | $3.3M | 7,913 | +0.05pp | 19q | +21.4%+$586.3K | |
| ISHARES TR | DVY | $3.3M | 21,008 | -0.01pp | 31q | HELD | |
| SPDR SERIES TRUST | SDY | $3.1M | 20,615 | -0.01pp | 28q | -1.8%-$56.9K | |
| CONSTELLATION BRANDS INC | STZ | $3.1M | 22,214 | -0.01pp | 28q | +12.4%+$340.8K | |
| ISHARES TR | IJR | $3.0M | 20,450 | +0.02pp | 31q | HELD | |
| QUEST DIAGNOSTICS INC | DGX | $2.8M | 13,348 | - | new | NEW | |
| WALMART INC | WMT | $2.8M | 24,315 | -0.06pp | 31q | -10.1%-$309.9K | |
| HCA HEALTHCARE INC | HCA | $2.7M | 6,813 | -0.21pp | 31q | -40.1%-$1.8M | |
| ABBOTT LABORATORIES | ABT | $2.5M | 27,594 | -0.37pp | 31q | -61.6%-$4.0M | |
| ASML HLDG NV | ASML | $2.5M | 1,235 | - | new | NEW | |
| NATERA INC | NTRA | $2.4M | 8,927 | +0.03pp | 7q | -1.9%-$47.8K | |
| NEXPOINT RESIDENTIAL TR INC | NXRT | $2.3M | 82,707 | +0.02pp | 31q | +8.0%+$170.2K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $2.2M | 4,634 | +0.04pp | 15q | HELD | |
| VANGUARD INDEX FDS | VNQ | $2.1M | 21,665 | +0.11pp | 31q | +353.1%+$1.6M | |
| WISDOMTREE TR | DGRW | $2.1M | 21,779 | flat | 13q | HELD | |
| INVESCO EXCH TRADED FD TR II | SPMO | $2.1M | 12,836 | +0.04pp | 7q | HELD | |
| ADOBE INC | ADBE | $1.9M | 9,357 | -0.17pp | 31q | -44.4%-$1.5M | |
| UNITEDHEALTH GROUP INC | UNH | $1.9M | 4,500 | +0.04pp | 31q | -1.2%-$22.4K | |
| ENTERGY CORP NEW | ETR | $1.7M | 15,134 | flat | 31q | +1.3%+$22.2K | |
| EXELON CORP | EXC | $1.7M | 36,855 | -0.01pp | 31q | HELD | |
| DELTA AIR LINES INC | DAL | $1.6M | 16,850 | +0.03pp | 25q | HELD | |
| ONEOK INC NEW | OKE | $1.5M | 17,194 | -0.01pp | 12q | HELD | |
| STATE STR SPDR S&P 500 ETF T | SPY | $1.3M | 1,743 | +0.01pp | 24q | -1.1%-$14.2K | |
| ISHARES TR | IWR | $1.1M | 10,231 | flat | 23q | HELD | |
| SCHWAB STRATEGIC TR | SCHD | $1.1M | 35,238 | flat | 13q | -1.2%-$13.9K | |
| AT&T INC | T | $1.0M | 50,228 | -0.04pp | 17q | -6.5%-$72.5K | |
| ISHARES TR | IJJ | $1.0M | 6,923 | flat | 23q | HELD | |
| SELECT SECTOR SPDR TR | XLU | $1.0M | 22,360 | -0.01pp | 17q | HELD | |
| DOMINOS PIZZA INC | DPZ | $1.0M | 3,422 | -0.33pp | 11q | -77.3%-$3.4M | |
| VANGUARD WORLD FD | VIS | $1.0M | 2,799 | +0.01pp | 31q | HELD | |
| SAIA INC | SAIA | $996.5K | 2,366 | - | new | NEW | |
| VANGUARD INDEX FDS | VUG | $930.3K | 10,800 | +0.01pp | 31q | +498.7%+$774.9K | |
| ATLANTA BRAVES HLDGS INC | BATRK | $903.3K | 17,404 | +0.01pp | 12q | HELD | |
| T-MOBILE US INC | TMUS | $870.4K | 5,189 | +0.03pp | 14q | +189.2%+$569.4K | |
| VANGUARD WORLD FD | VAW | $870.1K | 3,803 | +0.04pp | 23q | +185.5%+$565.3K | |
| ALTRIA GROUP INC | MO | $866.6K | 12,045 | flat | 31q | HELD | |
| SELECT SECTOR SPDR TR | XLV | $843.3K | 5,315 | flat | 15q | -8.4%-$77.7K | |
| ISHARES TR | EEM | $826.3K | 12,079 | +0.01pp | 31q | HELD | |
| INTEL CORP | INTC | $751.8K | 5,384 | +0.02pp | 3q | -50.1%-$755.5K | |
| UNILEVER PLC | UL | $745.4K | 12,398 | -0.03pp | 3q | -36.9%-$436.0K | |
