13F HOLDINGS REPORT
Narwhal Capital Management
Quarter ended Q2 2025 · Filed July 23, 2025 · Accession 0001085146-25-004109
Total Value
$1.25B
Positions
162
Other Managers
0
Confidential Omitted
No
Holdings (162)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287200 | 196,429 | $122.0M | 9.79% |
| 2 | NVIDIA CORPORATION | NVDA | 499,817 | $79.0M | 6.34% |
| 3 | MICROSOFT CORP | MSFT | 157,248 | $78.2M | 6.28% |
| 4 | APPLE INC | AAPL | 274,968 | $56.4M | 4.53% |
| 5 | ALPHABET INC | GOOG | 291,507 | $51.7M | 4.15% |
| 6 | AMAZON COM INC | AMZN | 213,231 | $46.8M | 3.76% |
| 7 | ISHARES GOLD TR | IAU | 671,755 | $41.9M | 3.36% |
| 8 | META PLATFORMS INC | META | 49,989 | $36.9M | 2.96% |
| 9 | JPMORGAN CHASE & CO. | VYLD | 126,494 | $36.7M | 2.94% |
| 10 | VULCAN MATLS CO | 929160109 | 122,835 | $32.0M | 2.57% |
| 11 | HOME DEPOT INC | HD | 66,967 | $24.6M | 1.97% |
| 12 | BLACKROCK INC | BLK | 23,201 | $24.3M | 1.95% |
| 13 | GOLDMAN SACHS GROUP INC | GSCE | 30,971 | $21.9M | 1.76% |
| 14 | ELI LILLY & CO | LLY | 25,376 | $19.8M | 1.59% |
| 15 | AMERICAN EXPRESS CO | AXP | 59,334 | $18.9M | 1.52% |
| 16 | ISHARES TR | 464287408 | 93,284 | $18.2M | 1.46% |
| 17 | VISA INC | V | 50,246 | $17.8M | 1.43% |
| 18 | BROADCOM INC | AVGO | 57,998 | $16.0M | 1.28% |
| 19 | PROCTER AND GAMBLE CO | 742718109 | 99,985 | $15.9M | 1.28% |
| 20 | ANALOG DEVICES INC | ADI | 64,070 | $15.2M | 1.22% |
| 21 | LOCKHEED MARTIN CORP | LMT | 31,901 | $14.8M | 1.19% |
| 22 | PHILIP MORRIS INTL INC | 718172109 | 76,782 | $14.0M | 1.12% |
| 23 | ISHARES TR | 464287614 | 31,350 | $13.3M | 1.07% |
| 24 | NEXTERA ENERGY INC | NEE-PW | 179,893 | $12.5M | 1.00% |
| 25 | JOHNSON & JOHNSON | JNJ | 80,616 | $12.3M | 0.99% |
| 26 | GENERAL DYNAMICS CORP | GD | 41,392 | $12.1M | 0.97% |
| 27 | CANADIAN PACIFIC KANSAS CITY | CP | 149,218 | $11.8M | 0.95% |
| 28 | MERCK & CO INC | MRK | 146,211 | $11.6M | 0.93% |
| 29 | AVALONBAY CMNTYS INC | AWX | 53,912 | $11.0M | 0.88% |
| 30 | L3HARRIS TECHNOLOGIES INC | LHX | 43,369 | $10.9M | 0.87% |
| 31 | BLACKSTONE INC | BX | 69,983 | $10.5M | 0.84% |
| 32 | CATERPILLAR INC | CAT | 26,202 | $10.2M | 0.82% |
| 33 | EXXON MOBIL CORP | XOM | 91,759 | $9.9M | 0.79% |
| 34 | CISCO SYS INC | CSCO | 137,919 | $9.6M | 0.77% |
| 35 | BLACKROCK MUN TARGET TERM TR | BLK | 423,363 | $9.3M | 0.74% |
| 36 | RTX CORPORATION | RTX | 61,575 | $9.0M | 0.72% |
| 37 | ABBOTT LABS | ABLZF | 65,569 | $8.9M | 0.72% |
| 38 | QUALCOMM INC | QCOM | 53,435 | $8.5M | 0.68% |
| 39 | VALERO ENERGY CORP | VLO | 61,730 | $8.3M | 0.67% |
