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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
NOW icon
76
ServiceNow
NOW
$129B
$2.6M 0.19%
16,977
+7,147
+73% +$1.23M
IJR icon
77
iShares Core S&P Small-Cap ETF
IJR
$112B
$2.46M 0.18%
20,450
-91
-0.4% -$10.9K
NTRA icon
78
Natera
NTRA
$46.4B
$2.23M 0.16%
9,745
-1,982
-17% -$413K
FTHY
79
First Trust High Yield Opportunities 2027 Term Fund
FTHY
$498M
$2.18M 0.16%
154,983
-67,631
-30% -$954K
DGRW icon
80
WisdomTree Trust WisdomTree US Quality Dividend Growth Fund
DGRW
$17.3B
$1.95M 0.14%
21,779
– –
KR icon
81
Kroger
KR
$34.8B
$1.88M 0.14%
30,081
+18,649
+163% +$1.22M
UNH icon
82
UnitedHealth
UNH
$370B
$1.83M 0.13%
5,542
-1,801
-25% -$610K
TMUS icon
83
T-Mobile US
TMUS
$190B
$1.78M 0.13%
8,766
+4,507
+106% +$955K
SPMO icon
84
Invesco S&P 500 Momentum ETF
SPMO
$21.8B
$1.63M 0.12%
13,676
– –
EXC icon
85
Exelon
EXC
$47B
$1.62M 0.12%
37,130
-50
-0.1% -$2.28K
TSM icon
86
TSMC
TSM
$2.18T
$1.41M 0.1%
4,624
– –
SPY icon
87
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$1.4M 0.1%
2,047
+76
+4% +$51.4K
T icon
88
AT&T
T
$163B
$1.33M 0.1%
53,723
+3
+0% +$76
ETR icon
89
Entergy
ETR
$50B
$1.3M 0.09%
14,095
+2,595
+23% +$246K
UL icon
90
Unilever
UL
$136B
$1.29M 0.09%
19,659
-2,724
-12% -$183K
OKE icon
91
Oneok
OKE
$54.5B
$1.26M 0.09%
17,194
– –
DAL icon
92
Delta Air Lines
DAL
$60.1B
$1.17M 0.09%
16,850
– –
NXRT
93
NexPoint Residential Trust
NXRT
$652M
$1.12M 0.08%
37,217
-6,474
-15% -$198K
IWR icon
94
iShares Russell Mid-Cap ETF
IWR
$57.5B
$985K 0.07%
10,231
– –
SCHD icon
95
Schwab US Dividend Equity ETF
SCHD
$106B
$979K 0.07%
35,701
-525
-1% -$14.3K
XLU icon
96
State Street Utilities Select Sector SPDR ETF
XLU
$22.7B
$952K 0.07%
22,310
– –
IJJ icon
97
iShares S&P Mid-Cap 400 Value ETF
IJJ
$9.03B
$911K 0.07%
6,923
– –
XLV icon
98
State Street Health Care Select Sector SPDR ETF
XLV
$43.3B
$910K 0.07%
5,880
– –
VUG icon
99
Vanguard Morningstar Growth ETF
VUG
$230B
$878K 0.06%
10,800
– –
MGOV icon
100
First Trust Intermediate Government Opportunities ETF
MGOV
$100M
$869K 0.06%
42,453
+1,417
+3% +$29.1K
2 3
4
5 6

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SIM
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CHAM
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HTI
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SWP
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L7C
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WBC
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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.