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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
IVV icon
1
iShares Core S&P 500 ETF
IVV
$876B
$144M 10.48%
210,559
+6,640
+3% +$4.51M
NVDA icon
2
NVIDIA
NVDA
$5.01T
$92.9M 6.75%
498,129
-10,109
-2% -$1.88M
GOOG icon
3
Alphabet (Google) Class C
GOOG
$3.9T
$89.3M 6.49%
284,507
+420
+0.1% +$120K
MSFT icon
4
Microsoft
MSFT
$2.84T
$78.1M 5.67%
161,397
+5,328
+3% +$2.67M
AAPL icon
5
Apple
AAPL
$4.89T
$75.1M 5.45%
276,129
+3,563
+1% +$956K
IAU icon
6
iShares Gold Trust
IAU
$63B
$54.6M 3.97%
672,623
+582
+0.1% +$45.5K
AMZN icon
7
Amazon
AMZN
$2.5T
$50M 3.63%
216,606
+4,854
+2% +$1.11M
JPM icon
8
JPMorgan Chase
JPM
$939B
$41.9M 3.04%
130,003
+1,819
+1% +$563K
VMC icon
9
Vulcan Materials
VMC
$36.3B
$37.9M 2.75%
132,893
-501
-0.4% -$147K
META icon
10
Meta Platforms (Facebook)
META
$1.51T
$32.1M 2.33%
48,594
-2,547
-5% -$1.7M
BLK icon
11
Blackrock
BLK
$164B
$22.7M 1.65%
21,179
+354
+2% +$387K
LLY icon
12
Eli Lilly
LLY
$1.07T
$22.5M 1.63%
20,934
-2,288
-10% -$2.19M
GS icon
13
Goldman Sachs
GS
$313B
$22M 1.6%
25,012
-1,587
-6% -$1.29M
HD icon
14
Home Depot
HD
$332B
$22M 1.6%
63,891
+3,005
+5% +$1.1M
V icon
15
Visa
V
$677B
$20.9M 1.52%
59,688
-207
-0.3% -$70.5K
AXP icon
16
American Express
AXP
$223B
$20.8M 1.51%
56,189
-3,068
-5% -$1.1M
JNJ icon
17
Johnson & Johnson
JNJ
$635B
$19.8M 1.44%
95,781
-590
-0.6% -$117K
IVE icon
18
iShares S&P 500 Value ETF
IVE
$48.9B
$19.7M 1.43%
92,784
– –
ADI icon
19
Analog Devices
ADI
$181B
$17.8M 1.3%
65,774
+5,519
+9% +$1.39M
LMT icon
20
Lockheed Martin
LMT
$134B
$16.1M 1.17%
33,237
-3,228
-9% -$1.54M
CSCO icon
21
Cisco
CSCO
$450B
$15.7M 1.14%
204,140
+39,120
+24% +$2.9M
LHX icon
22
L3Harris
LHX
$55.9B
$15.1M 1.09%
51,285
+1,157
+2% +$334K
IWF icon
23
iShares Russell 1000 Growth ETF
IWF
$122B
$14.8M 1.08%
125,308
– –
XOM icon
24
ExxonMobil
XOM
$651B
$14.5M 1.06%
120,665
+17,022
+16% +$1.97M
NEE icon
25
NextEra Energy
NEE
$187B
$14.3M 1.04%
178,346
+2,233
+1% +$185K
1
2 3 4 5

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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.