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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
+10.73%
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
$1.35B
AUM Growth
+$105M
Cap. Flow
-$15.1M
Cap. Flow %
-1.12%
Top 10 Hldgs %
49.27%
Holding
171
New
9
Increased
42
Reduced
78
Closed
7

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$4.82M
2
ORCL icon
Oracle
ORCL
+$3.98M
3
PEP icon
PepsiCo
PEP
+$3.65M
4
V icon
Visa
V
+$3.34M
5
CPRT icon
Copart
CPRT
+$3.07M

Top Sells

Rank Stock Value
1
MLR icon
Miller Industries
MLR
+$6.82M
2
LULU icon
lululemon athletica
LULU
+$5.45M
3
CSGP icon
CoStar Group
CSGP
+$4.18M
4
AVGO icon
Broadcom
AVGO
+$3.69M
5
GS icon
Goldman Sachs
GS
+$3.24M

Sector Composition

Rank Sector Weight
1 Technology 23.99%
2 Financials 11.07%
3 Industrials 9.1%
4 Communication Services 8.24%
5 Consumer Discretionary 6.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XLU icon
101
State Street Utilities Select Sector SPDR ETF
XLU
$22.7B
$973K 0.07%
22,310
-1,334
-6% -$56.4K
DAL icon
102
Delta Air Lines
DAL
$60.1B
$956K 0.07%
16,850
– –
IJJ icon
103
iShares S&P Mid-Cap 400 Value ETF
IJJ
$9.03B
$898K 0.07%
6,923
– –
VUG icon
104
Vanguard Morningstar Growth ETF
VUG
$230B
$863K 0.06%
10,800
– –
MGOV icon
105
First Trust Intermediate Government Opportunities ETF
MGOV
$100M
$840K 0.06%
41,036
+7,521
+22% +$152K
VIS icon
106
Vanguard Industrials ETF
VIS
$8.48B
$829K 0.06%
2,799
– –
XLV icon
107
State Street Health Care Select Sector SPDR ETF
XLV
$43.3B
$818K 0.06%
5,880
-675
-10% -$91.3K
MO icon
108
Altria Group
MO
$114B
$796K 0.06%
12,045
-10,000
-45% -$634K
KR icon
109
Kroger
KR
$34.8B
$771K 0.06%
11,432
+929
+9% +$64.7K
BATRK icon
110
Atlanta Braves Holdings Series B
BATRK
$3.21B
$724K 0.05%
17,404
– –
IWM icon
111
iShares Russell 2000 ETF
IWM
$81.9B
$711K 0.05%
2,937
– –
CLOI icon
112
VanEck CLO ETF
CLOI
$1.53B
$711K 0.05%
+13,381
New +$708K
IJH icon
113
iShares Core S&P Mid-Cap ETF
IJH
$127B
$705K 0.05%
10,805
– –
LMBS icon
114
First Trust Exchange-Traded Fund IV First Trust Low Duration Opportunities ETF
LMBS
$6.39B
$670K 0.05%
13,457
+158
+1% +$7.82K
XLP icon
115
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
$657K 0.05%
8,385
-625
-7% -$50.5K
EEM icon
116
iShares MSCI Emerging Markets ETF
EEM
$30B
$643K 0.05%
12,050
– –
VXF icon
117
Vanguard Extended Market ETF
VXF
$31.9B
$624K 0.05%
2,980
– –
BA icon
118
Boeing
BA
$185B
$608K 0.05%
2,818
– –
MMIN icon
119
IQ MacKay Municipal Insured ETF
MMIN
$478M
$591K 0.04%
24,842
-4,503
-15% -$105K
NFLX icon
120
Netflix
NFLX
$309B
$583K 0.04%
4,860
-1,810
-27% -$221K
NXPI icon
121
NXP Semiconductors
NXPI
$60.4B
$572K 0.04%
2,510
-170
-6% -$38.2K
XLE icon
122
State Street Energy Select Sector SPDR ETF
XLE
$37.6B
$522K 0.04%
11,682
-960
-8% -$42K
EPD icon
123
Enterprise Products Partners
EPD
$81.7B
$519K 0.04%
16,600
-1,600
-9% -$50.5K
VGK icon
124
Vanguard FTSE Europe ETF
VGK
$31.1B
$511K 0.04%
6,400
– –
DINO icon
125
HF Sinclair
DINO
$14.5B
$495K 0.04%
9,450
– –
3 4
5
6 7

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Narwhal Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Narwhal Capital Management held 171 positions worth $1.35B, up 8.4% from $1.25B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Narwhal Capital Management's Q3 2025 filing shows 9 new, 42 increased, 78 reduced and 7 closed positions. Its largest new stake was Copart: 65,100 shares worth $2.93M. The largest sale was Miller Industries, an estimated $6.82M.

By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 23% a quarter earlier, followed by Financials and Industrials.

  • Narwhal Capital Management's largest Q3 2025 buy was Copart: 65,100 shares worth $2.93M.
  • Narwhal Capital Management added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $4.82M increase.
  • Narwhal Capital Management's biggest Q3 2025 reduction was CoStar Group, cutting an estimated $4.18M.
  • Narwhal Capital Management fully exited Miller Industries in Q3 2025, selling an estimated $6.82M.
  • Narwhal Capital Management's ten largest holdings make up 49% of its $1.35B portfolio in Q3 2025.
  • Narwhal Capital Management opened 9 new positions and closed 7 in Q3 2025.
  • Narwhal Capital Management's portfolio value rose 8.4% quarter-over-quarter to $1.35B.

Based on Narwhal Capital Management's 13F filing for Q3 2025, filed 24 Oct 2025.