13F HOLDINGS REPORT
Narwhal Capital Management
Quarter ended Q3 2025 · Filed October 24, 2025 · Accession 0001461287-25-000005
Total Value
$1.35B
Positions
164
Other Managers
0
Confidential Omitted
No
Holdings (164)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287200 | 203,919 | $136.5M | 10.11% |
| 2 | NVIDIA CORPORATION | NVDA | 508,238 | $94.8M | 7.02% |
| 3 | MICROSOFT CORP | MSFT | 156,069 | $80.8M | 5.99% |
| 4 | APPLE INC | AAPL | 272,566 | $69.4M | 5.14% |
| 5 | ALPHABET INC | GOOG | 284,087 | $69.2M | 5.12% |
| 6 | ISHARES GOLD TR | IAU | 672,041 | $48.9M | 3.62% |
| 7 | AMAZON COM INC | AMZN | 211,752 | $46.5M | 3.44% |
| 8 | VULCAN MATLS CO | 929160109 | 133,394 | $41.0M | 3.04% |
| 9 | JPMORGAN CHASE & CO. | VYLD | 128,184 | $40.4M | 2.99% |
| 10 | META PLATFORMS INC | META | 51,141 | $37.6M | 2.78% |
| 11 | HOME DEPOT INC | HD | 60,886 | $24.7M | 1.83% |
| 12 | BLACKROCK INC | BLK | 20,825 | $24.3M | 1.80% |
| 13 | GOLDMAN SACHS GROUP INC | GSCE | 26,599 | $21.2M | 1.57% |
| 14 | VISA INC | V | 59,895 | $20.4M | 1.51% |
| 15 | AMERICAN EXPRESS CO | AXP | 59,257 | $19.7M | 1.46% |
| 16 | ISHARES TR | 464287408 | 92,784 | $19.2M | 1.42% |
| 17 | LOCKHEED MARTIN CORP | LMT | 36,465 | $18.2M | 1.35% |
| 18 | JOHNSON & JOHNSON | JNJ | 96,371 | $17.9M | 1.32% |
| 19 | ELI LILLY & CO | LLY | 23,222 | $17.7M | 1.31% |
| 20 | L3HARRIS TECHNOLOGIES INC | LHX | 50,128 | $15.3M | 1.13% |
| 21 | BROADCOM INC | AVGO | 45,963 | $15.2M | 1.12% |
| 22 | ANALOG DEVICES INC | ADI | 60,255 | $14.8M | 1.10% |
| 23 | ISHARES TR | 464287614 | 31,327 | $14.7M | 1.09% |
| 24 | RTX CORPORATION | RTX | 80,685 | $13.5M | 1.00% |
| 25 | NEXTERA ENERGY INC | NEE-PW | 176,113 | $13.3M | 0.98% |
| 26 | GENERAL DYNAMICS CORP | GD | 37,260 | $12.7M | 0.94% |
| 27 | PROCTER AND GAMBLE CO | 742718109 | 82,610 | $12.7M | 0.94% |
| 28 | PHILIP MORRIS INTL INC | 718172109 | 76,498 | $12.4M | 0.92% |
| 29 | ORACLE CORP | ORCL-PD | 42,544 | $12.0M | 0.89% |
| 30 | AVALONBAY CMNTYS INC | AWX | 60,833 | $11.8M | 0.87% |
| 31 | BLACKSTONE INC | BX | 68,450 | $11.7M | 0.87% |
| 32 | EXXON MOBIL CORP | XOM | 103,643 | $11.7M | 0.87% |
| 33 | MERCK & CO INC | MRK | 136,305 | $11.4M | 0.85% |
| 34 | CISCO SYS INC | CSCO | 165,020 | $11.3M | 0.84% |
| 35 | CATERPILLAR INC | CAT | 22,862 | $10.9M | 0.81% |
| 36 | NORTHROP GRUMMAN CORP | NOC | 16,428 | $10.0M | 0.74% |
| 37 | ABBOTT LABS | ABLZF | 71,596 | $9.6M | 0.71% |
| 38 | PEPSICO INC | PEP | 67,710 | $9.5M | 0.70% |
| 39 | CANADIAN PACIFIC KANSAS CITY | CP | 123,462 | $9.2M | 0.68% |
