Narwhal Capital Management

CIK 0001461287 • 6 13F filings • Apr 23, 2025 – Jul 24, 2026

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Filer information

Filed by: Narwhal Capital Management, Chief Compliance Officer
Address: 531 ROSELANE STREET, SUITE 420, MARIETTA, GA, 30060
Phone: 770-344-0172
AUM: $1.38B

AUM over time

$1.45B latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

TechnologyHealthcareConsumer DiscretionaryConsumer StaplesFinancialsCommunicationIndustrialsEnergyOther

Holdings by filing

Portfolio value: $1.36B166 positionsView on SEC.gov

			% of Portfolio
ABBOTT LABORATORIES	COM	$7.4M	0.5%	71,812 SH	New
ADOBE INC	COM	$4.1M	0.3%Prev: 0.2%	16,817 SH	Increased+9,717 SH
ALPHABET INC	CAP STK CL A	$214K	0.0%	744 SH	New
ALPHABET INC	CAP STK CL C	$81.9M	6.0%Prev: 4.3%	285,518 SH	Increased-22,393 SH
ALTRIA GROUP INC	COM	$795K	0.1%Prev: 0.1%	12,045 SH	Decreased-14,000 SH
AMAZON COM INC	COM	$46.0M	3.4%Prev: 3.6%	220,747 SH	Increased+9,974 SH
AMERICAN EXPRESS CO	COM	$16.5M	1.2%Prev: 1.2%	54,457 SH	Increased+3,999 SH
AMGEN INC	COM	$358K	0.0%Prev: 0.1%	1,017 SH	Decreased-4,039 SH
ANALOG DEVICES INC	COM	$20.2M	1.5%Prev: 0.8%	63,560 SH	Increased+20,352 SH
ANHEUSER BUSCH INBEV SA NV	SPONSORED ADR	$306K	0.0%	4,406 SH	New
APPLE INC	COM	$70.9M	5.2%Prev: 5.5%	279,552 SH	Increased+2,219 SH
AT&T INC	COM	$1.6M	0.1%Prev: 0.1%	53,728 SH	Increased+133 SH
ATLANTA BRAVES HLDGS INC	COM SER C	$743K	0.1%Prev: 0.1%	17,404 SH	Increased+5 SH
AVALONBAY CMNTYS INC	COM	$8.5M	0.6%Prev: 0.8%	51,994 SH	Increased+12,479 SH
BERKSHIRE HATHAWAY INC DEL	CL A	$3.6M	0.3%Prev: 0.4%	5 SH	Decreased
BERKSHIRE HATHAWAY INC DEL	CL B NEW	$305K	0.0%Prev: 0.0%	636 SH	Decreased+50 SH
BLACKROCK 2037 MUNICIPAL TAR	COM	$396K	0.0%	15,265 SH	New
BLACKROCK INC	COM	$19.3M	1.4%Prev: 1.9%	20,103 SH	Decreased-2,066 SH
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	$8.1M	0.6%Prev: 0.8%	357,067 SH	Decreased-66,244 SH
BLACKSTONE INC	COM	$8.3M	0.6%Prev: 0.8%	72,533 SH	Decreased+7,919 SH
BOEING CO	COM	$688K	0.1%Prev: 0.0%	3,457 SH	Increased+230 SH
BROADCOM INC	COM	$10.9M	0.8%Prev: 0.9%	35,222 SH	Increased-26,111 SH
BWX TECHNOLOGIES INC	COM	$8.0M	0.6%Prev: 0.2%	38,969 SH	Increased+19,978 SH
CANADIAN PACIFIC KANSAS CITY	COM	$8.9M	0.7%Prev: 0.9%	112,975 SH	Decreased-31,311 SH
CATERPILLAR INC	COM	$16.4M	1.2%Prev: 0.7%	23,186 SH	Increased-1,416 SH
CHENIERE ENERGY INC	COM NEW	$431K	0.0%	1,518 SH	New
CHEVRON CORPORATION	COM	$7.4M	0.5%	35,774 SH	New
CINCINNATI FINL CORP	COM	$8.0M	0.6%Prev: 0.5%	50,765 SH	Increased+12,975 SH
