13F HOLDINGS REPORT
Narwhal Capital Management
Quarter ended Q4 2025 · Filed January 30, 2026 · Accession 0001461287-26-000001
Total Value
$1.38B
Positions
163
Other Managers
0
Confidential Omitted
No
Holdings (163)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287200 | 210,559 | $144.2M | 10.48% |
| 2 | NVIDIA CORPORATION | NVDA | 498,129 | $92.9M | 6.75% |
| 3 | ALPHABET INC | GOOG | 284,507 | $89.3M | 6.49% |
| 4 | MICROSOFT CORP | MSFT | 161,397 | $78.1M | 5.67% |
| 5 | APPLE INC | AAPL | 276,129 | $75.1M | 5.45% |
| 6 | ISHARES GOLD TR | IAU | 672,623 | $54.6M | 3.97% |
| 7 | AMAZON COM INC | AMZN | 216,606 | $50.0M | 3.63% |
| 8 | JPMORGAN CHASE & CO. | VYLD | 130,003 | $41.9M | 3.04% |
| 9 | VULCAN MATLS CO | 929160109 | 132,893 | $37.9M | 2.75% |
| 10 | META PLATFORMS INC | META | 48,594 | $32.1M | 2.33% |
| 11 | BLACKROCK INC | BLK | 21,179 | $22.7M | 1.65% |
| 12 | ELI LILLY & CO | LLY | 20,934 | $22.5M | 1.63% |
| 13 | GOLDMAN SACHS GROUP INC | GSCE | 25,012 | $22.0M | 1.60% |
| 14 | HOME DEPOT INC | HD | 63,891 | $22.0M | 1.60% |
| 15 | VISA INC | V | 59,688 | $20.9M | 1.52% |
| 16 | AMERICAN EXPRESS CO | AXP | 56,189 | $20.8M | 1.51% |
| 17 | JOHNSON & JOHNSON | JNJ | 95,781 | $19.8M | 1.44% |
| 18 | ISHARES TR | 464287408 | 92,784 | $19.7M | 1.43% |
| 19 | ANALOG DEVICES INC | ADI | 65,774 | $17.8M | 1.30% |
| 20 | LOCKHEED MARTIN CORP | LMT | 33,237 | $16.1M | 1.17% |
| 21 | CISCO SYS INC | CSCO | 204,140 | $15.7M | 1.14% |
| 22 | L3HARRIS TECHNOLOGIES INC | LHX | 51,285 | $15.1M | 1.09% |
| 23 | ISHARES TR | 464287614 | 31,327 | $14.8M | 1.08% |
| 24 | EXXON MOBIL CORP | XOM | 120,665 | $14.5M | 1.06% |
| 25 | NEXTERA ENERGY INC | NEE-PW | 178,346 | $14.3M | 1.04% |
| 26 | RTX CORPORATION | RTX | 72,354 | $13.3M | 0.96% |
| 27 | BROADCOM INC | AVGO | 36,670 | $12.7M | 0.92% |
| 28 | GENERAL DYNAMICS CORP | GD | 37,523 | $12.6M | 0.92% |
| 29 | CATERPILLAR INC | CAT | 21,707 | $12.4M | 0.90% |
| 30 | PROCTER AND GAMBLE CO | 742718109 | 82,168 | $11.8M | 0.86% |
| 31 | MERCK & CO INC | MRK | 111,743 | $11.8M | 0.85% |
| 32 | NORTHROP GRUMMAN CORP | NOC | 19,708 | $11.2M | 0.82% |
| 33 | BLACKSTONE INC | BX | 71,754 | $11.1M | 0.80% |
| 34 | PHILIP MORRIS INTL INC | 718172109 | 68,209 | $10.9M | 0.79% |
| 35 | ABBOTT LABS | ABLZF | 76,982 | $9.6M | 0.70% |
| 36 | AVALONBAY CMNTYS INC | AWX | 51,724 | $9.4M | 0.68% |
| 37 | BLACKROCK MUN TARGET TERM TR | BLK | 387,702 | $8.8M | 0.64% |
| 38 | CANADIAN PACIFIC KANSAS CITY | CP | 116,283 | $8.6M | 0.62% |
| 39 | PEPSICO INC | PEP | 57,403 | $8.2M | 0.60% |
