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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
PRM icon
151
Perimeter Solutions
PRM
$5.77B
$276K 0.02%
+10,014
New +$253K
AOR icon
152
iShares Core 60/40 Balanced Allocation ETF
AOR
$3.74B
$273K 0.02%
4,200
– –
LNG icon
153
Cheniere Energy
LNG
$52.9B
$270K 0.02%
1,387
+518
+60% +$109K
GOOGL icon
154
Alphabet (Google) Class A
GOOGL
$4.33T
$254K 0.02%
813
-105
-11% -$30K
UPS icon
155
United Parcel Service
UPS
$88.9B
$245K 0.02%
2,471
-3,006
-55% -$281K
IYH icon
156
iShares US Healthcare ETF
IYH
$3.71B
$244K 0.02%
3,750
– –
NUV icon
157
Nuveen Municipal Value Fund
NUV
$1.91B
$236K 0.02%
26,050
-296
-1% -$2.68K
DHI icon
158
D.R. Horton
DHI
$42.3B
$230K 0.02%
+1,600
New +$244K
MKL icon
159
Markel Group
MKL
$23.2B
$226K 0.02%
105
– –
VO icon
160
Vanguard Morningstar Mid-Cap ETF
VO
$109B
$206K 0.02%
2,836
– –
NOV icon
161
NOV
NOV
$7B
$160K 0.01%
10,217
-69,698
-87% -$1.03M
NVDA icon
162
PUT
NVIDIA
NVDA
$5.42T
$14.1K ﹤0.01%
1,000
– –
FATE icon
163
Fate Therapeutics
FATE
$326M
$12.5K ﹤0.01%
12,700
– –
DEO icon
164
Diageo
DEO
$53.6B
– –
-2,461
Closed -$235K
FMY
165
First Trust Mortgage Income Fund
FMY
$48.7M
– –
-13,170
Closed -$161K
IBIT icon
166
iShares Bitcoin Trust
IBIT
$48.4B
– –
-5,171
Closed -$336K
PSN icon
167
Parsons
PSN
$5.08B
– –
-4,110
Closed -$341K
RH icon
168
RH
RH
$3.71B
– –
-5,303
Closed -$1.08M
TAP icon
169
Molson Coors Class B
TAP
$8.09B
– –
-6,480
Closed -$293K
TGT icon
170
Target
TGT
$68B
– –
-3,957
Closed -$355K
ZTS icon
171
Zoetis
ZTS
$30B
– –
-15,859
Closed -$2.32M
3 4 5 6
7

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SIA
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VIP
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SIM
SSI Investment Management Los Angeles, California $1.45B AUM 5.8% 1-Year Est. Return
CHAM
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HTI
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SWP
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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.