CISCO SYS INC	COM	$14.6M	1.1%Prev: 1.0%	188,572 SH	Increased+6,304 SH
COCA COLA CO	COM	$338K	0.0%	4,445 SH	New
CONSTELLATION BRANDS INC	CL A	$3.0M	0.2%Prev: 0.5%	19,764 SH	Decreased-11,280 SH
CONSTELLATION ENERGY CORP	COM	$4.4M	0.3%Prev: 0.3%	15,768 SH	Increased+110 SH
COPART INC	COM	$439K	0.0%	13,221 SH	New
COSTCO WHOLESALE CORPORATION	COM	$6.7M	0.5%	6,740 SH	New
CRH PLC	ORD	$5.3M	0.4%Prev: 0.4%	50,851 SH	Increased-4,477 SH
CVS HEALTH CORP	COM	$297K	0.0%Prev: 0.1%	4,136 SH	Decreased-7,133 SH
D R HORTON INC	COM	$249K	0.0%	1,817 SH	New
DEERE & CO	COM	$515K	0.0%Prev: 0.1%	914 SH	Decreased-1,777 SH
DELTA AIR LINES INC	COM NEW	$1.1M	0.1%	16,850 SH	New
DISNEY WALT CO	COM	$550K	0.0%Prev: 0.4%	5,703 SH	Decreased-40,995 SH
DOMINOS PIZZA INC	COM	$5.4M	0.4%Prev: 0.4%	15,062 SH	Increased+6,309 SH
ELEVANCE HEALTH INC FORMERLY	COM	$433K	0.0%	1,478 SH	New
ELI LILLY & CO	COM	$19.8M	1.5%Prev: 1.6%	21,484 SH	Increased-47 SH
ENTEGRIS INC	COM	$5.5M	0.4%Prev: 0.3%	46,839 SH	Increased+5,714 SH
ENTERGY CORP NEW	COM	$1.7M	0.1%Prev: 0.1%	14,941 SH	Increased+1,941 SH
ENTERPRISE PRODS PARTNERS L	COM	$628K	0.0%Prev: 0.1%	16,600 SH	Decreased-9,600 SH
ETFS GOLD TR	PHYSCL GOLD SHS	$5.1M	0.4%Prev: 0.3%	113,248 SH	Increased-6,932 SH
EXELON CORP	COM	$1.8M	0.1%Prev: 0.2%	36,855 SH	Decreased-10,325 SH
EXXON MOBIL CORP	COM	$20.3M	1.5%Prev: 1.0%	119,703 SH	Increased+28,441 SH
FATE THERAPEUTICS INC	COM	$15K	0.0%	12,700 SH	New
FEDEX CORP	COM	$399K	0.0%Prev: 0.0%	1,120 SH	Increased
FERGUSON ENTERPRISES INC	COMMON STOCK NEW	$295K	0.0%	1,263 SH	New
FIRST TR EXCHANGE-TRADED FD	FST LOW OPPT EFT	$436K	0.0%Prev: 0.1%	8,753 SH	Decreased-5,238 SH
FIRST TR EXCHANGE-TRADED FD	INTERMEDIATE GOV	$1.2M	0.1%Prev: 0.1%	58,576 SH	Increased+23,658 SH
FIRST TR HIGH YIELD OPPRT 20	COM	$2.7M	0.2%	196,865 SH	New
FIRST TR MTG INCOME FD	COM SHS	$157K	0.0%Prev: 0.0%	13,354 SH	Decreased-7,280 SH
GARMIN LTD	SHS	$4.1M	0.3%Prev: 0.2%	17,674 SH	Increased+7,128 SH
GENERAL DYNAMICS CORP	COM	$13.0M	1.0%Prev: 1.1%	37,862 SH	Increased-7,766 SH
GOLDMAN SACHS GROUP INC	COM	$21.9M	1.6%Prev: 1.6%	25,888 SH	Increased-7,676 SH
GRACO INC	COM	$5.7M	0.4%Prev: 0.7%	67,404 SH	Decreased-22,607 SH
HALLIBURTON CO	COM	$633K	0.0%	16,227 SH	New
HCA HEALTHCARE INC	COM	$5.4M	0.4%Prev: 0.3%	11,379 SH	Increased+929 SH
HF SINCLAIR CORP	COM	$590K	0.0%Prev: 0.1%	9,450 SH	Decreased-20,000 SH
HOME DEPOT INC	COM	$22.3M	1.6%Prev: 1.9%	67,655 SH	Increased+8,291 SH
HUNT J B TRANS SVCS INC	COM	$217K	0.0%	1,023 SH	New
INTEL CORP	COM	$476K	0.0%	10,795 SH	New
INTERCONTINENTAL EXCHANGE IN	COM	$8.2M	0.6%	52,178 SH	New
