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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
AOR icon
151
iShares Core 60/40 Balanced Allocation ETF
AOR
$3.74B
$270K 0.02%
4,200
– –
FDX icon
152
FedEx
FDX
$75.4B
$264K 0.02%
1,120
– –
LUV icon
153
Southwest Airlines
LUV
$23B
$249K 0.02%
7,790
-1,290
-14% -$42.2K
NUV icon
154
Nuveen Municipal Value Fund
NUV
$1.91B
$237K 0.02%
26,346
+246
+0.9% +$2.14K
DEO icon
155
Diageo
DEO
$53.6B
$235K 0.02%
2,461
-16
-0.6% -$1.68K
VRT icon
156
Vertiv
VRT
$105B
$224K 0.02%
+1,486
New +$198K
GOOGL icon
157
Alphabet (Google) Class A
GOOGL
$4.33T
$223K 0.02%
918
-251
-21% -$52.6K
IYH icon
158
iShares US Healthcare ETF
IYH
$3.71B
$220K 0.02%
3,750
– –
VO icon
159
Vanguard Morningstar Mid-Cap ETF
VO
$109B
$208K 0.02%
+2,836
New +$204K
LNG icon
160
Cheniere Energy
LNG
$52.9B
$204K 0.02%
+869
New +$204K
MKL icon
161
Markel Group
MKL
$23.2B
$201K 0.01%
105
– –
FMY
162
First Trust Mortgage Income Fund
FMY
$48.7M
$161K 0.01%
13,170
-1,033
-7% -$12.6K
FATE icon
163
Fate Therapeutics
FATE
$326M
$16K ﹤0.01%
12,700
– –
NVDA icon
164
PUT
NVIDIA
NVDA
$5.42T
$15.4K ﹤0.01%
+1,000
New +$174K
BPT
165
DELISTED
BP Prudhoe Bay Royalty Trust
BPT
– –
-23,587
Closed -$11.8K
CHX
166
DELISTED
ChampionX
CHX
– –
-127,334
Closed -$3.16M
CMCSA icon
167
Comcast
CMCSA
$90B
– –
-5,702
Closed -$204K
CX icon
168
Cemex
CX
$16.3B
– –
-23,275
Closed -$161K
LULU icon
169
lululemon athletica
LULU
$14.6B
– –
-22,921
Closed -$5.45M
MLR icon
170
Miller Industries
MLR
$619M
– –
-153,479
Closed -$6.82M
VGLT icon
171
Vanguard Long-Term Treasury ETF
VGLT
$10.4B
– –
-4,560
Closed -$256K
3 4 5 6
7

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SIA
Strategic Investment Advisors Farmington Hills, Michigan $1.45B AUM 17.59% 1-Year Est. Return
VIP
Vantage Investment Partners Kansas City, Missouri $1.45B AUM 18.96% 1-Year Est. Return
SIM
SSI Investment Management Los Angeles, California $1.45B AUM 5.8% 1-Year Est. Return
CHAM
Clear Harbor Asset Management Stamford, Connecticut $1.45B AUM 23.7% 1-Year Est. Return
HTI
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SWP
Strategic Wealth Partners Independence, Ohio $1.44B AUM 21.2% 1-Year Est. Return
L7C
Liberty 77 Capital Washington, District of Columbia $1.46B AUM 33.32% 1-Year Est. Return
WBC
Westpac Banking Corp Sydney, Australia $1.44B AUM 28.5% 1-Year Est. Return

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.