| 40 | NORTHROP GRUMMAN CORP | NOC | 16,547 | $8.3M | 0.66% |
| 41 | MUELLER INDS INC | 624756102 | 92,862 | $7.4M | 0.59% |
| 42 | GRACO INC | GGG | 82,381 | $7.1M | 0.57% |
| 43 | COSTCO WHSL CORP NEW | 22160K105 | 7,131 | $7.1M | 0.57% |
| 44 | INVESCO QQQ TR | IVZ | 12,446 | $6.9M | 0.55% |
| 45 | MILLER INDS INC TENN | 600551204 | 153,479 | $6.8M | 0.55% |
| 46 | RELX PLC | RLXXF | 124,920 | $6.8M | 0.55% |
| 47 | GARMIN LTD | GRMN | 31,297 | $6.5M | 0.52% |
| 48 | COSTAR GROUP INC | CSGP | 80,421 | $6.5M | 0.52% |
| 49 | BWX TECHNOLOGIES INC | BWXT | 42,936 | $6.2M | 0.50% |
| 50 | ISHARES TR | 464287309 | 56,000 | $6.2M | 0.50% |
| 51 | NOVARTIS AG | NVSEF | 50,760 | $6.1M | 0.49% |
| 52 | ORACLE CORP | ORCL-PD | 26,929 | $5.9M | 0.47% |
| 53 | PEPSICO INC | PEP | 42,161 | $5.6M | 0.45% |
| 54 | LULULEMON ATHLETICA INC | LULU | 22,921 | $5.4M | 0.44% |
| 55 | UFP INDUSTRIES INC | UFPI | 54,319 | $5.4M | 0.43% |
| 56 | SELECT SECTOR SPDR TR | 81369Y803 | 21,000 | $5.3M | 0.43% |
| 57 | CONSTELLATION ENERGY CORP | CEG | 15,718 | $5.1M | 0.41% |
| 58 | CHEVRON CORP NEW | CVX | 34,374 | $4.9M | 0.40% |
| 59 | SPDR DOW JONES INDL AVERAGE | 78467X109 | 11,080 | $4.9M | 0.39% |
| 60 | CRH PLC | CRH | 52,945 | $4.9M | 0.39% |
| 61 | ENTEGRIS INC | ENTG | 56,697 | $4.6M | 0.37% |
| 62 | KINDER MORGAN INC DEL | EP-PC | 151,137 | $4.4M | 0.36% |
| 63 | UNITEDHEALTH GROUP INC | UNH | 14,113 | $4.4M | 0.35% |
| 64 | CONSTELLATION BRANDS INC | STZ | 26,832 | $4.4M | 0.35% |
| 65 | CINCINNATI FINL CORP | 172062101 | 27,690 | $4.1M | 0.33% |
| 66 | SCHLUMBERGER LTD | SLB | 117,557 | $4.0M | 0.32% |
| 67 | ETFS GOLD TR | 00326A104 | 117,976 | $3.7M | 0.30% |
| 68 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 5 | $3.6M | 0.29% |
| 69 | RH | RH | 18,979 | $3.6M | 0.29% |
| 70 | SIMPLIFY EXCHANGE TRADED FUN | 82889N525 | 71,250 | $3.6M | 0.29% |
| 71 | DOMINOS PIZZA INC | DPZ | 7,687 | $3.5M | 0.28% |
| 72 | MURPHY USA INC | MUSA | 8,244 | $3.4M | 0.27% |
| 73 | SPDR GOLD TR | GLD | 10,440 | $3.2M | 0.26% |
| 74 | CHAMPIONX CORPORATION | 15872M104 | 127,334 | $3.2M | 0.25% |
| 75 | WALMART INC | WMT | 32,206 | $3.1M | 0.25% |
| 76 | FIRST TR HIGH YIELD OPPRT 20 | 33741Q107 | 209,151 | $3.1M | 0.25% |
| 77 | STARBUCKS CORP | SBUX | 32,738 | $3.0M | 0.24% |
| 78 | SPDR SERIES TRUST | 78464A763 | 20,989 | $2.8M | 0.23% |
| 79 | HCA HEALTHCARE INC | HCA | 7,335 | $2.8M | 0.23% |
| 80 | ISHARES TR | 464287168 | 20,911 | $2.8M | 0.22% |
| 81 | DISNEY WALT CO | 254687106 | 21,203 | $2.6M | 0.21% |