INVESCO EXCH TRADED FD TR II	S&P 500 MOMNTM	$1.4M	0.1%Prev: 0.0%	12,836 SH	Increased+9,701 SH
INVESCO QQQ TR	UNIT SER 1	$7.4M	0.5%Prev: 0.5%	12,877 SH	Increased+655 SH
ISHARES GOLD TR	ISHARES NEW	$59.2M	4.4%Prev: 3.6%	671,733 SH	Increased-6,590 SH
ISHARES TR	0-3 MNTH TREASRY	$327K	0.0%	3,250 SH	New
ISHARES TR	CORE 60/40 BALAN	$270K	0.0%Prev: 0.0%	4,200 SH	Increased
ISHARES TR	CORE S&P MCP ETF	$213K	0.0%Prev: 0.1%	3,150 SH	Decreased-10,630 SH
ISHARES TR	CORE S&P SCP ETF	$2.5M	0.2%Prev: 0.2%	20,450 SH	Increased-3,112 SH
ISHARES TR	CORE S&P500 ETF	$138.2M	10.2%Prev: 8.8%	211,569 SH	Increased+36,188 SH
ISHARES TR	MSCI EMG MKT ETF	$684K	0.1%Prev: 0.0%	12,050 SH	Increased-200 SH
ISHARES TR	RUS 1000 GRW ETF	$13.3M	1.0%Prev: 1.0%	31,305 SH	Increased+251 SH
ISHARES TR	RUS MID CAP ETF	$995K	0.1%Prev: 0.1%	10,231 SH	Increased
ISHARES TR	RUSSELL 2000 ETF	$455K	0.0%Prev: 0.1%	1,833 SH	Decreased-1,079 SH
ISHARES TR	S&P 500 GRWT ETF	$6.3M	0.5%Prev: 0.5%	56,000 SH	Increased-289 SH
ISHARES TR	S&P 500 VAL ETF	$19.6M	1.4%Prev: 1.6%	92,784 SH	Increased-500 SH
ISHARES TR	S&P MC 400VL ETF	$917K	0.1%Prev: 0.1%	6,923 SH	Increased
ISHARES TR	SELECT DIVID ETF	$3.2M	0.2%Prev: 0.3%	20,998 SH	Decreased-4,948 SH
ISHARES TR	U.S. ENERGY ETF	$572K	0.0%Prev: 0.0%	8,825 SH	Increased
ISHARES TR	US AER DEF ETF	$494K	0.0%Prev: 0.0%	2,260 SH	Increased
ISHARES TR	US HLTHCARE ETF	$231K	0.0%Prev: 0.0%	3,750 SH	Increased
JOHNSON & JOHNSON	COM	$23.1M	1.7%Prev: 1.5%	94,611 SH	Increased-8,313 SH
JPMORGAN CHASE & CO	COM	$38.2M	2.8%	129,809 SH	New
KINDER MORGAN INC DEL	COM	$5.2M	0.4%Prev: 0.4%	155,638 SH	Increased+4,501 SH
KROGER CO	COM	$863K	0.1%	11,923 SH	New
L3HARRIS TECHNOLOGIES INC	COM	$16.1M	1.2%Prev: 1.0%	46,701 SH	Increased-9,072 SH
LOCKHEED MARTIN CORP	COM	$19.4M	1.4%Prev: 1.3%	32,125 SH	Increased+597 SH
MARKEL GROUP INC	COM	$201K	0.0%	105 SH	New
MCDONALDS CORP	COM	$697K	0.1%	2,244 SH	New
MERCK & CO INC	COM	$13.4M	1.0%Prev: 1.4%	111,375 SH	Decreased-60,900 SH
META PLATFORMS INC	CL A	$28.1M	2.1%Prev: 2.3%	49,136 SH	Increased+4,291 SH
MICRON TECHNOLOGY INC	COM	$3.7M	0.3%Prev: 0.1%	11,023 SH	Increased+533 SH
MICROSOFT CORP	COM	$60.8M	4.5%Prev: 5.4%	164,135 SH	Increased+3,430 SH
MUELLER INDS INC	COM	$6.5M	0.5%Prev: 0.6%	58,806 SH	Decreased-29,367 SH
MURPHY USA INC	COM	$641K	0.0%Prev: 0.6%	1,297 SH	Decreased-12,116 SH
NATERA INC	COM	$1.8M	0.1%Prev: 0.1%	9,103 SH	Increased-890 SH
NETFLIX INC.	COM	$4.6M	0.3%	48,024 SH	New
NEW YORK LIFE INVTS ACTIVE E	NYLI MACKAY MUNI	$466K	0.0%Prev: 0.1%	19,660 SH	Decreased-8,386 SH