| 40 | CINCINNATI FINL CORP | 172062101 | 49,523 | $8.1M | 0.59% |
| 41 | INVESCO QQQ TR | IVZ | 12,492 | $7.7M | 0.56% |
| 42 | NOVARTIS AG | NVSEF | 53,812 | $7.4M | 0.54% |
| 43 | MUELLER INDS INC | 624756102 | 62,843 | $7.2M | 0.52% |
| 44 | ORACLE CORP | ORCL-PD | 36,007 | $7.0M | 0.51% |
| 45 | DOMINOS PIZZA INC | DPZ | 16,764 | $7.0M | 0.51% |
| 46 | STARBUCKS CORP | SBUX | 82,142 | $6.9M | 0.50% |
| 47 | ISHARES TR | 464287309 | 56,000 | $6.9M | 0.50% |
| 48 | VALERO ENERGY CORP | VLO | 39,310 | $6.4M | 0.46% |
| 49 | CRH PLC | CRH | 50,393 | $6.3M | 0.46% |
| 50 | HCA HEALTHCARE INC | HCA | 13,243 | $6.2M | 0.45% |
| 51 | SELECT SECTOR SPDR TR | 81369Y803 | 42,000 | $6.0M | 0.44% |
| 52 | RELX PLC | RLXXF | 149,017 | $6.0M | 0.44% |
| 53 | QUALCOMM INC | QCOM | 35,025 | $6.0M | 0.44% |
| 54 | CONSTELLATION ENERGY CORP | CEG | 15,815 | $5.6M | 0.41% |
| 55 | SPDR DOW JONES INDL AVERAGE | 78467X109 | 11,080 | $5.3M | 0.39% |
| 56 | CHEVRON CORP NEW | CVX | 34,218 | $5.2M | 0.38% |
| 57 | BWX TECHNOLOGIES INC | BWXT | 29,116 | $5.0M | 0.37% |
| 58 | COSTCO WHSL CORP NEW | 22160K105 | 5,808 | $5.0M | 0.36% |
| 59 | ETFS GOLD TR | 00326A104 | 116,026 | $4.8M | 0.35% |
| 60 | SLB LIMITED | SLB | 123,007 | $4.7M | 0.34% |
| 61 | ADOBE INC | ADBE | 12,840 | $4.5M | 0.33% |
| 62 | GRACO INC | GGG | 54,088 | $4.4M | 0.32% |
| 63 | KINDER MORGAN INC DEL | EP-PC | 154,280 | $4.2M | 0.31% |
| 64 | SPDR GOLD TR | GLD | 10,263 | $4.1M | 0.30% |
| 65 | UFP INDUSTRIES INC | UFPI | 44,208 | $4.0M | 0.29% |
| 66 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 5 | $3.8M | 0.27% |
| 67 | ENTEGRIS INC | ENTG | 44,159 | $3.7M | 0.27% |
| 68 | GARMIN LTD | GRMN | 18,325 | $3.7M | 0.27% |
| 69 | SIMPLIFY EXCHANGE TRADED FUN | 82889N525 | 72,068 | $3.6M | 0.26% |
| 70 | MICRON TECHNOLOGY INC | MU | 11,188 | $3.2M | 0.23% |
| 71 | TESLA INC | TSLA | 6,586 | $3.0M | 0.22% |
| 72 | ISHARES TR | 464287168 | 20,970 | $3.0M | 0.22% |
| 73 | SPDR SERIES TRUST | 78464A763 | 20,989 | $2.9M | 0.21% |
| 74 | WALMART INC | WMT | 24,849 | $2.8M | 0.20% |
| 75 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 17,086 | $2.8M | 0.20% |
| 76 | SERVICENOW INC | NOW | 16,977 | $2.6M | 0.19% |
| 77 | ISHARES TR | 464287804 | 20,450 | $2.5M | 0.18% |
| 78 | NATERA INC | NTRA | 9,745 | $2.2M | 0.16% |
| 79 | FIRST TR HIGH YIELD OPPRT 20 | 33741Q107 | 154,983 | $2.2M | 0.16% |
| 80 | WISDOMTREE TR | WT | 21,779 | $1.9M | 0.14% |
| 81 | KROGER CO | KR | 30,081 | $1.9M | 0.14% |
| 82 | UNITEDHEALTH GROUP INC | UNH | 5,542 | $1.8M | 0.13% |
| 83 | T-MOBILE US INC | TMUSZ | 8,766 | $1.8M | 0.13% |