| 82 | TESLA INC | TSLA | 7,166 | $2.3M | 0.18% |
| 83 | NATERA INC | NTRA | 13,325 | $2.3M | 0.18% |
| 84 | ISHARES TR | 464287804 | 20,563 | $2.2M | 0.18% |
| 85 | ADOBE INC | ADBE | 5,009 | $1.9M | 0.16% |
| 86 | EXELON CORP | EXC | 42,180 | $1.8M | 0.15% |
| 87 | WISDOMTREE TR | WT | 21,779 | $1.8M | 0.15% |
| 88 | UNILEVER PLC | UNLYF | 26,181 | $1.6M | 0.13% |
| 89 | AT&T INC | T-PC | 53,595 | $1.6M | 0.12% |
| 90 | ONEOK INC NEW | OKE | 17,602 | $1.4M | 0.12% |
| 91 | SERVICENOW INC | NOW | 1,394 | $1.4M | 0.12% |
| 92 | SPDR S&P 500 ETF TR | SPY | 2,189 | $1.4M | 0.11% |
| 93 | ELEVANCE HEALTH INC | ELV | 3,375 | $1.3M | 0.11% |
| 94 | NOV INC | NOV | 105,388 | $1.3M | 0.11% |
| 95 | MICRON TECHNOLOGY INC | MU | 10,558 | $1.3M | 0.10% |
| 96 | ALTRIA GROUP INC | MO | 22,045 | $1.3M | 0.10% |
| 97 | NEXPOINT RESIDENTIAL TR INC | NXRT | 37,453 | $1.2M | 0.10% |
| 98 | VANGUARD WORLD FD | 92204A801 | 5,633 | $1.1M | 0.09% |
| 99 | ENTERGY CORP NEW | ENO | 13,000 | $1.1M | 0.09% |
| 100 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 4,624 | $1.0M | 0.08% |
| 101 | SCHWAB STRATEGIC TR | 808524797 | 36,495 | $967,118 | 0.08% |
| 102 | SELECT SECTOR SPDR TR | 81369Y886 | 11,822 | $965,385 | 0.08% |
| 103 | ISHARES TR | 464287499 | 10,231 | $940,945 | 0.08% |
| 104 | NETFLIX INC | NFLX | 667 | $893,200 | 0.07% |
| 105 | SELECT SECTOR SPDR TR | 81369Y209 | 6,555 | $883,548 | 0.07% |
| 106 | ISHARES TR | 464287705 | 6,923 | $855,544 | 0.07% |
| 107 | DELTA AIR LINES INC DEL | DAL | 16,850 | $828,683 | 0.07% |
| 108 | ATLANTA BRAVES HLDGS INC | BATRB | 17,404 | $813,985 | 0.07% |
| 109 | T-MOBILE US INC | TMUSZ | 3,384 | $806,272 | 0.06% |
| 110 | VANGUARD INDEX FDS | 922908736 | 1,800 | $789,120 | 0.06% |
| 111 | VANGUARD WORLD FD | 92204A603 | 2,799 | $783,916 | 0.06% |
| 112 | KROGER CO | KR | 10,503 | $753,380 | 0.06% |
| 113 | SELECT SECTOR SPDR TR | 81369Y308 | 9,010 | $729,540 | 0.06% |
| 114 | TARGET CORP | TGT | 6,988 | $689,394 | 0.06% |
| 115 | NEW YORK LIFE INVTS ACTIVE E | 45409F843 | 29,345 | $684,032 | 0.05% |
| 116 | FIRST TR EXCHANGE-TRADED FD | 33738D838 | 33,515 | $675,327 | 0.05% |
| 117 | ISHARES TR | 464287507 | 10,805 | $670,126 | 0.05% |
| 118 | ZOETIS INC | ZTS | 4,215 | $657,329 | 0.05% |
| 119 | FIRST TR EXCHANGE-TRADED FD | 33739Q200 | 13,299 | $655,109 | 0.05% |
| 120 | UNITED PARCEL SERVICE INC | UPS | 6,341 | $640,061 | 0.05% |
| 121 | ISHARES TR | 464287655 | 2,937 | $633,775 | 0.05% |
| 122 | BOEING CO | BA-PA | 2,818 | $590,456 | 0.05% |
| 123 | NXP SEMICONDUCTORS N V | NXPI | 2,680 | $585,553 | 0.05% |
