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NCM

Narwhal Capital Management Portfolio holdings

AUM $1.45B
1-Year Est. Return 28.39%
This Fund
S&P 500
This Quarter Est. Return
+4.04%
1 Year Est. Return
+28.39%
3 Year Est. Return
+93.85%
5 Year Est. Return
+119.75%
10 Year Est. Return
+391.36%
AUM
$1.38B
AUM Growth
+$26.2M
Cap. Flow
-$12.3M
Cap. Flow %
-0.89%
Top 10 Hldgs %
50.57%
Holding
171
New
7
Increased
49
Reduced
61
Closed
8

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$4.51M
2
CSCO icon
Cisco
CSCO
+$2.9M
3
HCA icon
HCA Healthcare
HCA
+$2.88M
4
ICE icon
Intercontinental Exchange
ICE
+$2.68M
5
MSFT icon
Microsoft
MSFT
+$2.67M

Top Sells

Rank Stock Value
1
AVGO icon
Broadcom
AVGO
+$3.32M
2
MUSA icon
Murphy USA
MUSA
+$2.68M
3
QCOM icon
Qualcomm
QCOM
+$2.33M
4
ZTS icon
Zoetis
ZTS
+$2.32M
5
MRK icon
Merck
MRK
+$2.31M

Sector Composition

Rank Sector Weight
1 Technology 23.68%
2 Financials 11.26%
3 Communication Services 9.2%
4 Industrials 8.44%
5 Consumer Discretionary 6.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RTX icon
26
RTX Corp
RTX
$301B
$13.3M 0.96%
72,354
-8,331
-10% -$1.45M
AVGO icon
27
Broadcom
AVGO
$2.04T
$12.7M 0.92%
36,670
-9,293
-20% -$3.32M
GD icon
28
General Dynamics
GD
$106B
$12.6M 0.92%
37,523
+263
+0.7% +$89.7K
CAT icon
29
Caterpillar
CAT
$387B
$12.4M 0.9%
21,707
-1,155
-5% -$642K
PG icon
30
Procter & Gamble
PG
$339B
$11.8M 0.86%
82,168
-442
-0.5% -$65.2K
MRK icon
31
Merck
MRK
$318B
$11.8M 0.85%
111,743
-24,562
-18% -$2.31M
NOC icon
32
Northrop Grumman
NOC
$81.2B
$11.2M 0.82%
19,708
+3,280
+20% +$1.9M
BX icon
33
Blackstone
BX
$110B
$11.1M 0.8%
71,754
+3,304
+5% +$502K
PM icon
34
Philip Morris
PM
$295B
$10.9M 0.8%
68,209
-8,289
-11% -$1.28M
ABT icon
35
Abbott
ABT
$187B
$9.65M 0.7%
76,982
+5,386
+8% +$686K
AVB icon
36
AvalonBay Communities
AVB
$26.8B
$9.38M 0.68%
51,724
-9,109
-15% -$1.65M
BTT icon
37
BlackRock Municipal 2030 Target Term Trust
BTT
$1.44B
$8.85M 0.64%
387,702
-1,666
-0.4% -$37.5K
CP icon
38
Canadian Pacific Kansas City
CP
$80.5B
$8.56M 0.62%
116,283
-7,179
-6% -$528K
PEP icon
39
PepsiCo
PEP
$190B
$8.24M 0.6%
57,403
-10,307
-15% -$1.51M
CINF icon
40
Cincinnati Financial
CINF
$27.1B
$8.09M 0.59%
49,523
+4,557
+10% +$738K
QQQ icon
41
Invesco QQQ Trust
QQQ
$484B
$7.67M 0.56%
12,492
+59
+0.5% +$36.2K
NVS icon
42
Novartis
NVS
$297B
$7.42M 0.54%
53,812
+1,887
+4% +$247K
MLI icon
43
Mueller Industries
MLI
$15.2B
$7.21M 0.52%
125,686
-14,452
-10% -$777K
ORCL icon
44
Oracle
ORCL
$423B
$7.02M 0.51%
36,007
-6,537
-15% -$1.56M
DPZ icon
45
Domino's
DPZ
$11.6B
$6.99M 0.51%
16,764
+3,831
+30% +$1.6M
SBUX icon
46
Starbucks
SBUX
$120B
$6.92M 0.5%
82,142
+18,557
+29% +$1.57M
IVW icon
47
iShares S&P 500 Growth ETF
IVW
$77.6B
$6.9M 0.5%
56,000
– –
VLO icon
48
Valero Energy
VLO
$85.9B
$6.4M 0.47%
39,310
-11,587
-23% -$1.96M
CRH icon
49
CRH
CRH
$66.8B
$6.29M 0.46%
50,393
-583
-1% -$69.5K
HCA icon
50
HCA Healthcare
HCA
$89.5B
$6.18M 0.45%
13,243
+6,205
+88% +$2.88M
1
2
3 4 5

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CHAM
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Narwhal Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Narwhal Capital Management held 171 positions worth $1.38B, up 1.9% from $1.35B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Narwhal Capital Management's Q4 2025 filing shows 7 new, 49 increased, 61 reduced and 8 closed positions. Its largest new stake was Intercontinental Exchange: 17,086 shares worth $2.77M. The largest sale was Broadcom, an estimated $3.32M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 24% a quarter earlier, followed by Financials and Communication Services.

  • Narwhal Capital Management's largest Q4 2025 buy was Intercontinental Exchange: 17,086 shares worth $2.77M.
  • Narwhal Capital Management added most to iShares Core S&P 500 ETF in Q4 2025, an estimated $4.51M increase.
  • Narwhal Capital Management's biggest Q4 2025 reduction was Broadcom, cutting an estimated $3.32M.
  • Narwhal Capital Management fully exited Zoetis in Q4 2025, selling an estimated $2.32M.
  • Narwhal Capital Management's ten largest holdings make up 51% of its $1.38B portfolio in Q4 2025.
  • Narwhal Capital Management opened 7 new positions and closed 8 in Q4 2025.
  • Narwhal Capital Management's portfolio value rose 1.9% quarter-over-quarter to $1.38B.

Based on Narwhal Capital Management's 13F filing for Q4 2025, filed 30 Jan 2026.