NEXPOINT RESIDENTIAL TR INC	COM	$1.9M	0.1%Prev: 0.1%	76,610 SH	Increased+44,448 SH
NEXTERA ENERGY INC	COM	$16.0M	1.2%Prev: 1.0%	172,539 SH	Increased+20,703 SH
NORTHROP GRUMMAN CORP	COM	$11.3M	0.8%Prev: 0.8%	16,636 SH	Increased-5 SH
NOVARTIS AG	SPONSORED ADR	$8.0M	0.6%Prev: 0.5%	52,668 SH	Increased+686 SH
NUVEEN MUN VALUE FD INC	COM	$162K	0.0%Prev: 0.0%	17,987 SH	Increased+5,262 SH
NVIDIA CORPORATION	COM	$87.1M	6.4%Prev: 4.9%	499,481 SH	Increased-11,858 SH
NXP SEMICONDUCTORS N V	COM	$494K	0.0%Prev: 0.1%	2,510 SH	Decreased-2,030 SH
ONEOK INC NEW	COM	$1.6M	0.1%Prev: 0.2%	17,194 SH	Decreased-408 SH
ORACLE CORP	COM	$6.7M	0.5%Prev: 0.3%	45,519 SH	Increased+23,556 SH
PEPSICO INC	COM	$8.7M	0.6%Prev: 0.6%	56,091 SH	Increased+11,297 SH
PHILIP MORRIS INTL INC	COM	$10.6M	0.8%Prev: 1.2%	63,896 SH	Decreased-21,713 SH
PROCTER & GAMBLE CO	COM	$12.9M	1.0%	89,457 SH	New
QUALCOMM INC	COM	$4.4M	0.3%Prev: 0.8%	34,198 SH	Decreased-27,384 SH
REGIONS FINANCIAL CORP NEW	COM	$370K	0.0%	14,171 SH	New
RELX PLC	SPONSORED ADR	$5.6M	0.4%	168,943 SH	New
RTX CORPORATION	COM	$13.9M	1.0%Prev: 0.7%	72,202 SH	Increased+9,050 SH
SCHWAB STRATEGIC TR	US DIVIDEND EQ	$1.1M	0.1%Prev: 0.1%	35,676 SH	Increased-419 SH
SCHWAB STRATEGIC TR	US LRG CAP ETF	$308K	0.0%Prev: 0.0%	12,031 SH	Increased-694 SH
SELECT SECTOR SPDR TR	STATE STREET CON	$621K	0.0%	7,580 SH	New
SELECT SECTOR SPDR TR	STATE STREET ENE	$715K	0.1%	11,678 SH	New
SELECT SECTOR SPDR TR	STATE STREET FIN	$259K	0.0%	5,250 SH	New
SELECT SECTOR SPDR TR	STATE STREET HEA	$851K	0.1%	5,805 SH	New
SELECT SECTOR SPDR TR	STATE STREET IND	$311K	0.0%	1,925 SH	New
SELECT SECTOR SPDR TR	STATE STREET TEC	$5.6M	0.4%	42,000 SH	New
SELECT SECTOR SPDR TR	STATE STREET UTI	$1.0M	0.1%	22,360 SH	New
SERVICENOW INC	COM	$3.4M	0.3%Prev: 0.1%	32,731 SH	Increased+31,258 SH
SIMPLIFY EXCHANGE TRADED FUN	MBS ETF	$3.1M	0.2%Prev: 0.3%	62,064 SH	Increased+3,742 SH
SLB LIMITED	COM STK	$5.9M	0.4%	115,096 SH	New
SOUTHERN CO	COM	$372K	0.0%Prev: 0.0%	3,859 SH	Increased
SOUTHWEST AIRLS CO	COM	$282K	0.0%Prev: 0.0%	7,500 SH	Decreased-1,580 SH
SPDR GOLD TR	GOLD SHS	$4.4M	0.3%Prev: 0.4%	10,263 SH	Increased-4,096 SH
SPDR SERIES TRUST	STATE STREET SPD	$3.6M	0.3%	39,048 SH	New
STARBUCKS CORP	COM	$7.9M	0.6%Prev: 0.2%	87,728 SH	Increased+64,272 SH
STATE STR SPDR DOW JONES IND	UT SER 1	$5.1M	0.4%	11,080 SH	New
STATE STR SPDR S&P 500 ETF T	TR UNIT	$1.1M	0.1%	1,762 SH	New
SUNBELT RENTALS HOLDINGS INC	SHS	$6.5M	0.5%	99,371 SH	New
T-MOBILE US INC	COM	$377K	0.0%Prev: 0.0%	1,794 SH	Decreased+179 SH