| 40 | BLACKROCK MUN TARGET TERM TR | BLK | 389,368 | $8.7M | 0.65% |
| 41 | VALERO ENERGY CORP | VLO | 50,897 | $8.7M | 0.64% |
| 42 | QUALCOMM INC | QCOM | 48,626 | $8.1M | 0.60% |
| 43 | INVESCO QQQ TR | IVZ | 12,433 | $7.5M | 0.55% |
| 44 | RELX PLC | RLXXF | 153,519 | $7.3M | 0.54% |
| 45 | CINCINNATI FINL CORP | 172062101 | 44,966 | $7.1M | 0.53% |
| 46 | MUELLER INDS INC | 624756102 | 70,069 | $7.1M | 0.52% |
| 47 | ISHARES TR | 464287309 | 56,000 | $6.8M | 0.50% |
| 48 | NOVARTIS AG | NVSEF | 51,925 | $6.7M | 0.49% |
| 49 | CRH PLC | CRH | 50,976 | $6.1M | 0.45% |
| 50 | BWX TECHNOLOGIES INC | BWXT | 32,192 | $5.9M | 0.44% |
| 51 | SELECT SECTOR SPDR TR | 81369Y803 | 21,000 | $5.9M | 0.44% |
| 52 | DOMINOS PIZZA INC | DPZ | 12,933 | $5.6M | 0.41% |
| 53 | STARBUCKS CORP | SBUX | 63,585 | $5.4M | 0.40% |
| 54 | CHEVRON CORP NEW | CVX | 34,218 | $5.3M | 0.39% |
| 55 | CONSTELLATION ENERGY CORP | CEG | 15,718 | $5.2M | 0.38% |
| 56 | SPDR DOW JONES INDL AVERAGE | 78467X109 | 11,080 | $5.1M | 0.38% |
| 57 | GRACO INC | GGG | 59,095 | $5.0M | 0.37% |
| 58 | COSTCO WHSL CORP NEW | 22160K105 | 5,338 | $4.9M | 0.37% |
| 59 | SCHLUMBERGER LTD | SLB | 136,981 | $4.7M | 0.35% |
| 60 | GARMIN LTD | GRMN | 18,932 | $4.7M | 0.35% |
| 61 | UFP INDUSTRIES INC | UFPI | 49,287 | $4.6M | 0.34% |
| 62 | KINDER MORGAN INC DEL | EP-PC | 151,137 | $4.3M | 0.32% |
| 63 | ETFS GOLD TR | 00326A104 | 116,001 | $4.3M | 0.32% |
| 64 | TESLA INC | TSLA | 9,516 | $4.2M | 0.31% |
| 65 | SIMPLIFY EXCHANGE TRADED FUN | 82889N525 | 81,879 | $4.1M | 0.31% |
| 66 | ENTEGRIS INC | ENTG | 42,327 | $3.9M | 0.29% |
| 67 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 5 | $3.8M | 0.28% |
| 68 | SPDR GOLD TR | GLD | 10,440 | $3.7M | 0.27% |
| 69 | MURPHY USA INC | MUSA | 8,602 | $3.3M | 0.25% |
| 70 | FIRST TR HIGH YIELD OPPRT 20 | 33741Q107 | 222,614 | $3.2M | 0.24% |
| 71 | ADOBE INC | ADBE | 8,934 | $3.2M | 0.23% |
| 72 | HCA HEALTHCARE INC | HCA | 7,038 | $3.0M | 0.22% |
| 73 | ISHARES TR | 464287168 | 20,836 | $3.0M | 0.22% |
| 74 | SPDR SERIES TRUST | 78464A763 | 20,989 | $2.9M | 0.22% |
| 75 | COPART INC | CPRT | 65,100 | $2.9M | 0.22% |
| 76 | COSTAR GROUP INC | CSGP | 33,113 | $2.8M | 0.21% |
| 77 | CONSTELLATION BRANDS INC | STZ | 20,206 | $2.7M | 0.20% |
| 78 | UNITEDHEALTH GROUP INC | UNH | 7,343 | $2.5M | 0.19% |
| 79 | ISHARES TR | 464287804 | 20,541 | $2.4M | 0.18% |
| 80 | WALMART INC | WMT | 22,689 | $2.3M | 0.17% |
| 81 | ZOETIS INC | ZTS | 15,859 | $2.3M | 0.17% |
| 82 | DEERE & CO | DE | 4,385 | $2.0M | 0.15% |
| 83 | WISDOMTREE TR | WT | 21,779 | $1.9M | 0.14% |
