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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
EPD icon
126
Enterprise Products Partners
EPD
$81.7B
$564K 0.05%
18,200
-8,000
-31% -$249K
XLE icon
127
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
$536K 0.04%
12,642
-10,040
-44% -$418K
VGK icon
128
Vanguard FTSE Europe ETF
VGK
$31.4B
$496K 0.04%
6,400
– –
VONE icon
129
Vanguard Russell 1000 ETF
VONE
$8.58B
$440K 0.04%
1,568
– –
WFC icon
130
Wells Fargo
WFC
$264B
$436K 0.04%
5,446
-46
-0.8% -$3.32K
VNQ icon
131
Vanguard Real Estate ETF
VNQ
$39B
$434K 0.03%
4,877
-17,443
-78% -$1.54M
ITA icon
132
iShares US Aerospace & Defense ETF
ITA
$14.7B
$426K 0.03%
2,260
– –
DE icon
133
Deere & Co
DE
$168B
$426K 0.03%
837
-1,854
-69% -$908K
BRK.B icon
134
Berkshire Hathaway Class B
BRK.B
$1.13T
$408K 0.03%
839
+253
+43% +$128K
IYE icon
135
iShares US Energy ETF
IYE
$1.71B
$399K 0.03%
8,825
– –
TAP icon
136
Molson Coors Class B
TAP
$8.09B
$392K 0.03%
8,160
-2,915
-26% -$161K
DINO icon
137
HF Sinclair
DINO
$14.5B
$388K 0.03%
9,450
-20,000
-68% -$689K
VBK icon
138
Vanguard Morningstar Small-Cap Growth ETF
VBK
$24.5B
$374K 0.03%
1,350
– –
SO icon
139
Southern Company
SO
$107B
$354K 0.03%
3,859
– –
SPMO icon
140
Invesco S&P 500 Momentum ETF
SPMO
$21.9B
$353K 0.03%
3,135
– –
HAL icon
141
Halliburton
HAL
$26.6B
$331K 0.03%
+16,227
New +$340K
AMGN icon
142
Amgen
AMGN
$222B
$327K 0.03%
1,170
-3,886
-77% -$1.1M
CVS icon
143
CVS Health
CVS
$122B
$312K 0.03%
4,519
-6,750
-60% -$443K
SCHX icon
144
Schwab US Large- Cap ETF
SCHX
$74.5B
$298K 0.02%
12,179
-546
-4% -$12.3K
LUV icon
145
Southwest Airlines
LUV
$23B
$295K 0.02%
9,080
– –
IBIT icon
146
iShares Bitcoin Trust
IBIT
$47.8B
$294K 0.02%
+4,811
New +$270K
XLI icon
147
State Street Industrial Select Sector SPDR ETF
XLI
$33.7B
$284K 0.02%
1,925
– –
SPSB icon
148
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.7B
$276K 0.02%
9,139
-165
-2% -$4.95K
XLF icon
149
State Street Financial Select Sector SPDR ETF
XLF
$58.2B
$275K 0.02%
5,250
– –
AOR icon
150
iShares Core 60/40 Balanced Allocation ETF
AOR
$3.72B
$259K 0.02%
4,200
– –
3 4 5
6
7

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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.