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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
+12.43%
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
$1.25B
AUM Growth
+$123M
Cap. Flow
+$11M
Cap. Flow %
0.88%
Top 10 Hldgs %
46.7%
Holding
172
New
11
Increased
47
Reduced
70
Closed
10

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$12.1M
2
RELX icon
RELX
RELX
+$6.61M
3
ADI icon
Analog Devices
ADI
+$4.34M
4
GRMN
Garmin
GRMN
+$4.12M
5
META icon
Meta Platforms (Facebook)
META
+$3.18M

Top Sells

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$3.97M
2
JNJ icon
Johnson & Johnson
JNJ
+$3.43M
3
LHX icon
L3Harris
LHX
+$2.85M
4
CSCO icon
Cisco
CSCO
+$2.73M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$2.71M

Sector Composition

Rank Sector Weight
1 Technology 22.98%
2 Financials 11.16%
3 Industrials 8.63%
4 Consumer Discretionary 7.97%
5 Communication Services 7.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVS icon
51
Novartis
NVS
$297B
$6.14M 0.49%
50,760
-1,222
-2% -$138K
ORCL icon
52
Oracle
ORCL
$423B
$5.89M 0.47%
26,929
+4,966
+23% +$802K
PEP icon
53
PepsiCo
PEP
$190B
$5.57M 0.45%
42,161
-2,633
-6% -$355K
LULU icon
54
lululemon athletica
LULU
$14.6B
$5.45M 0.44%
22,921
+4,144
+22% +$1.14M
UFPI icon
55
UFP Industries
UFPI
$5.19B
$5.4M 0.43%
54,319
+14,885
+38% +$1.5M
XLK icon
56
State Street Technology Select Sector SPDR ETF
XLK
$124B
$5.32M 0.43%
42,000
– –
CEG icon
57
Constellation Energy
CEG
$95.6B
$5.07M 0.41%
15,718
+60
+0.4% +$15.9K
CVX icon
58
Chevron
CVX
$366B
$4.92M 0.4%
34,374
-623
-2% -$87.8K
DIA icon
59
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$46.5B
$4.88M 0.39%
11,080
– –
CRH icon
60
CRH
CRH
$66.8B
$4.86M 0.39%
52,945
-2,383
-4% -$217K
ENTG icon
61
Entegris
ENTG
$23.2B
$4.57M 0.37%
56,697
+15,572
+38% +$1.18M
KMI icon
62
Kinder Morgan
KMI
$68.7B
$4.44M 0.36%
151,137
– –
UNH icon
63
UnitedHealth
UNH
$370B
$4.4M 0.35%
14,113
-10,380
-42% -$3.97M
STZ icon
64
Constellation Brands
STZ
$23.2B
$4.37M 0.35%
26,832
-4,212
-14% -$755K
CINF icon
65
Cincinnati Financial
CINF
$27.1B
$4.12M 0.33%
27,690
-10,100
-27% -$1.45M
SLB icon
66
SLB Ltd
SLB
$75B
$3.97M 0.32%
117,557
+60,482
+106% +$2.1M
SGOL icon
67
abrdn Physical Gold Shares ETF
SGOL
$7.41B
$3.72M 0.3%
117,976
-2,204
-2% -$69.1K
BRK.A icon
68
Berkshire Hathaway Class A
BRK.A
$1.12T
$3.64M 0.29%
5
– –
RH icon
69
RH
RH
$3.71B
$3.59M 0.29%
18,979
+4,781
+34% +$888K
MTBA icon
70
Simplify MBS ETF
MTBA
$1.51B
$3.57M 0.29%
71,250
+12,928
+22% +$644K
DPZ icon
71
Domino's
DPZ
$11.6B
$3.46M 0.28%
7,687
-1,066
-12% -$500K
MUSA icon
72
Murphy USA
MUSA
$9.61B
$3.35M 0.27%
8,244
-5,169
-39% -$2.35M
GLD icon
73
SPDR Gold Trust
GLD
$141B
$3.18M 0.26%
10,440
-3,919
-27% -$1.19M
CHX
74
DELISTED
ChampionX
CHX
$3.16M 0.25%
127,334
-7,401
-5% -$186K
WMT icon
75
Walmart Inc
WMT
$890B
$3.15M 0.25%
32,206
+2,087
+7% +$199K
1 2
3
4 5

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Narwhal Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Narwhal Capital Management held 172 positions worth $1.25B, up 11% from $1.12B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Narwhal Capital Management's Q2 2025 filing shows 11 new, 47 increased, 70 reduced and 10 closed positions. Its largest new stake was RELX: 124,920 shares worth $6.79M. The largest sale was UnitedHealth, an estimated $3.97M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 21% a quarter earlier, followed by Financials and Industrials.

  • Narwhal Capital Management's largest Q2 2025 buy was RELX: 124,920 shares worth $6.79M.
  • Narwhal Capital Management added most to iShares Core S&P 500 ETF in Q2 2025, an estimated $12.1M increase.
  • Narwhal Capital Management's biggest Q2 2025 reduction was UnitedHealth, cutting an estimated $3.97M.
  • Narwhal Capital Management fully exited BHP in Q2 2025, selling an estimated $680K.
  • Narwhal Capital Management's ten largest holdings make up 47% of its $1.25B portfolio in Q2 2025.
  • Narwhal Capital Management opened 11 new positions and closed 10 in Q2 2025.
  • Narwhal Capital Management's portfolio value rose 11% quarter-over-quarter to $1.25B.

Based on Narwhal Capital Management's 13F filing for Q2 2025, filed 23 Jul 2025.