| 124 | ISHARES TR | 464287234 | 12,050 | $581,292 | 0.05% |
| 125 | VANGUARD INDEX FDS | 922908652 | 2,980 | $574,276 | 0.05% |
| 126 | ENTERPRISE PRODS PARTNERS L | 293792107 | 18,200 | $564,382 | 0.05% |
| 127 | SELECT SECTOR SPDR TR | 81369Y506 | 6,321 | $536,069 | 0.04% |
| 128 | VANGUARD INTL EQUITY INDEX F | 922042874 | 6,400 | $496,000 | 0.04% |
| 129 | VANGUARD SCOTTSDALE FDS | 92206C730 | 1,568 | $440,388 | 0.04% |
| 130 | WELLS FARGO CO NEW | 949746101 | 5,446 | $436,334 | 0.04% |
| 131 | VANGUARD INDEX FDS | 922908553 | 4,877 | $434,346 | 0.03% |
| 132 | ISHARES TR | 464288760 | 2,260 | $426,326 | 0.03% |
| 133 | DEERE & CO | DE | 837 | $425,606 | 0.03% |
| 134 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 839 | $407,561 | 0.03% |
| 135 | ISHARES TR | 464287796 | 8,825 | $399,067 | 0.03% |
| 136 | MOLSON COORS BEVERAGE CO | TAP-A | 8,160 | $392,414 | 0.03% |
| 137 | HF SINCLAIR CORP | DINO | 9,450 | $388,206 | 0.03% |
| 138 | VANGUARD INDEX FDS | 922908595 | 1,350 | $373,869 | 0.03% |
| 139 | SOUTHERN CO | SOMN | 3,859 | $354,372 | 0.03% |
| 140 | INVESCO EXCH TRADED FD TR II | IVZ | 3,135 | $352,593 | 0.03% |
| 141 | HALLIBURTON CO | HAL | 16,227 | $330,706 | 0.03% |
| 142 | AMGEN INC | AMGN | 1,170 | $326,676 | 0.03% |
| 143 | CVS HEALTH CORP | CVS | 4,519 | $311,721 | 0.03% |
| 144 | SCHWAB STRATEGIC TR | 808524201 | 12,179 | $297,644 | 0.02% |
| 145 | SOUTHWEST AIRLS CO | 844741108 | 9,080 | $294,555 | 0.02% |
| 146 | ISHARES BITCOIN TRUST ETF | IBIT | 4,811 | $294,481 | 0.02% |
| 147 | SELECT SECTOR SPDR TR | 81369Y704 | 1,925 | $283,976 | 0.02% |
| 148 | SPDR SERIES TRUST | 78464A474 | 9,139 | $275,906 | 0.02% |
| 149 | SELECT SECTOR SPDR TR | 81369Y605 | 5,250 | $274,943 | 0.02% |
| 150 | ISHARES TR | 464289867 | 4,200 | $258,594 | 0.02% |
| 151 | VANGUARD SCOTTSDALE FDS | 92206C847 | 4,560 | $255,907 | 0.02% |
| 152 | FEDEX CORP | FDX | 1,120 | $254,587 | 0.02% |
| 153 | DIAGEO PLC | DGEAF | 2,477 | $249,781 | 0.02% |
| 154 | NUVEEN MUN VALUE FD INC | NU | 26,100 | $226,809 | 0.02% |
| 155 | ISHARES TR | 464287762 | 3,750 | $211,800 | 0.02% |
| 156 | MARKEL GROUP INC | MKL | 105 | $209,723 | 0.02% |
| 157 | ALPHABET INC | GOOG | 1,169 | $205,966 | 0.02% |
| 158 | COMCAST CORP NEW | CCZ | 5,702 | $203,504 | 0.02% |
| 159 | FIRST TR MTG INCOME FD | 33734E103 | 14,203 | $173,277 | 0.01% |
| 160 | CEMEX SAB DE CV | CXMSF | 23,275 | $161,296 | 0.01% |
| 161 | FATE THERAPEUTICS INC | FATE | 12,700 | $14,224 | 0.00% |
| 162 | BP PRUDHOE BAY RTY TR | BPPFF | 23,587 | $11,794 | 0.00% |