| VANGUARD INDEX FDS | VXF | $718.2K | 2,917 | +0.01pp | 31q | HELD | |
| NXP SEMICONDUCTORS N V | NXPI | $705.4K | 2,510 | +0.01pp | 15q | HELD | |
| CVS HEALTH CORP | CVS | $687.5K | 6,646 | +0.03pp | 31q | +60.7%+$259.7K | |
| ENTERPRISE PRODS PARTNERS L | EPD | $659.8K | 17,950 | flat | 31q | +8.1%+$49.6K | |
| HF SINCLAIR CORP | DINO | $658.2K | 9,450 | flat | 18q | HELD | |
| BOEING CO | BA | $645.1K | 2,980 | -0.01pp | 31q | -13.8%-$103.3K | |
| MCDONALDS CORP | MCD | $634.4K | 2,347 | -0.01pp | 3q | +4.6%+$27.8K | |
| SELECT SECTOR SPDR TR | XLP | $629.7K | 7,580 | flat | 15q | HELD | |
| SELECT SECTOR SPDR TR | XLE | $623.7K | 11,744 | -0.01pp | 19q | +0.6%+$3.5K | |
| HUNT J B TRANS SVCS INC | JBHT | $611.3K | 2,112 | +0.03pp | 2q | +106.5%+$315.2K | |
| DISNEY WALT CO | DIS | $597.8K | 6,211 | flat | 31q | +8.9%+$48.9K | |
| VANGUARD INTL EQUITY INDEX F | VGK | $566.7K | 6,400 | flat | 31q | HELD | |
| MURPHY USA INC | MUSA | $556.1K | 1,032 | -0.01pp | 8q | -20.4%-$142.8K | |
| HALLIBURTON CO | HAL | $550.9K | 16,227 | -0.01pp | 5q | HELD | |
| ISHARES TR | ITA | $547.9K | 2,260 | flat | 15q | HELD | |
| ISHARES TR | IWM | $547.4K | 1,822 | flat | 24q | -0.6%-$3.3K | |
| VANGUARD SCOTTSDALE FDS | VONE | $531.1K | 1,568 | flat | 11q | HELD | |
| KROGER CO | KR | $507.7K | 9,143 | -0.03pp | 5q | -23.3%-$154.4K | |
| ISHARES TR | IYE | $499.4K | 8,825 | -0.01pp | 21q | HELD | |
| VANGUARD INDEX FDS | VBK | $493.7K | 1,350 | flat | 17q | HELD | |
| VERTIV HOLDINGS CO | VRT | $470.1K | 1,404 | flat | 4q | -28.2%-$184.5K | |
| REGIONS FINANCIAL CORP NEW | RF | $427.6K | 14,159 | flat | 2q | HELD | |
| DEERE & CO | DE | $407.9K | 643 | -0.01pp | 19q | -29.6%-$171.9K | |
| SCHWAB STRATEGIC TR | SCHX | $383.5K | 13,033 | flat | 8q | +8.3%+$29.5K | |
| SOUTHERN CO | SO | $369.3K | 3,859 | flat | 9q | HELD | |
| WELLS FARGO & CO | WFC | $366.2K | 4,431 | flat | 31q | HELD | |
| ANHEUSER BUSCH INBEV SA/NV | BUD | $364.2K | 4,420 | flat | 2q | HELD | |
| AUTODESK INC | ADSK | $360.1K | 1,852 | - | new | NEW | |
| SELECT SECTOR SPDR TR | XLI | $356.6K | 1,925 | flat | 11q | HELD | |
| FEDEX CORP | FDX | $350.7K | 1,120 | -0.01pp | 15q | HELD | |
| AMGEN INC | AMGN | $347.3K | 959 | flat | 31q | -5.7%-$21.0K | |
| UNION PAC CORP | UNP | $337.6K | 1,241 | +0.01pp | 2q | +21.9%+$60.7K | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $322.8K | 645 | flat | 13q | +1.4%+$4.5K | |
| CHENIERE ENERGY INC | LNG | $321.2K | 1,344 | -0.01pp | 4q | -11.5%-$41.6K | |
| ISHARES BITCOIN TRUST ETF | IBIT | $316.9K | 9,521 | - | new | NEW | |
| ALPHABET INC | GOOGL | $302.1K | 845 | +0.01pp | 5q | +13.6%+$36.1K | |
| ISHARES TR | AOR | $291.9K | 4,200 | flat | 14q | HELD | |
| SELECT SECTOR SPDR TR | XLF | $281.5K | 5,250 | flat | 10q | HELD | |
| UNITED PARCEL SVCS INC | UPS | $266.2K | 2,476 | flat | 6q | HELD | |
| ISHARES TR | IYH | $251.3K | 3,750 | flat | 15q | HELD | |
