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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
ELV icon
126
Elevance Health
ELV
$85.5B
$478K 0.04%
1,478
-1,897
-56% -$590K
BMN icon
127
BlackRock 2037 Municipal Target Term Trust
BMN
$156M
$476K 0.04%
+18,987
New +$468K
VONE icon
128
Vanguard Russell 1000 ETF
VONE
$8.68B
$474K 0.04%
1,568
– –
ITA icon
129
iShares US Aerospace & Defense ETF
ITA
$15B
$473K 0.04%
2,260
– –
UPS icon
130
United Parcel Service
UPS
$88.9B
$457K 0.03%
5,477
-864
-14% -$78.3K
DIS icon
131
Walt Disney
DIS
$181B
$452K 0.03%
3,946
-17,257
-81% -$2.03M
IYE icon
132
iShares US Energy ETF
IYE
$1.7B
$419K 0.03%
8,825
– –
HAL icon
133
Halliburton
HAL
$26.6B
$404K 0.03%
16,427
+200
+1% +$4.42K
VBK icon
134
Vanguard Morningstar Small-Cap Growth ETF
VBK
$24.6B
$402K 0.03%
1,350
– –
VNQ icon
135
Vanguard Real Estate ETF
VNQ
$39.1B
$401K 0.03%
4,389
-488
-10% -$44.3K
WFC icon
136
Wells Fargo
WFC
$264B
$371K 0.03%
4,431
-1,015
-19% -$82.3K
SO icon
137
Southern Company
SO
$107B
$366K 0.03%
3,859
– –
TGT icon
138
Target
TGT
$68B
$355K 0.03%
3,957
-3,031
-43% -$298K
PSN icon
139
Parsons
PSN
$5.08B
$341K 0.03%
+4,110
New +$318K
IBIT icon
140
iShares Bitcoin Trust
IBIT
$48.4B
$336K 0.02%
5,171
+360
+7% +$23.4K
AMGN icon
141
Amgen
AMGN
$222B
$321K 0.02%
1,137
-33
-3% -$9.57K
BRK.B icon
142
Berkshire Hathaway Class B
BRK.B
$1.13T
$320K 0.02%
636
-203
-24% -$98.3K
CVS icon
143
CVS Health
CVS
$122B
$312K 0.02%
4,136
-383
-8% -$26.2K
VAW icon
144
Vanguard Materials ETF
VAW
$3.08B
$311K 0.02%
1,519
-4,114
-73% -$836K
SGOV icon
145
iShares 0-3 Month Treasury Bond ETF
SGOV
$101B
$301K 0.02%
+2,988
New +$300K
XLI icon
146
State Street Industrial Select Sector SPDR ETF
XLI
$34.6B
$297K 0.02%
1,925
– –
TAP icon
147
Molson Coors Class B
TAP
$8.09B
$293K 0.02%
6,480
-1,680
-21% -$82.9K
SCHX icon
148
Schwab US Large- Cap ETF
SCHX
$74.6B
$292K 0.02%
11,091
-1,088
-9% -$27.6K
XLF icon
149
State Street Financial Select Sector SPDR ETF
XLF
$58.8B
$283K 0.02%
5,250
– –
SPSB icon
150
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.8B
$282K 0.02%
9,325
+186
+2% +$5.61K
3 4 5
6
7

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L7C
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WBC
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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.