Institutional Manager · CIK 0001461287
Narwhal Capital Management
MARIETTA, GA · File #028-13509
Latest AUM
$1.38B
Positions
163
Top-10 Concentration
57.8%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | ISHARES TR | 464287200 | +6,640 | +$4.5M | +$3.2M |
| REDUCE | BROADCOM INC | AVGO | -9,293 | -$3.2M | +$744,141 |
| ADD | SELECT SECTOR SPDR TR | 81369Y803 | +21,000 | +$3.0M | -$2.9M |
| ADD | CISCO SYS INC | CSCO | +39,120 | +$3.0M | +$1.4M |
| ADD | HCA HEALTHCARE INC | HCA | +6,205 | +$2.9M | +$286,165 |
| REDUCE | MURPHY USA INC | MUSA | -6,992 | -$2.8M | +$131,265 |
| NEW | INTERCONTINENTAL EXCHANGE IN | 45866F104 | +17,086 | +$2.8M | $0 |
| REDUCE | MERCK & CO INC | MRK | -24,562 | -$2.6M | +$2.9M |
| ADD | MICROSOFT CORP | MSFT | +5,328 | +$2.6M | -$5.4M |
| REDUCE | ELI LILLY & CO | LLY | -2,288 | -$2.5M | +$7.2M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025163 pos · $1.38B
- 13F HOLDINGS REPORTQ/E Sep 2025164 pos · $1.35B
- 13F HOLDINGS REPORTQ/E Jun 2025162 pos · $1.25B
- 13F HOLDINGS REPORTQ/E Mar 2025161 pos · $1.12B
- 13F HOLDINGS REPORTQ/E Dec 2024161 pos · $1.13B
- 13F HOLDINGS REPORTQ/E Sep 2024160 pos · $1.11B
- 13F HOLDINGS REPORTQ/E Jun 2024161 pos · $1.06B
- 13F HOLDINGS REPORTQ/E Mar 2024161 pos · $1.02B
- 13F HOLDINGS REPORTQ/E Dec 2023164 pos · $819.4M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | ISHARES TR | 464287200 | 210,559 | $144.2M | 11.98% |
| 2 | NVIDIA CORPORATION | NVDA | 498,129 | $92.9M | 7.71% |
| 3 | ALPHABET INC | GOOG | 284,507 | $89.3M | 7.41% |
| 4 | MICROSOFT CORP | MSFT | 161,397 | $78.1M | 6.48% |
| 5 | APPLE INC | AAPL | 276,129 | $75.1M | 6.23% |
| 6 | ISHARES GOLD TR | IAU | 672,623 | $54.6M | 4.53% |
| 7 | AMAZON COM INC | AMZN | 216,606 | $50.0M | 4.15% |
| 8 | JPMORGAN CHASE & CO. | VYLD | 130,003 | $41.9M | 3.48% |
| 9 | VULCAN MATLS CO | 929160109 | 132,893 | $37.9M | 3.15% |
| 10 | META PLATFORMS INC | META | 48,594 | $32.1M | 2.66% |
| 11 | BLACKROCK INC | BLK | 21,179 | $22.7M | 1.88% |
| 12 | ELI LILLY & CO | LLY | 20,934 | $22.5M | 1.87% |
| 13 | GOLDMAN SACHS GROUP INC | GSCE | 25,012 | $22.0M | 1.83% |
| 14 | HOME DEPOT INC | HD | 63,891 | $22.0M | 1.83% |
| 15 | VISA INC | V | 59,688 | $20.9M | 1.74% |
| 16 | AMERICAN EXPRESS CO | AXP | 56,189 | $20.8M | 1.73% |
| 17 | JOHNSON & JOHNSON | JNJ | 95,781 | $19.8M | 1.65% |
| 18 | ISHARES TR | 464287408 | 92,784 | $19.7M | 1.63% |
| 19 | ANALOG DEVICES INC | ADI | 65,774 | $17.8M | 1.48% |
| 20 | LOCKHEED MARTIN CORP | LMT | 33,237 | $16.1M | 1.33% |