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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
SCHD icon
101
Schwab US Dividend Equity ETF
SCHD
$105B
$967K 0.08%
36,495
+400
+1% +$10.4K
XLU icon
102
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
$965K 0.08%
23,644
– –
IWR icon
103
iShares Russell Mid-Cap ETF
IWR
$57.4B
$941K 0.08%
10,231
– –
NFLX icon
104
Netflix
NFLX
$309B
$893K 0.07%
+6,670
New +$754K
XLV icon
105
State Street Health Care Select Sector SPDR ETF
XLV
$42.7B
$884K 0.07%
6,555
– –
IJJ icon
106
iShares S&P Mid-Cap 400 Value ETF
IJJ
$8.97B
$856K 0.07%
6,923
– –
DAL icon
107
Delta Air Lines
DAL
$60.1B
$829K 0.07%
16,850
-107
-0.6% -$4.91K
BATRK icon
108
Atlanta Braves Holdings Series B
BATRK
$3.21B
$814K 0.07%
17,404
+5
+0% +$204
TMUS icon
109
T-Mobile US
TMUS
$190B
$806K 0.06%
3,384
+1,769
+110% +$432K
VUG icon
110
Vanguard Morningstar Growth ETF
VUG
$231B
$789K 0.06%
10,800
– –
VIS icon
111
Vanguard Industrials ETF
VIS
$8.39B
$784K 0.06%
2,799
– –
KR icon
112
Kroger
KR
$34.8B
$753K 0.06%
+10,503
New +$725K
XLP icon
113
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.9B
$730K 0.06%
9,010
-34
-0.4% -$2.76K
TGT icon
114
Target
TGT
$68B
$689K 0.06%
6,988
-19,341
-73% -$1.86M
MMIN icon
115
IQ MacKay Municipal Insured ETF
MMIN
$468M
$684K 0.05%
29,345
+1,299
+5% +$30.2K
MGOV icon
116
First Trust Intermediate Government Opportunities ETF
MGOV
$100M
$675K 0.05%
33,515
-1,403
-4% -$28K
IJH icon
117
iShares Core S&P Mid-Cap ETF
IJH
$127B
$670K 0.05%
10,805
-2,975
-22% -$175K
ZTS icon
118
Zoetis
ZTS
$30B
$657K 0.05%
+4,215
New +$668K
LMBS icon
119
First Trust Exchange-Traded Fund IV First Trust Low Duration Opportunities ETF
LMBS
$6.38B
$655K 0.05%
13,299
-692
-5% -$33.9K
UPS icon
120
United Parcel Service
UPS
$88.9B
$640K 0.05%
6,341
+1,493
+31% +$147K
IWM icon
121
iShares Russell 2000 ETF
IWM
$83B
$634K 0.05%
2,937
+25
+0.9% +$5.03K
BA icon
122
Boeing
BA
$185B
$590K 0.05%
2,818
-409
-13% -$77.3K
NXPI icon
123
NXP Semiconductors
NXPI
$60.4B
$586K 0.05%
2,680
-1,860
-41% -$363K
EEM icon
124
iShares MSCI Emerging Markets ETF
EEM
$29.5B
$581K 0.05%
12,050
-200
-2% -$8.99K
VXF icon
125
Vanguard Extended Market ETF
VXF
$31.7B
$574K 0.05%
2,980
– –
3 4
5
6 7

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VIP
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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 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.