| ISHARES TR | IJH | $242.9K | 3,150 | flat | 21q | HELD | |
| VANGUARD INDEX FDS | VO | $227.7K | 2,826 | flat | 4q | +298.6%+$170.6K | |
| LAM RESEARCH CORP | LRCX | $216.7K | 500 | - | new | NEW | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $205.7K | 532 | -0.02pp | 31q | -64.0%-$365.8K | |
| MARKEL GROUP INC | MKL | $205.1K | 105 | flat | 5q | HELD | |
| FATE THERAPEUTICS INC | FATE | $34.3K | 12,700 | flat | 5q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $205.3M | 14.2% |
| Semiconductors & Electronics | $167.0M | 11.5% |
| Capital Markets | $117.6M | 8.1% |
| Computer Hardware | $103.7M | 7.2% |
| Retail & Consumer | $94.9M | 6.6% |
| Biotech & Pharma | $72.4M | 5.0% |
| Autos & Aerospace | $70.5M | 4.9% |
| Banks & Lending | $62.3M | 4.3% |
| Mining & Metals | $45.8M | 3.2% |
| Industrials | $39.2M | 2.7% |
| Energy | $29.8M | 2.1% |
| Business Services | $28.6M | 2.0% |
| Other sectors | $153.1M | 10.6% |
| Not classified | $258.1M | 17.8% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.4B | 155 | 7 | 38 | 54 | 20 | 49.2% | 24 |
| Q1 2026 | $1.4B | 168 | 10 | 46 | 53 | 4 | 47.7% | 24 |
| Q4 2025 | $1.4B | 162 | 8 | 46 | 53 | 9 | 50.6% | 30 |
| Q3 2025 | $1.4B | 163 | 8 | 40 | 71 | 7 | 49.3% | 24 |
| Q2 2025 | $1.2B | 162 | 11 | 44 | 68 | 10 | 46.7% | 23 |
| Q1 2025 | $1.1B | 161 | 5 | 54 | 43 | 5 | 43.7% | 23 |
| Q4 2024 | $1.1B | 161 | 10 | 33 | 65 | 9 | 46.7% | 22 |
| Q3 2024 | $1.1B | 160 | 6 | 43 | 59 | 6 | 45.0% | 22 |
| Q2 2024 | $1.1B | 160 | 7 | 32 | 65 | 8 | 45.1% | 36 |
| Q1 2024 | $1.0B | 161 | 5 | 52 | 59 | 10 | 42.2% | 26 |
| Q4 2023 | $915.1M | 166 | 11 | 49 | 52 | 8 | 40.7% | 25 |
| Q3 2023 | $819.4M | 163 | 7 | 38 | 61 | 13 | 40.4% | 30 |
| Q2 2023 | $850.8M | 169 | 13 | 40 | 67 | 6 | 40.5% | 34 |
| Q1 2023 | $799.3M | 162 | 6 | 42 | 52 | 3 | 37.4% | 32 |
| Q4 2022 | $751.9M | 159 | 16 | 47 | 51 | 7 | 36.0% | 31 |
| Q3 2022 | $690.5M | 150 | 5 | 48 | 50 | 9 | 38.3% | 32 |
| Q2 2022 | $729.5M | 154 | 12 | 39 | 61 | 11 | 38.7% | 32 |
| Q1 2022 | $854.2M | 153 | 10 | 52 | 44 | 13 | 40.1% | 26 |
| Q4 2021 | $878.9M | 156 | 11 | 47 | 43 | 13 | 39.6% | 26 |
| Q3 2021 | $792.6M | 158 | 13 | 46 | 55 | 19 | 38.7% | 22 |
| Q2 2021 | $792.2M | 164 | 15 | 45 | 56 | 9 | 37.6% | 29 |
| Q1 2021 | $739.4M | 158 | 17 | 43 | 67 | 10 | 36.9% | 23 |
| Q4 2020 | $705.4M | 151 | 20 | 52 | 49 | 10 | 37.2% | 33 |
| Q3 2020 | $620.2M | 141 | 19 | 42 | 49 | 15 | 38.5% | 26 |
| Q2 2020 | $577.3M | 137 | 19 | 45 | 44 | 10 | 38.4% | 22 |
| Q1 2020 | $464.0M | 128 | 11 | 56 | 47 | 20 | 38.4% | 30 |
| Q4 2019 | $544.8M | 137 | 6 | 39 | 41 | 5 | 37.6% | 31 |
| Q3 2019 | $497.2M | 136 | 10 | 37 | 58 | 7 | 37.1% | 31 |
| Q2 2019 | $483.3M | 133 | 2 | 46 | 43 | 10 | 34.2% | 30 |
| Q1 2019 | $459.6M | 141 | 10 | 38 | 41 | 3 | 32.4% | 12 |
| Q4 2018 | $403.6M | 134 | 0 | 0 | 0 | 0 | 32.4% | 15 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.