TAIWAN SEMICONDUCTOR MANUFAC	SPONSORED ADS	$1.6M	0.1%	4,634 SH	New
TESLA INC	COM	$2.4M	0.2%Prev: 0.1%	6,519 SH	Increased+2,005 SH
UFP INDUSTRIES INC	COM	$4.6M	0.3%Prev: 0.4%	49,721 SH	Increased+10,287 SH
UNILEVER PLC	SPON ADR NEW	$1.1M	0.1%Prev: 0.1%	19,650 SH	Decreased-6,531 SH
UNION PAC CORP	COM	$247K	0.0%	1,018 SH	New
UNITED PARCEL SVCS INC	CL B	$244K	0.0%	2,476 SH	New
UNITEDHEALTH GROUP INC	COM	$1.2M	0.1%Prev: 1.1%	4,554 SH	Decreased-19,939 SH
VALERO ENERGY CORP	COM	$9.7M	0.7%Prev: 0.6%	39,062 SH	Increased-11,765 SH
VANECK ETF TRUST	CLO ETF	$958K	0.1%	18,181 SH	New
VANGUARD INDEX FDS	EXTEND MKT ETF	$600K	0.0%Prev: 0.0%	2,917 SH	Increased-63 SH
VANGUARD INDEX FDS	GROWTH ETF	$788K	0.1%Prev: 0.1%	1,804 SH	Increased+4 SH
VANGUARD INDEX FDS	MID CAP ETF	$204K	0.0%	709 SH	New
VANGUARD INDEX FDS	REAL ESTATE ETF	$424K	0.0%Prev: 0.2%	4,781 SH	Decreased-17,539 SH
VANGUARD INDEX FDS	SML CP GRW ETF	$408K	0.0%Prev: 0.0%	1,350 SH	Increased
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	$528K	0.0%Prev: 0.0%	6,400 SH	Increased
VANGUARD SCOTTSDALE FDS	LONG TERM TREAS	$456K	0.0%Prev: 0.0%	8,235 SH	Increased+3,472 SH
VANGUARD SCOTTSDALE FDS	VNG RUS1000IDX	$463K	0.0%Prev: 0.0%	1,568 SH	Increased
VANGUARD WORLD FD	INDUSTRIAL ETF	$874K	0.1%Prev: 0.1%	2,799 SH	Increased
VANGUARD WORLD FD	MATERIALS ETF	$300K	0.0%Prev: 0.2%	1,332 SH	Decreased-11,471 SH
VERIZON COMMUNICATIONS INC	COM	$205K	0.0%	4,090 SH	New
VERTIV HOLDINGS CO	COM CL A	$490K	0.0%	1,955 SH	New
VISA INC	COM CL A	$16.4M	1.2%Prev: 1.6%	54,184 SH	Decreased+1,575 SH
VULCAN MATLS CO	COM	$36.6M	2.7%Prev: 2.6%	134,579 SH	Increased+11,129 SH
WALMART INC	COM	$3.4M	0.2%Prev: 0.2%	27,051 SH	Increased-3,068 SH
WELLS FARGO & CO	COM	$353K	0.0%	4,431 SH	New
WISDOMTREE TR	US QTLY DIV GRT	$1.9M	0.1%Prev: 0.2%	21,779 SH	Increased

Sold (vs prior filing)

ABBOTT LABS — $8.0M
BHP GROUP LTD — $680K
BP PRUDHOE BAY RTY TR — $13K
CHAMPIONX CORPORATION — $4.0M
CHEVRON CORP NEW — $5.9M
COMCAST CORP NEW — $210K
COSTAR GROUP INC — $6.9M
COSTCO WHSL CORP NEW — $7.2M
DELTA AIR LINES INC DEL — $739K
DIAGEO PLC — $858K
ELEVANCE HEALTH INC — $1.6M
GENERAL MTRS CO — $386K
HONEYWELL INTL INC — $523K
JPMORGAN CHASE & CO. — $32.0M
LULULEMON ATHLETICA INC — $5.3M
MILLER INDS INC TENN — $5.1M
MOLSON COORS BEVERAGE CO — $674K
NOV INC — $2.8M
PACER FDS TR — $375K
PROCTER AND GAMBLE CO — $17.4M
… and 23 more

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Jan 30, 2026	Q4 2025	13F-HR	0001461287-26-000001	$1.38B	View
Oct 24, 2025	Q3 2025	13F-HR	0001461287-25-000005	$1.35B	View
Jul 24, 2026	Q2 2026