| 84 | INVESCO EXCH TRADED FD TR II | IVZ | 13,676 | $1.6M | 0.12% |
| 85 | EXELON CORP | EXC | 37,130 | $1.6M | 0.12% |
| 86 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 4,624 | $1.4M | 0.10% |
| 87 | SPDR S&P 500 ETF TR | SPY | 2,047 | $1.4M | 0.10% |
| 88 | AT&T INC | T-PC | 53,723 | $1.3M | 0.10% |
| 89 | ENTERGY CORP NEW | ENO | 14,095 | $1.3M | 0.09% |
| 90 | UNILEVER PLC | UNLYF | 19,659 | $1.3M | 0.09% |
| 91 | ONEOK INC NEW | OKE | 17,194 | $1.3M | 0.09% |
| 92 | DELTA AIR LINES INC DEL | DAL | 16,850 | $1.2M | 0.08% |
| 93 | NEXPOINT RESIDENTIAL TR INC | NXRT | 37,217 | $1.1M | 0.08% |
| 94 | ISHARES TR | 464287499 | 10,231 | $984,938 | 0.07% |
| 95 | SCHWAB STRATEGIC TR | 808524797 | 35,701 | $979,278 | 0.07% |
| 96 | SELECT SECTOR SPDR TR | 81369Y886 | 22,310 | $952,414 | 0.07% |
| 97 | ISHARES TR | 464287705 | 6,923 | $910,998 | 0.07% |
| 98 | SELECT SECTOR SPDR TR | 81369Y209 | 5,880 | $910,224 | 0.07% |
| 99 | VANGUARD INDEX FDS | 922908736 | 1,800 | $878,148 | 0.06% |
| 100 | FIRST TR EXCHANGE-TRADED FD | 33738D838 | 42,453 | $869,232 | 0.06% |
| 101 | NETFLIX INC | NFLX | 8,933 | $837,558 | 0.06% |
| 102 | VANGUARD WORLD FD | 92204A603 | 2,799 | $835,166 | 0.06% |
| 103 | VANECK ETF TRUST | 92189H748 | 15,517 | $819,453 | 0.06% |
| 104 | CONSTELLATION BRANDS INC | STZ | 5,822 | $803,203 | 0.06% |
| 105 | COSTAR GROUP INC | CSGP | 11,383 | $765,393 | 0.06% |
| 106 | ISHARES TR | 464287655 | 2,926 | $720,264 | 0.05% |
| 107 | ISHARES TR | 464287507 | 10,805 | $713,130 | 0.05% |
| 108 | ALTRIA GROUP INC | MO | 12,045 | $694,515 | 0.05% |
| 109 | ATLANTA BRAVES HLDGS INC | BATRB | 17,404 | $686,588 | 0.05% |
| 110 | INTEL CORP | INTC | 18,365 | $677,669 | 0.05% |
| 111 | ISHARES TR | 464287234 | 12,050 | $659,256 | 0.05% |
| 112 | MURPHY USA INC | MUSA | 1,610 | $649,667 | 0.05% |
| 113 | MCDONALDS CORP | MCD | 2,112 | $645,491 | 0.05% |
| 114 | BOEING CO | BA-PA | 2,824 | $613,147 | 0.04% |
| 115 | VANGUARD INDEX FDS | 922908652 | 2,917 | $610,003 | 0.04% |
| 116 | SELECT SECTOR SPDR TR | 81369Y308 | 7,580 | $588,814 | 0.04% |
| 117 | NEW YORK LIFE INVTS ACTIVE E | 45409F843 | 23,904 | $572,262 | 0.04% |
| 118 | NXP SEMICONDUCTORS N V | NXPI | 2,510 | $544,821 | 0.04% |
| 119 | VANGUARD INTL EQUITY INDEX F | 922042874 | 6,400 | $535,104 | 0.04% |
| 120 | FIRST TR EXCHANGE-TRADED FD | 33739Q200 | 10,658 | $532,793 | 0.04% |
| 121 | ENTERPRISE PRODS PARTNERS L | 293792107 | 16,600 | $532,196 | 0.04% |
| 122 | SELECT SECTOR SPDR TR | 81369Y506 | 11,681 | $522,251 | 0.04% |