| 84 | NATERA INC | NTRA | 11,727 | $1.9M | 0.14% |
| 85 | SERVICENOW INC | NOW | 1,966 | $1.8M | 0.13% |
| 86 | MICRON TECHNOLOGY INC | MU | 10,275 | $1.7M | 0.13% |
| 87 | EXELON CORP | EXC | 37,180 | $1.7M | 0.12% |
| 88 | INVESCO EXCH TRADED FD TR II | IVZ | 13,676 | $1.7M | 0.12% |
| 89 | AT&T INC | T-PC | 53,720 | $1.5M | 0.11% |
| 90 | UNILEVER PLC | UNLYF | 25,181 | $1.5M | 0.11% |
| 91 | NEXPOINT RESIDENTIAL TR INC | NXRT | 43,691 | $1.4M | 0.10% |
| 92 | SPDR S&P 500 ETF TR | SPY | 1,971 | $1.3M | 0.10% |
| 93 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 4,624 | $1.3M | 0.10% |
| 94 | ONEOK INC NEW | OKE | 17,194 | $1.3M | 0.09% |
| 95 | RH | RH | 5,303 | $1.1M | 0.08% |
| 96 | ENTERGY CORP NEW | ENO | 11,500 | $1.1M | 0.08% |
| 97 | NOV INC | NOV | 79,915 | $1.1M | 0.08% |
| 98 | T-MOBILE US INC | TMUSZ | 4,259 | $1.0M | 0.08% |
| 99 | SCHWAB STRATEGIC TR | 808524797 | 36,226 | $988,970 | 0.07% |
| 100 | ISHARES TR | 464287499 | 10,231 | $987,803 | 0.07% |
| 101 | SELECT SECTOR SPDR TR | 81369Y886 | 11,155 | $972,828 | 0.07% |
| 102 | DELTA AIR LINES INC DEL | DAL | 16,850 | $956,238 | 0.07% |
| 103 | ISHARES TR | 464287705 | 6,923 | $898,052 | 0.07% |
| 104 | VANGUARD INDEX FDS | 922908736 | 1,800 | $863,298 | 0.06% |
| 105 | FIRST TR EXCHANGE-TRADED FD | 33738D838 | 41,036 | $840,015 | 0.06% |
| 106 | VANGUARD WORLD FD | 92204A603 | 2,799 | $829,316 | 0.06% |
| 107 | SELECT SECTOR SPDR TR | 81369Y209 | 5,880 | $818,320 | 0.06% |
| 108 | ALTRIA GROUP INC | MO | 12,045 | $795,693 | 0.06% |
| 109 | KROGER CO | KR | 11,432 | $770,631 | 0.06% |
| 110 | ATLANTA BRAVES HLDGS INC | BATRB | 17,404 | $723,832 | 0.05% |
| 111 | ISHARES TR | 464287655 | 2,937 | $710,637 | 0.05% |
| 112 | VANECK ETF TRUST | 92189H748 | 13,381 | $710,531 | 0.05% |
| 113 | ISHARES TR | 464287507 | 10,805 | $705,134 | 0.05% |
| 114 | FIRST TR EXCHANGE-TRADED FD | 33739Q200 | 13,457 | $670,024 | 0.05% |
| 115 | SELECT SECTOR SPDR TR | 81369Y308 | 8,385 | $657,132 | 0.05% |
| 116 | ISHARES TR | 464287234 | 12,050 | $643,470 | 0.05% |
| 117 | VANGUARD INDEX FDS | 922908652 | 2,980 | $623,833 | 0.05% |
| 118 | BOEING CO | BA-PA | 2,818 | $608,209 | 0.05% |
| 119 | NEW YORK LIFE INVTS ACTIVE E | 45409F843 | 24,842 | $591,488 | 0.04% |
| 120 | NETFLIX INC | NFLX | 486 | $582,675 | 0.04% |
| 121 | NXP SEMICONDUCTORS N V | NXPI | 2,510 | $571,602 | 0.04% |
| 122 | SELECT SECTOR SPDR TR | 81369Y506 | 5,841 | $521,821 | 0.04% |
| 123 | ENTERPRISE PRODS PARTNERS L | 293792107 | 16,600 | $519,082 | 0.04% |
| 124 | VANGUARD INTL EQUITY INDEX F | 922042874 | 6,400 | $510,720 | 0.04% |
