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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
NFLX icon
101
Netflix
NFLX
$309B
$838K 0.06%
8,933
+4,073
+84% +$439K
VIS icon
102
Vanguard Industrials ETF
VIS
$8.48B
$835K 0.06%
2,799
– –
CLOI icon
103
VanEck CLO ETF
CLOI
$1.53B
$819K 0.06%
15,517
+2,136
+16% +$113K
STZ icon
104
Constellation Brands
STZ
$23.2B
$803K 0.06%
5,822
-14,384
-71% -$1.97M
CSGP icon
105
CoStar Group
CSGP
$12.3B
$765K 0.06%
11,383
-21,730
-66% -$1.54M
IWM icon
106
iShares Russell 2000 ETF
IWM
$81.9B
$720K 0.05%
2,926
-11
-0.4% -$2.7K
IJH icon
107
iShares Core S&P Mid-Cap ETF
IJH
$127B
$713K 0.05%
10,805
– –
MO icon
108
Altria Group
MO
$114B
$695K 0.05%
12,045
– –
BATRK icon
109
Atlanta Braves Holdings Series B
BATRK
$3.21B
$687K 0.05%
17,404
– –
INTC icon
110
Intel
INTC
$513B
$678K 0.05%
+18,365
New +$693K
EEM icon
111
iShares MSCI Emerging Markets ETF
EEM
$30B
$659K 0.05%
12,050
– –
MUSA icon
112
Murphy USA
MUSA
$9.61B
$650K 0.05%
1,610
-6,992
-81% -$2.68M
MCD icon
113
McDonald's
MCD
$195B
$645K 0.05%
+2,112
New +$647K
BA icon
114
Boeing
BA
$185B
$613K 0.04%
2,824
+6
+0.2% +$1.23K
VXF icon
115
Vanguard Extended Market ETF
VXF
$31.9B
$610K 0.04%
2,917
-63
-2% -$13.2K
XLP icon
116
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
$589K 0.04%
7,580
-805
-10% -$62.8K
MMIN icon
117
IQ MacKay Municipal Insured ETF
MMIN
$478M
$572K 0.04%
23,904
-938
-4% -$22.5K
NXPI icon
118
NXP Semiconductors
NXPI
$60.4B
$545K 0.04%
2,510
– –
VGK icon
119
Vanguard FTSE Europe ETF
VGK
$31.1B
$535K 0.04%
6,400
– –
LMBS icon
120
First Trust Exchange-Traded Fund IV First Trust Low Duration Opportunities ETF
LMBS
$6.39B
$533K 0.04%
10,658
-2,799
-21% -$140K
EPD icon
121
Enterprise Products Partners
EPD
$81.7B
$532K 0.04%
16,600
– –
XLE icon
122
State Street Energy Select Sector SPDR ETF
XLE
$37.6B
$522K 0.04%
11,681
-1
-0% -$45
ELV icon
123
Elevance Health
ELV
$85.5B
$518K 0.04%
1,478
– –
BMN icon
124
BlackRock 2037 Municipal Target Term Trust
BMN
$156M
$508K 0.04%
19,392
+405
+2% +$10.2K
ITA icon
125
iShares US Aerospace & Defense ETF
ITA
$15B
$485K 0.04%
2,260
– –
3 4
5
6 7

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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.