| 123 | ELEVANCE HEALTH INC FORMERLY | ELV | 1,478 | $518,113 | 0.04% |
| 124 | BLACKROCK 2037 MUNICIPAL TAR | BLK | 19,392 | $507,683 | 0.04% |
| 125 | ISHARES TR | 464288760 | 2,260 | $485,199 | 0.04% |
| 126 | VANGUARD SCOTTSDALE FDS | 92206C730 | 1,568 | $484,575 | 0.04% |
| 127 | HALLIBURTON CO | HAL | 16,227 | $458,575 | 0.03% |
| 128 | VERTIV HOLDINGS CO | VRT | 2,695 | $436,617 | 0.03% |
| 129 | HF SINCLAIR CORP | DINO | 9,450 | $435,456 | 0.03% |
| 130 | ISHARES TR | 464287796 | 8,825 | $419,452 | 0.03% |
| 131 | WELLS FARGO CO NEW | 949746101 | 4,431 | $412,969 | 0.03% |
| 132 | VANGUARD INDEX FDS | 922908595 | 1,350 | $407,849 | 0.03% |
| 133 | DISNEY WALT CO | 254687106 | 3,567 | $405,843 | 0.03% |
| 134 | COPART INC | CPRT | 9,806 | $383,905 | 0.03% |
| 135 | AMGEN INC | AMGN | 1,114 | $364,623 | 0.03% |
| 136 | DEERE & CO | DE | 758 | $352,902 | 0.03% |
| 137 | VANGUARD INDEX FDS | 922908553 | 3,940 | $348,651 | 0.03% |
| 138 | SOUTHERN CO | SOMN | 3,859 | $336,505 | 0.02% |
| 139 | CVS HEALTH CORP | CVS | 4,136 | $328,233 | 0.02% |
| 140 | SCHWAB STRATEGIC TR | 808524201 | 12,104 | $325,711 | 0.02% |
| 141 | ISHARES TR | 46436E718 | 3,227 | $323,907 | 0.02% |
| 142 | FEDEX CORP | FDX | 1,120 | $323,523 | 0.02% |
| 143 | SOUTHWEST AIRLS CO | 844741108 | 7,790 | $321,961 | 0.02% |
| 144 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 636 | $319,685 | 0.02% |
| 145 | FERGUSON ENTERPRISES INC | FERG | 1,362 | $303,222 | 0.02% |
| 146 | SELECT SECTOR SPDR TR | 81369Y704 | 1,925 | $298,606 | 0.02% |
| 147 | VANGUARD WORLD FD | 92204A801 | 1,414 | $293,476 | 0.02% |
| 148 | SELECT SECTOR SPDR TR | 81369Y605 | 5,250 | $287,543 | 0.02% |
| 149 | SPDR SERIES TRUST | 78464A474 | 9,496 | $286,771 | 0.02% |
| 150 | AUTODESK INC | ADSK | 941 | $278,545 | 0.02% |
| 151 | PERIMETER SOLUTIONS INC | PRM | 10,014 | $275,685 | 0.02% |
| 152 | ISHARES TR | 464289867 | 4,200 | $273,042 | 0.02% |
| 153 | CHENIERE ENERGY INC | LNG | 1,387 | $269,599 | 0.02% |
| 154 | ALPHABET INC | GOOG | 813 | $254,398 | 0.02% |
| 155 | UNITED PARCEL SERVICE INC | UPS | 2,471 | $245,098 | 0.02% |
| 156 | ISHARES TR | 464287762 | 3,750 | $244,125 | 0.02% |
| 157 | NUVEEN MUN VALUE FD INC | NU | 26,050 | $236,013 | 0.02% |
| 158 | D R HORTON INC | 23331A109 | 1,600 | $230,448 | 0.02% |
| 159 | MARKEL GROUP INC | MKL | 105 | $225,713 | 0.02% |
| 160 | VANGUARD INDEX FDS | 922908629 | 709 | $205,766 | 0.01% |
| 161 | NOV INC | NOV | 10,217 | $159,692 | 0.01% |
| 162 | NVIDIA CORPORATION | NVDA | 1,000 | $14,125 | 0.00% |
| 163 | FATE THERAPEUTICS INC | FATE | 12,700 | $12,479 | 0.00% |