| 125 | HF SINCLAIR CORP | DINO | 9,450 | $494,613 | 0.04% |
| 126 | ELEVANCE HEALTH INC FORMERLY | ELV | 1,478 | $477,571 | 0.04% |
| 127 | BLACKROCK 2037 MUNICIPAL TAR | BLK | 18,987 | $476,194 | 0.04% |
| 128 | VANGUARD SCOTTSDALE FDS | 92206C730 | 1,568 | $474,085 | 0.04% |
| 129 | ISHARES TR | 464288760 | 2,260 | $472,928 | 0.04% |
| 130 | UNITED PARCEL SERVICE INC | UPS | 5,477 | $457,494 | 0.03% |
| 131 | DISNEY WALT CO | 254687106 | 3,946 | $451,843 | 0.03% |
| 132 | ISHARES TR | 464287796 | 8,825 | $419,364 | 0.03% |
| 133 | HALLIBURTON CO | HAL | 16,427 | $404,104 | 0.03% |
| 134 | VANGUARD INDEX FDS | 922908595 | 1,350 | $401,787 | 0.03% |
| 135 | VANGUARD INDEX FDS | 922908553 | 4,389 | $401,242 | 0.03% |
| 136 | WELLS FARGO CO NEW | 949746101 | 4,431 | $371,406 | 0.03% |
| 137 | SOUTHERN CO | SOMN | 3,859 | $365,717 | 0.03% |
| 138 | TARGET CORP | TGT | 3,957 | $354,968 | 0.03% |
| 139 | PARSONS CORP DEL | PSN | 4,110 | $340,801 | 0.03% |
| 140 | ISHARES BITCOIN TRUST ETF | IBIT | 5,171 | $336,115 | 0.02% |
| 141 | AMGEN INC | AMGN | 1,137 | $320,861 | 0.02% |
| 142 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 636 | $319,743 | 0.02% |
| 143 | CVS HEALTH CORP | CVS | 4,136 | $311,813 | 0.02% |
| 144 | VANGUARD WORLD FD | 92204A801 | 1,519 | $311,182 | 0.02% |
| 145 | ISHARES TR | 46436E718 | 2,988 | $300,870 | 0.02% |
| 146 | SELECT SECTOR SPDR TR | 81369Y704 | 1,925 | $296,893 | 0.02% |
| 147 | MOLSON COORS BEVERAGE CO | TAP-A | 6,480 | $293,220 | 0.02% |
| 148 | SCHWAB STRATEGIC TR | 808524201 | 11,091 | $292,126 | 0.02% |
| 149 | SELECT SECTOR SPDR TR | 81369Y605 | 5,250 | $282,818 | 0.02% |
| 150 | SPDR SERIES TRUST | 78464A474 | 9,325 | $282,457 | 0.02% |
| 151 | ISHARES TR | 464289867 | 4,200 | $270,396 | 0.02% |
| 152 | FEDEX CORP | FDX | 1,120 | $264,107 | 0.02% |
| 153 | SOUTHWEST AIRLS CO | 844741108 | 7,790 | $248,579 | 0.02% |
| 154 | NUVEEN MUN VALUE FD INC | NU | 26,346 | $236,587 | 0.02% |
| 155 | DIAGEO PLC | DGEAF | 2,461 | $234,853 | 0.02% |
| 156 | VERTIV HOLDINGS CO | VRT | 1,486 | $224,178 | 0.02% |
| 157 | ALPHABET INC | GOOG | 918 | $223,106 | 0.02% |
| 158 | ISHARES TR | 464287762 | 3,750 | $220,200 | 0.02% |
| 159 | VANGUARD INDEX FDS | 922908629 | 709 | $208,262 | 0.02% |
| 160 | CHENIERE ENERGY INC | LNG | 869 | $204,149 | 0.02% |
| 161 | MARKEL GROUP INC | MKL | 105 | $200,693 | 0.01% |
| 162 | FIRST TR MTG INCOME FD | 33734E103 | 13,170 | $161,298 | 0.01% |
| 163 | FATE THERAPEUTICS INC | FATE | 12,700 | $16,002 | 0.00% |
| 164 | NVIDIA CORPORATION | NVDA | 1,000 | $15,400 | 0.00% |